Communication Etiquette within a Franchised Business Essay

Communication Etiquette within a Franchised Business - Essay Example I decide to discuss business etiquette in business particularly in franchised business since communication is very crucial in any form of business. Additionally, the way that communication is done is even more important and it determines how well the employees and the clients relate to each other. This paper focuses on the different communication etiquettes used in the business field particularly in franchised business spread across different nations. While doing business it is critical that the persons involved be in a position to communicate appropriately irrespective of their differences in culture and language. Being from different culture results in differences in mannerisms thus the need to have specific etiquettes to govern how business is conducted. Over the recent past, there has been great demand for development of communications skill particularly in the franchised businesses. This is due to the need to optimize business operations. Business franchising has become a common phenomenon over the recent past. However, most franchise business end up collapsing as soon as they are formed, which is mainly due to lack of or poor communication. Etiquette entails making other people feel good and appreciated, which is crucial in business set up (Chaney & Martin, 2007). Communication in business settings takes different forms. The forms include written documents such as letters and memos. Additionally, communication may involve phone calls, video conferencing, or through emails. Moreover, social media has become a means of communication that franchised business are increasingly adopting (Martin & Chaney, 2012; Chaney & Martin, 2007) Communication using emails and letter is governed by some basic rules, which are considered the etiquette. Letter writing is quite a common communication strategy between businesspersons. The way a letter is structured and the language used demonstrates ones communication skills. Errors such as undated letters as well as spelling mi stakes portray negative aspects about one’s communication skills. The letters should also be clear and specific without any jargon. Letters and emails should also be standard. This can be made possible by designing a specific template. The template can be modified to suit different purposes (Brookins, 2012; Thompson, 2011). Communication and Etiquette Communication is the process of encrypting and conveying a message to an individual or group of people. There are different ways of communicating in business setup, which may include body language, verbal or written means. The etiquettes may vary in different parts of the world and is mainly determined by the culture of the people doing business. However, there are certain conducts that are considered common in the business field and are crucial for the success of any business. Communication etiquette is very crucial in franchise business since this kind of business is often spread worldwide across different cultures (Fox, 2008) . Since communication is one of them most crucial aspect of doing business, it is important to practice good communication for effective business transactions. Good business etiquettes entails respecting and adhering to other people’s cultures in addition to being courteous to colleagues and other stakeholders. Good business e

ICT in Logistics Management Essay Example for Free

ICT in Logistics Management Essay Surviving in the competitive nature of the modern-day business environment calls for organizations to be creative and robust enough in securing competitive advantages. For this to be achieved, all aspects within an organization ought to upgraded to counter these challenges while at the same time reducing running costs and delivery time. Logistics management is not an exception to this. Fortunately, technological advancement offers wide range opportunities for firms to improve the functioning of logistical operations. This is because it has become vital for any firm in logistics management to review the working of its logistical processes as key strategy to create a competitive edge. Developments in the business world as well as the rapidly evolving customer preferences has made provision of services and goods a challenging task, since customers prefer to receive better quality products at an even shorter time. While it is still a recent development, Information Communication Technology (ICT) has a lot to offer the logistics industry. The most compelling truth is that ICT is not industry specific but rather is applicable to all types and all sizes of industries. Statistical data shows that a number of firms have already adopted the technology and are already reaping the benefits (Bourlakis Bourlakis, 2006). Application of the internet, computers and information communication systems into various aspects of logistics management such as procurement, warehousing, transportation and inventory management has been shown to be highly beneficial. As business operations change with the changing consumer markets, businesses are pursuing opportunities by integrating, coordinating, collaborating and cooperating with respect to the supply chain management. It is essential that businesses work together to benefit from collective advantages resulting from working as a chain rather than a single entity. This calls for effective information sharing and this is only capable with the application of ICT. However, the most challenging task for firms then is to identify the best ICT model that fits their logistical processes.

Ginseng :: Botany

Ginseng Ginseng has long been recognized as an herb possessing great value. The first written record of the use of ginseng can be found in a Chinese Herbal dated in the 1st Century B.C. This Chinese Herbal, Shen-nung pen ts'ao ching, was surely preceded by a long verbal history of ginseng for in ancient China, ginseng was always held in the highest esteem as a powerful drug (5). History shows that early Chinese emperors placed great value in ginseng. Early emperors proclaimed its roots as having many uses, primarily as a tonic or stimulant for both physical and mental disorders (9). In addition, it was used for increasing fertility and sexuality, and most importantly for strengthening the body. In fact, ginseng was so esteemed as a botanical drug that it was an important trade commodity, at times serving as payment for ransom and as payments of tribute to the Chinese government (3). As the demand for ginseng increased, cultivation of the plant was initiated to offset the dwindling supply of wild ginseng. The earliest plantations were in southeastern Manchuria and what is present day North Korea (5). Missionaries in China during the early 1700s became aware of ginseng and subsequently their knowledge of its commercial value spread to eastern North America. The export of wild ginseng root from America to the Orient began in the early 1700s. In 1773 the sloop "Hingham" sailed from Boston to China with 55 tons of ginseng on board. The first shipment of ginseng to China after the American Revolution is reported to have been made by John Jacob Astor from New York in 1782. The root from that shipment was said to have been sold for three dollars a pound. As in Asia, wild American ginseng became scarce. Its cultivation began in the 19th Century with much of the plant being grown in Wisconsin and Ohio. It has been reported that nearly 21,000 tons of American ginseng has been exported between 1821 and 1983 (1). Ginseng is the common name of two species of Panax of the family Araliaceae. Panax ginseng is the Asian species and Panax quinquefolius is the American species. Harding (1972) describes four varieties of P. ginseng and three varieties of P. quinquefolius (4). Shorter forms of the common name ginseng, "sang" and "seng", are used in the United States. Other common names include red-berry and five fingers. Ginseng is a perennial herb 60-80 cm tall.

Investigating Psychology Classic Studies Research Essay

Examine and assess the ways in which the classic studies discussed in Chapters 2, 4 and 8 of Investigating Psychology influenced subsequent psychological research. Certain psychological studies are termed ‘classics’ as they’ve become renowned for the influence or contribution that they’ve made to particular areas of psychology. This essay looks in detail at such studies, carried out by Milgram, Skinner and Broadbent, with a view to assessing the value of their influences on subsequent psychological research. This essay aims to demonstrate how these studies have largely been influential and valuable as a result of their strengths, but will also demonstrate that a weakness within the structure of a study can also be influential. B.F. Skinner is considered to be one of the most influential psychologists of the twentieth century (Brace and Byford, 2012). His work on behaviour shaping and theory of operant conditioning is still influential today. Skinner believed that behaviour could be influenced through manipulation such as reinforcement, and controversially believed that thought processes and free will play no part in d etermining behaviour. To test his theories he experimented with rats and pigeons. He created the ‘Skinner box’ which meant that the animals’ behaviour could scientifically and objectively be measured. This was an influential and important development that enabled future studies to be carried out under tight controls. Skinner argued that learning through reinforcement could be successfully extended to humans (Toates, 2012). Subsequent research studies have been carried out testing the sustained influence of Skinners theory of reinforcement, and supporting its validity and value. Studies by Swinson and Harrop, 2005 (cited in Toates, 2012) support that challenging behaviour in the classroom can be reduced using positive reinforcement. E.g. a child receives praise for desired behaviours, rather than receiving attention for undesirable behaviour. Therefore Skinner’s classical study has had a positive influence in relation to behaviour in education. Furthermore there is evidence from therapeutic settings (Flora 2004), (cited in Toates, 2012) including mental hospitals, showing that children and adults have been successfully modified for psychological issues such as self-harming, using therapies derived from Skinner’s studies. These techniques of reinforcement are being used today in many hospitals, schools and prisons. (Toates, 2012). However, aspects of Skinner’s theory of behaviourism, displayed weaknesses  and as such is not favoured in psychology today. Most psychologists retain the view that free will is instrumental to behaviour and how we learn, believing that our ability to make choices is influenced by factors other than operant conditioning alone. This was a view rejected by Skinner (Toates, 2012). This aspect of behaviourism has had little influence on subsequent research other than to refute it. Nevertheless Skinners work on operant conditioning remains influential, and is used by many professionals (Cherry, 2013). Furthermore, the work of David Broadbent has been greatly influential and valuable, the evidence of which continues to be seen in research today. Broadbent’s work has contributed to our understanding of attention. He invented the modern study of attention, introducing and making popular the ‘information-processing’ approach which launched the cognitive revolution. This approach was the first testable model of attention and Broadbent was keen that others carried out experiments to test it (Edgar and Edgar 2012). He believed that psychological theory should come from considering practical problems, and with this approach he bridged the gap between the laboratory and the real-world (Berry, 2002, p.403). Broadbent’s model displayed that we have limited capacity to how much information we can process at one time, and as such this affects our abilities to multi-task etc. (Edgar and Edgar, 2012). This has implications on everyday tasks such as driving. This proved extremely valuable information with regards to researching cognitive abilities in humans, and is still used in cognitive psychology today. Colin Cherry was a contemporary of Broadbent’s, whose research extended that of Broadbent’s to explore the role of ‘meaning’ in attention. Cherry’s (1953) findings showed that meaning does play a role in information-processing and as a consequence Broadbent’s original model needed to be modified in a way that recognised memory, experience and expectations can influence attention. These findings generated refinements to the model, raised further specific questions and generated hypothesis which have been, and continue to be tested by carefully designed experiments. This process is known as the â€Å"Cycle of Enquiry†. Broadbent’s research regarding attention and multi-tasking influenced Ivan Brown et al. (1960), (cited in Edgar and Edgar, 2012) to conduct studies into the effects on driving whilst using a mobile ‘phone. This study is an excellent example and evidence of hypothesis testing. There were certain  elements applied to the experiment to ensure a valid test of the hypothesis: Performance or ‘dependent variables’ were measured by speed/accuracy; the two ‘conditions’ were driving without using a ‘phone, and driving the same route whilst answering questions using a ‘phone. The ‘conditions’ arose from manipulating the ‘independent’ variable’ – the use of a ‘phone or not. Other variables were controlled to ensure that the only influence on the result of the study was the variable being measured. The finding of the experiment supported Broadbent’s views regarding attention and multi-tasking. The value that the ‘cycle of enquiry’ adds to subsequent psychological research is immeasurable, as it ensures research is constantly open to re-evaluation. Over time and with the advent of technology, re search performed by Broadbent has influenced studies using fMRI which have been able to ‘see’ how attention is depicted in brain activity. Findings were consistent with Broadbent’s theory of limited capacity (Sabine Kastner et. al. (1998) cited in Edgar and Edgar 2012). Broadbent’s methodical approach to experimental research and theory development were the origins of subsequent psychological research. As such he was instrumental in the development of cognitive psychology. (Edgar and Edgar 2012). Equally influential on psychological research is Milgram’s studies into obedience from authorities’ (1961), which was provoked by the atrocities of the Second World War. The studies investigated whether volunteers would administer potential lethal electrical shocks to another human because they were told to by an ‘authoritative figure’. The findings were alarming in that most people were willing to administer the shocks on the instruction of ‘someone in authority.’ It was these findings that provoked much debate and influenced attempts at replications of the original study. Weaknesses of the study included it being conducted in a single geographical area, using same gender participants, and not being carried out in a real-world environment. In order to address the issue of gender, Milgram himself replicated his study using only females, with the resu lts showing that women were just as likely as men to give the shocks (Banyard, 2012). With regards to culture and geography, Milgram’s study was replicated in many countries and the results were analysed by Peter Smith and Michael Bond (1993), (cited in Banyard, 2012). The findings were that varying degrees of obedience were displayed by different cultures. To test the theory in a real-world  environment, a replication was carried out in a work environment by Charles Hofling et.al. (1996), (cited in Banyard, 2012) to see if nurses would give patients an overdose of a drug on the instruction of a telephone call from a Doctor. The drugs were ‘dummies’ and the Doctor a fake. The request broke hospital protocol but alarmingly a very high percentage of nurses followed the Doctors instruction. However, it’s not just the findings regarding human behaviour that have been greatly influential, but a significant weakness of the study has been equally so. The first code of ethics, The Nuremberg Code, was devised in 1946 as a response to the atrocities carried out during the Second World War. Many people disapproved of Milgram’s obedience studies as they felt that it was ethically wrong. One such psychologist was Diana Baumrind who felt Milgram had broken certain aspects of the code of ethics (Banyard, 2012). She believe d that the participants hadn’t been treated properly as their welfare had been compromised due to the extreme stress they had encountered; they weren’t able to give informed consent; the emotional cost to the participants wasn’t worth the benefit of the study, and participants weren’t able to exercise their right to withdraw. Furthermore, she argued that Milgram had harmed the public image of psychology. The value of this to subsequent research is that the obedience study demonstrated why ethics is so important in psychology, and highlighted the need for strict guidelines in research (Banyard, 2012). These very concerns regarding ethics would make it difficult to replicate the original study today. However, the development of technology has enabled replications of the study to be carried out in a virtual environment (Mel Slater et.al 2006, cited in Banyard 2012). The findings were similar to that of the original study. However you measure Milgram’s impact, whether it’s in terms of obedience, ethics or human behaviour, he remains one of the most influential Social Psychologists of our time. (Banyard, 2012). To conclude, having looked in detail at the classic studies, the evidence supplied clearly demonstrates that they’ve had a significant and valuable influence on subsequent psychological research. The influence that they’ve had and the high value to research are evident throughout history. However, it is also important to note that these studies do also display weaknesses; there are elements which have been challenged, offer no value, and have had no significant influence on subsequent research. This is however, over  shadowed by the body of evidence presented that outline the many ways in which the classical studies have influenced subsequent psychological research and continue to do so. (1553 words). References: Banyard, P. (2012) ‘Just Following Orders?’ in Brace, N. and Byford, J. (eds) Investigating Psychology, Oxford, Oxford University press/Milton Keynes, The Open University. Berry, D. (2012) The Psychologist, vol.15, no.8 22 August [Online]. Available at www.thepsychologist.org.uk/archive/archive_home.cfm/volumeID_15-edition_83-ArticleID_437-getfile-getPDF/thepsychologist/aug02berry.pdf) (Accessed 14 August 2013) Brace, N. and Byford, J. (eds) Investigating Psychology, Oxford, Oxford University press/Milton Keynes, The Open University. Cherry, K. (2013) http://psychology.about.com/od/profileofmajorthinkers/p/bio_skinner.htm (Accessed 14 August 2013) Edgar, H. and Edgar, G. (2012) ‘Paying Attention’ in Brace, N. and Byford, J. (eds) Investigating Psychology, Oxford, Oxford University press/Milton Keynes, The Open University. Toates, F. (2012. ‘Changing Behaviour’ in Brace, N. and Byford, J. (eds) Investigating Psychology, Oxford, Oxford University press/Milton Keynes, The Open University.

Case Study-Barclays

BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS I. DISCUSSION QUESTIONS, CASE INTRODUCTION AND KEY POINTS Introduction The case covers the introduction of Matt Barrett as CEO of Barclays and the changes he introduced to the organization to maintain its competitive position within the retail financial services industry. In an increasingly competitive environment, Barclays is losing ground due to its lack of data-driven actions and small global presence. The case outlines the actions taken by Barrett to transform some of the key characteristics of Barclays’ corporate structure, and concludes by presenting the challenge he will face in getting management buy-in in order to implement his vision. The key challenges that Barclays faces include: market consolidation, the emergence of the Euro and European Central Bank, increased reliance on IT and web-based platforms, and the rigidity of its own corporate structure. II. EXTERNAL ENVIRONMENT ANALYSIS Summarize the external environment, including conditions in the general, industry, and competitor environments. a. The General Environment Definition: The general environment is focused on the future and can be analyzed by considering the STEEP framework: Social/demographic, Technological, Economic, Environmental/geographic and Political/legal/governmental factors at play. 1. 2. 3. 4. 5. Social/Demographic Technological Economic Environmental/Geographic Political/Legal/Governmental Discussion Question 1: Perform a STEEP analysis to understand the general environment facing Barclays. How will Barclays be affected by external factors? In particular, what will the effect of globalization be in terms of threats and opportunities? Social/Demographic Segment ? English is becoming increasingly the world-wide language of business offering Anglophone Barclays opportunities to expand into international markets with reduced language barriers. BARCLAYS |1 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS Technological: ? ? ? Increased world-wide reliance on IT and the emergence of web-based solutions in 2000 will elevate Barclays’ need to diversify portfolio offerings. Barclays’ must update its â€Å"woefully inadequate† Management Information Systems (MIS) and begin to automate labor intensive processes to reduce costs. In order to enter new markets to increase revenues and satisfy institutional investors, Barclays must invest in increased technology capabilities. Economic: ? ? ? Robust economic environment due to tech boom will increase liquidity in the marketplace. As a result, acquisitions will be more costly than in a down economy. However this will also cause capital to be more accessible. Market trends towards consolidation will pressure Barclays to regain its industry leadership position through acquisition. Globalization and world economy flattening will require Barclays to become a global company expanding its offerings beyond its current UK focus. Environmental/Geographic: ? Geographic borders and distances between countries are shrinking with increased technology and a globalized economy. This will both require and facilitate Barclays’ global presence. Political/Legal/Governmental: ? ? Emergence of the Euro and strengthening of the EU will reduce FX exposure for the European markets and stabilize European economies. European Central Bank will control interest rates in Europe making Barclays more vulnerable to its decisions (versus the decentralized banks prior to the Euro emergence). With an ever increasing number of banks operating across both political and geographic borders, Barclays must expand its reach beyond the UK to remain competitive and avoid a potential takeover. In doing this, Barclays must consider a set of threats and opportunities that are involved with operating outside the UK: Threats 1. Operating a multinational corporation involves managing across multiple cultures, languages, and economic environments – Barclays’ organizational structure must be flexible enough to adapt to these. . Low brand recognition internationally would make competition against local institutions costly. BARCLAYS |2 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS 3. Relocation abroad requires high infrastructure costs. 4. Locating Barclays’ and its customers’ assets across multiple currencies exposes both to fluctuations in exchange rates. 5. Failed expansion into foreign market might damage brand image and alienate n ew customers. Opportunities 1. Increased global reach and brand presence. 2. Diversified risk. 3. Possibility to create new revenue streams through new customer acquisition. 4. Gain first mover advantage in emerging markets. 5. Increases attractiveness of Barclays to multinational corporations. b. The Industry Environment Definition: An industry is a group of firms producing products that are close substitutes. In the course of competition, these firms influence one another. Typically, industries include a rich mixture of competitive strategies that companies use to pursue above-average returns. In part, these strategies are chosen because of the influence of an industry’s characteristics. Compared with the general environment, the industry environment often has a more direct effect on the firm’s strategic competitiveness and above-average returns. The industry environment is the set of factors that directly influences a firm and its competitive actions and competitive responses. Porter’s 5 Forces Model is a powerful tool for understanding the dynamics amongst the five key factors that determine an industry’s level of rivalry and profit potential. [Outlined below, High=H; Medium=M; Low=L] 1. 2. 3. 4. 5. Threat of New Entrants (or barriers to entry) Supplier Power Threat of Product Substitutes Buyer Power Intensity of Rivalry Discussion Question 2: Use Porter’s Five Forces Model to analyze the retail financial services industry in the UK. Given this analysis, is the industry attractive or unattractive? The below Porter’s 5 forces analysis shows that the retail financial services industry in the UK is a potentially attractive industry due to low threat of new entrants, supplier power, and substitutes. On the other hand, medium buyer power and high rivalry within the industry could inhibit return possibilities. Threat of New Entrants (or barriers to entry): Low ? ? High infrastructure costs Barclays has high brand recognition within the UK, less so in its other markets BARCLAYS |3 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS ? ? Regulatory and security issues make market entry complicated for smaller players NOTE: Mergers of existing banks, if considered ‘new entrants’, must be addressed given the consolidation trend existing in the market. Smaller regional banks could pull customers away from Barclays if they were to merge and offer more extensive services but retain local roots and connections. Supplier Power: Low ? Switching costs among IT suppliers low in a fragmented industry Threat of Product Substitutes: Low ? Traditional, paper based, systems have become outdated and are no longer feasible. Asset management advice is preferred by customers over DIY Buyer Power: Medium ? ? Price sensitivity of retail consumer (major revenue stream for Barclays) relatively high compared to that of corporate client Switching costs of retail consumer (major revenue stream for Barclays) relatively high compared to those of corporate client Intensity of Rivalry: High ? ? Customer loyalty and brand recognition make switching of banking provider less likely Large number of competitors within the retail banking space NOTE: Competition within the industry is based on both price and services The Competitor Environment c. Definition: The competitor environment is the final subject of analysis required to gain a full understanding of the company's external environment. A competitor analysis focuse s on each company against which a firm directly competes and involves gathering and interpreting information about its competitors. Competitive rivalry is the ongoing set of competitive actions and responses that occur among firms as they maneuver for an advantageous market position. Especially in highly competitive industries, companies constantly jockey for advantage as they launch strategic actions and respond or react to rivals’ moves. It is important to understand competitive rivalry because it influences a firm’s ability to gain and sustain competitive advantages. 3 I’s Framework Leveraging the 3 I’s framework provides a thorough overview by grouping competitors into three buckets: immediate competition, impending competition, invisible competition. BARCLAYS |4 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS 1. Immediate Competition: Immediate competitors to Barclays are considered to be the major financial institutions located in the UK such as Lloyds TSB and RBS. These institutions are gaining increasing presence over Barclays due to their lower cost structures and improved efficiencies. 2. Impending Competition: Impending competitors to Barclays include international financial services firms such as Credit Suisse First Boston, and smaller firms operating in one of Barclays’ business categories such as investment advisory firms (Zoete Bevan, Wells Fargo Nikko). . Invisible Competition: Barclays’ invisible competitors include smaller UK based businesses that focus solely on a product offered by one of Barclays’ divisions, such as smaller mortgage lending businesses (Woolwich). III. INTERNAL COMPANY ANALYSIS Summarize internal company factors including: capabilities and weaknesses, value chain activities, strategy, and financial situation. a. Outline the company's internal capabilities and weaknesses. Definition: Capabilities exist when resources have been integrated to achieve a specific set of tasks and are frequently developed within a specific functional area. In addition to identifying the company's opportunities and threats from the external environment, another important objective of the situation analysis is to evaluate strengths and weaknesses as input for developing the company's strategies. Discussion Question 3: What are the main capabilities of Barclays? Does Barclays have a core competence? Barclays’ main capabilities include retail financial services and corporate banking within the UK. The company’s core competencies (i. e. trengths relative to competitors that give it a competitive edge) include: a strong brand presence within the UK, a strong domestic franchise, new innovative leadership under Matt Barrett, and outstanding (276%) market cap growth from 1995-2000. BARCLAYS |5 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS Discussion Question 4: Create a SWOT analysis to understand Barclays’ strengths and weaknesses. Does Barclays have a sustainable competitive advantage in the re tail financial services industry? If so, what is the source? Strengths 1. Strong brand presence within UK 2. 76% growth in market cap from 19952000 3. Strong domestic franchise 4. Strong new leadership with strategic vision (Matt Barrett) Opportunities 1. Opportunity to expand into global markets (Barclays Global Investors only 2% of business) 2. Ability to strengthen existing brand presence within Europe (10% of sales and profits) 3. Streamline cost sharing among business units (HR, IT, Finance, etc. ) Weaknesses 1. Cost to income ratio significantly higher than competition (business units operate as silos) 2. Narrow focus (61% of revenue from RFS, capital division focused on debt products) 3. Limited global presence (80% of profits from UK) Threats 1. Management reluctance to embrace new strategies, demoralized staff 2. Competitors have lower cost advantage 3. Stronger global presence of international competitors 4. Dissatisfied institutional investors 5. Inadequate IT systems can inhibit growth Barclays’ competitive advantage includes its: strong presence within the UK market both in terms of locations and brand recognition, strong innovative leadership, and international presence. Barclays’ business strategy has focused on growth within the UK and has not invested enough capital into international expansion. In a globalizing economy with rising multinational financial corporations, the lack of a strong international presence is something that could significantly hurt Barclays in the long-term, and even turn it into a takeover target as institutional investors continue to lose faith in the company. b. Conduct a Value Chain analysis to identify value-creating activities. Definition: By exploiting its core competencies, a competitive firm creates value for its customers. Value is measured by a product’s performance characteristics and by its attributes for which customers are willing to pay. Companies with a competitive advantage offer value to BARCLAYS |6 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS customers that is superior to the value competitors can provide. Value is created by innovatively bundling and leveraging resources and capabilities. A value chain analysis provides information relative to primary (inbound/outbound logistics, operations, marketing & sales, and service) and secondary (firm infrastructure, human resources mgmt, technological developments and procurement) activities. A value chain representation of Barclays’ primary and support activities is presented in the diagram below. This information can be used to establish a business strategy which targets select activities to create a sustainable competitive advantage. Primary Activities ? ? ? ? Inbound/Outbound Logistics: N/A Operations: o Strong focus on Retail Financial Services (RFS), account for 61% of revenue o Sold cash, equities, and corporate finance businesses to focus on debt products Service: N/A Marketing and Sales: o Strong focus on UK market and low global presence o Reliance on UK brand recognition Support Activities ? ? ? HR Management: o Executive committee not performing as decision making team o Higher than average staff expenses put heavy strain on cost structure Technology Development: o Management Information Services (MIS) system is outdated and inadequate Firm Infrastructure: BARCLAYS |7 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS o Divisions operating as silos (each has own HR, IT, etc. ) o Lack of data driven decision making processes o Introduction of the Euro and the European Central Bank affect Barclays’ exposure to foreign exchange as well as interest rate changes both for the company itself and its clients Procurement: N/A Discussion Question 5: Which components of Barclays’ value chain have made the company successful thus far? What changes to Barclays’ organizational structure and focus are necessary for Barclays to remain competitive? Barclays has become a major player in the banking industry through strong brand presence within the UK, earning it one out of every five personal customers, and a clear focus on Retail Financial Services (RFS). However, both its UK presence and RFS focus have failed to provide a sustainable competitive advantage for the company. In order to remain competitive within the banking industry, Barclays must examine and redesign various components of its value chain including: 1. Focus on Retail Financial Services: a. Barclays must expand its focus beyond RFS by creating new product offerings for corporate customers and further expanding internationally to give newly acquired corporate customers global access. 2. Outdated and inadequate MIS system: a. In order to manage its internal functions efficiently, Barclays must adopt technological innovations and update its MIS system. 3. Lack of data driven decision making: a. In order to compete in an industry driven by statistics and analytics, Barclays must emphasize data driven decisions throughout its corporate structure. 4. Fragmented core divisions: a. Operating fragmented core divisions such as HR and Finance creates additional costs as well as bureaucracy and inefficiencies. Barclays must consolidate these shared services. BARCLAYS |8 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS c. Financial Analysis Definition: Financial analysis is used to assess the viability, stability and profitability of a company or operating division. The analysis is done using quantitative historical performance found in the financial reporting documents (Balance Sheet, Income Statement, and Statement of Cash Flows). The goal of the analysis is to understand a company’s financial health through its profitability, solvency, liquidity, and stability. Given the financial information provided in the case, it is clear that Barclays is lagging behind its competitors in cost control measures, and has allowed both PP&E and Staff Expenses to rise above its competitors’ average. Operating expenses as % of income In addition, an analysis of the company’s divisions and their respective earnings contribution reveals that Barclays heavily relies on its Retail Financial Services division for a large portion of its earnings; this suggests that diversification might be needed. NOTE: Further analysis into the average contribution of each revenue stream for other players in the industry is needed before diversification can be e ntirely justified. BARCLAYS |9 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS IV. STRATEGY FORMULATIO N Summarize Barclays’ strategic position as it relates to its current strategy and the components thereof. a. Summarize Barclays’ current strategy. Barclays’ current strategic objective is to drive profits by consolidating internal functions and expanding its international presence. The company is a major player in the UK financial services and retail banking industry but has lost ground internationally despite rapidly rising market capitalization. Fragmented internal divisions and a lack of aggressive expansion have brought up the need for extensive managerial and structural changes to the firm. This prompted the hiring of a new CEO, Matt Barrett, who established a series of restructuring goals for Barclays to remain competitive. b. Strategic Analysis Definition: Conduct an analysis of Barclays’ business strategy by using the 4 P’s Framework. The 4 P’s Framework is used to understand a company’s strategy based on its Position (Mission, Values, and Vision), Priorities, Payments (what it will spend its money on to reach those priorities), and Performance (how it will measure success). By completing the framework, we can analyze a company’s current, future, or recommended priorities as well as set forth a path in order to achieve goals and measure accomplishments. Use the 4 P’s Framework to analyze the firm’s past/current/future strategy. 1. Position a. Mission: To provide innovative products, excellent careers, positive community contributions B A R C L A Y S | 10 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS b. Values: Fact based decisions, customer service, and value maximizing strategy c. Vision: To be one of the most admired financial service organizations in the world 2. Priorities: 1. Develop cross-group synergies to lower costs and improve efficiency 2. Expand reach of Barclays brand abroad through strategic alliances/acquisitions 3. Continue to diversify existing business portfolio 3. Payments: 1. Invest in adequate IT systems 2. Invest in human capital initiatives to align incentives and boost morale 3. Invest in marketing and strategic alliances/acquisitions in underserved regions/segments 4. Performance: 1. Shareholder returns vs. peer institutions 2. Customer and revenue growth (double profits in four years) 3. Increased profit due to lower costs and increased efficiency (reduce costs by ? 1bn) Discuss possible recommendations that Barclays could follow going forward to improve the performance of the company. Determine the decision criteria and also analyze the pros and cons of each recommendation. In order to remain competitive within the marketplace, Barclays must: 1. i. ii. iii. 2. i. ii. 3. i. ii. iii. Develop cross-group synergies to lower costs and improve efficiency by: Rebuilding core infrastructure to consolidate HR, IT, and Finance groups across individual divisions Reducing costs by 18% (? bn) Realigning incentives to reward value-add decisions; Expand Barclays brand abroad though: Increased brand presence in Europe to enter top 5 ranking Strengthening of the brand in US and Africa; Continue diversifying the existing business portfolio by: Expanding Barclays product and service portfolio to strengthen weak or underrepresented areas to serve affluent/high net worth segments Decrea sing reliance on Retail Financial Services by strengthening Barclays Capital and Barclays Global Investors divisions Entering new markets by acquiring major players (e. g. Woolwich). B A R C L A Y S | 11 BARCLAYS: MATT BARRETT’S JOURNEY – WINNING HEARTS AND MINDS Question Reduce staff expenses Option / Hypothesis Reduce labor costs by increasing automation Decision Criteria ? Cost/Benefit analysis ? Effect on employee morale ? Technology capabilities ? Revenue growth ? Barriers to entry ? Effect on current resources ? Revenue Pros †¢ Long term cost reduction †¢ Streamlining of processes †¢ More control over information flow and analysis †¢ Does not cannibalize existing revenue streams †¢ Increase global reach and brand presence †¢ Diversifies risk †¢ Existing customer loyalty and brand presence †¢ No need for customer acquisition Cons †¢ High up-front cost †¢ Lengthy implementation period †¢ Technology risk †¢ Negative effect on employee morale †¢ High cost †¢ High risk and FX exposure †¢ No trial period †¢ Culture clashes, integration logistics †¢ Might stretch resources too thin †¢ Requires investment in infrastructure and human capital †¢ Requires new expertise Diversify target markets Increase revenue through new market entry with current product suite Diversify product offerings Increase equity and investment banking focus of Barclay Capital division growth ? Barriers to entry ? Effect on current resources B A R C L A Y S | 12

Multinational Companies Power Essays - Taxation, Free Essays

Multinational Companies Power Essays - Taxation, Free Essays Multinational Companies Power In what ways do multinational companies exercise significant power over the US government UG COURSEWORK COVERSHEET School of Politics and International Relations 0Please check this box if you are happy for your work to be used as an exemplar for future students. Your work will remain anonymous and will be used for guidance only. STUDENT NUMBER: SEMINAR TUTOR: YEAR: FIRST 1 SECOND 0 FINAL 0 ASSOCIATE 0 ERASMUS 0 (check the relevant box with a double-click) MODULE CODE: POL 105 COURSEWORK NUMBER/TITLE: In what ways do multinational companies exercise significant power over the US government? WORD COUNT: 2358 ________________________________________ A First ClassB Upper SecondC Lower SecondD ThirdE DeficientF Fail Task fulfilment Research Quality of Argument Structure Presentation Representation of Sources STRENGTHS: WEAKNESSES: HOW TO IMPROVE: Provisional Mark: ___________ In what ways do multinational companies exercise significant power over the US government? In todays era of globalisation, multinational companies exercise a substantial amount of power influencing the political sphere through campaign funding and lobbying to say the least. For some, this has led to the government representing corporations more than it represents people. Throughout this essay the extent of corporate political influence will be explored assessing in what ways multinational corporations engage in the political process and whether this involvement truly has an effect. As aforementioned the power of multinational corporations over the US government is significant, a key way this can be reflected is through their ability to reduce their tax and in some cases even avoiding tax. There are a number of ways some of the worlds most well-known companies do so, with an end goal of achieving tax-levels which serve their best interest. Some corporations carry out a process of corporate inversion, which involves the relocation of a companys base to a country with low-tax jurisdictions. As a result of this corporations such as Apple have reduced their corporate income tax by an average of $10 billion-a-year for the past four years. This strategy allowed them to pay an effective tax rate of 12.6% one of the lowest among U.S. corporations. Currently corporation tax in the U.S stands at 35% the highest overall rate of any of the worlds developed economies. This contrast in corporation tax undoubtedly indicates the power of MNCs translated through the first dime nsions of power in its simplest form by multinational corporations (A) exercising power over the government (B). This is reflected in that although there are laws in place multinational corporations bypass and circumvent these laws. Their economic power provides them with the means to establish more favourable conditions for their company to prosper, ultimately maximising their profits. In this context the power of MNCs over the US government is prominent in that their superior economic resources puts them in a position to exploit the existing tax loopholes for corporate benefit. Nonetheless this can be undermined in that multinational corporations do not possess full exception from tax and that although they may carry out measures to avoid tax; this doesnt go unnoticed by the government. Corporations such as Apple have come under fire from the Senate Subcommittee; with the investigations chairman Carl Levin coming to a conclusion that Apple used a complex web of offshore entities to avoid paying billions of dollars in US income taxes. Additionally the Obama administration has also undertaken measures to curtail tax inversion. Treasury Secretary Jack Lew passed a bill which would significantly diminish the ability of inverted companies to escape U.S. taxation. As a result this clearly indicates that the government retains power as they continue to exercise authority over such corporations ensuring that legal jurisdictions are followed. It ultimately challenges the view that multinationals have vast amount of power which allows the government to disregard thei r tax avoidance. However this doesnt weaken the fact that multinational corporations still possess a significant amount of power over the government in regards to taxation. Due to corporate inversions and other forms of tax avoidance by multinationals, they have forced the US government to form a debate about the current levels of corporation tax and what type of action should be taken to subvert corporate inversions. President Barack Obama's 2015 budget proposed making inversions harder to do by raising the foreign ownership required. Congressional Democrats have made similar proposals. This influence over the US government can be expressed through the second dimension of power.

Free Essays on Barbados

Ethnographic Fieldwork in Barbados In Gmelch’s article â€Å"Lessons from the Field† he writes of his students’ adventure into Barbados to do some Ethnographic fieldwork. This article is about how the experiences his students had affected them as people. Throughout the article it explains how the students’ perceptions of their own lives were changed by living inside this other culture as anthropologists doing fieldwork. Gmelch studied their journals they kept to show these changes of perception. To understand what kind of changes these students went through you have to understand that they are the average middle class suburbanite or city kid. They are all privileged college students much like my peers in this class. So it was quite interesting to see how differently they felt after being injected in to a new environment. One of the first changes in perception that I read was one of a female students. Her housemother needed a lime and realized she didn’t have any in the kitchen. At this the mother went out in the yard and just pulled one off of a tree. When the student explains the situation she seems to respect the simpler life. She comments that she was amazed thinking if she were at home she would have had to jump in a car and head to the market. Tying in with the idea of a simpler life it explains how the students have to learn to associate with the villagers. They didn’t like it at first but by the end they became more resourceful in entertaining themselves. I think it seems that the students’ biggest change in perception may have been becoming less materialistic as a result of their fieldwork. They see how all these people live with so much less then what we are accustomed to. The amazing part about the villagers and what changes the students’ values of materialistic things is the fact that the villagers don’t have a lot, and at the same time they are content. The students actually returned to school the n... Free Essays on Barbados Free Essays on Barbados Ethnographic Fieldwork in Barbados In Gmelch’s article â€Å"Lessons from the Field† he writes of his students’ adventure into Barbados to do some Ethnographic fieldwork. This article is about how the experiences his students had affected them as people. Throughout the article it explains how the students’ perceptions of their own lives were changed by living inside this other culture as anthropologists doing fieldwork. Gmelch studied their journals they kept to show these changes of perception. To understand what kind of changes these students went through you have to understand that they are the average middle class suburbanite or city kid. They are all privileged college students much like my peers in this class. So it was quite interesting to see how differently they felt after being injected in to a new environment. One of the first changes in perception that I read was one of a female students. Her housemother needed a lime and realized she didn’t have any in the kitchen. At this the mother went out in the yard and just pulled one off of a tree. When the student explains the situation she seems to respect the simpler life. She comments that she was amazed thinking if she were at home she would have had to jump in a car and head to the market. Tying in with the idea of a simpler life it explains how the students have to learn to associate with the villagers. They didn’t like it at first but by the end they became more resourceful in entertaining themselves. I think it seems that the students’ biggest change in perception may have been becoming less materialistic as a result of their fieldwork. They see how all these people live with so much less then what we are accustomed to. The amazing part about the villagers and what changes the students’ values of materialistic things is the fact that the villagers don’t have a lot, and at the same time they are content. The students actually returned to school the n...

Geography for Kids

Geography for Kids ThoughtCo includes a large collection of resources that are appropriate for children. This article provides easy access to the best of our resources for kids who are aspiring geographers, have a geography quiz coming up at school, or are part of a bee. Geography 101 As a starting point, Geography 101 provides a bunch of information about geography with links to articles all over ThoughtCo. Among others, youll find information on these topics: The definition of geography.The history of geography.The different branches and divisions of geography.Information on studying geography and working as a geographer. Preparing for the Geography Bee The National Geography Bee is for kids in the fourth through eighth grade. Kids can learn about the Bee and how to prepare. If your school is one of the 1,000 that participate in the Geography Bee, the information and links in this article can help your students prepare. All About Geography This article teaches kids some of the important basics of geography and answers questions such as these: What is geography?How does geography differ from geology?What do geographers do?How does one become a geographer? Basic Earth Facts This page for kids includes a listing of fun facts about the planet earth such as these: The size of the earth.The number of countries on our planet.The highest and lowest points on the surface of the earth.The age of the earth.And, more... Geography Quiz Think youre a geography expert? While this quiz might be a challenge to most kids, the true geographic fanatic will appreciate the challenge. Both kids and adults will test the depth of their geographic knowledge with these fifteen questions. U.S. State Capitals This is a great resource for kids who need to memorize the United States state capitals for their geography class. From Juneau (Alaska) to Augusta (Maine), youll find every capital along with population, education, and income information for each city.   Capitals of Every Country This listing is a great reference for kids studying the countries in geography class. Did you know that Yerevan is the capital of Armenia or that Paramaribo is the capital of Suriname? This article can help you brush up on your knowledge of important world cities. All About Physical Geography Physical geography is the branch of the science with which most people are familiar. It includes the study of  climates, flora, and fauna, the atmosphere, landscape features, erosion, and more. This article gives an overview of the physical geography and provides numerous links to further information. All About Cultural Geography Geography isnt all about mountains, bodies of water, and other physical features of the earth. With this article, youll learn about the human side of geography. Youll learn how languages, economics, governmental structures, and even the arts are connected to the physical features of our world. We hope these resources help you and your kids learn geography. Enjoy!

Self Introduction Issues Essay Example | Topics and Well Written Essays - 250 words - 1

Self Introduction Issues - Essay Example I am a deep writer, preferring complex and interconnected topics than straightforward concepts. At the moment, I can say I have been writing for two years. In some cases, especially creative writing, I write papers that are longer than expected because I have â€Å"a lot to talk about.†My personal philosophy on writing is that it is a medium of communication; what I cannot relay verbally I put down. I also believe that writing is part of history. Consequently, by documenting what I experience and think, I leave a historical legacy that others can be inspired by. I hate the ambiguity that sometimes creeps into writing (Widdows 26). Over the years, I have accepted that it is a part of writing that cannot be avoided, but I hate that it hinders my prolificacy. What I like about writing is the appreciation people show for the thoughts and feelings that I put out. The first quote in the book feels true for me; the rest seem to contradict my experiences with – or opinions of à ¢â‚¬â€œ writing.

Forensic Psychology and Criminal Investigation Essay - 9

Forensic Psychology and Criminal Investigation - Essay Example Plea bargaining is seen to let ‘professional’ criminals get off the hook too easily as they are familiar with the criminal justice system (Miceli, 1996). There are evident advantages for guilty offenders to opt for plea bargain as it significantly reduces their sentence as per the Sentencing Guidelines Council (2007) despite convincing evidence. Similarly, imprisonment may be substituted by alternatives such as home detention, probation period, or community service and even immediate release. Sexual offenders can greatly benefit by pleading guilty to violent behaviour instead of sexual charges that would save them from public registration, special discharge terms, and restricted parole conditions. A defendant who is found guilty of a serious felony in a jury trial on average receives a prison sentence twice of that offered in plea bargain for the same crime (Soni & McCann, 1996). The point of time in a trial when a defendant negotiates plea bargain is critical as it sign ificantly affects sentencing. The Runciman Report demonstrated how knowledgeable criminals use plea bargain to their advantage when they are certain of the verdict, which ensues in a cracked trial (Runciman, 1993). Criminal justice systems based on plea bargain subtly rob defendants of their constitutional rights simply on the excuse of lack of time or money to listen. In reality, plea bargaining creates unconstitutional conditions and exerts impermissible burden on a variety of chief constitutional liberties (Baker & Mezzetti, 2001). In consideration of this, Justice Powell contended (OHear, 2007): Plea bargain deprives the defendant of three fundamental rights protected by Fifth and Sixth Amendments, namely, the right of jury trial, self-incrimination, and confronting hostile witnesses. Weak cases are more likely to enter into plea bargains, as it is difficult to

Great Britain Essay Example | Topics and Well Written Essays - 1000 words

Great Britain - Essay Example rnment has been one of the most complex and multifaceted political processes.1 This is so because throughout history there has been a struggle to shift power and accountability from the supreme king to the people who claimed to be the representatives of people. Britain is one of the very few countries that have been lucky enough to have not been invaded over the past thousand years. Due to this reason, Britain has no history of any revolution or constitution. As a consequence, there has never arisen any need for a written constitution or set of laws. The ultimate result is that the political system of Britain is not really logical or clean. However, the change in laws that has occurred throughout history has been gradual and often built on consensus. One of the major problems that the political system in Britain faces is the fact that the United Kingdom throughout political history has been divided into three parts. According to Hesperides, the three parts of United Kingdom, namely Scotland, Wales and the Northern Ireland have special statuses and have separate local administrations with a huge number of responsibilities.2 It is, however, ironic because England, the part of Great Britain that has the highest (or more precisely 84%) population, does not have a strong sense of regionalism. As a result, the United Kingdom is not very similar to the American system of government that rules over a total of fifty states. Although matters like defence and foreign affairs are some things that are under the direct control of the central British government, devolution of the Scottish, the Welsh and the Irish assembly have led to a greater desire among the people to strengthen the local government in the United Kingdom. This has led to an increased divide between the people who just wish to be representatives of a certain group of people. UK, as mentioned earlier, is a country that has not been invaded and conquered in any way for the last thousand years. The fact that

BUSINESS INTELLIGENCE Tools and Techniques Essay

BUSINESS INTELLIGENCE Tools and Techniques - Essay Example This is a change from the 30 responses required last year. III. There are 13 capabilities described by the author that must be delivered by BI platform. These 13 capabilities can be classified into 3 categories of functionality Integration Information delivery Analysis 1. INTEGRATION BI Infrastructure All tools, interfaces and applications in the platform should have same look and feel. Metadata Management The platform should have the ability to store, search, and capture and reuse the formats, measures, dimensions and report layouts. Development Tools It should provide programmatic development tools and visual development environment to facilitate scheduling, delivering, administering and managing. Collaboration It deals with sharing and discussing information throughout the organization. 2. INFORMATION DELIVERY Reporting It facilitates the reporting procedure by developing formatted and interactive reports in various dimensions (financial, operational, managerial, etc) Dashboards T his is a subset of reporting having the ability to publish web-based reports with interactive tools for display. Ad hoc Query This enables the user to ask their own questions and data queries rather than IT created reports. Microsoft Office Integration Integration with Microsoft tools, formats and formulas is necessary item to be provided. Search-Based BI Application of search index to both structured and unstructured data sources and their mapping enable user to search from (Google-like) interface. 3. ANALYSIS OLAP This enables user to analyze data with extremely fast query and calculation performance making analysis style of ‘slicing and dicing’ possible. Interactive Visualization It includes display of data in a more effective way using charts, tables and other formats. Predictive modeling and Data Mining It helps to classify categorical variables and continuous variables using advance mathematical techniques. Scorecards It implies the use of performance management m ethodology like six sigma and it involves analysis and comparisons. PART B 1. IBM (Cognos) solution has a broad functional footprint and is reporting-centric. It follows ‘information versus an applications agenda’. Information Builders’ WebFOCUS product has a very consumer-centric approach and is found to be as one of the industry's easiest-to-use solutions. It offers integrated search, mobile, use of rich Internet applications and mashups, predictive analytics, data discovery, and visualization but they lack self-service support, ad-hoc analysis, and OLAP capabilities. Microsoft offers low price but they do not provide a road map. MicroStrategy specializes in running deployments on top of large enterprise data warehouses tackling large volumes of data. Oracle offers domain-specific and prepackaged solutions. SAP offers data warehousing, text analytics, on-demand BI, search coupled with BI, metadata, data lineage and impact analysis, and data quality. SAS focuses on forecasting, predictive modeling, and optimization, as well as its investments in data discovery and visualization. QlikTech offers low-cost deployments. Tibco products have unique architecture, combining analytics and interactive

Retail Business and Consumer Environment Essay Example | Topics and Well Written Essays - 2750 words

Retail Business and Consumer Environment - Essay Example Success in retailing is the result of sensitive perceptive decisions that require imaginative and innovative techniques. For example, as the American economy continued in its slow down a few years ago, many retailers were afraid to embrace new ideas. Instead of using their creative power to increase their competitive advantage, these retailers either just continued doing things as they always had done them, cut costs without thinking about the impact on customer satisfaction or copied what their competitors were doing† (Dunne 2008). These decisions are complicated by business environment because of low margins, high capital requirements, often or cyclical consumer demands. In recent years, retailers have turned to new information technologies to fight with these challenges. Indeed, the latest generation of a retail application has become and continues to be, a game changer in this industry. Studies show that those retailers deploying advanced technology solutions realize signif icant shareholder returns on average, with the help of technology-driven improvements like enhanced customer loyalty, efficient sales channels, advanced supply chain operations, and agiler merchandising. â€Å"Three fundamental and interrelated changes have occurred in European retail environment: first, the balance of power has shifted along the distribution channels from the manufactures to the retailers, secondly, traditional independent retailers and cooperatives have lost market share to multiple chain organizations, thirdly, markets have become increasingly consolidated and concentrated† (Gilbert 2003). Long-term business success is becoming more complex, for example, new technologies make it possible for companies to compete for customers in multiple sales channels and venues, including those on the phone, and on the web, allowing retailers to gain market share. The retails need the capacity to serve customers anytime and anywhere. Here is the relevance of the study of retail business and the consumer environment. Starting with a brief description of the retail business, going through the political, socio, economic, cultural factors affecting consumption patterns by applying appropriate theories of retail development in needed portions, it further explains the implication of retailing in urban development, and how advanced technologies can help retail industry to gain market share. When one observes the international retail market, for example, in the United States, the retail industry originated from a community shop where people would shop for necessity items. Single general stores were common because of limited population, and the disconnectivity of the people within the city. Later societies advanced with population increase went to big cities, and new technologies enabled to enhance interconnectivity among people, and easy communication between distanced cities gave further opportunities for the formation of specialty stores. In the current scenario, the US retail industry is booming. With this exponential growth of retail business across the nation can in the very near future come into the category of infrastructure industry. Adaptation is an important fact in the retail industry as trends in society, a taste of various products and people’s demand are more. In business to business market, managing customer relations and fulfilling their need is a vital factor. A customer is the main focus.

BUSINESS INTELLIGENCE Tools and Techniques Essay

BUSINESS INTELLIGENCE Tools and Techniques - Essay Example This is a change from the 30 responses required last year. III. There are 13 capabilities described by the author that must be delivered by BI platform. These 13 capabilities can be classified into 3 categories of functionality Integration Information delivery Analysis 1. INTEGRATION BI Infrastructure All tools, interfaces and applications in the platform should have same look and feel. Metadata Management The platform should have the ability to store, search, and capture and reuse the formats, measures, dimensions and report layouts. Development Tools It should provide programmatic development tools and visual development environment to facilitate scheduling, delivering, administering and managing. Collaboration It deals with sharing and discussing information throughout the organization. 2. INFORMATION DELIVERY Reporting It facilitates the reporting procedure by developing formatted and interactive reports in various dimensions (financial, operational, managerial, etc) Dashboards T his is a subset of reporting having the ability to publish web-based reports with interactive tools for display. Ad hoc Query This enables the user to ask their own questions and data queries rather than IT created reports. Microsoft Office Integration Integration with Microsoft tools, formats and formulas is necessary item to be provided. Search-Based BI Application of search index to both structured and unstructured data sources and their mapping enable user to search from (Google-like) interface. 3. ANALYSIS OLAP This enables user to analyze data with extremely fast query and calculation performance making analysis style of ‘slicing and dicing’ possible. Interactive Visualization It includes display of data in a more effective way using charts, tables and other formats. Predictive modeling and Data Mining It helps to classify categorical variables and continuous variables using advance mathematical techniques. Scorecards It implies the use of performance management m ethodology like six sigma and it involves analysis and comparisons. PART B 1. IBM (Cognos) solution has a broad functional footprint and is reporting-centric. It follows ‘information versus an applications agenda’. Information Builders’ WebFOCUS product has a very consumer-centric approach and is found to be as one of the industry's easiest-to-use solutions. It offers integrated search, mobile, use of rich Internet applications and mashups, predictive analytics, data discovery, and visualization but they lack self-service support, ad-hoc analysis, and OLAP capabilities. Microsoft offers low price but they do not provide a road map. MicroStrategy specializes in running deployments on top of large enterprise data warehouses tackling large volumes of data. Oracle offers domain-specific and prepackaged solutions. SAP offers data warehousing, text analytics, on-demand BI, search coupled with BI, metadata, data lineage and impact analysis, and data quality. SAS focuses on forecasting, predictive modeling, and optimization, as well as its investments in data discovery and visualization. QlikTech offers low-cost deployments. Tibco products have unique architecture, combining analytics and interactive

Discuss the barriers faced by firms wishing to enter an oligopolistic Essay

Discuss the barriers faced by firms wishing to enter an oligopolistic market structure - Essay Example Therefore, sellers in the oligopoly are constantly aware of competitor actions and respond accordingly in order to outperform the small volume of competition existing in the market structure. Oligopolists regularly take into consideration the strategic responses of competition, attempting to model the most likely retaliation of important market participants in order to maintain competitive edge. Even though competition is intense between the market players, there is also considerable influence in the oligopoly to prevent new competitors from entering the market. The most common barriers for new market entry include pricing, product differentiation and consumer switching costs, as well as intellectual property and patent laws. An explanation of barriers Firms operating in an oligopolistic market structure have often achieved economies of scale, which are the specific cost advantages achieved by a firm due to its size and scope of operations in which the cost of outputs continues to de crease whilst fixed costs are able to spread over a higher volume of unit outputs (Gelles and Mitchell 1996). This is achieved through better operational efficiency and productivity that also improves variable costs along the production model. Over time, as the oligopolist achieves profit maximisation, the business is able to low the cost of capital, especially as it pertains to asset procurement, thereby increasing production output whilst experiencing better cost efficiency. Economies of scale that have been achieved through continuous operation and success in sales in a market create barriers to new entrants, especially as it pertains to pricing. Businesses in the oligopoly are able to create predatory pricing structures in an effort to undercut emerging competition attempting to enter the market. Because the business competitor has achieved economies of scale and reduced the costs of capital, they are often equipped with the operational capacity to increase production without ha ving to incur significant costs in this manufacturing effort. One should consider the beer industry, one that is currently dominated by major players such as Anheuser-Busch and MillerCoors which account for approximately 80 percent of the total market share in the international beer industry (New York Times 2009). If either of these oligopolists is aware that a new competitor is attempting to enter the market, thus providing competitive threat, these manufacturers are able to lower the prices of their selected products and sustain these low prices even though it would, in the short-term, reduce their quarterly profit expectations. New entrants, however, would have to invest considerable capital into the systems required to produce the product, distribute the product and market it. Oftentimes, the new competitor must establish brand recognition (a costly marketing objective) that requires, oftentimes, years of dedicated promotion in marketing simply to get consumers interested in the beverage brand. Major players such as Anheuser-Busch can theoretically cut their prices by 50% on products that are homogenous in relation to the production output of the new competitor. Sustaining these prices in an effort to drive out the new competitor is relatively simplistic when economies of scale have been achieved. Why is this so important in determining barriers to new market entry in the oligopolistic market structure? The law of demand indicates that as a price decreases, consumer demand increases when all other factors remain stable (Boyes and Melvin 2007). Therefore, market characteristics

Mirror Neurons Essay Example for Free

Mirror Neurons Essay The sight of a strangers foot getting hammered induces an instant surge of sympathy within us. Watching a friend nauseate after eating something repulsive quickly causes our own stomachs to turn. This ability to understand and relate to another individuals internal state has provided great motivation for research. One source of explanation arose from research on mirror neurons-which fire both during execution and observation of a behaviour (Rizzollati Arbib, 1998). This particular class of neurons plays a crucial function in human social interactions. The importance of the mirror neuron system (MNS) for communication can be understood through its influence on nonverbal communication including facial expressions and hand gestures and verbal language. Furthermore, disorders affecting human communication-such as autism and schizophrenia-convey the impression of stemming from a malfunctioning MNS. Generally, human social interaction involves both verbal and nonverbal forms of communication. Obvious examples of nonverbal communication are facial expressions and hand gestures. A recent functional magnetic resonance imaging (fMRI) study by Montgomery and Haxby (2008) found evidence supporting the claim that the MNS contains distinct representations for facial expressions and hand gestures. Particularly, this study examined the inferior parietal lobule and the frontal operculum as the potential MNS brain regions involved in nonverbal communication. Further evidence comes from another fMRI study by Montgomery, Isenberg and Haxby (2007)-which demonstrated the activation of the MNS during hand movements used to manipulate objects and hand gestures used to communicate. A third fMRI study by Van, Minderaa and Keysers (2007) highlighted similar results by examining other putative MNS brain regions-inferior frontal gyrus, posterior parietal cortex, insula and amygdala-thought to be associated with facial expressions. Activity spontaneously increased in the MNS of participants that produced and observed certain facial expressions (Van et al., 2007). A study by Enticott, Johnston, Herring, Hoy, and Fitzgerald (2008) demonstrated an associations between mirror neurons and facial emotion processing. Instead of using fMRI as a method of analysis, Enticott and colleagues (2008) used the transcranial magnetic stimulation (TMS) technique. In brief, much evidence supporting the involvement of the MNS in the processes of facial expression and hand gesture exists. Such forms of communication form the basis for the later, more complex, verbal language development. Taking this thought further, verbal language also seems to be linked to the MNS. Firstly, Rizzollati et al. (1998) marked the discovery of mirror neurons in the F5 area within the monkeys’ frontal cortex. This primate-specific F5 area has been considered to be the homolog of the human Broca’s area, which is a region crucial for language (Rizzollati et al., 1998). With this in mind, Horwitz et al. (2003) demonstrated that both spoken and signed language are associated with mirror neurons firing in Broca’s area as a result of the production of language. In addition, an fMRI study by Aziz-Zadeh, Wilson, Rizzollati, and Lacoboni (2006) made evident that the MNS of the premotor cortex is activated both when participants observed mouth, hand and foot movements and when participants read phrases related to these body parts. Overall, these findings suggest that indeed the MNS influences verbal language. Moreover, another way of understanding the importance of the mirror neurons’ influence on human social interaction is by considering the consequences of a malfunctioning system. Autism spectrum disorder is characterized by social and language impairments. In other words, individuals with autism tend to be less interactive when it comes to communicating with others. Part of the MNS-the posterior inferior frontal and rostral inferior parietal areas are affiliated with social behaviour and imitative learning; however these areas have deficits in autistic individuals (Locoboni Mazziotta, 2007). In one study individuals with autism spectrum disorder showed significantly different electroencephalography (EEG) recordings of mirror neurons compared to a control group consisting of healthy individuals (Oberman, Hubbard, McCleery, Altschular, Ramachandran, Pineda, 2005). Similarly, schizophrenia is another disorder characterized by deficits in social communication, especially of the nonverbal type. Research by Kato Y., Muramatsu, Kato M., Shibukawa, Shintani, and Mimura (2011) using magnetoencephalography recordings on the right inferior parietal cortex showed atypical mirror neuron activity in non-treated schizophrenia patients. Likewise, similar results were found in a study that tested mirror neuron activity using TMS,; it was demonstrated that during action observation a reduction in motor facilitation occurs in schizophrenia patients (Enticott, Hoy, Herring, Johnston, Daskalakis, Fitgerald, 2008). Clearly, communication impairments observed in individuals with autism and schizophrenia are influenced by the MNS. In conclusion, human social interaction is influenced by mirror neurons. Evidence supports this statement through research done on the involvement of the MNS in nonverbal communication, including facial expressions and hand gestures and verbal language. Research has also suggested that an impaired MNS negatively affects social interaction, which is exemplified in the cases of autism and schizophrenia. Taken as a whole, combining mirror neurons’ role in imitative behaviour and social interaction-the process through which humans possibly acquire new social knowledge becomes evident. Additionally, the presence of mirror neurons in primates as well as humans provide evidence for the development of social interaction over the course of evolution. Thus, in order to further strengthen their existing relationship, future research should examine the co-evolution of mirror neurons and social interaction.

Developing Child Fitness and Diet

Developing Child Fitness and Diet Children Fitness and Diet Fitness and exercise for children is quite different than that for adults. Children’s motivation and their physical capacity are different as is their adaptability to, and benefit from, different types of activity. Generally speaking, physical fitness for children should ideally involve: Being active because they wish to be active, confident and to enjoy activity. Running and moving, especially in activity bursts. Children don’t have to imitate the adult equation of maintaining a heart rate in a target area for half an hour. Children sprint and rest, sprint and rest. Ideally children should accumulate significant total movement time every day. The automatic activity of children develops their competence and their confidence in the motor skills. Their skills and confidence will influence their enjoyment of all activities – for we all enjoy to accomplish things that we excel at. The Critical Right Start From a young age, children begin labelling themselves either as athletic, or not. Feeling competent on a field, a court, the playground or even just in a back yard will lead to a continued keenness to play, which in turn leads to more learning and thus greater success. Unfortunately, the opposite is also quite true – getting away to a bad start may cause children to want sit out physical activities, thus missing an opportunity to fully develop during their key growth years while also exacerbating their self-doubt about their individual athleticism can grow into a self-fulfilling prophesy. Each child can and should try to be successful athletically, and the skills required to be successful are quite learnable for moreorless any child, provided that: The child receives individually delivered instructions to learn the proper technique for each skill at their competence level. Children perform the repetitions necessary that build the muscle memory for a particular technique. The challenge is that most available resources to develop skills for children fall short on one or even both points. Many PE, coaches and sports classes adopt a sink-or-swim technique of teaching that simply sets children up for a failure, while tedious and repetitive practice sessions are conducted, that most children do not really enjoy beyond a few minutes. Those children who on a regular basis are physically active will automatically reap huge benefits, it is also common sense that those children benefit from regular exercise: Are less liable to be overweight Will have a diminished risk of developing type 2 diabetes Have a reduced blood cholesterol level plus lower blood pressure Will have higher self-esteem and confidence with reduced instances of depression and anxiety Are more likely to have stronger bones and muscles Will be more mentally attentive at school Have a better outlook on life Clearly we understand that it is essential that children need to be active, now it is time to get the children up, about, playing and participating. The Other Benefits of Exercise In addition to the health rewards of regular exercise, those kids that are fit physically will sleep more soundly and be better equipped to deal with those challenges, both physical and emotional that a typical day presents — whether that is running for a bus, bending to tie a shoe lace or studying for a test. The American Heart Association recommends: Participating in a minimum of 30 minutes of enjoyable, moderate intensity physical activity each day is essential for every child aged 2 or more. These activities should be developmentally appropriate and varied. If your child does not have a full one hour break each day, then it is vital to provide at the very minimum a half hour break, and this can be split into 15 minute breaks or three x 10-minute breaks when they can engage in vigorous activities suitable to their age, gender and their stage of physical and emotional progress. Any concerns about your child’s physical or overall health should be discussed with their pediatrician. Get moving Getting physically active is very important for young and growing bodies. A considerable percentage of children are overweight or obese. So encouraging an active lifestyle for them along with a balanced diet is a sure way to maintain a healthy weight: Ideally children should do at least 1 hour of moderate to vigorous physical activity each day. That could be dancing, running, swimming, or an organized sport such as football, netball or simply active play. Restrict if possible, a child to about two hours of watching television, using a computer or playing electronic games per day. Try to be active with your own and your friend’s children and include physical activity for them in family outings and integrate this into the fabric of daily family life. Focus on fun. It is not necessary to call it â€Å"exercise,† simply consider it as an activity. Find out those activities which the child likes and encourage those. Limit computer and TV time. The American Academy of Pediatrics suggests not greater than â€Å"two hours of exposure to daily media† for children aged two and older. When the child is engrossed with a screen, make sure breaks are taken and that they move around. Schedule the play dates. The key word is â€Å"play.† Have the child get together with a friend or two and play a game of tag, or throw or kick a ball about. Put up a basketball net and shoot hoops. Give fitness oriented gifts, consider a jump-rope, a mini-trampoline or a hula-hoop — something that will encourage activity and movement. Be a model of fitness. It is far easier to motivate children to be active, if as a parent or adult you also lead an active lifestyle. Whether one follows a structured fitness program or you regularly execute some morning stretches, let the children see you being active. It will usually likely inspire them also to do likewise. Encourage biking or walking whenever possible. This is easier if your home is near stores, a library or other locations that you all regularly frequent. However If you live in a more remote area, then establish a safe route for a bike ride or hike with the child. Be a fitness promoter at the child’s school. How much physical activity does your child get at school? Find out and if you feel it is less then enroll support from the other parents to initiate positive changes. The Many Benefits of Exercise Everyone will benefit with regular exercise. Kids that are active develop: tougher bones and muscles a lean body shape, for regular exercise controls body fat be less likely to become overweight decrease the risk of developing type 2 diabetes possibly lower blood pressure and blood cholesterol levels have a better outlook on life In addition to positive health benefits of exercising regularly, children that are physically fitter will also sleep more soundly and are better prepared to handle those emotional and physical challenges which a typical day may present — such as running to catch a bus, bending to tie a shoelace or studying for a test. The American Heart Association recommends: That children aged 2 years or older benefit greatly from at a minimum of 30 minutes of fun and moderately intense physical exercise each day. Those activities should be developmentally appropriate and also varied. If a child does not receive a full 30 minute break for active play each day: Then try to provide at minimum two x 15-minute periods or three x 10-minute periods, where the child may perform a vigorous activity which is suitable for their gender, age and their level of physical and emotional development. Any worries about a child’s physical or overall health must be discussed with a pediatrician. Encouraging healthy habits The smart way to inspire our children to be healthy and active is to be a role model. Help them filter the information regarding the food they are receiving and be led by example. Remember that food is much more than just nutrients and fuel. To children, food should be fun, should taste good, and food should be social – to be enjoyed! Having a healthy diet Parents are the primary influence upon the diet of children, for they directly control many of the food choices, and especially at a younger ages. Active, growing children absolutely require balanced nutrition so that their bodies grow healthily. Most attitudes about food are formed during the early school years, thus creating the foundation of future eating habits. We can help our children create a health foundation by encouraging a like of good food and nutrition throughout the formative years. Growing bodies The primary school years are busy and children require good nutrition in order to concentrate at school and also to fuel their daily activities (play and sport). Equally children need nutritious foods to develop and grow normally. An eating pattern which includes a variety of foods from across different food groups provides children with a range of nutrients and also the fuel they need. Eating sufficient fresh vegetables, legumes and fruits Eating sufficient cereals (preferably whole-grain), to include bread, pasta, rice, and noodles Lean meat, poultry, fish, and/or alternatives Include milk, cheese and yoghurt (the fat reduced products are not suitable for children under 2 years of age) While the occasional ‘extra’ treats such as iced lollies, French fries and take away foods are ok, if they are eaten too often and become habitual, then not only are the children liable to want more and more, it also will result in a decline of the nourishing foods while increasing the risk of becoming overweight, as well as the heightened risk of tooth decay. Children need to be well hydrated. Children must be encouraged to drink water. Try limiting sugar infused drinks such as soda’s, soft drinks, cordials and even fruit juices. If consumed regularly they will contribute to issues like excess weight and tooth decay. A glass full of milk is very nutritious to drink and contributes to the recommended three servings of dairy per day that ensures children get the calcium that growing bones require. Importance of dairy foods As one of the five food groups, dairy products play a crucial role in a healthy diet. Milk, cheese and yoghurt contain over 10 essential nutrients: Carbohydrates Proteins Minerals (magnesium, calcium, potassium and zinc, phosphorus,) Vitamins (A, B12 and riboflavin) Healthy strong bones Dairy foods are well known for providing calcium and its effect upon building strong bones. Naturally, the bones of children grow rapidly, therefore a calcium-rich diet in childhood will maximise peak bone mass and help reduce any risk of fractures and osteoporosis later in life. Three servings of dairy foods per day will give children most of the required calcium requirements. One serving of a dairy product equates as: 1 glass (= 250mL) of milk 2 slices (= 40g) of cheese 1 tub (= 200g) of yoghurt Milk, cheese and yoghurt also provide at least nine other vital nutrients – vitamin A for good eye sight, protein and zinc for development and growth, and vitamin B12 to keep the blood healthy. Dental health Tooth decay is still a common health problem in children, despite being largely preventable. In addition to oral hygiene such as regular brushing, correct nutrition and eating habits are important in preventing dental disease. Special anti-decay nutrients such as phosphorus, and calcium, are contained in the milk proteins and therefore dairy foods are a unique combination with a specific preventative role in dental health. Breakfast Everyone knows that breakfast is the most crucial meal of a day and especially so for energising the minds and bodies of children’s before school. Low Glycaemic Index (GI) foods that provide a slow release of energy are preferable breakfast choices. Dairy foods contain a low GI. In winter start a day with a steaming and hot milky porridge and then in the warmer months put some ice cold milk on a child’s favourite cereal. Yoghurt and muesli mix. Great in a yoghurt container for a breakfast on the move. Grilled cheese on toast, a perennial favourite. A Fruit and yoghurt smoothie. Lovely for children who dislike breakfast. Lunch Dairy foods are good for the school lunch box. Portions of cheese with biscuits and dried fruit. Sandwiches or pita bread with cheese and a choice of spread with salad. Freeze a yoghurt tub the previous night. Helps keep a lunch box cool. Snacks Ice cold milk shake or a smoothie is a great filler. Use crackers and vegetable sticks to eat a yoghurt based dip. When it comes to instilling healthy habits, you can teach children their â€Å"ABCDE† Act Boldly to Change Diet and Exercise.

Are Zoos Necessary Essay -- Animals Wildlife Papers

Are Zoos Necessary As a child I can remember when I misbehaved the absolute worst punishment my parents could inflict: I would be banished to my bedroom, the length of time depending on the seriousness of the "crime." It seemed that every possible want and desire I had while being punished was related to an activity just outside the confines of that bedroom. The hours seemed like days and the time spent "locked" in my room was unbearable. When I look back on those "torturous" days of my childhood, I can't believe what the big deal was. If I hadn't been punished, most likely I probably would have spent my free time in my bedroom anyway. Who was I kidding, locked in a room with a TV set, all of my toys and comic books, who could possibly consider being confined to this "habitat" as punishment? While I wasn't "confined" for more than a day or two or put on display for other kids in the neighborhood to observe, I can see a resemblance to the animals that are locked up in their "rooms" at the zoo. While their rooms have most of the same things as their natural habitats, it is the thought that they do not get to leave after Mom or Dad has finally broken down and absolved them of their crime. This is their life for the foreseeable future. They haven't misbehaved and they certainly did nothing worthy of being punished for. What right do we have to exert our authority over other non-human species? Shouldn't animals be afforded the same basic rights as you and I? It is my belief that despite their professed concern for animals, zoos remain more "collections" of interesting "items" than actual havens or simulated habitats. Zoos teach people that it is acceptable to keep animals in captivity, bored, cramped, lonely and far from their n... ...undation 2000. Born Free Foundation < www.bornfree.org.uk > Brown JHS Virtual Zoo. March 1998. Clark County School District. < www.ccsd.net/schools/brown/zoo/index.html > Fritsch, Jane "Elephants in Captivity: A Dark Side," LA Times 5 Oct. 1998 McKenna, Virginia. Beyond the Bars, 1987 Peta Action Alerts. June 2000. People for the Ethical Treatment of Animals www.peta-online.org Smith, Val & Kimberly. Personal Interview. 27 July 2000. World Wide Words. Ed. 2000. Michael B. Quinion. www.quinion.com Wise, Steven, Rattling the Cage : Toward Legal Rights For Animals. New York: Perseus, 2000. Zoo Animals To Go. June 2000. Mecury Center <www.mercurycenter.com> Zoocheck. June 2000. Zoocheck Canada < www.zoocheck.com > Zoo in the Wild Editrice del Vascello. 2000 Editrice de Vascello <http://www.naturalia.org/ZOO/welcome.html>

Learning Team Reflection Essay

Statistics refers to the use of numerical information in everyday life to calculate facts and figures in limitless circumstances. In addition, statistics refers to the scientific collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical data. This week the class’s objectives were to apply the steps in testing a research hypothesis, to compare the means of two or more groups, and to calculate the correlation between two variables. Learning Team D’s members have reflected on each of these issues and share their insights on these objectives. Testing a Research Hypothesis The purpose of testing a research hypothesis is to prove or disprove the research question. The first step in testing a research hypothesis is to state the problem in the form of a question. The second step is to state the research question as it relates to the null hypothesis and alternative hypothesis. Then the parameters must be set to test the null hypothesis. The fourth step is to calculate the probability of the test statistics or rejection region. Finally, the findings from the tests must be stated. The hypothesis was familiar to one group member, so she felt comfortable with the topic. She did not struggle with any particular topic this week. This week’s topics directly relate to her field of study. As an accountant it is important to have a good understanding of mean, median, and mode, as well as statistical probability. These topics are all a part of learning to analyze information and make educated and well-thought business decisions. Compare the Means of Two or More Groups The experimental method of comparing the means of two or more groups is a pretty common occurrence in statistical research. The procedure for estimating and testing the hypothesis when using a single sample population will also apply in a case scenario with two or more groups or populations;  however, modifications are required for accuracy. In other words, the 5-Step Hypothesis Testing procedure is used with multiple sample experiment, as well. Whenever the area of interest involves the differences, comparison, proportions or variability, then data can be collected on two or more groups—this would be considered the target parameter (Lind, Marchal, & Wathen, 2011). In a quantitative analysis the interest is more likely to compare means or variances; whereas, a qualitative experiment with two outcomes is more likely to focus on success or failure. When comparing the means of two or more groups these populations can both or all be independent and the expectation is to determine the reason for a difference in the means—this would deliver a result where the means are other than zero. The typical assumption is that there will be a normal distribution and that a random sample is collected for each of the populations. Another characteristic of comparing means of two or more groups is that when standard deviation is known or unknown and the population sample is large, then a z distribution (z-test) is used and in the case where it is unknown and the sample size is small, then a t distribution (t-test) is used. However, in the case where the experiment calls for a test of two or more dependent samples for one group or population, then a paired t-test is used to draw results (Lind, Marchal, & Wathen, 2011). Calculate the Correlation Between Two Variables When calculating the correlation between two variables, the objective is to see how one variable is influenced by another variable. The bivariate relationship displays the connection between two variables (x and y) and correlation shows how to measure their relationship. The correlation is calculated using the coefficient of correlation. This measurement calculates the power between the two variables (x and y). (Coefficient correlation) The coefficient correlation will have limits between -1 and +1, and doesn’t rely on the initial values of x or y. The coefficient correlation would suggest the higher the number, the higher the correlation, and the lower the number, the lower the correlation (but this is a linear correlation). A value of zero will indicate no correlation. In conclusion, the team learned that once a hypothesis has been formed the next step is to test it for acceptance or rejection. An experiment must then be created to determine if  the predictions were correct or not. In many situations the interest lies in discovering relationships between the means of two or more groups. T-tests and analysis of variance are widely used statistical methods to compare group means. Moreover, the team learned how to calculate the correlation between two variables to determine the relationship or affect of one variable upon another. The correlation between two variables suggests that a change in one variable will cause a proportional change in the other variable. Reference Lind, D. A., Marchal, W. G., & Wathen, S. A. (2011). Basic statistics for business and economics (7th ed.). New York, NY: McGraw-Hill/Irwin.