The General Theory of Employment Essay Example | Topics and Well Written Essays - 1500 words

The General Theory of Employment - Essay Example His definition of involuntary unemployment, based on response to an increase in aggregate demand led to his definition that full employment is "a situation in which aggregate employment is inelastic in response to an increase in effective demand for its output." (Chapter 3) In Keynesian theory capitalism has no machinery to guarantee full employment. Keynes assumes that when aggregate demand is outweighed by aggregate supply then output will serve as the self-adjusting mechanism. (Furstater, 2001, p. 4) There is "no self-adjusting mechanism which generates a level of effective or aggregate demand sufficient to ensure the full utilization of resources." (Pilling, 1986, p.5) This creates an environment where the possibility of unemployment always exists. This conclusion is repeated by Furstater (p. 10) who states that "capitalism is first and foremost a system that does not provide employment for every person willing and able to work." According to Keynes the level of employment is directly related to the level of output which fluctuates based upon the level of effective demand. The two key components of effective demand are consumption and investment. Consumption refers to the money spent by individuals on consumer goods. As income increases so does our demand for consumer goods, though not quite as much as our income, due to increased taxes and the possibility of our putting the money away in savings, and Keynes referred to this as the marginal propensity to consume. He developed an equation which expressed how much extra will be consumed with the each additional unit of additional income: Marginal propensity to consume= The amount consumption rises The amount income rises mpc (marginal propensity to consume) =dCw dYw (Rodda, p. 2) If savings are increased too much there is a chance that consumption will drop, leading to decreases in income. Keynes believed that if incomes rose the marginal propensity to consume would drop. "When income rose beyond a point where a level of sufficient comfort had been attained, marginal consumption would fall as a greater portion of income is saved." (p. 3) Investment refers to money spent by enterprises on investment goods. "Investment spendingis driven by expectations of future profits." (Taylor, 8) Profits are the revenue that remains after subtracting costs. So investment is based on projected revenue based on expectations of future costs. Whereas consumer spending is fairly predictable, investment spending is volatile. This led Keynes to note that economic downturns were due in part to "the uncontrollable and disobedient psychology of the business world." (Chapter 22) Output is made up of consumer goods and investment goods. The levels of consumption and investment directly affect the level of output. Any fluctuation in the level of effective demand directly, by affecting output levels, affects employment, with a fixed money wage. It must be remembered that the money generated by production is subject to three leakages: taxes,

Labor union membership Essay Example for Free

Labor union membership Essay Research Question: Is there a relationship between highest year of school completed and socioeconomic index? The two interval/ratio variables are respondent’s highest year of school completed and socioeconomic index. The independent variable is respondent’s highest year of school completed and dependent variable is respondent’s socioeconomic index. The null and alternate hypotheses are Null hypothesis, H0: There is no significant relationship between highest year of school completed and socioeconomic index. Alternate Hypothesis, H1: There is a significant relationship between highest year of school completed and socioeconomic index. The variable highest year of school completed measures respondent’s education in terms of years of schooling completed. The unit of measurement is in years. The variable is a good example for the interval level of measurement, as it has not only a rank but also has meaningful intervals between scale points. The variable socioeconomic index measures respondent socioeconomic index scores reflecting the education, income, and prestige associated with different occupations. There is no unit of measurement for an index value. It is measured in terms of number (or percentage). The variable is a good example for the ratio level of measurement, as it have all the properties of the other three data types (nominal, ordinal and interval), but in addition possess a meaningful zero that represents the absence of the quantity being measured. The average highest year of school completed of respondents is about 13. 15 years and varies from mean by about 3. 04 years. About half of the respondents have highest year of school completed is above 13 years. The range of highest year of school completed is 20 years with minimum and maximum being 0 and 20 years, respectively. A 95% confidence interval for respondent’s highest year of school completed is between 12. 99 to 13. 30 years. Thus, it can be said with 95% confidence that respondent’s highest year of school completed is between 13. 0 to 13. 3 years. The average socioeconomic index of respondents is about 47. 24 and varies from its mean by about 18. 76. About half of the respondents have socioeconomic index above 38. 9. The range of socioeconomic index is 80. 1 with minimum and maximum being 17. 1 and 97. 2, respectively. A 95% confidence interval for respondent’s socioeconomic index is between 46. 26 to 48. 22. Thus, it can be said with 95% confidence that respondent’s socioeconomic index is between 46. 26 to 48. 22. The value of correlation coefficient between highest year of school completed and socioeconomic index is about 0. 585. This indicates a moderately strong positive relationship between highest year of school completed and socioeconomic index. In other words, there appears that as respondent’s highest year of school completed increases, respondent socioeconomic index increases. The regression equation is given by Socioeconomic Index = – 0. 255 + 3. 613(Highest Year of School Completed) The slope regression coefficient is given by 3. 613. This suggests that for every years increase in respondent’s highest year of school completed, increases respondent socioeconomic index by about 3. 613, on average. The intercept regression coefficient is given by – 0. 255 and it has no meaning in given context. The value of coefficient of determination (R2) is 0. 343. This suggests that highest year of school completed explains about 34. 3% variation in respondent socioeconomic index. However, the other 65. 7% variation remains unexplained. Thus, there is moderate effect of highest year of school completed on respondent socioeconomic index. Highest years of school completed significantly predicts respondent socioeconomic index, ? = 0. 59, t(1414) = 27. 15, p . 001. Highest years of school completed also explains a significant proportion of variance in respondent socioeconomic index, R2 = . 34, F(1, 1414) = 737. 24, p . 001. In other words, there is a significant relationship between highest year of school completed and socioeconomic index. We can reject the null hypothesis at the . 05 level of significance as p-value (. 001) is less than . 05. Thus, we can conclude that the research hypothesis is valid for the population of interest and we should generalize to the population level. Since, the sample size is large; therefore, we do not risk any type of error in offering this conclusion. The only concern is that the assumptions (The errors (residuals) are normally distributed, have constant variance and are independent.) related to simple regression analysis is not checked. Research Hypothesis 2 Research Question: Is there a relationship between highest year of school completed and number of hours per day watching television? The two interval/ratio variables are respondent’s highest year of school completed and number of hours per day watching television. The independent variable is respondent’s highest year of school completed and dependent variable is number of hours per day watching television. The null and alternate hypotheses are Null hypothesis, H0: There is no significant relationship between highest year of school completed and number of hours per day watching television. Alternate Hypothesis, H1: There is a significant relationship between highest year of school completed and number of hours per day watching television. The variable highest year of school completed measures respondent’s education in terms of years of schooling completed. The unit of measurement is in years. The variable is a good example for the interval level of measurement, as it has not only a rank but also has meaningful intervals between scale points. The variable number of hours per day watching television measures respondent number of hours per day watching television programs. The unit of measurement is in hours per day. The variable is a good example for the ratio level of measurement, as it have all the properties of the other three data types (nominal, ordinal and interval), but in addition possess a meaningful zero that represents the absence of the quantity being measured. The average highest year of school completed of respondents is about 13. 05 years and varies from mean by about 3. 08 years. About half of the respondents have highest year of school completed is above 12 years. The range of highest year of school completed is 20 years with minimum and maximum being 0 and 20 years, respectively. A 95% confidence interval for respondent’s highest year of school completed is between 12. 89 to 13. 30 years. Thus, it can be said with 95% confidence that respondent’s highest year of school completed is between 12. 9 to 13. 2 years. The average number of hours per day watching television of respondents is about 2. 89 hours and varies from its mean by about 2. 23 hours. About half of the respondent’s number of hours per day watching television is above 2 hours. The range of number of hours per day watching television is 24 hours (may be data error) with minimum and maximum being 0 and 24 hours (may be data error), respectively. A 95% confidence interval for respondent’s number of hours per day watching television is between 2. 78 to 3. 01 hours. Thus, it can be said with 95% confidence that respondent’s number of hours per day watching television is between 2. 8 to 3. 0 hours. The value of correlation coefficient between highest year of school completed and number of hours per day watching television is about -0. 289. This indicates a weak moderate negative relationship between highest year of school completed and number of hours per day watching television. In other words, as respondent’s highest year of school completed increases, number of hours per day watching television decreases. The regression equation is given by Hours per Day Watching TV = 5. 636 – 0. 210(Highest Year of School Completed) The slope of regression coefficients is given by –0. 21. This suggests that for every year increase in respondent’s highest year of school completed, decreases respondent’s number of hours per day watching television by about 0. 21 hours, on average. The intercept of regression coefficients is given by 5. 636, which suggests that individual with no education watches about 5. 6 hours of television each day, on average. The value of coefficient of determination (R2) is 0. 084. This suggests that highest year of school completed only explains about 8. 4% variation in respondent’s number of hours per day watching television. The other 91. 6% variation remains unexplained. Thus, there is very weak effect of highest year of school completed on respondent’s number of hours per day watching television. Highest years of school completed significantly predicts respondent’s number of hours per day watching television, ? = -. 29, t(1483) = -11. 64, p . 001. Highest years of school completed also explains a significant proportion of variance in respondent’s number of hours per day watching television, R2 = . 08, F(1, 1483) = 135. 52, p . 001. In other words, there is a significant relationship between highest year of school completed and number of hours per day watching television. We can reject the null hypothesis at the . 05 level of significance as p-value (. 001) is less than . 05. Thus, we can conclude that the research hypothesis is valid for the population of interest and we should generalize to the population level. Since, the sample size is large; therefore, we do not risk any type of error in offering this conclusion. The only concern is that the assumptions related to simple regression analysis is not checked.

Impact of Project Management on Mergers and Acquisition

Impact of Project Management on Mergers and Acquisition In todays complex and competitive global business environment, organizations must adapt to changing environmental conditions by continuously initiating changes in order to remain competitive and profitable. These changes occurs when organizations undertake such changes as implementation new technologies, mergers or acquisition, downsizing, restructuring operations, and outsourcing. During these changes if companies implement programmes like six-sigma or business process improvement then according to Hayes(2002), these changes are usually prompted by a need to maintain or improve an organization effectiveness where effectiveness relates to the organizations ability to use recourse efficiently to achieve immediate goals as well as embracing the need to changing conditions to be to remain efficient over the long term (Carnell, 1999). According to France, Harrington and Marguire (1987), improving an organization effectiveness has important consequences for its overall corporate performan ce. Despite the available of a number of models to aid the successful diagnosis and implementation of change effort, Beer and Nohria (2000,p.88) claims that 70% of all changes initiates fail because managers immerse themselves in an alphabet soup of initiatives without fully understanding the nature and process of corporate change. Therefore there is organization growth is very much important to understand how changes occur so that they can better manage the change process to improve their organizational effectiveness. Rationale of Research The benefits of this importance of this research help us to understand the impact of change management. Merger and acquisition are very much frequent nowadays. Everyone passes Merger and acquisition either themselves working in an organization or someone who is working or owning shares in the firm or merged with another organization. When firms merges between two organizations under takes changes. This change can be in positive or may be the other side of suffering. This motives has been studies previously in the financial sectors, however it frequently linked with the acquisition and merging process. Based on a literature review it has been said that there are two main types of motives for mergers and acquisition. First motive reason is the financial reason, such as increasing the overall performance and creating value for shareholder. Second reason is the non value maximizing managerially based motive. Recently due the economic situation, cross borders Mergers and Acquisition activities have risen significantly. Countries in the Europe are very much involved in the Mergers and Acquisition market. The acquisition motive is therefore often linked to acquisition and integration strategies and outcome in the research. Hence it is important to know and understand the process of acquisitions and help to make it more effective in order to gain extra benefits arising of it. Mainly to review the different kinds of product and processes these two companies has and find the positives for a final decision. This research explains the impact of project management merging acquisition between GE Money and Banco Santander. This comparison review answers the importance of integration process in making the acquisition more effective. Limitation of Research When analysis the Acquisition project we need to remember one key fact that the process actually is long drawn out and can take months or years to be completed. The organizational change takes places and this can be sure when the change will be effective for the organizations. Hence due to time constraints, it was not possible for this study to look at any particular Acquisition deal across its lifecycle. To analyse this research I have relied on information got through sources like, management team meeting, financial books and reports. CHAPTER 2 AIMS AND OBJECTIVES Aim The aim of the research to find out the impact of project management on mergers and acquisitions. This aim is to organize and review the relevant literature on organizational change. Objectives Primary To study the impact of Project management on Mergers and Acquisitions. Secondary To understand the importance of Project management on Mergers and Acquisition. To understand the importance of the integration in the Acquisition. To study the importance and need of Project management tools and techniques on the process of Integration. To analyse the success on implementation of Project management approach in mergers and acquisitions. CHAPTER 3 OUTLINE OF RESEARCH LITERATURE REVIEW 3.1 Definition of Mergers and Acquisition Many authors have explained and written several definitions about merging and acquisitions, some of them are mentioned below. According to Joseph (2008), Change management is a loosely defined term that refers to a broad array of activities and initiatives that occurs in the workplace. As such in order of effective, a change management program must integrate those programs elements that address any of the variety of elements, communication, training, testing, program planning, market analysis and implementation of new policies and procedures. According to Gaughan (1996), à ¢Ã¢â€š ¬Ã…“A merger is a combination of two corporations in which only one corporation survives and the merged corporation goes out of existenceà ¢Ã¢â€š ¬?. (1). He explained that according to merger the acquiring company assumes the assets and liabilities of the merged company. A statutory merger differs from a subsidiary merger, which is a merger of two companies in which the target company becomes a subsidiary or part of a subsidiary of the parent company. Gaughan also states that a merger differs from a consolidation which is a business combination where two or more company joins to form a new company. In this all combining companies get dissolved and new company is formed. For E.g.: There are two companies. Company A and Company B, where B is merged with A. In a consolidation (Company A + Company B = Company C). In this Company C is entirely a new company. There are differences between the terms merger and acquisition, however many terms between mergers and acquisition are interchangeable. According to Sudarsanam (2003), à ¢Ã¢â€š ¬Ã…“In a merger, the corporations come together to combine and share their resources to achieve common objectives. The shareholders of the combining firms often remain as joint owners of the combined entity.à ¢Ã¢â€š ¬? (2) Pearson (1989), An acquisition profile is a written documentation of description of the importance features required in a company to be acquired. This profile is a valuable aid and should be signed off by the senior management team (Board of Directors), to authorise work to proceed. Both the companies are adequate to give a description which will focus the search for the suitable companies, which means that the company which fall out of the acquisition profile will be rejected with a minimum of time and effort. (3) According to Sudarsanam (2003), à ¢Ã¢â€š ¬Ã…“An acquisition resembles more of an arms length deal, with one firm purchasing the assets or shares of another, and with the acquired firms shareholders ceasing to be owners of that firm.à ¢Ã¢â€š ¬? 3.2 Types of Mergers Merger and Acquisition is depends on the particular company to which it target company is acquired. An organization or company will try to merge or acquire only when it has come to a stage of expand its operation to make it growth internal strength. The company aims to have its position stabilized under business growth, finance, and be a leader in the market. According to Neirinckx (1999) he explains this in detail three types of mergers and acquisition. 3.2.1 Horizontal Mergers Acquisition The best acquisition of this type tends to be companies, which have a high quality product line and are trading in market where the acquirer is also present. The horizontal acquisition allows rationalism and thus allows an improved cash flow. Horizontal acquisition are however not a guarantee for success. One of the variables which need to be considered whether one major acquisition is desirable or whether a series of smaller ones is preferred. Sequential acquisition of smaller companies tend to be more successful because the digestion of a very large acquisition is complex and entails a lot of dangers, such as integrating two potential different cultures into one. The main reason of these mergers in to obtain economy in sales production. These mergers results in reduce of firms in an industry, due to which such mergers types becomes easier for the industry to join together for monopoly gain or profit. Example: In 1998 Merging and acquisition which took place Exxon and Mobil which can be considered as a typical example for horizontal mergers and acquisition 3.2.2 Vertical Mergers Acquisition A company proceed in a vertical merger when its usually seeks to merger with another company to takeover another company especially to expand its operations by the process of integration. Organizations integrate vertically between different stages due to reasons like improves planning for inventory and production, technological economies, reconciliation of divergent interests of parties to a transaction, elimination of transaction costs, etc. Vertical acquisition have a very bad reputation and while many companies are actually reducing their vertical integration. Example: In 1993 a Merging and acquisition took place between Merck and Medco in the pharmaceutical Industry. 3.2.3 Concentric Mergers Acquisition According to Neirinckx, à ¢Ã¢â€š ¬Ã…“Typically this means the acquisition of companies in business areas which are connected to the core business.à ¢Ã¢â€š ¬? This happens when the company feels strong in its basis of technologies distribution or marketing. Companies engage in concentric merging and acquisition tends to make a limited line of products and are very strong in one of the business segments. This happens in slow growing firms and is being used by companies which occupy a rather narrow segment of a widely spread firm and took for higher profit margin in other firms. 3.2.4 Conglomerate Mergers Acquisition à ¢Ã¢â€š ¬Ã…“Conglomerates are group of companies that operate in widely diverse industry.à ¢Ã¢â€š ¬? (Coyle, 2000 p 22). According to John C. Narver à ¢Ã¢â€š ¬Ã…“The definitions of conglomerate mergers in the report referred to little or no discernible relationship between acquiring and acquired firm.à ¢Ã¢â€š ¬? According Guaghan (1996 p. 7), à ¢Ã¢â€š ¬Ã…“A conglomerate merger occurs when the companies are not competitors and do not have a buyer- seller relationship.à ¢Ã¢â€š ¬? This conglomerate mergers Acquisition can be distinguished between two types. Financial Conglomerates Managerial Conglomerates 3.3 Motives of Mergers According to Hilda, (2000), the motives behind mergers are complex. Freidrich Trautwein was one of the researchers to attempt to make sense of the various theories extended to explain the allure of mergers. Freidrich Trautwein identified seven theories and looking at examples of organizations espousing that motive, investigated evidence of that motive and plausibility of the theory. The theories Freidrich Trautwein examined were:- Efficiency Monopoly Valuation Empire Building Process Raider Disturbance Stephen Wernet and Sandra Jones suggest that there is a difference in motive between for profit and non- profit companies. In the profit sector mergers are understood from the perspective of the purchaser not the acquired firm, and occur as a strategy for growth and expansion. In the nonprofit sector, resource scarcity and environmental uncertainty motivate mergers. 3.4 Defining an Acquisition Profile Acquisition profile needs to be described with quantitative and qualitative features which are very much important to the acquiring company. Pearson (1989) explains the content of an acquisition profile must have a description of the acquisition project. The profile has been explained below according to him. (4) 3.2.1 Market segment, Product and Services 3.2.2 Commercial Rationale 3.2.3 Maximum Cash Available For Acquisition 3.2.4 Maximum Total Purchase consideration 3.2.5 Minimum Size 3.2.6 Minimum Profitability 3.2.7 Management Style 3.2.8 Location 3.2.9 Key Requirements for Success 3.2.10 Financial Returns to be achieved 3.5 Overseas Acquisition Overseas acquisition is not as normal as acquisition of companies within the same countries. Lets study the more about overseas acquisition. Pearson, (1989). à ¢Ã¢â€š ¬Ã…“Acquiring a company overseas needs proper research and analysis at the outset. It could prove to be an expensive ego trip. An overseas acquisition should be demonstrably relevant to defined corporate objectives and strategyà ¢Ã¢â€š ¬?. If there is a depression in the home market, however the same business may find growth in the overseas market. Overseas growth may provide the opportunity to develop the business. According to Pearson, Politically a business which is multinational is less vulnerable to threats such as nationalization. There are risks involved the overseas acquisition such as customer resistance to overseas owned companies, different culture, language difficulties and local regulation rule. It is important that the acquiring company need to examine where to extend it business and also selecting the country under business development and profitability. 3.6 Selecting the Country The country for acquisition must be chosen before an acquisition profile. This involves in market research and some key factors. According to Pearson, there are five key factors for selecting the country for acquisition. The key factors are mention and explained below in detail. 3.6.1 Political Stability 3.6.2 Cultural and Social Background 3.6.3 Economic Environment 3.6.4 Legal Requirement 3.6.5 Taxation and Repatriation of Funds 3.6.1 Political Stability The political stability depends on the payback time for an overseas investment. This is like setting up a company in the rented premises and then the packback period would be less than two years. For an acquisition the time period is much longer. There are political instability like civil unrest, national strike and local wars. Political stability for many countries will be ruled out on this factor. 3.6.2 Cultural and Social Background Pearson, (1989), à ¢Ã¢â€š ¬Ã…“It is important that the country accepts overseas ownership of business, a ownership the implications of capitalism involvedà ¢Ã¢â€š ¬?. Foreign investors are treated differently than home investors. In some countries they offer valuable incentives where as other side discriminate against foreign ownership. The education standard, communication and services need to be adequate to support the business and management style. The health and safety hazard need to checked. In some countries, its not safe for executives and family lifestyle due to many kidnapping and unacceptable threat of violence. Precautions and insurance for personal safety may be required. Business culture and ethics varies from country to country. In some countries it may be not possible to run the business effectively without paying bride to get things approved. 3.6.3 Economic Environment According to Pearson, the ideal country will combine the prospect of good growth in the relevant market sector and acceptable levels of inflation with a relatively stable currency. The economic growth in some country may be poor, however in some markets will still open doors for attractive investment opportunity. 3.6.4 Legal Requirements Government approval is required to complete an acquisition. Anti trust and monopoly issues legislation may exist. Local advisers are needed to complete a course to meet the legal requirement of the country. In acquisition there will be need to meet the local requirements and these are known as outset. Adding to Anti trust rules and regulations there will be exchange control regulation, Law of employment and other legal laws which is required. 3.6.5 Taxation and Repatriation of Funds Investment in an overseas acquisition need to be evaluated for net of taxes. Taxation rate, tariff, incentives double taxation agreement and withhold taxation must be taken in to account. Fund that are invested in the net of taxation, it is not necessary to achieve an acceptable rate of return. The rule for repatriation of profits and capital should provide adequate scope for funds movements. As per the above factor a satisfactory country should always be possible. It is very much important to check that enough suitable potential acquisition companies exist and the purchase price, company expectations are to be acceptable. 3.7 Reason for Merging and Acquisition According to Gaughan, there are several reasons and motives that firm might engage in merging and acquisition. Out of all motives and reason one of the main motives is expansion. Acquiring a company in a business line or geographic area where the company may want to expand can be quicker than internal expansion. Acquisition of a company may provide certain synergistic benefits for the acquirer, such as two lines of business complement one another. An acquisition can also be a part of diversification process that allows the company to move into a different line of business. When firms get engaged in merging and acquisition for the motive of expansion, the cite potential gain as one of the reason for the transaction. Financial factor motivates some merging and acquisition. For E.g., An acquirers financial analysis may reveal that the target is undervalued, which is the value of the buyer may be significantly in excess of the market value of the target. Even when a premium that is normally associated with changes in control is always added to the acquisition price. Apart from this tax motivation also plays a major role in acquisition. 3.8 Definition of Project Management According to James P Lewis, he defines project management as à ¢Ã¢â€š ¬Ã…“application of knowledge skills tools and techniques to project activities to meet project requirementà ¢Ã¢â€š ¬?. Project management is accomplished through the application and integration of the project management processes of initiating, planning , executing, monitoring, controlling and closing. According to Timothy J. Kloppenborg, Arthur Shriberg, Jayashree Venkatraman, à ¢Ã¢â€š ¬Ã…“A project is a temporaray endeavor undertaken to create a unique product or serviceà ¢Ã¢â€š ¬?. Project management is the application of skills, tools and techniques to project activities to meet project requirements, which in turns requires project management to understand to project objectives, limitations, lifecycle and roles of the participants. 3.9 What is Project Management? Project management is a set of principles, method, and techniques that people use to effectively plan and control project work. It established a sound basis for effective planning, scheduling, resourcing, decision-making, controlling and replanning. Project management principle and techniques help complete projects on scheduled, within budget and in full accordance with project specifications. At the same time, they help achieve the other goals of the organization, such as productivity, quality and cost effectiveness. The objective of project management is to optimize project cost, time and quality. 3.10 Importance of Project Management In this world many people become project with knowing the meaning of projects. Someone assign them to manage a project because of their areas of expertise, not because they have received any by accident, it will become a disaster. Learning project management skills can help you complete projects on time, on budgets and on targets. The discipline of project management includes proven strategies for clarifying projects objectives, avoiding serious errors of omissions and eliminating costly mistakes. It also addresses the necessary people skills for getting the cooperation, support and resource to get the job done. Project management is not just for project managers. Team members need to know how carry out their parts of the project and business executive need to understand how to support project management efforts in the organization. 3.11 Project Management Role According to Gary Heerkens, project success will depends on personality traits like honesty, tolerance for ambiguity and openness. However skills required to make a process to go smooth. Paying constant attention to communication, making sure that, the project sponsor and the team members are clear on boundaries and expectation, documenting the project process (task, responsibilities, and relationships) and understanding customer and business needs. There are three main project management skills which are mandatory to have to lead or be a part of a project. 3.11.1 Develop Process Management Skill Learn tools for coordinating the work of many people. Get comfortable dealing with managers on issues of expectations, cost, scheduled and resources. 3.11.2 Build Your Interpersonal Skill Project management is all about getting things done through other people. Work on written and oral communication skills. Learn how to negotiate and influence. Become a coach and mentor to your project members. 3.11.3 Build a Project Network In all likelihood, your project will involve issues that are beyond your own area expertise. You should educate yourself as much as possible about the work your organization does, but it also helps to make contacts with people from diverse areas of your company. CHAPTER 4 RESEARCH PLAN AND METHOD 4.1 Methodology The methodology part specify details about the research method design, which indicates the action plan which has been followed to carry out the research to find the impact of project management on mergers and acquisitions. The amount of information which are collected, along with the techniques are used for sampling the data collection method. This also includes the data collected by primary and secondary resource. Data analysis process or method and limitation of the research that impacts the study are also explained. 4.2 Research Design This research will help us to understand the impact of project management for mergers and acquisitions. It has become clear that several ways of doing things may have to be melded and compared before the aims can be fully met. Researches will need to be conducted on the impact on mergers and acquisition firms. We need to evaluate reliability and efficiency under real world conditions using various techniques. This data would be helpful in determine what steps does the organization takes when it comes to change between the organization in terms of mergers and acquisitions. This research will follow the methods of qualitative, inductive, deductive, experimental and empirical research methods. The chapter begins with the introduction, rationale of research, literature review followed by the aims and objectives of the research. Then the research approach, research design, data collection, survey design, data analysis and questionnaire design are discussed. The chapter ends with the outco mes and limitations of the research. This research will be followed as per the below step. Objectives Development Primary and Secondary Data Collection Questionnaire Preparation Design Sample Data Analysis Calculation Final Report This research was designed to achieve the objectives mentioned above. The below mention are the tool used for data collection. Data collection method, Sampling size, frame and technique. 4.3 Data Analysis The data is collected from the actual respondents, the next step in the research process is data analysis. The purpose of this analysis is to interpret and draw conclusions from the collected date. Here a four-step procedure is followed for data analysis. Editing. Coding. Data entry. Tabulation. 4.4 Research Planning First 2 weeks of February 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Collection of Literature Last 2 weeks of February 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Preparation of research methodology and preparation of questionnaire In First 2 weeks of March 2010 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Collection of primary/secondary data Last two weeks of March 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Critical analysis of data Last week of March 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Drawing a conclusion First weeks of April 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Drafting the final report Second weeks of April 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Final report documentation Graphical Representation for Research Planning à ¢Ã¢â€š ¬Ã¢â‚¬Å" This presentation shows that for the first two weeks will be required to collect the primary data. During this process it ensures that the researcher is equipped or has received the sufficient knowledge about the topic under research. This gained knowledge would help the researcher in his further course of the research. This is based on this literature review where the statement of the problem is explained. Based on statement of the problem, the exact research methodology is taken out and the questionnaire for primary data will be designed. After this the primary data collection begins, which takes longer time to complete about 3 weeks. At this stage the researcher (I) has to make sure that he receive the maximum or highest number of respondents. This process takes close to two weeks. Followed by this we have the most critical part of the research, which is the analysis of primary data and secondary data. To complete this analysis process it takes about two weeks. Once this analysis is completed accurately the researcher needs another week for writing the conclusion and result from the analysis, followed by another week for drafting and finalizing the report Based on the resources given, in terms of knowledge or skill of the researcher, and the time available for conducting the research with access to a wide range of relevant or accurate data and information, the above plan is the most feasible one for successfully conducting the research and obtaining results. CHAPTER 5 BIBLIOGRAPHY 5.1 Conclusion The conclusion of this research would give a clear picture of the successful acquisition and integration process and how Santander continues to grow in this business. 5.2 Bibliography This topic which I have chosen is an acquisition project between GE and Santander, with regards to the integration of product and processes of the two organizations. The content was taken from newspapers, journals, articles, internet, internal email and interviews. There will be few interviews taken under this topic, with the senior directors and manager in the organizations. I being an employee for Santander UK, and a lead member of an integration and migration project in the New Business Department, getting information will be easy as I have an authorization from my manager. During this research I have referred to many books, meeting with the senior management team, discussion with all required departments to deliver the integration with values. I hereby will confirm that the all information which will be taken will very much be mention as references and index on the final dissertation. Impact of Project Management on Mergers and Acquisition Impact of Project Management on Mergers and Acquisition In todays complex and competitive global business environment, organizations must adapt to changing environmental conditions by continuously initiating changes in order to remain competitive and profitable. These changes occurs when organizations undertake such changes as implementation new technologies, mergers or acquisition, downsizing, restructuring operations, and outsourcing. During these changes if companies implement programmes like six-sigma or business process improvement then according to Hayes(2002), these changes are usually prompted by a need to maintain or improve an organization effectiveness where effectiveness relates to the organizations ability to use recourse efficiently to achieve immediate goals as well as embracing the need to changing conditions to be to remain efficient over the long term (Carnell, 1999). According to France, Harrington and Marguire (1987), improving an organization effectiveness has important consequences for its overall corporate performan ce. Despite the available of a number of models to aid the successful diagnosis and implementation of change effort, Beer and Nohria (2000,p.88) claims that 70% of all changes initiates fail because managers immerse themselves in an alphabet soup of initiatives without fully understanding the nature and process of corporate change. Therefore there is organization growth is very much important to understand how changes occur so that they can better manage the change process to improve their organizational effectiveness. Rationale of Research The benefits of this importance of this research help us to understand the impact of change management. Merger and acquisition are very much frequent nowadays. Everyone passes Merger and acquisition either themselves working in an organization or someone who is working or owning shares in the firm or merged with another organization. When firms merges between two organizations under takes changes. This change can be in positive or may be the other side of suffering. This motives has been studies previously in the financial sectors, however it frequently linked with the acquisition and merging process. Based on a literature review it has been said that there are two main types of motives for mergers and acquisition. First motive reason is the financial reason, such as increasing the overall performance and creating value for shareholder. Second reason is the non value maximizing managerially based motive. Recently due the economic situation, cross borders Mergers and Acquisition activities have risen significantly. Countries in the Europe are very much involved in the Mergers and Acquisition market. The acquisition motive is therefore often linked to acquisition and integration strategies and outcome in the research. Hence it is important to know and understand the process of acquisitions and help to make it more effective in order to gain extra benefits arising of it. Mainly to review the different kinds of product and processes these two companies has and find the positives for a final decision. This research explains the impact of project management merging acquisition between GE Money and Banco Santander. This comparison review answers the importance of integration process in making the acquisition more effective. Limitation of Research When analysis the Acquisition project we need to remember one key fact that the process actually is long drawn out and can take months or years to be completed. The organizational change takes places and this can be sure when the change will be effective for the organizations. Hence due to time constraints, it was not possible for this study to look at any particular Acquisition deal across its lifecycle. To analyse this research I have relied on information got through sources like, management team meeting, financial books and reports. CHAPTER 2 AIMS AND OBJECTIVES Aim The aim of the research to find out the impact of project management on mergers and acquisitions. This aim is to organize and review the relevant literature on organizational change. Objectives Primary To study the impact of Project management on Mergers and Acquisitions. Secondary To understand the importance of Project management on Mergers and Acquisition. To understand the importance of the integration in the Acquisition. To study the importance and need of Project management tools and techniques on the process of Integration. To analyse the success on implementation of Project management approach in mergers and acquisitions. CHAPTER 3 OUTLINE OF RESEARCH LITERATURE REVIEW 3.1 Definition of Mergers and Acquisition Many authors have explained and written several definitions about merging and acquisitions, some of them are mentioned below. According to Joseph (2008), Change management is a loosely defined term that refers to a broad array of activities and initiatives that occurs in the workplace. As such in order of effective, a change management program must integrate those programs elements that address any of the variety of elements, communication, training, testing, program planning, market analysis and implementation of new policies and procedures. According to Gaughan (1996), à ¢Ã¢â€š ¬Ã…“A merger is a combination of two corporations in which only one corporation survives and the merged corporation goes out of existenceà ¢Ã¢â€š ¬?. (1). He explained that according to merger the acquiring company assumes the assets and liabilities of the merged company. A statutory merger differs from a subsidiary merger, which is a merger of two companies in which the target company becomes a subsidiary or part of a subsidiary of the parent company. Gaughan also states that a merger differs from a consolidation which is a business combination where two or more company joins to form a new company. In this all combining companies get dissolved and new company is formed. For E.g.: There are two companies. Company A and Company B, where B is merged with A. In a consolidation (Company A + Company B = Company C). In this Company C is entirely a new company. There are differences between the terms merger and acquisition, however many terms between mergers and acquisition are interchangeable. According to Sudarsanam (2003), à ¢Ã¢â€š ¬Ã…“In a merger, the corporations come together to combine and share their resources to achieve common objectives. The shareholders of the combining firms often remain as joint owners of the combined entity.à ¢Ã¢â€š ¬? (2) Pearson (1989), An acquisition profile is a written documentation of description of the importance features required in a company to be acquired. This profile is a valuable aid and should be signed off by the senior management team (Board of Directors), to authorise work to proceed. Both the companies are adequate to give a description which will focus the search for the suitable companies, which means that the company which fall out of the acquisition profile will be rejected with a minimum of time and effort. (3) According to Sudarsanam (2003), à ¢Ã¢â€š ¬Ã…“An acquisition resembles more of an arms length deal, with one firm purchasing the assets or shares of another, and with the acquired firms shareholders ceasing to be owners of that firm.à ¢Ã¢â€š ¬? 3.2 Types of Mergers Merger and Acquisition is depends on the particular company to which it target company is acquired. An organization or company will try to merge or acquire only when it has come to a stage of expand its operation to make it growth internal strength. The company aims to have its position stabilized under business growth, finance, and be a leader in the market. According to Neirinckx (1999) he explains this in detail three types of mergers and acquisition. 3.2.1 Horizontal Mergers Acquisition The best acquisition of this type tends to be companies, which have a high quality product line and are trading in market where the acquirer is also present. The horizontal acquisition allows rationalism and thus allows an improved cash flow. Horizontal acquisition are however not a guarantee for success. One of the variables which need to be considered whether one major acquisition is desirable or whether a series of smaller ones is preferred. Sequential acquisition of smaller companies tend to be more successful because the digestion of a very large acquisition is complex and entails a lot of dangers, such as integrating two potential different cultures into one. The main reason of these mergers in to obtain economy in sales production. These mergers results in reduce of firms in an industry, due to which such mergers types becomes easier for the industry to join together for monopoly gain or profit. Example: In 1998 Merging and acquisition which took place Exxon and Mobil which can be considered as a typical example for horizontal mergers and acquisition 3.2.2 Vertical Mergers Acquisition A company proceed in a vertical merger when its usually seeks to merger with another company to takeover another company especially to expand its operations by the process of integration. Organizations integrate vertically between different stages due to reasons like improves planning for inventory and production, technological economies, reconciliation of divergent interests of parties to a transaction, elimination of transaction costs, etc. Vertical acquisition have a very bad reputation and while many companies are actually reducing their vertical integration. Example: In 1993 a Merging and acquisition took place between Merck and Medco in the pharmaceutical Industry. 3.2.3 Concentric Mergers Acquisition According to Neirinckx, à ¢Ã¢â€š ¬Ã…“Typically this means the acquisition of companies in business areas which are connected to the core business.à ¢Ã¢â€š ¬? This happens when the company feels strong in its basis of technologies distribution or marketing. Companies engage in concentric merging and acquisition tends to make a limited line of products and are very strong in one of the business segments. This happens in slow growing firms and is being used by companies which occupy a rather narrow segment of a widely spread firm and took for higher profit margin in other firms. 3.2.4 Conglomerate Mergers Acquisition à ¢Ã¢â€š ¬Ã…“Conglomerates are group of companies that operate in widely diverse industry.à ¢Ã¢â€š ¬? (Coyle, 2000 p 22). According to John C. Narver à ¢Ã¢â€š ¬Ã…“The definitions of conglomerate mergers in the report referred to little or no discernible relationship between acquiring and acquired firm.à ¢Ã¢â€š ¬? According Guaghan (1996 p. 7), à ¢Ã¢â€š ¬Ã…“A conglomerate merger occurs when the companies are not competitors and do not have a buyer- seller relationship.à ¢Ã¢â€š ¬? This conglomerate mergers Acquisition can be distinguished between two types. Financial Conglomerates Managerial Conglomerates 3.3 Motives of Mergers According to Hilda, (2000), the motives behind mergers are complex. Freidrich Trautwein was one of the researchers to attempt to make sense of the various theories extended to explain the allure of mergers. Freidrich Trautwein identified seven theories and looking at examples of organizations espousing that motive, investigated evidence of that motive and plausibility of the theory. The theories Freidrich Trautwein examined were:- Efficiency Monopoly Valuation Empire Building Process Raider Disturbance Stephen Wernet and Sandra Jones suggest that there is a difference in motive between for profit and non- profit companies. In the profit sector mergers are understood from the perspective of the purchaser not the acquired firm, and occur as a strategy for growth and expansion. In the nonprofit sector, resource scarcity and environmental uncertainty motivate mergers. 3.4 Defining an Acquisition Profile Acquisition profile needs to be described with quantitative and qualitative features which are very much important to the acquiring company. Pearson (1989) explains the content of an acquisition profile must have a description of the acquisition project. The profile has been explained below according to him. (4) 3.2.1 Market segment, Product and Services 3.2.2 Commercial Rationale 3.2.3 Maximum Cash Available For Acquisition 3.2.4 Maximum Total Purchase consideration 3.2.5 Minimum Size 3.2.6 Minimum Profitability 3.2.7 Management Style 3.2.8 Location 3.2.9 Key Requirements for Success 3.2.10 Financial Returns to be achieved 3.5 Overseas Acquisition Overseas acquisition is not as normal as acquisition of companies within the same countries. Lets study the more about overseas acquisition. Pearson, (1989). à ¢Ã¢â€š ¬Ã…“Acquiring a company overseas needs proper research and analysis at the outset. It could prove to be an expensive ego trip. An overseas acquisition should be demonstrably relevant to defined corporate objectives and strategyà ¢Ã¢â€š ¬?. If there is a depression in the home market, however the same business may find growth in the overseas market. Overseas growth may provide the opportunity to develop the business. According to Pearson, Politically a business which is multinational is less vulnerable to threats such as nationalization. There are risks involved the overseas acquisition such as customer resistance to overseas owned companies, different culture, language difficulties and local regulation rule. It is important that the acquiring company need to examine where to extend it business and also selecting the country under business development and profitability. 3.6 Selecting the Country The country for acquisition must be chosen before an acquisition profile. This involves in market research and some key factors. According to Pearson, there are five key factors for selecting the country for acquisition. The key factors are mention and explained below in detail. 3.6.1 Political Stability 3.6.2 Cultural and Social Background 3.6.3 Economic Environment 3.6.4 Legal Requirement 3.6.5 Taxation and Repatriation of Funds 3.6.1 Political Stability The political stability depends on the payback time for an overseas investment. This is like setting up a company in the rented premises and then the packback period would be less than two years. For an acquisition the time period is much longer. There are political instability like civil unrest, national strike and local wars. Political stability for many countries will be ruled out on this factor. 3.6.2 Cultural and Social Background Pearson, (1989), à ¢Ã¢â€š ¬Ã…“It is important that the country accepts overseas ownership of business, a ownership the implications of capitalism involvedà ¢Ã¢â€š ¬?. Foreign investors are treated differently than home investors. In some countries they offer valuable incentives where as other side discriminate against foreign ownership. The education standard, communication and services need to be adequate to support the business and management style. The health and safety hazard need to checked. In some countries, its not safe for executives and family lifestyle due to many kidnapping and unacceptable threat of violence. Precautions and insurance for personal safety may be required. Business culture and ethics varies from country to country. In some countries it may be not possible to run the business effectively without paying bride to get things approved. 3.6.3 Economic Environment According to Pearson, the ideal country will combine the prospect of good growth in the relevant market sector and acceptable levels of inflation with a relatively stable currency. The economic growth in some country may be poor, however in some markets will still open doors for attractive investment opportunity. 3.6.4 Legal Requirements Government approval is required to complete an acquisition. Anti trust and monopoly issues legislation may exist. Local advisers are needed to complete a course to meet the legal requirement of the country. In acquisition there will be need to meet the local requirements and these are known as outset. Adding to Anti trust rules and regulations there will be exchange control regulation, Law of employment and other legal laws which is required. 3.6.5 Taxation and Repatriation of Funds Investment in an overseas acquisition need to be evaluated for net of taxes. Taxation rate, tariff, incentives double taxation agreement and withhold taxation must be taken in to account. Fund that are invested in the net of taxation, it is not necessary to achieve an acceptable rate of return. The rule for repatriation of profits and capital should provide adequate scope for funds movements. As per the above factor a satisfactory country should always be possible. It is very much important to check that enough suitable potential acquisition companies exist and the purchase price, company expectations are to be acceptable. 3.7 Reason for Merging and Acquisition According to Gaughan, there are several reasons and motives that firm might engage in merging and acquisition. Out of all motives and reason one of the main motives is expansion. Acquiring a company in a business line or geographic area where the company may want to expand can be quicker than internal expansion. Acquisition of a company may provide certain synergistic benefits for the acquirer, such as two lines of business complement one another. An acquisition can also be a part of diversification process that allows the company to move into a different line of business. When firms get engaged in merging and acquisition for the motive of expansion, the cite potential gain as one of the reason for the transaction. Financial factor motivates some merging and acquisition. For E.g., An acquirers financial analysis may reveal that the target is undervalued, which is the value of the buyer may be significantly in excess of the market value of the target. Even when a premium that is normally associated with changes in control is always added to the acquisition price. Apart from this tax motivation also plays a major role in acquisition. 3.8 Definition of Project Management According to James P Lewis, he defines project management as à ¢Ã¢â€š ¬Ã…“application of knowledge skills tools and techniques to project activities to meet project requirementà ¢Ã¢â€š ¬?. Project management is accomplished through the application and integration of the project management processes of initiating, planning , executing, monitoring, controlling and closing. According to Timothy J. Kloppenborg, Arthur Shriberg, Jayashree Venkatraman, à ¢Ã¢â€š ¬Ã…“A project is a temporaray endeavor undertaken to create a unique product or serviceà ¢Ã¢â€š ¬?. Project management is the application of skills, tools and techniques to project activities to meet project requirements, which in turns requires project management to understand to project objectives, limitations, lifecycle and roles of the participants. 3.9 What is Project Management? Project management is a set of principles, method, and techniques that people use to effectively plan and control project work. It established a sound basis for effective planning, scheduling, resourcing, decision-making, controlling and replanning. Project management principle and techniques help complete projects on scheduled, within budget and in full accordance with project specifications. At the same time, they help achieve the other goals of the organization, such as productivity, quality and cost effectiveness. The objective of project management is to optimize project cost, time and quality. 3.10 Importance of Project Management In this world many people become project with knowing the meaning of projects. Someone assign them to manage a project because of their areas of expertise, not because they have received any by accident, it will become a disaster. Learning project management skills can help you complete projects on time, on budgets and on targets. The discipline of project management includes proven strategies for clarifying projects objectives, avoiding serious errors of omissions and eliminating costly mistakes. It also addresses the necessary people skills for getting the cooperation, support and resource to get the job done. Project management is not just for project managers. Team members need to know how carry out their parts of the project and business executive need to understand how to support project management efforts in the organization. 3.11 Project Management Role According to Gary Heerkens, project success will depends on personality traits like honesty, tolerance for ambiguity and openness. However skills required to make a process to go smooth. Paying constant attention to communication, making sure that, the project sponsor and the team members are clear on boundaries and expectation, documenting the project process (task, responsibilities, and relationships) and understanding customer and business needs. There are three main project management skills which are mandatory to have to lead or be a part of a project. 3.11.1 Develop Process Management Skill Learn tools for coordinating the work of many people. Get comfortable dealing with managers on issues of expectations, cost, scheduled and resources. 3.11.2 Build Your Interpersonal Skill Project management is all about getting things done through other people. Work on written and oral communication skills. Learn how to negotiate and influence. Become a coach and mentor to your project members. 3.11.3 Build a Project Network In all likelihood, your project will involve issues that are beyond your own area expertise. You should educate yourself as much as possible about the work your organization does, but it also helps to make contacts with people from diverse areas of your company. CHAPTER 4 RESEARCH PLAN AND METHOD 4.1 Methodology The methodology part specify details about the research method design, which indicates the action plan which has been followed to carry out the research to find the impact of project management on mergers and acquisitions. The amount of information which are collected, along with the techniques are used for sampling the data collection method. This also includes the data collected by primary and secondary resource. Data analysis process or method and limitation of the research that impacts the study are also explained. 4.2 Research Design This research will help us to understand the impact of project management for mergers and acquisitions. It has become clear that several ways of doing things may have to be melded and compared before the aims can be fully met. Researches will need to be conducted on the impact on mergers and acquisition firms. We need to evaluate reliability and efficiency under real world conditions using various techniques. This data would be helpful in determine what steps does the organization takes when it comes to change between the organization in terms of mergers and acquisitions. This research will follow the methods of qualitative, inductive, deductive, experimental and empirical research methods. The chapter begins with the introduction, rationale of research, literature review followed by the aims and objectives of the research. Then the research approach, research design, data collection, survey design, data analysis and questionnaire design are discussed. The chapter ends with the outco mes and limitations of the research. This research will be followed as per the below step. Objectives Development Primary and Secondary Data Collection Questionnaire Preparation Design Sample Data Analysis Calculation Final Report This research was designed to achieve the objectives mentioned above. The below mention are the tool used for data collection. Data collection method, Sampling size, frame and technique. 4.3 Data Analysis The data is collected from the actual respondents, the next step in the research process is data analysis. The purpose of this analysis is to interpret and draw conclusions from the collected date. Here a four-step procedure is followed for data analysis. Editing. Coding. Data entry. Tabulation. 4.4 Research Planning First 2 weeks of February 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Collection of Literature Last 2 weeks of February 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Preparation of research methodology and preparation of questionnaire In First 2 weeks of March 2010 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Collection of primary/secondary data Last two weeks of March 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Critical analysis of data Last week of March 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Drawing a conclusion First weeks of April 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Drafting the final report Second weeks of April 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Final report documentation Graphical Representation for Research Planning à ¢Ã¢â€š ¬Ã¢â‚¬Å" This presentation shows that for the first two weeks will be required to collect the primary data. During this process it ensures that the researcher is equipped or has received the sufficient knowledge about the topic under research. This gained knowledge would help the researcher in his further course of the research. This is based on this literature review where the statement of the problem is explained. Based on statement of the problem, the exact research methodology is taken out and the questionnaire for primary data will be designed. After this the primary data collection begins, which takes longer time to complete about 3 weeks. At this stage the researcher (I) has to make sure that he receive the maximum or highest number of respondents. This process takes close to two weeks. Followed by this we have the most critical part of the research, which is the analysis of primary data and secondary data. To complete this analysis process it takes about two weeks. Once this analysis is completed accurately the researcher needs another week for writing the conclusion and result from the analysis, followed by another week for drafting and finalizing the report Based on the resources given, in terms of knowledge or skill of the researcher, and the time available for conducting the research with access to a wide range of relevant or accurate data and information, the above plan is the most feasible one for successfully conducting the research and obtaining results. CHAPTER 5 BIBLIOGRAPHY 5.1 Conclusion The conclusion of this research would give a clear picture of the successful acquisition and integration process and how Santander continues to grow in this business. 5.2 Bibliography This topic which I have chosen is an acquisition project between GE and Santander, with regards to the integration of product and processes of the two organizations. The content was taken from newspapers, journals, articles, internet, internal email and interviews. There will be few interviews taken under this topic, with the senior directors and manager in the organizations. I being an employee for Santander UK, and a lead member of an integration and migration project in the New Business Department, getting information will be easy as I have an authorization from my manager. During this research I have referred to many books, meeting with the senior management team, discussion with all required departments to deliver the integration with values. I hereby will confirm that the all information which will be taken will very much be mention as references and index on the final dissertation.

The Human Foot and Ankle Essay -- Biology, Bones, Joints

Introduction The human foot and ankle are composed of 26 bones, 33 joints, and more than a hundred muscles, tendons and ligaments. These components work together to provide the body with support, balance and mobility. The foot acts as a â€Å"rigid lever and mobile adapter† (Amstrong [Prosthetic feet], 2010). The human foot must be capable of withstanding the body’s weight and functions as a shock absorber (Swierzewski, 2007; NYU, 1990). The prosthetic foot needs to be capable of mimicking the missing natural foot, to make for the most efficient gait pattern. When due to disease, accident or developmental malformation a natural foot is absent a prosthetic foot is used to mimic the missing limb in an attempt to create the most efficient gait pattern. The prosthetist must choose from numerous types of prosthetic feet, depending upon the patient’s physical condition and life-style needs (Swierzewski, 2007). Gait Cycle The human gait cycle is comprised of multiple sequential steps. It begins with the heel of the foot contacting the ground and ends when that same foot contacts the ground again (Perry, 1992). The period of the gait cycle that the foot is on the ground is called the stance phase. The period when the foot is in the air is called the swing phase. The phases of the gait cycle are initial contact (IC), loading response (LR), mid-stance (MSt), terminal stance (TSt), pre-swing (PSw), initial swing (ISw), mid-swing (MSw) and terminal swing (TSw). There are three primary functions of the gait cycle, which are weight acceptance, single limb support, and limb advancement. Weight acceptance occurs during initial contact and loading response. During these phases, the limb is stabilized to prevent falling and the foot fun... ...activities. The main disadvantage of this foot is that it costs more than other feet, and can only be used by patients at the K3 level or above (Lusardi & Nielsen, 2007). Manufactures There are several different manufactures of prosthetic feet such as Ossur, Ottobock, Ohio Willow Wood, and SPS. Most companies specialize in adult feet though there are some manufactures such as Ossur that have a special pediatric line. On the companies’ websites, feet are organized based on K level and further categorized based upon male or female. Prosthetic feet come in different lengths in centimeters and left or right. They also are grouped by weight of the patient that can safely use the foot. Some feet come in different skin colors and others have a space between the big toe and second toe to accommodate the user who wants to wear flip-flops or shoes with toe straps.

A Literary Analysis of Mary Shelley’s Frankenstein

This paper analyzes   the novel Frankenstein. It is subdivided into two parts. The first part is a thematic analysis of the novel and the second part is a discourse analysis of the novel. Specifically it seeks to answer the following: what are the major themes of the novel; what are the discourses contained in and articulated by the novel?Frankenstein, or the Modern Prometheus is a famous novel by Mary Shelley. It was completed on May 1817, when Mary was just nineteen years of   age. It was made while she and her husband Percey Bysshe Shelley were on their summer vacation with Lord Byron in the Alps (â€Å"Frankenstein† ). With the best writers in England, Mary offered her contribution to the literary classics, the famous Frankenstein novel, which became famous in two genres: Science Fiction and horror (Milner, p.149).Thematic Analysis of FrankensteinThe novel Frankenstein is centered on four major themes: ignorance versus knowledge, injustice in world, in a feminist viewp oint—equality of men and women, and murders explained from the viewpoint of the murderers. Among many other themes, these four, in my opinion, are the major themes and therefore should be expounded.The novel was written in the early phase of the industrial revolution (â€Å"Analysis of Frankenstein†), that is, when science and technology was initially progressing. From this premise I can say that the novel is an attempt to criticize the existing social condition, that is to say, the novel criticizes the progress of science and the acquisition of knowledge. Shelley’s  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   use of the character Victor Frankenstein, the medical doctor who created a being more superior to the present race of men, explains my point. Even though Victor is knowledgeable enough to create life, he is still bounded by his imperfections. He created a killing monster instead—The Frankenstein Monster. This suggests that science could unravel the m ysteries of nature, but knowledge is still too dangerous for man to acquire. The novel suggests that knowledge is dangerous like when Victor discovered the mystery of life. knowledge is a monster.Furthermore, the novel suggests that some knowledge should be kept secret from men. Some knowledge do more evil than good, as the novel suggests. It says that ignorance is good. Knowledge is evil (â€Å"Remarks on Frankenstein†).The other title for Frankenstein, The Modern Prometheus, is suggestive of the theme of this novel. Prometheus is a mythological character who gave fire to men to keep them warm (â€Å"Prometheus gave fire to Men†). But Zeus punished Prometheus for doing so. Prometheus received an eternal punishment. In connection, the fire symbolizes knowledge. In the myth, knowledge is forbidden to men just like in the novel Frankenstein. The fire can warm, but it can also kill just as knowledge can. The novel criticizes the scientist most especially, in their empiric al quest for knowledge.The character of the Monster serves dual purpose in the novel, as far my first and second themes are concerned. First, the character is a concrete articulation of knowledge. It is the product of Victor’s study and experimentation. And so, it symbolizes the fruit of knowledge. In the novel, the monster was depicted as ‘ugly, abhorred, and disgusting’ and a killer. What does it say about knowledge? It suggests that knowledge is also ugly, abhorred and disgusting—a killer, too—a monster.The second function of the Monster character in the novel points at the second theme of the novel—injustice in the world. First instance is when Victor created a lone monster, without a companion. It lamented saying that â€Å"†¦Even Satan had his companions, fellow devils, to admire and encourage him; but I am solitary and abhorred† (Shelley, p. 130). This points out that there is injustice committed to the Monster. Secondly, V ictor denied the monster a companion when the monster pleads for it. It pleads:My vices are the children of a forced solitude that I abhor, and my virtues will necessarily arise when I live in communion with an equal. I shall feel the affections of a sensitive   being, and become linked to a chain of existence and events, which I am now excluded.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   (Shelley, 147)Instead of creating a lady monster, Victor destroyed every little chance that the monster have of waiting for his lady companion by destroying the monster he was about to give life to.Third, there is injustice in the world when the monster experienced ostracism because of its appearance. It was drawn by villagers away and was forced to live alone, and excluded from humanity (â€Å"Frankenstein†).The theme on equality between sexes, in my opinion, is evident in the novel when the Monster pleads Victor to create a lady monster. There was no hint in the novel that the monster will dominate the la dy monster because all it wanted was to have a companion whom ‘it shall feel affection to’ (p.147). The novel did not hint at the superiority of men over women, as far as the character of the monster is concerned.Lastly, the most obvious theme of the novel is murder. But in this case, there was no negative presentation of crime because the murders were explained from the viewpoint of the murderers. The murderers were presented to have logical reasons for committing the crimes [this is unique] (my emphasis). Let us take for instance the first murder case—the murder of   Victor’s brother.Although the novel may have presented a ‘shallow’ reason why the monster murdered Victor’s brother, that is, victor’s brother recited a litany of epithets to the monster, it somehow explained the reason behind the murder. The monster was too sensitive with its appearance that’s why it has over reacted to the epithets.Another murder was com mitted when Victor destroyed the lady monster he was about to give life to. Victor is also a murderer. His reason was that if he let the lady monster live, he will bring tragedy to the world by ‘producing a race of devils’. Victor’s course of action was paid for by the monster’s killing of Victor’s fiancà ©e—Elizabeth. It was the price Victor has to pay for his murderous act.One good point about this novel was that it has presented murder from the viewpoint of the murderer. Shelley has produced characters with realistic motives, that is, the characters were driven by logical reasons for committing the crimes. This is something good about this novel.In conclusion, the novel Frankenstein or The Modern Prometheus was centered on four major themes: ignorance is good and knowledge is evil; injustice in the world; equality of men and women; and murders as explained from the viewpoint of the murderers.A Discourse Analysis of the novelDiscourse theo ry of Foucault can be applied to the Frankenstein Story. Foucault defines discourse as a way of thinking shared by a particular group of people at a particular place and time producing truth and power and controlling actions. It is a lived way of thinking deeply inculcated into individuals. Individuals become the subjects of discourses (Foucault, pp 21-30 ).Applying the theory of discourse, let us examine the discourses or ways of thinking which the story of Frankenstein articulate. What kinds of discourse are inculcated into individuals by the novel Frankenstein?Man as God and the Dawn of Scientific RevolutionThe story exemplifies man as a God. The giving of a life to an inanimate object is an act only reserved toa God. Yet in the story, man created life through Victor’s creation. It suggests an era where science has triumphed. It suggests that science could be a god, in this respect. It suggests that Science can offer man the impossible– that man can be a god.Just li ke in the literary text, the movie Shelley’s Frankenstein (dir. Branagh) explicates the dawn of scientific revolution. Below is an excerpt of the conversation between Clerval and Victor:Frankenstein:   Sooner or later, the best way to cheat death will be to create life.Clerval: Now, you’ve gone too far. There’s only one God, victor.Frankenstein: No, leave God out of this. Listen, if you love someone, they have a sick   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   heart, wouldn’t you give them a healthy one?Clerval: impossible.Frankenstein: No it’s not impossible, we can do it, we’re steps away. And if we can do   Ã‚  Ã‚  Ã‚  Ã‚   that, if we can replace one part of a human being, we can replace every part. If we can do   Ã‚  Ã‚   that, we can design life. We can create a being that will not grow old or sicken. One that   Ã‚   will be stronger than us, better than us, one that will be more intelligent than us, more civilized.†From the above, we can see that what was ‘impossible’ like a giving of a healthy heart, has become a possibility in the contemporary times. Heart transplant is a commonly practiced surgery these days. And it was made possible by science. The Frankenstein novel provides this transition.Even the creation of the monster symbolizes the triumph of Science. From this story of Frankenstein, we see that Science is like a God. Science can give life, too.Imperfect Beings and Unjust WorldIt is said that we can never be perfect like God. Whatever we do, we are still incomplete and imperfect. It is only God who is perfect. This way of thinking is also exemplified by the story of Frankenstein.Victor, a medical doctor and the creator of the monster, abhorred his very creation. In his attempt to create a being superior to human race, he had created a monster instead. This suggests that man, in his efforts, cannot create a being more superior to him. Victor has labored days and nights to create a being , yet a monster, instead, breathed to life. Even the monster itself abhorred his condition.Hateful the day when I received life! I exclaimed in agony. â€Å"Accursed Creator! Why did you ever form a monster so hideous that even you turned from me in disgust?†¦Satan had his companion, fellow devils, to admire and encourage him, but I am   solitary and    abhorred. (Shelley, p.130)Similarly, God created men in his own image and likeness, but then we are not like God who is perfect. More over, with imperfect beings came the imperfect and unjust world.Because of the grotesque appearance of the monster, the villagers attacked him. Everyone was disgusted by mere seeing the monster. Because of this, the monster too became malevolent to humans. It experienced injustice from the world.Remember, that I am thy creature; I ought to be thy Adam; but I am rather the fallen    angel whom thou drivest from joy for no misdeed. Every where I see bliss, from which I alone   am irrevocabl y excluded. I was benevolent and   good; misery made me a fiend.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Make me happy, and I shall again   be virtuous (Shelley, p.100)Another form of injustice made on the monster is thru Victor’s destruction of the lady monster. The monster had promised to live in peace and live in wilderness with his wife, the lady monster. The monster said:My vices are the children of a forced solitude that I abhor, and my virtues will necessarily arise when I live in communion with an equal. I shall feel the affections of a sensitive   being, and become linked to a chain of existence and events, from which I am now   Ã‚   excluded (Shelley, p.147).It was injustice to give life to a being, and let it suffer without even a friend, a loved one,not even anybody.In conclusion, the novel Frankenstein articulates the following discourses: man can be a God through Science; man is always imperfect; and the world is unjust.ConclusionThe horror science fiction of Shelley entitled Frankenstein, as my arguments pointed out, is a critique of the existing social condition of Shelley’s time—that is—the onset of industrial and scientific revolution.The novel is centered on the four major themes, namely; ignorance is good and knowledge is evil; injustice in the world; equality of men and women; and murders as explained from the viewpoint of the murderers.Frankenstein also articulates the following discourses or ways of thinking: that man can be a god through Science, and that man is always imperfect just as the world is always imperfect.Indeed, the novel has shown us that knowledge and science can bring chaos to man.Works CitedFoucault, Michel. Archeology of Knowledge and the discourse on Language. Trans. Smith,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sheridan A.M. USA: Tavistock Publication Limited. 1972Mary Shelley’s Frankenstein, dir. K. Branagh (Tristar, 1994, 118 mins)Milner, Andrews. Literature, Culture and Society . London: UCL press, 1996Prometheus gave Fire to Men. No date published. A Hand-out in Mythology Class.Remarks on Frankenstein, or the Modern Prometheus; A Novel. No date published. April 21,   Ã‚  Ã‚  Ã‚   2007.Shelley, Mary. Frankenstein, or the Modern Prometheus. M.K. Joseph (ed) Oxford: Oxford   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   University Press, 1980

Zen Garden

Nature is an important element for the Zen Buddhist as it is said to aid with meditation that can achieve enlightenment. The ultimate place for this mediation is a Zen garden. These gardens are a Buddhist art expression that focuses on nature. However, the garden is almost entirely made of stone and gravel, with almost no plant life at all. In this essay I will discuss a brief history of the role of nature in Buddhism, explain why the stones and gravel in the Zen Garden are so important and describe, in detail, the finest Zen Garden example that is Ryoanji Dry Garden in Japan. I have personally visited Ryoanji three times. Introduced to Japan in the mid-sixth century, Buddhism advanced various attitudes towards the natural world. The ideals of many Buddhists evinced a religiously based concern for nature. Buddhists in China and then Japan had long debated weather non sentient beings such as trees and rocks could actually attain Buddha-hood. Saicho (766-822) the founder of Tendai school, was one of the first to voice his opinion in an affirmative way, he declared that â€Å"trees and rocks have Buddha-nature† (Masao, 1989: 186). Later, Ryogen (912-985) a member of the Tendai School claimed that plants, trees and rocks desire Enlightenment, discipline themselves and attain Buddha-hood. Buddhist temples aesthetically enhanced the environment. These temples were surrounded by nature and were often built in forests and on the sides of mountains. Rock gardens, vegetable gardens as well as cherry and plum orchards were common features involved in the setting of temples. These features helped to improve the local environment and aid as a means of meditation through the natural beauty on a spiritual level in search of Nirvana which means to â€Å"put out the flame† in this world and escape to the otherworld. Zen Buddhist in Particular saw enlightenment as an experience to be had through nature. Dogen (1200-1253), founder of the Soto school of Zen Buddhism, declared that â€Å"the ocean speaks and mountains have tongues – that is the everyday speech of Buddha†¦ If you can speak and hear such words you will be one who truly comprehends the entire universe. † (Shaner 1989:114). The Zen Buddhists believed that nature could help them achieve a status of mindfulness in order to ultimately achieve enlightenment. They began to create the ultimate garden for meditation, known as the Zen Garden or â€Å"Dry Garden†. Both by creating and meditating in these gardens aided to the understanding of the Buddhist religion. Karesansui, or the â€Å"dry-landscape† style of Japanese gardens have been in existence for centuries, but the Zen Buddhists developed a smaller, more compact garden style that focussed on observing it from a distance as opposed to walking through it; â€Å"There was a shift back to an emphasis on looking rather than using. These gardens were used specifically as aids to a deeper understanding of Zen concepts†¦these gardens were not an end in themselves†¦but a trigger to contemplation and meditation† (Davidson 1983: 22). In these Zen Gardens large natural stones, in particular, are arranged in ways that allude to the spiritual problems and solutions of the Zen faith. In fact, with in the walls of the gardens there are really only two or three elements used, stones, gravel or sand, and sometimes unintentionally moss. Both the stones and gravel are arranged to create â€Å"simple abstractions of nature† (Kincaid 1966:65). In order for the Buddhists to meditate and achieve enlightenment the garden â€Å"relies on understatement, simplicity, suggestion and implication†¦leaving room for the imagination by providing a starting point† (Davidson 1983:23). The Buddhists believe that the stones are more than just inanimate objects, they are thought to have a soul and are considered to be the realistic part of the garden; â€Å"We treat natural stones as materials which have vital factors. That is because we feel life and soul in the natural stones which are frequently used as an idealistic and also as a realistic representation† (Tono1958:38). The stones are surrounded by gravel that has been intentionally raked into patterns to represent flowing water. The moss that is sometimes found on and around the stones is usually the only plant life found in a Dry Garden and is formed and left as a natural occurrence. All of the elements in nature used in a Dry Garden have a purpose, however they often take a symbolic form and represent something entirely different to what western eyes may see. Stones are often looked upon as something much greater than just a simple stone; â€Å"They have an intrinsic beauty of their own, and on the other hand, can represent something altogether larger and more universal† (Davidson 1983:38). Stones can symbolize many things depending on their shape, colour and texture. Generally â€Å"stones represent mountains, islands, and waterfalls† (Takakuwa 1973:120). However, a vertical stone may symbolize the sky, while a horizontal stone may symbolize the earth. They may also be selected and arranged to represent the essence or spirit of animals or shrubs. The bed of raked gravel surrounding the stones is seen as a body of flowing water and the raked patterns are the ripples and swirls in it. The patterns are said to give energy to the garden and help the meditation process. Figure 1) Ryoanji garden is one of the most famous Zen gardens in the world. It is arguably the highest expression of Zen art and teachings that is perhaps the single greatest masterpiece of Japanese culture. No one knows who exactly designed and arranged this garden, or precisely when, but it is thought to date from the late 1400s. This garden is a karesansui dry-style garden and is relatively small, â€Å"a rectangular area, about twenty-five yards long and ten yards wideâ₠¬  (Holborn 1982:61). It consists of 15 stones that rest on a bed of white gravel, surrounded by low walls. (Figure 2) The moss-covered boulders are placed so that, when looking at the garden from any angle, only 14 are visible at one time. In the Buddhist world the number 15 denotes completeness. So you must have a total view of the garden in your mind to make it a whole and meaningful experience, and yet, from any position in the garden it is impossible to view all 15 stones at once making the only way to see all 15 is on a spiritual level. The gravel around the stones is raked to resemble ripples and swirls, in concentric circles that extend away from the stones, while the remaining surface of the gravel is raked in straight lines, creating a contrast between curved and straight lines. The only â€Å"living† element that lends a sense of depth to the composition is the green moss found covering parts of and around the bases of the stones. The Buddhists have given the garden symbolic levels to serve as illusions, with the gravel around the stones powerfully evoking water, and the whole scene appearing to be a miniature seascape with weathered volcanic islands. The extreme simplicity and powerful balance of the composition have been interpreted by many different people, in many different ways, however its fifteen stones â€Å"are generally believed to represent islands in an ocean, but the composition is called Tora-no-Ko Watashi (Tiger Cubs Crossing a Stretch of Water)† (Takakuwa 1973:122). As a meditation tool of allusion, the garden takes a dramatic title (Tiger Cubs Crossing a Stretch of Water) and uses it to create an image to capture the essence of tension, while viewing the illusion of a strong idealized image of nature, providing a setting for oncentration on the spiritual level. It is only an illusion, because the construction and maintenance of the Dry Garden is not a natural occurrence. The design of the garden and arrangement of the stones is completely artificial and processed by humans. The white gravel lines formed by the rake represent ripples in water or clouds in the sky; however the lines are so neat and precise th at they reveal that the garden is regularly groomed by a human hand. (Figure 1&3)This makes the garden an artificial illusion of nature. It has purposely been designed this way to achieve an idealized image of nature. In Zen Buddhism, enlightenment can be achieved through meditation that can be assisted by creating an illusion of the idealized image of nature. An important focus of this meditation is concerned with the essence of nature and reality. â€Å"Zen art does not try to create the illusion of reality. It abandons true to life perspective, and works with artificial space relations which make one think beyond reality into the essence of reality. This concept of essence as opposed to illusion is basic to Zen art in all phases†. (Lieberman 1997) The purpose of the garden is not to decide on a particular natural image that the stones and the white gravel are supposed to miniaturize. The driving force behind the design as an illusion is to portray an idealized vision of weathered, enduring and sublime nature. The asymmetrical balance of the stones, when combined with the calming patterns in the gravel turn the mind inward, making it ideal for meditation and allowing the Zen Buddhists to achieve Enlightenment. Whether the stones are representing mountains amongst clouds or islands in the ocean is not important. What is important is that they capture the essence of both, displaying the characteristics of endurance, austerity, and balance that is so essential to the idealized Zen Buddhist image of nature. Bibliography: Davidson, A. K. 1983, The art of Zen gardens: a guide to their creation and enjoyment, J. P. Tarcher, L. A. Holborn, M. 1982, The ocean in the sand: Japan, from landscape to garden, Shambhala Publications, Boston. Ito, T. 1972, The Japanese Garden—An Approach to Nature. Yale University Press, New Haven. Kimura, K. 1991, The Self in Medieval Japanese Buddhism: Focusing on Dogen, University of Hawaii Press. Kincaid, P. 1966, Japanese Garden and Floral Art, Hearthside Press Inc. , New York Kuck, L. 1968, The World of the Japanese Garden, Weatherhill, New York, Lieberman, F. 1997, Zen Buddhism and Its Relationship to Elements of Eastern and Western Arts. http://arts. ucsc. edu/faculty/lieberman/zen. html Masao, A. 1989, Zen and Western thought, University of Hawaii Press. Shaner, D. E. 1989, Science and comparative philosophy, Brill Academic Publishers, New York. Takakuwa, G. 1973, Japanese Gardens Revisited. Tuttle Co, Rutland Tono, T. 1958. Secret of Japanese Gardens, published by Mitsuo Onizuka, Tokyo.