The Organization Development And Human Resources Business Essay - Free Essay Example

Sample details Pages: 8 Words: 2310 Downloads: 7 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Staffs are always one of the most valuable assets of any organizations as they are the ones to work and contribute to the success of an organization. Now a day, an organization would like to exist and develop successfully it must be more proactive than ever to change continuously to keep pace with the world changing every single day. The existence and development of a company will not be taking place unless there is the agent of human resources which an organization takes a big challenge in terms of finding and preserving this asset with the interaction between Organization Development and Humane Resources that have recently become important roles in the development of an organization. Don’t waste time! Our writers will create an original "The Organization Development And Human Resources Business Essay" essay for you Create order With this in mind, the researcher outlines the role of Organization Development (OD) and Human Resources (HR) in Attracting and Retaining Staff in an organization. These two elements are linked together to achieve the goal of an organization The role of Organization Development and Human Resources Prior to discussing the role of organization development (OD) and Human Resources (HR),we need to understand what are organization development and Human Resources and its roles? In An Experiential Approach to Organization Development, it is defined as the long-range efforts and programs aimed at improving an organizations ability to survive by changing its problem solving and renewal processes. (Donald R. Brown Don Harvey. 2006.p.3) in another word, Organization development is a planned, organization-wide effort to increase an organizations effectiveness and viability. The organization needs to adapt the OD concept as it plays an important role in bringing about the change in organization and create an awareness of the changing environmental forces, and to provide the techniques, skills required for dealing with the change in organization. (Brown Harvey,2006 p.3).For example, in 2009, the whole world was facing the economic downturn and all organizations have been affected more o r less and to survive they needed to find ways to cut costs by downsizing, outsourcing or controlling on expenditures. In hotel industry, they closed some outlets or shifted full time staff from department to department so they could cut down the cost on casual staff . While Human Resources can be described as a process that focuses on attracting, selecting, orienting, training, coaching, counselling, disciplining and mentoring, developing, evaluating the performance, and supporting and retaining an organizations most important resources: the people. Human resources management is responsible for how people are treated in organizations. It is responsible for bringing people into the organization, helping them perform their work, compensating them for their labours, and solving problems that arise(Cherrington, 1995,p. 5). In addition to recruiting, hiring, and training, several other functions are a part of human resources too such as creating job descriptions, developing job specifications, managing payroll and benefits, handling grievances, financial management, community involvement, and ensuring conformance to federal, state, and provincial legislation.(Walker, John R. 2004, p.586) To remain competitive in todays global marketplace, organizations must change. And the Change requires HR needs to attract great employees for the company by using one of the most effective tools to promote successful change is organization development (OD). As HR increasingly focuses on building organizational learning, skills and workforce productivity, the effective use of OD to help achieve company business goals in getting good employees and keep the staff turnover at lowest level as possible. As the basic purpose of organization development is to increase an organizations effectiveness through managing the human resources effectively and efficiently in the human resources management environment, OD and human resources may be viewed by some as competing discipl ines, in fact, the goal of these two fields is complementary: to promote and sustain organizational success, the link between OD and HR is the fact that organizational assessments typically is under the responsibility of HR and the principles and value of OD correspond with many aspects of the HR mission Human Resources plays an important role in attracting and retaining staff in an organization, to operate a business they need people, and attracting great employees is the first challenge for Human Resources. This process will cut down on expensive turnover and hiring the right person for the right job initially is properly the most effective step Human resources Managers can take when it comes to creating a motivated, dynamic work place (Sommerville, 2006 p. 16) Attracting and retaining employees As Human resources system is defined as a set of distinct but interrelated activities, functions and processes that are directed at attracting, developing and maintaining human resources of an organization. It is possible and essential to join the Human Resources and Organization Development processes into strategy of attracting people as we know OD helps developing the approaches for change to ensure the proper human resources are available in order to achieve the goals. So how OD/HR attracts people for the company? To attract people to come to the organization, the first step that should be taken is to create or improve the image of the organization there fore the change is a must. and be honest about the job. Nothing will annoy an employee faster than finding that his or her job is something much different than what was advertised. Most wont stay long once thats happened to them.(Sangers, Tom 2009) HR can send information package for applicants to help applicants focus on the job requirement, and to match the best person for the job. These also helps to promote the organization that may attract applicants (Banister Harding, 2004.p.101). In relation with attracting and retaining issues, Sheraton Perth Hotel for example, has attracted people from outside through their existing employees. If an employee of the hotel has friends or knows some one who is within industry experience, and recommend them to the organization, once they are successfully employed then the employee will get three hundred dollars as a reward for helping Human Resources Department to attract people. it is not difficult to get people to work for but it is not always easy to attract the right and the talent employees for the company. The challenge of finding great employees has increased with in organizations. To overcome this challenge, OD/HR need to be more proactive and flexible in recruitment advertising. In this competitive environment for attracting good talent, co mpanies need to pay particular attention to the perception of the company on the part of candidates and new hires. A well thought out and extensive assimilation process often makes new employees more likely to stay. This process should start before the offer is made, and many companies have assimilation plans for at least the initial six months on the job. This is especially important in group and relationship cultures as it helps the new employees feel welcomed into the group and gives them time and structure to establish relationships that will be important to the employee as well as anchor their loyalty to the company. After attracting people to work for an organization successfully, OD/HR s responsibility also is to keep them stay with the company, as they are fully aware of how much it costs to attract one staff to work for an organization. In an email message to the author on March 5th 2010, Ms. Lea Pedelty-Human Resources Manager of Sheraton Perth Hotel-shown the figure of financial cost that Sheraton Perth Hotel needs to spend on one employee as below: Advertising e.g. posting the position on SEEK (approx. $100 per ad) = $100.00 Orientation 6 hours x casual hourly rate 6 x 19.26 = $115.56 On-the-job training- 7.5 hours x casual hourly rate x training days 7.5 x 19.26 x 5 = $722.25 Classroom training (e.g. Service Culture Training) 6 hours x 19.26 = $115.56 Total cost = $1053.37 Bear the cost in mind, OD/HR understands that an employee is a really valuable asset and their responsibilities are to keep the asset as long as possible. So how to retain the employees for a company? Why do HR/OD need to retain employees, specially the good ones? Because if one staff quit, the company will lose the profit in term of the cost of labour turnover increases and related to other cost such as: costs associated with leaving-personnel administration, payroll administration, costs associated with replacement- direct costs such as ad vertising and recruitment, selection processes including administration of applications, short listing and interviewing , agency commission if applicable, costs associated with Transition- direct and indirect costs such as relief cover and overtime payment, training costs, low productivity during training, possible wastage during training, induction time, selection and induction acitivities, and the potential loss in customer satisfaction and repeat business. (Bella. Goss-Turner, 2005 p.187) HR/OD need to understand this more than any body else and see motivation is as one of the tools to retain the employees. As employees are motivated by needs and most basic needs are inborn, having evolved over many years. Abraham Maslows Hierarchy of Needs helps to explain how these needs motivate people. By motivation What motivates people to work? Many managers still believe that money, because of what it can buy (including security and status), is a major motivator. Others tend to t he more complex views of Maslow and Herzberg, arguing that people work for a composite package, including money, security, self-esteem, esteem of others, job satisfaction, etc. (Michael Bella. Steven Goss-Turner 2005,p.158) Maslows Hierarchy of Needs shows that people must satisfy each need in turn, starting with the first, which deals with the most obvious needs for survival itself. 1.Biological and Physiological needs air, food, drink, shelter, warmthÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ 2. Safety needs protection from elements, security, order, law, limits, stability. 3. Belongingness and Love needs work group, family, affection, relationships. 4. Esteem needs self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc. 5. Self-Actualization needs realising personal potential, self-fulfillment, seeking personal growth and peak experiences.( Chapman, Alan ,2009), if all the needs are met, HR/OD could motivate them and lead to the decrease of staff turnover . By using humour Retention of excellent employees is one of the most important challenges in organizations today. It is not only the responsibility of HR/OD , but also the responsibility of every individual working in its departments of an organization specially the managers or supervisors. In todays uncertain work environment, and stressful, so try to maintain team spirit high by with the effort to make work place a relaxed and fun , make people laugh, that may be the way to keep up morale.( David Granirer,2009 ) By training. The researcher finds that the success of an organization will be achieved through the contribution of well trained staff as they can provide quality products, or amazing services, it is can be seen clearly in hospitality industry setting. Professional managers and supervisors are obligated to train their staff, help them become productive, and make them a key representative of the organization. This pr ocess will cut down on expensive turnover in return as staff feel more confident in what they are doing, and master in their trade, basically their esteem need has been met. (KerrL. Sommerville, 2006,p.16) Similarly, in an email message to the author on March 5th 2010, Ms. Lea Pedelty -Human Resources Manager of Sheraton Perth Hotel- said that to retain staff, it is necessary to provide a good start through orientation and induction, provide ongoing learning development opportunities, Reward, recognition and benefits programs and provide regular opportunities for giving and receiving feedback. In general, as a goal of an organization is to retain employees as long as possible, some points that can lead to increased employee retention as below: 1. Develop an employee retention program, and implement it. That will show the staff how much an organization appreciates and value them, and their contributions. 2. Have an interaction with employees frequently through a meeting to obtain updates, discuss job-related issues and concerns, and review performance goals and objectives. 4. Challenge the skills, and talents of employees by assigning them duties that are in their strengths and capacity. 5. Provide training opportunities for staff. Investing in them and they will recognize and appreciate it. 6. If salaries are low, it can be made up by providing other benefits, such as flexible working hours, or working from home. 7.Acknowledge the accomplishments of staff members ,outstanding performance.(e.g., completion of an important project, a promotion). Via announcements in newsletter, at events, or write to them personally. Like the FB manager in Sheraton hotel, he would practise and when customers had several positive feedbacks and comments on the performance and services of his staff, he wrote email to the researcher with a thank you note for being a great brand ambassador of the organization. That made staff feel good not because of the grea t comments but the recognition came from the management. 8. Celebrate the milestones in the lives of staff members, their birthday . 9. Develop an annual employee recognition event (e.g. staff annual party) where the organization could present awards, such as Employee of the Year, Outstanding leadership, Caring for business, caring for employee awards.( Mikrut, Sharo) And last but not least, empowerment is also a tool to motivate and that can help retain staff because it makes them feel proud and important in workplace. Conclusion Overall, Organizational change impacts not only the business but also its employees. In order to maximize organizational effectiveness, Human resource management works to attract the right person for the right position so that employees are able to meet the organizations goals. Developing and maintaining an employee retention program demonstrates that organization value the contribution of staff and want them to succeed. They will be happier, look forward to coming to work, and want to remain with the organization. Satisfied employees are more committed and loyal, resulting in a productive work environment that reflects on the organization effectiveness through the roles of OD/HR have been fulfilled. That would be more effective when every member has been trained how to behave each other, trained not to bully or discriminate in work place.

Shakespeare and the Comedy of Forgiveness Book Review

In the introduction to Hunters Shakespeare and the Comedy of Forgiveness, the author announces his intention to combat oversimplifications that have arisen over the past few decades with regards to the scholarship of Shakespeare, wherein the attitude of Shakespeare itself at the time of his writing would actually reflect the politics and intent of the work itself (e.g. King Lear having a sad ending indicating Shakespeare being despondent at the time of its composition). This studywill be an attempt to investigate one feature the denouement in forgiveness which is common to five of the later comedies (Hunter 2). In this way, Hunter is unique, in that he seeks to differentiate Shakespeares plays from the normal categories of problem play, romance, and so on, and investigate their actual endings, calling them comedies of forgiveness. In essence, Hunter describes the thematic and dramatic basis for the concept of forgiveness as an ending, as opposed to merely advocating defeat of the oppressor in the beginning of a story. In the course of creating drama, one must have a person who personifies the conflict the other characters face in the story thus making an oppressor. This oppressor is called the humanum genus , and for one reason or another he or she oppresses their lover or their family in some way, and requires forgiveness by the end of the play. However, in order to defeat the conflict and live happily ever after, the oppressor must be defeated in some way, which can undercut the pleasantness of comedy. Therefore, a compromise is reached in the form of forgiveness; by the protagonist forgiving the antagonist, the antagonist themselves can participate in this success as well, and revel in victory and happiness along with the rest of the cast. This way, the conflict is eliminated while not having to sacrifice the happiness or well-being of the oppressor (Hunter 4). Â  This is the essence of forgiveness in Shakespeares plays, which Hunter recounts in expressive and incredible detail. In Chapter 2, Forgiveness of Sins in the Medieval Drama, Hunter notes the importance of forgiveness as an incredibly important tenet of the medieval drama. The forgiveness of sins is necessarily a central concern in the religious drama of the Middle Ages (Hunter 10). From the Bible to pre-Renaissance literature, the Middle Ages were chiefly concerned with avoiding Gods judgment, which inherently involved being forgiven. Because of the mysteries role in determining divine mercy, Europe in the Middle Ages was obsessed with avoiding hellfire and brimstone through worthy actions; this meant that, if they did do wrong, forgiveness needed to be within reach. Hunter uses Scripture, particularly the Psalms and the Ludus Coventriae, to illustrate just how important these attributes were to the English in the medieval era and how its importance applied to Shakespeares adaptations. Shakespeare, in constructing his comedies of forgivenesseither selected a story in which the sin/contrition/forgiv eness pattern was already presentor he altered his narrative source so as to create such a pattern (Hunter 40). In Chapter 3, Pre-Shakespearean Comedies of Forgiveness, we gain some insight into the previous entries to this particular genre, before Shakespeare contributed his own to the fold. These works all follow the same structure of yearning for forgiveness: In both the religious and secular moralities of the sixteenth century, the medieval pattern of a humanum genus figure subjected to temptation and succumbing to it, only to be forgiven and saved, continues to be discernible as the commonest basic structure for these plays (Hunter 42). The transition from religious to secular forgiveness occurs here, as Hunter describes Shakespeares comedies of forgiveness as ones where God has disappeared as a physical presence, from the scene (48). Hunter, here, notes the one of the main concerns of the writer of secular comedies of forgiveness is the avoidance of crime, for the crimes which are pardoned in these plays invariably turn out to have been committed only by intention (48). Thus, pre-Shakesp earean authors would typically have their evil characters only intent or think their crimes, as in Thomas Gutters Commody of the moste vertuous. In Chapter 4, Hunter delves into his first of five comedies of forgiveness, Much Ado About Nothing. Here, he notes his thesis statement for all of the comedies he wishes to cover; in these works, the humanum genus figure offends the woman who loves him and is forgiven by her (Hunter 87). The heroes of these stories apparently are unable to trust love absolutely, and therefore appear to drive their heroine to death, only for the hero to be forgiven when they turn out to be alive. In the case of Much Ado, Claudio has fallen in love with Hero, who is then misled by Don John to distrust Hero and fear her having an affair with another man. When he hears that Hero has died he begs for forgiveness for his sins, and the natural condition of the world has been restored Shakespeare then asks his audience to join him in forgiving Claudio. In Chapter 5, Hunter turns this same perspective of forgiveness to Alls Well That Ends Well, in which the love of Bertran and Helena is constantly countered by their disparity in social position. In Alls Well that Ends Well, the world of comedy is threatened not so much by strife as by mutability, says Hunter, noting the constantly dying world Shakespeare presents in the play, and the need to overcome differences in order to perpetuate it through romance (107). In this play, the gender of the person needing forgiveness is reversed, as Bertram imposes conditions on Helena in order for her to be worthy of marrying him; Shakespeare has altered his story in a very basic way. Instead of a clever wench who must prove herself worthy of an aristocratic husband, we have an unworthy husband who must be made worthy of his wife (Hunter 112). In Chapter 6, Hunter takes a break from examining the plays to discuss the apparent disparity in quality between his romances; inevitably, students of Shakespeare are asked to account for the debatable quality of Cymbeline from the author of King Lear and As You Like It to account for the peculiarity we imagine that something peculiar had happened to Shakespeare (Hunter 132). Hunter, instead of going through these circular argument, argues that shy should be considered as documents in the history of Shakespeares art in which his own consideration of comedy had changed, not his consideration of the world (112). In between his earlier and later comedies, he worked on Promos and Cassandra, King Leir and Pericles, all works that deal directly with forgiveness of wrongs and a unique atmosphere of romance in which forgiveness was necessary . This is where his primary thesis lies: the later romances are not mistakes or disordered messes but a meaningful pattern of sin, repentance and forgi veness that must be recognized in order to fully benefit from their reading (Hunter 141). Chap 7 Chapter 7 sees Hunter examine one of Shakespeares less well-regarded plays, Cymbeline, which is typically seen with a bit more critical eye than many of Shakespeares other romances: Pusthumus and Imogens relationship is the one that primarily focuses on the forgiveness angle that Shakespeare is said to emphasize in this play: Posthumus is the central, humanum genus figure of the playhis jealousy is at the heart of the plays ’radical theme and the total effect of Cymbeline depends absolutely upon a sympathetic understanding of Posthumus contrition and an emotional involvement in his forgiveness (Hunter 143). In essence, by understanding what Posthumus is doing wrong by being as jealous as he is, and that Imogen is the forgiver in an almost-saintly way. Imogen is sometimes, then, seen as the deity who bestows her grace upon her worshiper, sometimes as the worshiper who adores her god (147). In this way, the forgiveness of Posthumus by Imogen is directly likened to the medieval t radition of seeking forgiveness by God for ones sins. In Chapter 8, Hunter focuses largely on the treatment of forgiveness in The Winters Tale. In this play, King Leontes is absolutely the humanum genus character, as he is jealous and pernicious, as well as prone to revenge, attempting to poison Polixenes and imprisoning his wife for potentially carrying Polixenes child. While many critics claim that Leontes is meant to be a true villain rather than a nuanced attempt at portraying someone who is childish and flippant, Hunter supports this latter assertion while still noting the cruelty of man and his fate in the face of evil: In Leontes, Shakespeare is presenting us with a human mystery and he is presenting it as a mystery. His genius enables him to see and dramatize one of the most puzzling complexities of the mind: the presence of hate within love, and the constant danger that love will succumb to the desire to hate (Hunter 188). While the humanum genus figure in most of Shakespeares comedies of forgiveness are the victims of societal norms, temporary lusts for power or misunderstandings of gender politics, Hunter argues that Leontes is vilified a bit more than those others: But the villain is Leontes himselfLeontes is his own calumniator the most completely unexcused of all Shakespeares humanum genus figures (Hunter 190). Shakespeares overall negative portrayal of Leontes as capricious and jealous is meant to finally cement the premise that human nature is inherently evil or rather, of a mingled yarne, good and ill together' (Hunter 191). The attempts at forgiveness come mostly through the character of Hermione, his wife, who continually tries to reach out to Leontes and make him see the truth: Hermiones love is more, or represents more, than romantic love, for like Helenas and Imogens Hermiones love is a manifestation of Gods love for humanum genus (Hunter 191). Typically, this is also accomplished through divine intervention and a desire to get good with the gods, but Hunter does not see this to be the case with Leontes: For Leontes, this is the terrible truth about his own sinfulness and it should bring him, through self-knowledge, to contrition. But in his wrath, Leontes blasphemes by rejecting the word of the gods (Hunter 193). The gods, feeling capricious themselves and lashing out as Leontes rejection of their offer of forgiveness, show what happens when a humanum genus character does not see the light when given the chance: The death of Mamillius is the gods punishment of Leontes sins, and particularly for his final sin of blasphemy. Leontes, in his wrath, has tried to destroy all the manifestations of the gods grace except one his son (Hunter 193). This is further evidence of Leontes particular selfishness, as he does not quite reach the level of forgiveness that he needs to, thus necessitating these other pushes to rescind his sins: The gods will punish Leontes by keeping his daughter from himShakespeare, by deliberately altering the method of Perditas exposure, has insisted on presenting us with this further example of the pitiless methods by which heaven achieves its purposes (Hunter 195-196). Hunter, in examining The Winters Tale, differentiates it from other comedies of forgiveness by acknowledging that Leontes is particularly unrepentant. This was, evidently, Shakespeares attempt to subvert somewhat the comedy of forgiveness and portray a slightly more cynical outcome of these kinds of situations: The world which Shakespeare creates in The Winters Tale includes death, and any view of the play which fails to include it must be a partial view (Hunter 202). Shakespeare is seen to use this play to advance his statement about the human condition, in which we are inherently evil and we are full of malice given the right temperament and circumstances. At the same time, he hesitates to paint humanity with a broad brush and state categorically that the world should be a worse place than it is: Both happiness and misery, both joy and terror are human possibilities, and he insists upon the reality of both (Hunter 203). With inherent evil comes inherent goodness, and this constant conflict is what Shakespeare implies drives us toward forgiveness. However, unlike his other plays, that forgiveness does not take as quickly in The Winters Tale this forgiveness only comes at the end, when a miraculous turn of divine intervention brings Hermione back to life, and Leontes is forgiven for his sins. In Chapter 9, Hunter evaluates Measure for Measure under this same forgiveness criteria. In this play in particular, the offense of humanum genus is against, not love, but law (Hunter 204). The character of Angelo is directly responsible for the upending of society by instituting new social ethics that are not in the interest of the greater good; his institution of laws against sex outside of wedlock is shown as not only negative and dangerous, but also hypocritical as he sleeps with Isabella to circumvent the law, trading it for sexual favors. The humanum genus character is exemplified in different characters at different points, from Claudios need for forgiveness of his crimes, Isabellas need to get Claudio forgiven for his crimes, and Angelos forgiveness for his abuse of the law. All these characters eventually receive justice by the pleading and accepting of forgiveness from others by proxy: The charity which makes possible the happy ending of Measure for Measure has as its sourc e the knowledge and acceptance of our common humanity (Hunter 226). In Chapter 10, Hunter examines The Tempest as yet another comedy of forgiveness. As Hunter argues, the play itself can be seen as a romantic comedy of forgiveness, but this time The Tempest deals with the theme of forgiveness and the theme of romantic love in two separate actions. The erring humanum genus figure is not the romantic hero, his crimes do not include a rejection of romantic love, and romantic love is not the motive for his forgiveness (Hunter 228). In this case, the humanum genus figure is Alonso, as he has deposed Prospero from his dukedom and tried to kill Miranda and Prospero alike. This crime is the central focus of many of the actions of the other characters of the play, though it is not seen onstage, instead we hear about it from many different perspectives and constantly throughout the work. Ariel is then the character who manages to restore forgiveness to Alonso by making him confront his demons, though Alonso at first is driven toward self-destruction. Antonios own evils are also forgiven, if only because evil cannotbe finally and completely destroyed (Hunter 241). In his concluding chapter, Hunter notes that the insertion of comedies of forgiveness in Shakespeares plays is a last appeal to the complex of beliefs and attitudes which make up the Christian concept of forgiveness, as well as emphasizing paradoxically that the source of human mercy is seen as the sense of common humanity, the knowledge of shared weakness (Hunter 242-243). The humanum genus characters who require forgiveness in these plays are forgiven by their lovers, their governments, their leaders and Godlike figures alike, thus likening the forgiveness of Man with the forgiveness of God. The world of Shakespeares comedies of forgiveness is one where hate and love are opposed to one another in a precarious balance which only just permits the ascendancy of love and order (Hunter 245). The behavior of the humanum genus character threatens that good through hate, jealousy or cruelty of some form, and it is the goal of others and that character to recognize their own faults and seek /grant/accept forgiveness from God or their fellows. Hunters examination of the role of forgiveness in Shakespeares plays is a detailed, thoughtful and thorough one, in which many of Shakespeares more controversial and oft-overlooked plays are given proper explanation and explication as comedies of forgiveness not as an excuse for perceived poor quality, but merely to explain the consistency of these themes and their presence. All six plays share, as one of their major concerns, an insistence upon the necessity of forgiveness as an essential condition of human happiness. Charity, born of self-knowledge and of a recognition of evil as inherent to human nature, is the virtue which they primarily exalt (Hunter 205). This is linked all the way back to the medieval tradition of the emphasis on forgiveness from God for our sins; Shakespeare effectively evolves this desire for forgiveness and places it in the hands of fellow human beings, who carry the goodness of God inside them and in their potential (Hunter 245). Works Cited Hunter, Robert Grams. Shakespeare and the Comedy of Forgiveness. New York: Columbia University Press, 1965.

Employee Recruitment And The Workplace - 1513 Words

Employees The stakeholder group, regarding employees, can receive some benefits and drawbacks from the recommendation. The benefits, which consist of increase labor for a more efficient project production schedules and allowing more flexibility. The laborers will have a chance to be scheduled on a more regular basis rather than working fourteen hour days to ensure completion. In addition, the in-house trades will have more reliability by having the proper training and knowledge of Christa’s production standards to continue to appease the client. The employees and their families will feel a sense of relief that they will be home more often and enjoy some holidays off. On the other hand, the drawbacks to this solution may be that the†¦show more content†¦Also, the client may spread word-of-mouth advertising for Christa so that they can expand their brand awareness across New York. Sub-Contractors The outsourced sub-contractors are impacted negatively to this situation, due to their alliance with the company being terminated. These laborers will essentially lose their contact with Christa Construction Company, causing tensions between the two parties. It can potentially create negative word-of-mouth advertising around the area. However, the relationship between the sub-contractors and Christa can allow for the external employees to be considered for an internal position as an in-house trade. Owners The owners of Christa Construction Company are impacted positively and negatively by this recommendation. The positive connotations outweigh the negative factors to improve the long-term goal of pleasing the client and expanding their company can be advantage, comparing to their competitors. The potential customer support can expand as the company brings satisfactory production and builds strong rapport with the clients. 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Rip Van Winkle and American Dream Essay - 662 Words

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Children Charged as Adults Free Essays

Children Charged as Adults†¦How Young is too Young? Ralonda Ross Post University 1. In the article â€Å"Adult Time for Adult Crime? † Nathaniel Abraham is a perfect example of how young is too young. He is an adolescent who committed a crime at a considerably young age and got charged as an adult. We will write a custom essay sample on Children Charged as Adults or any similar topic only for you Order Now Nathaniel has not been sentenced yet because it is unclear as to whether he has the intellect to understand the nature of his crime of not. 2. Punishing Juvenile Offenders as Adults: An Analysis of the Social and Political Determinants of Juvenile Prison Admissions across the United States† is an article that focus on how there is a difference between the states. The number of juveniles that get sentenced to adult prison differs because of the minority committing the crimes. In addition, is explains how the juveniles who go to juvenile have a less chance to be assaulted than the ones in prison with adults. . The website with the article â€Å"Adult Time for Adult Crimes† is a good reference because it gives me in site on different ways to view whether it is fair to charge children as adults. It also helps me to understand the mindset of the juveniles at different ages. Overall it is a good website to assist me with my paper. References Adult time for adult crime?. (2000 ). Current Events, 99(16), 2a. Carmichael, J. T. (2011). Punishing Juvenile Offenders as Adults: An Analysis of the Social and Political Determinants of Juvenile Prison Admissions across the United States. Sociological Focus, 44(2), 102-123. Hudson, D. L. , Jr. (2009) ABA Journal. How to retrieve internet information. Retrieve from http://www. abajournal. com/magazine/article/adult_time_for_adult_crimes/ How to cite Children Charged as Adults, Essay examples

Venture Projects Economics Finance Accounting †Free Samples

Question: Discuss About The Venture Projects Economics Finance Accounting? Answer: Introduction With the advent of science and technology there have been various venture projects that have been developing all over the globe in order to improve the economic and the operational structure of the world. It has been observed that there are various projects that have been constructed in order to build new buildings and artifacts that would enhance the lifestyle of the human beings living in this world(Schaper, 2016). This paper therefore is being constructed in order to undertake a fundamental analysis of on ongoing project that is functioning in Melbourne so that a clear idea about the background of the project along with its objectives can be understood. The assessment of the economic analysis and tools and techniques would even be discussed and the cost benefit analysis of the project can even be understood so that a clear cut idea about the project can be taken into consideration. This paper therefore has considered Ravenhall Prison Project that has been operating from the year 2014 and still continuing so that precise knowledge about project and the cost associated with it can be gained. Project Background The Ravenhall Prison Project is being constructed in order to provide a new medium-security prison facility in order to provide accommodations to around 1000 prisoners and this project has been predicted to be completed by the end of 2017. In the year 2014 on 15th September, the Victorian state made a contract with GEO consortium in order to build, finance, design, operate and maintain a new medium-security prison for men, which would be situated in Ravenhall, in the west of Melbourne(Treasury and Finance - Ravenhall Prison - Project Summary 2017). Ravenhall has been a key part of the prison expansion program of Victoria. The prison even has the ability to expand in future in order to accommodate around 1300 prisoners if deemed necessary. The new prison that is under construction would deliver the infrastructure and prison beds in order to aid in explaining for the correctional services that have been demanded in Victoria. The prison has been constructed on the existing Crown land at Ravenhall that is contiguous to the Metropolitan Remand Centre and the dame Phyllis Frost Centre. The land is specifically flat in nature and comprises of open paddocks that consists of vestige native grassland patches and few trees that are scattered. The required planning along with the cultural heritage and environmental approvals for this area are in place. This project has been a joint venture of the public private partnership in which the private sector is accountable for constructing, financing, operations, design and maintenance that are custodial in nature. This project would provide increased value for money with respect to the correctional services and even provide increased quality. GEO Consortium was appointed to deliver the project after the completion of a tender process and a contract was signed in the year 2014 in September. GEO Consortiu, consists of John Holland Group, Capella Capital, Honeywell and GEO Group Australia. The essential alliance partners are inclusive of the Gathering Place and Melbourne City Mission, Kangan Institute and YMCA who would deliver services and programs in both post-release and the prisoners under custody(Treasury and Finance - Ravenhall Prison - Project Summary 2017). The health services within the prison would be given by Correct Care Australasia and the forensic services of mental health at the prison would be given by Forensicare. Project Objectives and Justification The construction of the project has been undertaken in order to improve the safety of the society by humanely and securely preserving the prisoners and giving them with services and programs that have been constructed in order to decrease the extent of reoffending. This project reveals a key investment in the infrastructure and services of the prison with the help of which GEO Consortium would deliver an innovative facility that would perform a key role in the correctional system of management. This project would be influential for generating economic advantages as well as increasing employment with the establishment of 700 jobs during the period of peak construction and ongoing jobs that would be more than 600. The construction of the project would lead to development of new jobs in that area and thereby increasing the employment rate and in a way benefit the economy(Burchardt et al., 2016). The objectives of the project and the area of the focus has been explained as follows: Provide added capacity in the prison system of Victoria Provide added forensic metal health services to the prisoners Provide supplementary capability in order to lower the reoffending Encourage practices that are innovative in nature and effective operations that would assist the value for money The justification for the construction of the research project has been in order to secure and safeguard the communal harmony and to maintain the prisoners in the prison cell in an effective manner. The construction of a prison that would consist of various innovative amenities would boost the confidence of the prisoners and would help them in turning over a new leaf and start their life effectively(Gatti, 2013). The project construction is done in order to focus on various aspects like targeted approach for the prisoners who are having challenging behavior, indigenous prisoners and improved responsiveness towards the complexities of the young prisoners. Assumptions and Constraints The project has been constructed by depending on the financial capacity and the assumptions. The assumptions of the project include identifying the financial capability of the participants and the participating members in order to deliver the project within its completeness(Block et al., 2017). There are various constraints that are related to the project like the risks that are associated with the planning of the project and gathering approvals for the planning, risks in the site like the native titles and contamination of the sites, construction risks and the design risks in order to construct the prison project and lastly the operational and the financial risks that are associated with the completion of the prison project. Therefore, the risks are allocated and transferred effectively in order to reduce the level of risks and thereby helping in improving and smooth flow for the construction of the prison project. Literature Review The literature review would comprise of the various data and tools that have been used by the project on order to determine their operational activities and to undertake economic analysis and the cost benefit analysis of the Ravenhall Prison Project. This section of the paper would provide an extensive research and analysis of the cash flows, the present worth, internal rate of return along with the profitability index and business growth strategies and its best practices so that the project can be concluded precisely. The use of the MADM and MCDM financial analysis process would be influential for understanding the process that would be used in order to understand the current financial and economic position of the Ravenhall Prison Project. The project explains about the literature review and the explanation regarding the economic analysis and the cost benefit analysis of the Ravenhall Prison Project. A small overview of the risk evaluation model of Ravenhall Prison Project in Melbourne Victoria will be discussed in this section. The process of economic analysis are defined as the mathematical and statistics and graphics. The economic analysis is based on the various methods of the economic sensitivity and in order to make effective recognition of the similar input, it is essential to investigate two or more processes. Overview of Project Economical Analysis Techniques and Tools Australia is regarded as a vivacious free democracy of the market and there has been vibrant economic progress that has been possible due to absence of any sort of recessions. The effective process of the government has been beneficial for the economy and a free well-functioning legal system, bureaucracy has led to effective entrepreneurial enhancement. Australia is considered as an attractive and dynamic position for investment(Stiglitz, Rosengard 2015). In most of the scenarios, the government has decreased the investment and has influenced the private sector to undertake investments. This has been observed in the Ravenhall Prison Project where investments are undertaken mainly by the private sector. The country has been effectively competitive in the technological areas and services. The income tax rate is around 45% and the rate of corporate tax has been 30%. One of the optimistic parameters of project start up in Australia has been rate of start up being higher as they have the probability of contributing to the expansion. The new business ventures in Australia like the variations in funding sources and projects like the Ravenhall Prison Project tries to make use of the equity finance during the primary stages of the constructions. The country has been experiencing shocks and problems in the during the past few years but during the first quarter of 2017, the economy has recovered from this situation and this has led to rise in the confidence for the business and the consumers and this in way would have a positive impact on the investment of the business and spending of the investors. The Australian economy is considered to be within a solid base in spite of the various weaknesses in the investments that are non-mining in nature. With respect to Ravenhall prison project in Australia it has been observed that the project has been experienc ing growth and as this is an on-going process and this has led to rise in investments(Coates 2014). The Australian economy has remained very is strong in spite of the rise in the price of diesel and this has led to the fall in the disposable income for the consumers. The economy of the country has been developing with the rise in the rate of interest which is being used for reducing the rate of inflation. The growth of the economy has been possible as the government has been reducing the rate of taxation. This would encourage the investors of the project business to increase their investments in the Ravenhall Project Prison. This has led to the construction of the prison much more effectively. The analysis of the Ravenhall Prison has been possible by undertaking economic analysis like the construction of the variables that are available in the project and the identities, functions and the equations that have been seen in the project report of Ravenhall Prison Project. The economic assessment of the project has been possible by looking at the expenses and the total funding that has been undertaken for the completion of the project. The table below would provide an overview of the economic evaluation of the project. Particulars Amount Residual Value Non-Current Assets: Trademark 500000 0 Patent 750000 0 Property,Plant Equipment 15000000 4500000 Furniture Fittings 1000000 150000 Motor Vehicle 1500000 600000 Computer Equipment 1500000 0 Preliminary Expenses: Business Registration 100000 License Fees 150000 Deposit for Electricity 100000 100000 Deposit for Telephone Internet 50000 50000 Recruitment Cost 30000 Share Issuance Cost 35000 Bond Issuance Cost 20000 Other Miscellaneous Expenses 75000 Working Capital: Purchase of Raw Material 30000000 Wages Salaries 20000000 Manufacturing Overhead 13000000 Selling Marketing Expenses 690000 General Administrative Expenses 338250 64028250 TOTAL START UP COST 84838250 Capital Funding: Equity Capital 38177213 5 yrs. Bond 27996623 Loan From Bank 18664415 TOTAL CAPITAL EMPLOYED 84838250 The notice that has been allocated to each of the employees who are performing for the construction of the Ravenhall Prison Project has been given in the form of the table which provides a guideline of the process that would be utilized for the completion of the project within the scheduled time period. Assignment Start date Submission Duration Start up 15/09/2014 31/12/2017 3 years Activity 1- Researching the Australian markets and its economic scenario 20/09/2014 21/12/2014 3 months Activity 2- Financial evaluation of project 13/03/2015 31/12/2015 9 months Activity 3- Determining the financial viability of project by selecting the best alternative 31/03/2017 09/04/2017 2 weeks Equivalent Uniform Annual Cash Flow The equivalent uniform cash flow of Ravenhall Prison Project has comprises of the outflow and the inflow of the cash flow(Dopp et al., 2014). The cash flow from the operating expenses refers to the payments made to the suppliers, direct labor cost. The annual cash flow for the organization has been given below: Particulars Year 1 Year 2 Year 3 Cash Flow from Operating Activities: Cash Sales $56,000,000 $61,418,000 $67,360,192 Collection from Debtors $77,000,000 $91,449,750 $100,297,513 Cash Purchase ($24,000,000) ($26,322,000) ($28,868,654) Payment to Suppliers ($30,000,000) ($38,902,500) ($42,666,317) Direct Labor Cost ($36,666,667) ($43,547,500) ($47,760,721) Manufacturing Expenses ($26,000,000) ($28,515,500) ($31,274,375) Insurance ($12,000) ($12,300) ($12,608) Rates Taxes ($6,500) ($6,663) ($6,829) Salary of Office Staffs ($91,667) ($102,292) ($104,849) Cleaning Charges ($5,000) ($5,125) ($5,253) Electricity for Office ($13,750) ($15,344) ($15,727) Telephone Internet ($7,333) ($8,183) ($8,388) Salary of Marketing Staffs ($137,500) ($153,438) ($157,273) Sales Commissions @1.5% on Sales ($700,000) ($767,725) ($842,002) Travelling charges @2% on Sales ($350,000) ($383,863) ($421,001) Income Tax Expenses ($1,833,185) ($2,222,795) ($2,646,860) Cash Inflow/(Outflow) from Operating Activities $13,176,398 $11,902,524 $12,866,848 Cash Flow from Investing Activities: Purchase of Non-Current Assets ($20,250,000) Preliminary Expenses ($560,000) Sale of Assets Return on Deposits Cash Inflow/(Outflow) from Investing Activities ($20,810,000) $0 $0 Cash Flow from Financing Activities: Share Issue $38,177,213 Bonds Issue $27,996,623 Loan From Bank $18,664,415 Interest Payment ($3,732,883) ($3,732,883) ($3,732,883) Dividend Payment ($1,497,101) ($1,815,283) ($2,161,602) Repayment of Bond Repayment of Loan from Bank Cash Inflow/(Outflow) from Financing Activities $79,608,266 ($5,548,166) ($5,894,485) Net Cash Increase/(Decrease) for the period $71,974,664 $6,354,358 $6,972,363 Add: Opening Cash Balance $0 $71,974,664 $78,329,022 Closing Cash Balance $71,974,664 $78,329,022 $85,301,385 Present worth (Net Present Value) The net present value for the project has been given below with respect to the variable inflation rate, growth rate and the WACC. The Net Present value at 25 inflation rate has been 3418865, ta 2.50% has been 358505005 and at 3.50% has been 36484023. It has been observed that with respect to the current position of the project, the Net Present Value has been 38505005 as the rate of inflation has been 2.505, the growth rate has been 7% and the WACC has been 8.71%. Internal Rate of Return The Internal Rate of Return for Ravenhall Prison project has amounted to 10.04% suggesting that the project has a positive effect and the project can be viable for further investments(Welsh et al., 2015). The IRR would rise and fall with respect to the changes in the inflation rate, growth rate and WACC. The IRR has indicated that investments can be an effective in the prison project as government has interference on this project and therefore return on investment would be fruitful for the investors. Modified IRR The IRR can get modified with respect to the changes in the rate of inflation, growth rate and the WACC of the economy and the project. It is seen that the IRR has been 9.64% at 2% inflation rate and 10.22% at 3.50%. IRR would have a value of 9.10% at 5% growth and 10.58% at 9% growth. With respect to the WACC at 6.50% the percentage will be 12.11% and 8.05% at 10.50%. Cost-Benefit Analysis The cost benefit analysis has been discovered to be the process with the help of which the business decisions are evaluated. The advantages of the stipulated condition or the actions related to the business are summed and then the expenditures related undertaking that action is evaluated(Hardin, 2015). The cost benefit analysis of Ravenhall Prison Project has been analyzing the overall costs that are related to the project and the funds that are generated with the help of the various financial institutions and the capitals invested by GEO Consortium. The overall analysis of the cost is given in the table below: Particulars Year 1 Year 2 Year 3 Inflation Rate 2.50% 2.50% Sales Growth Rate 7% 7% Sales Volume 40000 42800 45796 Selling Price Per Unit $3,500 $3,588 $3,677 Total Sales Revenue $140,000,000 $153,545,000 $168,400,479 Cost of Good Sold per unit: Raw Material Consumed ($1,500) ($1,538) ($1,576) Direct Labor Cost ($1,000) ($1,025) ($1,051) Total Cost of Goods Sold p.u. ($2,500) ($2,563) ($2,627) Total Cost of Goods Sold ($100,000,000) ($109,675,000) ($120,286,056) GROSS PROFIT $40,000,000 $43,870,000 $48,114,423 Variable Manufacturing Overhead p.u ($650) ($666) ($683) Total Variable Manufacturing Overhead ($26,000,000) ($28,515,500) ($31,274,375) Depreciation on Property,Plant Equipment ($2,100,000) ($2,100,000) ($2,100,000) Total Manufacturing Overhead ($28,100,000) ($30,615,500) ($33,374,375) General Administrative Expenses: Depreciation on Furniture Fixtures ($100,000) ($90,000) ($81,000) Depreciation on Computer Equipment ($180,000) ($158,400) ($139,392) Amortization of Patent ($100,000) ($100,000) ($100,000) Amortization of Trademark ($150,000) ($150,000) ($150,000) Insurance ($12,000) ($12,300) ($12,608) Rates Taxes ($6,500) ($6,663) ($6,829) Salary of Office Staffs ($100,000) ($102,500) ($105,063) Cleaning Charges ($5,000) ($5,125) ($5,253) Electricity for Office ($15,000) ($15,375) ($15,759) Telephone Internet ($8,000) ($8,200) ($8,405) Total General Administrative Expenses ($676,500) ($648,563) ($624,309) Selling Marketing Expenses: Depreciation on Motor Vehicle ($180,000) ($158,400) ($139,392) Salary of Marketing Staffs ($150,000) ($153,750) ($157,594) Sales Commissions @0.5% on Sales ($700,000) ($767,725) ($842,002) Travelling charges @0.25% on Sales ($350,000) ($383,863) ($421,001) Total Selling Marketing Expenses ($1,380,000) ($1,463,738) ($1,559,989) Net Operating Profit/(Loss) $9,843,500 $11,142,200 $12,555,750 Interest Expenses: Interest on Bond ($1,959,764) ($1,959,764) ($1,959,764) Interest on Loan From Bank ($1,773,119) ($1,773,119) ($1,773,119) Total Interest Expenses ($3,732,883) ($3,732,883) ($3,732,883) Net Profit before Tax $6,110,617 $7,409,317 $8,822,867 Income Tax Expenses ($1,833,185) ($2,222,795) ($2,646,860) Net Profit after Tax $4,277,432 $5,186,522 $6,176,007 Gross Profit Margin 28.57% 28.57% 28.57% Net Profit Margin 3.06% 3.38% 3.67% Return on Equity 11.20% 13.59% 16.18% Other Decision Making Models - Multi-Attribute Decision-Making Model There are are various other decision making models that are available to the management of the project in order to evaluate the activities of the project and undertake decisions accordingly. The use of the decision model is dependent on the management and the management makes proper utilization according to their needs in the prison project. There are various models include the Multi-Attribute Decision Making Model, Multi-Criteria Decision making Model, Analytical Hierarchy Process etc. These models can be used in an effective manner for the Ravenhall Prison Project and better decisions with respect to the operational activities can be constructed, which would lead to the completion of the project before the assigned deadline. MCDM in Financial Decision Making for Projects The MCDM process makes use of equipment and tools that contributes in the quality of the financial process of economic decision making and to the quality of the resulting decisions. MCDM considers problems related to financial decisions as a multiple criteria as financial decision problem occurs due to the issues in different accounting figures which could have an effect on the financial report of the prison project(Medina et al., 2014). These problems mainly arise due to the effective assignment of the scarce capital and the alternate uses of the resources. Hence, it is essential for the management of the prison project looks to allocate the resources in an effective manner by taking help of this model as this would be influential for using the resources required for the project in the areas were these resources require more significance so that the project can be completed within the stipulated time limit and the each and every aspect of the project receives equal importance accord ing to the priority. MADM The multi attribute decision making model is a significant part of innovative decision of science. It anticipates that there are various set of substitutes for the various attributes, which the management undertaking the decision requires to assess and evaluate. The goal of this model has been to discover the demanded substitute for assisting the process of decision making. The problems that have been associated with the MADM has been rectified by taking help of the traditional processes like the simple additive weighing method, analytical hierarchy process and TOPSIS process. The MADM process looks into the different attributes related to the project rather than the price. In this scenario, it has been observed that Ravenhall Prison Project has looked in to the attributes of providing a safe restoration place for the prisoners in Australia and to accommodate a larger number of prisoners at one place(Wang et al., 2014). It is even seen that looking after the primary needs of the pris oners by providing proper beds and primary benefits are even considered overlooking the price involved. The project has even been constructed in order to provide safety and security to the citizens of Australia. Analytical Hierarchy Process (AHP) The analytical hierarchy process is a technique that is structured for evaluating and organizing the decisions that are complex in nature and this has been done by depending on the mathematical process. With respect to the Ravenhall Prison Project, the main objective has been to construct the prison at the lowest cost with the help of proper quality material and within the stipulated time. It is seen that various criteria are constructed by looking at the cost, safety and capacity(Gabay et al., 2014). These aspects would be taken into in choosing the best alternate strategy that would be used by the management in order to complete the prison project effectively. Hence, it can be said that making use of the strategy would be influential for the development of the prison project effectively. Best Practices for Business Growth One of the biggest challenges in business growth is sustainable growth. The short term as well as the long term gains both need to be kept in mind while implementing the procedures for business growth. Different businesses have different reasons for the purpose of sustainability but the main fundamental concepts are the same. The Authenticity of the business purposes need to be maintained. The authorities concerned must repeatedly examine their sense of purpose as well as ensure that the organisation serves the purpose of the project properly. There should also be a constant as well as consistent sense of growth. It also should involve continuous pragmatic innovation. The authentic purpose of a company contributes to its USP. It is better for an organisation to have a clear value and an aim for the purpose of the business growth. The prison project needs to utilise the practices of safety as well as security which is one of the features it aims to achieve (Cooke Williams, 2013). Partnership as well as collaboration is also an extremely important factor for the successful establishment of the business growth. Though the idea of achieving everything singularly in case of a business project is tempting and logical in case of not much availability of funds, the best thing to do is to find the best possible partners for the prison project. The collaboration with the suitable partners in case of the prison project will help in the expansion and proper growth and will also be sustainable. It is necessary to know exactly what to do at a particular time because the needs of different projects are different (Thompson, 2012, October). The project should be done in such a way that the prison expansion concept is deemed successful and helps in the establishment of the successful steps in the business growth. The prison should have proper facilities along with the concept of improvement as well as rehabilitation options (Vaara Whittington, 2012). A business ecosystem is a financial community of organisations as well as individuals which operate in different ways. It is necessary to understand the needs of the prison project are different from other commercialisation projects like malls or shopping centres or other places. The business ecosystems encourage the companies undertaking the innovative as well as difficult projects by fulfilment of their competitive capabilities (Sherman, 2014). In order to ensure that the business needs of any particular project is met, it should be maintained that the leaders or the authorities under whom the project is taking place, need to be aware at every particular stage of growth. Retrospection, self-awareness, as well as a keen sense of strategy is necessary which is both for the short as well as the long term (HealyPalepu, 2012). The authorities in charge of the prison project should adopt an adaptive as well as a flexible nature of leadership. By being mindful as well as understanding the business strategies give the best results for any given project. The continual investment in the capabilities of individual workers as well as organisations helps in the benefit of the organisations (Goodstein MacKenzie, 2013). Business Growth Strategies The business growth strategies should focus on the nature of the project at hand. It should be understood that the nature of the prison is different. The expansion of the prison needs to be the main focus of the organisation which is engaged in the construction project (La Vigne Samuels, 2012). The expansion projects need to be properly undertaken and the details need to be stated in advance as well (Crawley, 2013). The prisons should not be built in a morose or a depressive way so that the residents or the inhabitants of the place should not be de-motivated. It should not happen that the people who are prisoners find it difficult to move back to normalcy. There should not be any dark corners or dark places which might cause the prisoners to move to a dark part of their conscience. The prison architecture should in no way be linked with the levels of violence as well as drug use. There should be an openness as well as connectivity to the prisons as the closed, dark as well as the privacy of the prisons are bound to affect the mindsets of the prisoners and they might engage in fighting, assault, self-harm, consumption of drugs. It might also cause escapes from the prisons. In other words it can be said that the prison projects should correspond or comply with the rehabilitation revolution in order to be a positive impact on the prisoners to facilitate their stay with good experiences and positivity. The cost efficiency needs to be kept in mind while implementation of the project. The cost of prisons is considerable and they also cause the drainage of the vital resources from the segments of health-care, education, housing as well as the other social programs. The de-funding of the prison sector and ensuring the good environment does not lack the resources that need to be taken care of. The exposure of the impact of the public-private finance initiatives show that the cost savings are never delivered. The reduction of the quality of services and the facilities should not be done in a way to actually harm the people. The prisons are never cost efficient. Since the prisons and their buildings waste money as well as the vital resources, the business strategies should revolve around the quality of the prison and the money as well. The private prisons do not always form a clear advantage of the public sector counterparts. The nature of the prison market as well as their proper management need to be done to explain the findings carefully. The cost as well as the quality needs to be uncompromised as the prison projects are huge and influential to the companys reputation. The quality of the prison, the provided facilities should constitute the business strategies of the prison project. Profitability Index Profitability Index is even known as the profit investment and value investment ratio for any developing project and this has been a mechanism for ranking the projects as it permits to quantify the amount of the value developed due to the investment per unit. With respect to the current profitability index of Ravenhall Prison Project, it can be observed that profitability index has been 0.42 or 42.20% and hence it can be said that the project is an effective one and undertaking investment in this project would lead to effective construction of the project within the stipulated timeline. Recommendations for case project financial model or plan The project has been established by undertaking numerous researches of the Australian market and evaluation of the financial statements and the project background and the scope of the project. The country has been regarded as the democratic market that is vibrant and has been functioning like this for over 25 years and this development has been possible due to the limited level of recessions. The effective process of the government has benefited the Ravenhall Prison Project due to an effective and well-functioned legal system. The presence of such an effective legal system and government regulations has revealed an effective economic system and this has motivated the private sector to undertake investments in such projects. Hence it is seen that GEO Consortium has undertaken investment in the prison project and this in way would improve the revenue for the organization and even complete the project in an effective manner. According to the financial estimations of the Ravenhall Prison Project, it has been observed that this project would be enormouslyachievable to make sure the growth and stability in the Australian region. It has been recommended that the project should undertake the activities that they have been performing currently as this has been an effective process and sustainable use of the project would lead to the proper return on investment for GEO Consortium and completion of the project in a timely manner with effective facilities available within the prison. Reference Anderson, J. E. (2014).Public policymaking. Cengage Learning. Bardach, E., Patashnik, E. M. (2015).A practical guide for policy analysis: The eightfold path to more effective problem solving. CQ press. Bernstein, S., Giroud, X., Townsend, R. R. (2016). The impact of venture capital monitoring.The Journal of Finance,71(4), 1591-1622. Omran, M. F. (2015). Islamic venture capital as a solution for economic coordination failures in the Arab world.International Journal of Islamic Marketing and Branding,1(2), 142-148. Besser, T. L., Hanson, M. M. (2016). Development of last resort: The impact of new state prisons on small town economies in the United States.Community Economic Development, 73. Bhagat, S. (2014). Why do venture capitalists use such high discount rates?.The Journal of Risk Finance,15(1), 94-98. Block, J. H., Colombo, M. G., Cumming, D. J., Vismara, S. (2017). New players in entrepreneurial finance and why they are there.Small Business Economics, 1-12. Burchardt, J., Hommel, U., Kamuriwo, D. S., Billitteri, C. (2016). Venture capital contracting in theory and practice: implications for entrepreneurship research.Entrepreneurship Theory and Practice,40(1), 25-48. Coates IV, J. C. (2014). Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications.Yale LJ,124, 882. Cochrane, J. H. (2014). Challenges for cost-benefit analysis of financial regulation.The Journal of Legal Studies,43(S2), S63-S105. Cooke, B., Williams, P. (2013).Construction planning, programming and control. John Wiley Sons. Crawley, E. M. (2013).Doing prison work. Routledge. Dopp, A. R., Borduin, C. M., Wagner, D. V., Sawyer, A. M. (2014). The economic impact of multisystemic therapy through midlife: A costbenefit analysis with serious juvenile offenders and their siblings.Journal of consulting and clinical psychology,82(4), 694. Elliott, I. A., Beech, A. R. (2013). A UK cost-benefit analysis of Circles of Support and Accountability interventions.Sexual Abuse,25(3), 211-229. Farrington, D. P., Koegl, C. J. (2015). Monetary benefits and costs of the stop now and plan program for boys aged 611, based on the prevention of later offending.Journal of Quantitative Criminology,31(2), 263-287. Gabay, H., Meir, I. A., Schwartz, M., Werzberger, E. (2014). Cost-benefit analysis of green buildings: An Israeli office buildings case study.Energy and Buildings,76, 558-564. Gatti, S. (2013). Project finance in theory and practice: designing, structuring, and financing private and public projects. Academic Press. Goodstein, L., MacKenzie, D. L. (Eds.). (2013).The American prison: Issues in research and policy(Vol. 4). Springer Science Business Media. Gray, V., Hanson, R. L., Kousser, T. (Eds.). (2017).Politics in the American states: A comparative analysis. Cq Press. Hardin, R. (2015).Collective action. Routledge. Healy, P. M., Palepu, K. G. (2012).Business analysis valuation: Using financial statements. Cengage Learning. Henrichson, C., Rinaldi, J. (2014). Cost-benefit analysis and justice policy toolkit.Retrieved Aprilie,20, 2015. Hirsch, W. Z. (2015).Law and economics: an introductory analysis. Academic press. Iossa, E., Martimort, D. (2015). The simple microeconomics of public?private partnerships.Journal of Public Economic Theory,17(1), 4-48. La Vigne, N., Samuels, J. (2012). The growth increasing cost of the federal prison system: Drivers and potential solutions.Washington, DC: Urban Institute. https://www. urban. org/UploadedPDF/412693-The-Growth-and-Increasing-Cost-of-the-Federal-Prison-System. pdf. Leigh, N. G., Blakely, E. J. (2016).Planning local economic development: Theory and practice. Sage Publications. Livermore, M. A. (2014). Cost-Benefit Analysis and Agency Independence.The University of Chicago Law Review, 609-688. Medina, P., Bizuayehu, A. W., Catala?o, J. P., Rodrigues, E. M., Contreras, J. (2014, January). Electrical energy storage systems: technologies' state-of-the-art, techno-economic benefits and applications analysis. InSystem Sciences (HICSS), 2014 47th Hawaii International Conference on(pp. 2295-2304). IEEE. Moyer, E. J., Woolley, M. D., Matteson, N. J., Glotter, M. J., Weisbach, D. A. (2014). Climate impacts on economic growth as drivers of uncertainty in the social cost of carbon.The Journal of Legal Studies,43(2), 401-425. Posner, R. A. (2014).Economic analysis of law. Wolters Kluwer Law Business. Rodrigues, E. M. G., Godina, R., Santos, S. F., Bizuayehu, A. W., Contreras, J., Catalo, J. P. S. (2014). Energy storage systems supporting increased penetration of renewables in islanded systems.Energy,75, 265-280. Rose-Ackerman, S. (2013).Corruption: A study in political economy. Academic Press. South, J., Bagnall, A., Hulme, C., Woodall, J., Longo, R., Dixey, R., ... Wright, J. (2014). A systematic review of the effectiveness and cost-effectiveness of peer-based interventions to maintain and improve offender health in prison settings.Health Services and Delivery Research,2(35). Schaper, M. (Ed.). (2016).Makingecopreneurs: developing sustainable entrepreneurship. CRC Press. Sherman, H. J. (2014).The business cycle: growth and crisis under capitalism. Princeton University Press. Sinden, A. (2015). Formality and Informality in Cost-Benefit Analysis.Utah L. Rev., 93. Smith, M., Ton, D. (2013). Key Connections: The US Department of Energy? sMicrogrid Initiative.IEEE Power and Energy magazine,11(4), 22-27. Stigka, E. K., Paravantis, J. A., Mihalakakou, G. K. (2014). Social acceptance of renewable energy sources: A review of contingent valuation applications.Renewable and Sustainable Energy Reviews,32, 100-106. Stiglitz, J. E., Rosengard, J. K. (2015).Economics of the Public Sector: Fourth International Student Edition. WW Norton Company. Thompson, H. A. (2012, October). The prison industrial complex: A growth industry in a shrinking economy. InNew Labor Forum(Vol. 21, No. 3, pp. 39-47). Sage CA: Los Angeles, CA: SAGE Publications. Treasury and Finance - Ravenhall Prison - Project Summary. (2017). Dtf.vic.gov.au. Retrieved 12 September 2017, from https://www.dtf.vic.gov.au/Publications/Infrastructure-Delivery-publications/Partnerships-Victoria/Ravenhall-Prison-Project-Summary Vaara, E., Whittington, R. (2012). Strategy-as-practice: taking social practices seriously.Academy of Management Annals,6(1), 285-336. Wang, X., Chen, Y., Sui, P., Gao, W., Qin, F., Wu, X., Xiong, J. (2014). Efficiency and sustainability analysis of biogas and electricity production from a large-scale biogas project in China: an emergy evaluation based on LCA.Journal of cleaner production,65, 234-245. Welsh, B. C., Farrington, D. P., Gowar, B. R. (2015). Benefit-cost analysis of crime prevention programs.Crime and justice,44(1), 447-516. Overview of Project Economical Analysis Techniques and Tools

Management and Travel

Question: Give a breif discussion about travel and management? Answer: Introduction In the era of competition, every industry is expanding and utilizing all the available resources for exploring their opportunities for making the business more efficient and competent while meeting the excessively enhanced and innovative demands of the customers. For this purpose, industries are enhancing the domains and number of activities to satisfy their customers (Malina et al. 2012). Like other industries, aviation is also enhancing the numbers of flights along with the enhanced facilities for meeting the enhanced travel needs of the customers. However, the industry is expanding their number of services and meeting their customers, but an enhanced number of flights are affecting the environmental balance by affecting the climate system. It has been revealed that 4-9% of the total climate change is related to the human activity of travelling via airplanes (Lee and Brahmasrene 2013). This essay would focus on the identification of three major environmental issues of enhanced flig ht numbers that are imposing negative effects upon the environment and the measures for resolving these issues. Discussion The commercial aviation is achieving dramatic growth in the global aspect. However, the increased achievement is affecting environment. Therefore, the airport and other facilities developments are being done after the environmental assessment and analysis of the development and innovation projects. There are three major issues identified including aircraft noise, toxic emission with greenhouse gasses and the significant change in climate as an effect of enhanced number of airplanes (Leung and Yang 2012). Noise pollution Noise has been identified as the principle environmental aviation issue. It has been identified as a potential public concern. However, it has been seen that individual aircraft has become about 75% less noisy through the last 30 years, the increased amount of air traffic by an enhanced number of flights are indicating that citizens are exposed to high level of noise pollution (Scott et al. 2012). The enhanced level of noise is a major cause of noise-induced health disorders of people living near the airport and people travelling frequently via flight. Aircraft noise is one of the major elements of environmental noise exposure (Henderson et al. 2012). WHO estimated that 1-1.6 million healthy lives are lost due to the environmental noise exposure per year. The long-term exposure to aircraft noise is influencing health negatively. It enhances the occurrence of cardiovascular disease, sleep disturbance, psychological problems, annoyance and direct hearing loss. It has been revealed that risk of cardiovascular problems including heart attack, stroke and hypertension increases up to 17% with the 10dB increase of aircraft noise exposure (Meltzer 2012). A study by HYENA (Hypertension and Exposure to Noise near Airports) examined the effects of noise upon 4861 people within age 45-70 years who were living over 5-7 years near the airport and revealed that risk of high blood pressure increases 14% with the 10dB increase of aircraft noise at night (Antoine and Kroo 2014). Studies have also revealed that the noise exposure promotes the metabolic risk factors including type II diabetes to enhance the risk of cardiovascular disease. Through the direct pathway, noise exposure introduces hearing loss, sleep disturbance and through the indirect pathway, it causes disturbance of cognitive and emotional responses. Both of these are stress indicators. The psychological stress reactions affect the autonomic nervous system and endocrine system and enhance the risk of blood pressure, diabetes and manifests disorders including ischemic heart attack, hypertension and arteriosclerosis (McManners 2012). Governments of developing countries are undertaking regulations and strict legislations to reduce the aircraft noise pollution. For controlling the environmental impacts of aircraft noise, the European community has been adopted the Regulation (EU) No 598/2014 for introducing the noise-related operating restriction (Stocker 2014). The regulation includes four rules, including the following: Managing the land around the airport in a sustainable way Generating less noisy aero planes following noise standards Introducing operating restrictions Adapting operational procedures for reducing impact of noise on the ground Significant improvement in technology has reduced the noise impacts over last 20 years (Scott et al. 2012). A number of evaluation metrics have been undertaken by the avian societies for ensuring standards level of noise usage. The environmental communities are incorporating Integrated Noise Model evaluations for making quieter airplanes (Lee et al. 2012). Noise metrics are playing a significant role in noise management. The incorporation of anti-noise devices in home or office would be helpful for sound proofing to cancel out the aircraft engines noise. The satellite and navigational measures can be improved by allowing precise and safer flight paths following less populated areas. Toxic Emission It has been revealed that, compared to the other modes of transport, travelling through the air has a higher impact on climate per passenger kilometer. The air transport is a categorized as the mode of freight transport producing most toxic emissions. During the burning of jet fuel, the carbon in the fuel is released and forms carbon dioxide after reacting with oxygen in air (Meltzer 2012). Besides, carbon dioxide, the jet fuel also releases nitrous oxide, water vapour, sulphate and soot. Aircraft emits the significant amount of CO2 that is the most prevalent manmade greenhouse gas. Recently, it has been accounted that, 11% of total CO2 emission is from U.S. aircraft transportation (McManners 2012). The aircraft emissions have a special characteristics that these ate produced at the cruising altitude high in the atmosphere. The high amount of NOx emission at high altitude leads to higher concentration of ozone compared to the emission at ground level. The emission of water vapor at higher altitudes leads to the formation of condensation trails or contrails that are the visible cloud lines forming in cold and humid condition and contributes to global warming. The studies have shown that the high altitude emissions are more harmful and impose more dangerous effects upon the environment (Scott et al. 2012). It is because, these high-altitude emissions triggers different kinds of chemical reactions, thereby imposing harmful effects upon the environment. As mentioned above, the emissions include nitrous oxide, sulphate and carbon dioxide; these are potential green house gasses. Therefore, the aircraft emissions are directly promoting global warming and harming the ozone layer. For an example, IPCC has two to four times higher impact upon the environment and global warming than the carbon dioxide emission alone (McManners 2012). Reduction of this kind of air pollution is an important concern. Changes in aircraft and engine technology, fuel composition, regulatory measures and operational practices can reduce the impact of aviation emissions and related harmful impacts upon the environment. The aircraft and engine technology can be designed to balance the consideration of different pollutants (McManners 2012). It would also enhance the longevity of the aircraft equipment. Improving the fuel composition is another major choice for reducing emission. In kerosene-based fuels, the reduction of the amount of sulpher will help to reduce the amount of Sox emission. Hydrogen fuel can also be used for reducing emission. The operational options are also there, including the improvements of air traffic management and other processes. Climate change The emissions from the aircrafts are not only hampering healthy life styles of people and affecting the environment in upper level, but it is also a major contributor to climate change. Air travel is the fastest growing resourced of greenhouse gases including CO2 which is the major component of climate change. Every year, 16000 commercial jet aircraft throughout the world emits more than 600 millions tones of CO2 (Wittneben et al. 2012). The growing air traffic is the major reason for increased aircraft pollution. Aircraft is causing approximately 3.5% global warming thereby contributing to climate change. According to the climate report, the aircraft greenhouse emissions will continuously rise and contribute to about 15% of global warming within coming 50 years (Scott et al. 2012). The major contributor to climate change is the contrails forming through the condensation of trace gases and particles. The water vapor, CO2 emitted through the aircraft, have the ability to trap the terrestrial radiation and chemically active gases thereby altering the natural greenhouses gases including O3 and CH4. These particles can interest with earths radiation balance directly or can promote the formation of radiation cloud properties. The direct emission changes the radioactive property of cloud and changes the radioactive forcing (Antoine and Kroo 2014). The direct emission getting accumulated in the atmosphere changes the chemistry and microphysics as well as changes the radiatively active substances thereby changing the radiative forcing. The ultimate result changes in climate. This climate change is associated with radiative forcing and global warming potential. The government is undertaking adequate action for this. Recent research suggested four pillars of climate action. The technology innovation leads to sustainable alternative aviation fuel use, and this will be able to cut emission u p to 80% (Lee et al. 2012). The operational improvements include lighter fleet and efficient air traffic control technique for saving emission. The addition of wingtip devices in the aircraft can reduce 4% fuel use. Enhanced infrastructure efficiencies and smart economic measures can also lead to ensure less emission thereby reducing the contribution of climate change. Conclusion In conclusion, it can be said that enhanced and frequent aviation is imposing a large amount of negative impact on the environment. The major three environmental issues resulting from increased travelling through air planed has been highlighted in this report. These included the noise-related disturbances, toxic emissions and the change in climate induced by the air pollution through aircraft. However, options are there to manage the air pollution and to reduce the impact upon the environment. The government should take more specific innovative activities for reducing the adverse effect of aviation. With the expansion of the industry, more strict rules and regulations should be applied for controlling the environmental impacts. Reference List Antoine, N.E. and Kroo, I.M., 2014. Aircraft optimization for minimal environmental impact.Journal of aircraft,41(4), pp.790-797. Henderson, R.P., Martins, J.R.R.A. and Perez, R.E., 2012. Aircraft conceptual design for optimal environmental performance.Aeronautical Journal,116(1175), p.1. Lee, D.S., Fahey, D.W., Forster, P.M., Newton, P.J., Wit, R.C., Lim, L.L., Owen, B. and Sausen, R., 2012. Aviation and global climate change in the 21st century.Atmospheric Environment,43(22), pp.3520-3537. 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Stocker, T.F. ed., 2014.Climate change 2013: the physical science basis: Working Group I contribution to the Fifth assessment report of the Intergovernmental Panel on Climate Change. Cambridge University Press. Wittneben, B.B., Okereke, C., Banerjee, S.B. and Levy, D.L., 2012. Climate change and the emergence of new organizational landscapes.Organization Studies,33(11), pp.1431-1450.