Russians Conversion to Christianity

The conversion of Russians to Christianity was a big step towards Slavic civilization. The role of converting these people was upon the Orthodox Church which played an important role in helping the neighbors of Byzantine to take Byzantine cultures while at the same time helping to spread Christianity. Emperors from Byzantine in their bid to help their neighbors change their barbaric and hostile ways of life tried to use such methods as church conversions, judicious diplomacy and promotion of international trade. There were various reasons why Russians were converted to Christianity and in doing so; some strategies were employed by the Orthodox Church and the emperors. This paper is mainly going to focus on these two issues. One of the key steps that were taken in 863 was to provide the Russians or the Slavs who included the Danube who later were conquered by Magyars, the Czechs, the Moravians, Polinians and the Lyakhs who were also sometimes regarded as the Poles with a custom made Slavic alphabet or simply a modified Greek alphabet which was known as Glagothic. This helped them to make these people feel proud of their work as the Slavic alphabets were to be used in scripture translation and translation of other liturgical works. Invention of Slavic language was a milestone in the spread of Christianity and this became the platform that future conversion activities for the Russians took place. As per the Russian Primary Chronicle, because of the presence of emperors who highly valued Byzantine cultures, many Moravians had been converted by the Orthodox Church into Christianity but the problem was that they could not read the scripture and interpret it in their own language . This was because they were not familiar with Latin and Greek language that was used in the scripture and the problem was that there were preachers who would teach them this today and tomorrow interpret the same topic differently, now they wanted to be taught a language that they would use to read the bible for themselves and interpret it accordingly because those that came to preach to them would take advantage of their inability to read and interpret the scripture. We understand neither Greek nor Latin some teach us one thing and some another. Furthermore, we do not understand written characters nor their meaning. Therefore send us teachers who can who can make known to us the words of the scriptures and their sense† . To achieve this end, Moravian Slavs led by emperor Kostel, Rostilav and Sviatopolk requested Michael, the Byzantine emperor to help them with teachers who would assist in scripture translation into their native language. After receiving their request, the emperor asked the most professional scholars in his region to lend a hand in the translation work and they agreed to help. The scholars went to Kostel, Rostilav and Sviatopolk and took it upon themselves the duty of teaching Moravian Slavs how to read the scripture especially after they successively translated it into their Slavic native tongue. They started by composing Slavic alphabet and later they started the work of translating the scripture especially the Acts and the Gospels. Nothing made these Slavs happier than to hear the gospel preached in their native language. These scholars also helped in translating other pieces of work apart from the scripture for example they translated books such as Oktoechos and the Psalter among others . The zealots were not pleased by the idea of translating the scripture into Slavic language and thus they openly criticized this move. They argued that only Latin, Greek and Hebrew languages were supposed to be used in the scripture but the Pope did not share these sentiments and he dismissed these claims. To facilitate the conversion work of the Russians into Christianity, Methodius was appointed by Prince Kostel as one of Apostle Paul’s seventy disciples and he was given the task of bible translation, a job that he effectively did within six months but with the help of the two priests who were also professional writers. Methodius being an apostle worked hand in hand in hand with Bishop Andronicus who had been appointed by Apostle Paul to help him in the spread of the gospel to the Moravians . Another major break in the conversion of Russians into Christianity was achieved during the reigns of Vladimir in 980. Vladimir was a pagan leader who prayed idols and had even erected some of them on the hills and decorated them with gold moustaches and silver heads. Some of these idols were Khors, Stribog, Mokosn’, Dazh’bog and Simar’gi. People would sacrifice their offspring to these idols and thus this land was full of blasphemous blood. In 987 Vladimir after many trials by Bulgars to accept their religion summoned his ‘nobles’ to seek for their advice on whether they should abandon worshipping their idols and adopt other types of religion like that for Germans, Greek or for Jews. All of these had approached Vladimir and asked him to join their religion and now he was at crossroads to know what step to take from there. The Greeks claimed that whoever worshipped their God would have eternal life but those who followed other faith would burn in eternal fire. After asking nobles their stand, they said that unless they experience immediate knowledge of those rituals then they were not in a position to advice. They thus went and learnt for themselves but were not impressed by how Germans and Jews practiced their rituals but for the Greek the answer though not very direct was positive. â€Å"Everyman, after tasting something sweet, is afterward unwilling to accept that which is bitter, and therefore we can no longer remain here (Paganism)† . They argued that in German rituals they did not see any beauty and that for the Jews was bad but to the Greek’s ritual they could not know whether they were still on earth or in heaven because it was beauty beyond human description. This made Vladimir jealous and attacked his opponents a year later and proceeded to Kherson and conquered this Greek city. After this he issued demands to the Greek emperors-Constantine and Basil that they had to give to him their unmarried sister or else he would destroy the whole city but they told him that he would only get the girl if and only if, he got baptized as it was against their Christian faith and teachings to sell off their Christian sister to a pagan. Vladimir badly wanted this girl and thus he softened his heart and agreed to get baptized on condition that he would be baptized by this unwedded girl known as Anne. The emperors agreed to this and people rejoiced and danced as he got baptized. Vladimir then disclosed to them that he knew of their religion as he had sent emissaries before to enquire on the same and they gave him a positive answer . Just as it was a custom to pay bride price after marrying a girl, Vladimir returned Kherson to its rightful owners as his dowry. When he went back home he ordered all idols to be destroyed and said that those who would not get baptized the following day were not his friends any more and thousands big and small, young and old went to the river to be baptized and a history was made as never before had so many people been baptized at one time. Vladimir after this constructed wooden churches on the grounds where he had set his idols to show the world that he was truly a converted Christian. He also sent priests to go all over the town and cities to preach to the unconverted and convert and baptize them. The reasons that made the Russians to get baptized was their desire to be able to read and interpret the scripture without asking for an interpreter as those people who came to teach them took advantage of their inability to read and write. That was why they asked Emperor Michael to assist them in composing Slavic alphabets something that they did willingly. Another thing that acted as a catalyst towards Russians conversion to Christianity was Vladimir’s desire to marry Emperor’s unwedded sister. This led to his baptism as well as the baptism of other hundred thousands of his followers.

Lucy vs. Zehmer

Case Brief:W. O. LUCY AND J. C. LUCY v. A. H. ZEHMER AND IDA S. ZEHMERFacts of the Case:After several drinks, Zehmer (D) wrote and signed a contract in which he agreed to sell his farm to Lucy (P) for $50,000. Zehmer insisted that he had been intoxicated and thought the matter was a joke, not realizing that Lucy had been serious. Zehmer was trying to get Lucy to admit to not having $50,000. Lucy claimed that he was not intoxicated and believed that Zehmer was also sober. Lucy brought suit for specific performance when Zehmer refused to complete the transaction.The trial court ruled for Zehmer holding that Lucy had not established a right to specific performance. On appeal the Supreme Court of Virginia found that Zehmer was sober enough to know what he was doing and that his words and actions warranted a reasonable belief that a contract was intended. Question: In determining whether a party has made a valid offer, how does the court determine whether the party had the intent to contr act? Holding: The Supreme Court of Virginia reversed the decision of the Circuit Court of Dinwiddie County, Virginia and stated Zehmer had signed a binding contract.Reasoning:The parties of a contract do not have to mentally agree to the deal. If their words or actions have the reasonable meaning of a serious business transaction, undisclosed intentions are immaterial and do not render the contract unenforceable. A contract must have a good faith offer and a good faith acceptance with terms of consideration known by each party. The court ruled that just because Zehmer had not mentally agreed to the deal, his conduct indicated to Lucy in a reasonable manner that the transaction was not a joke, and Lucy had no knowledge of Zehmer’s mental assessment.

Chapter 1 the Investment Environment

Chapter 1 The Investment Environment 1. 1. Real Assets versus Financial Assets (Page 30) ? Real Assets ? Determine the productive capacity and net income of the economy ? Examples: Land, buildings, machines, and knowledge used to produce goods and services ? Financial Assets ? Claims on real assets 1-2 1. 2. Financial Assets (Page 32) ? Three types: 1. Fixed income or debt Common stock or equity Derivative securities 2. 3. 1-3 Fixed Income ? ? ? ? 1-4 Payments fixed or determined by a formula Money market debt: short term, highly marketable, sually low credit risk (T-bills, certificates of deposits etc) Capital market debt: long term bonds, can be safe or risky (Treasury bonds, municipal bonds, corporate bonds, etc) Bond ratings: in terms of default risk, from very safe to junk Common Stock and Derivatives ? Common Stock is equity or ownership in a corporation. ? ? Derivatives ? ? 1-5 Payments to stockholders are not fixed, but depend on the success of the firm Value derives from pri ces of other securities such as stocks and bonds Used to transfer risk (hedge) 1. 3.Financial Markets and the Economy (page 33-36) ? ? ? ? ? 1-6 Information Role: Capital flows to companies with best prospects Consumption Timing: Use securities to store wealth and transfer consumption to the future Allocation of Risk: Investors can select securities consistent with their tastes for risk Separation of Ownership and Management: minimize the famous agency costs and maximize firm value Corporate Governance and Corporate Ethics How to reduce the agency problems (Page 34-35) ? ? ? ? 1-7 Compensation plans: bonus, stock options, etc.The power of the board of directors Outsiders’ monitor Threat of takeover: proxy contest, mergers, etc. 1. 4. The Investment Process (page 36) ? When constructing a portfolio, investors need to decide: ? ? 1-8 Asset allocation ? Choice among broad asset classes Security selection ? Choice of which securities to hold within asset class ? Security analysis to value securities and determine investment attractiveness 1. 4. The Investment Process (page 37) ? 1-9 Portfolio strategies ? Top-down: starts from asset allocation Bottom-up: starts from individual securities 1. 5. Markets are Competitive (page 37-39) ? Implications from â€Å"no-free-lunch† proposition: ? ? Risk-Return Trade-Off Efficient Markets (security prices have reflected all information) (Chapter 11-12): ? Passive management ? No attempt to find undervalued securities ? No ? attempt to time the market ? Holding a highly diversified portfolio Active Management ? ? 1-10 Finding mispriced securities Timing the market 1. 6. The Players (page 39-42) ? ? ? ? Business Firms– net borrowersHouseholds – net savers Governments – can be both borrowers and savers Financial Intermediaries: Pool and invest funds ? Investment Companies ? Banks ? Insurance companies ? Credit unions 1-11 Universal Bank Activities Investment Banking †¢ Underwrite new stock and bond issues †¢ Sell newly issued securities to public in the primary market †¢ Investors trade previously issued securities among themselves in the secondary markets Commercial Banking †¢ Take deposits and make loans †¢ †¢ 1-12 1. 7. Financial Crisis of 2008 Reading (page 42-51) 1-13

Was Jimmy John Liautaud just lucky or his business style enough to Essay

Was Jimmy John Liautaud just lucky or his business style enough to guarantee success in today's corporate world - Essay Example One of the major contributions to John success was low level of competition. In those days, people had not ventured in business. John therefore, took Cultural Revolution that was taking place at that time to conquer the market. People were moving away from gender segregation that was characterized by division of gender roles to an economy that all genders participated in the development of the economy. People were therefore starting to use fast foods as a result of changing family roles. Therefore, his quick response in taking up the new opportunity that arose made him to prosper in business (Corbus & Guertin, 2007) The success of any business depends on the owner’s ability to take risks and work towards overcoming these risks. This is to be supported by personal interest and commitment towards achieving the set goals. John was dedicated to prosper in his business as he spent much of his time strategizing on the best opportunity to undertake in order to prosper in the future (Corbus & Guertin, 2007, 20). Business attitude is the key to success of the business and this is the one that made John take the loan that was given by his father rather than joining the military John success was mainly spearheaded by his originality. Currently, many entrepreneurs are concerned at photocopying other people ideas and try to modify these ideas to suit their interest. As a result, high competition has increased as entrepreneurs are trying to outdo each other. This was not the case with John. Despite lack of specialization in business related sector, he knew that the only way to enter and segment his own market is coming up with a new product. This helped him to position the product in the market and get financial strength before other competitors entered the market (Corbus & Guertin, 2007, 22). In the current days, business transaction has recorded tremendous changes as a result of increased risks and uncertainties that face the sector. This has

Design Principles and Applications Assignment Example | Topics and Well Written Essays - 1250 words

Design Principles and Applications - Assignment Example A client brief is, therefore, a rough draft or sketch of the project design that the architect uses in making sure that the client’s preference in designing is not compromised or lost completely. Generally, clients’ make their requirements list to be met by the architect without much professional information and they are usually faulty but not always a waste of time. Client-oriented designers and architects always consider having the clients requirements incorporated in the final design. The need for the client brief is to ensure that the project is clearly thought out between the client and the architect, with reflections, information, budgeting, and assessments easily facilitated for the project. Involvement of the client makes sure that discontent is eliminated at the earliest possible instance and clarifications sought well enough to facilitate the development of a good design. In this case, Moulton College will be required to submit a client brief which does not necessarily have to be very complicated. Enough information and detail should be availed of the design requirements for the farm manager’s house. To ensure that the designers’ ideas based on professional principles are in congruence with the clients’ needs and specifications, the clients’ are assisted by the designers in understanding some design concepts. While it is not possible to have all clients’ needs incorporated due to some technicalities, some requirements may be useful in the design when the designer understands them. â€Å"Firming up the brief† involves the understanding of the clients’ specifications in the design work. Communication and effectiveness of the client brief are faced by some challenges which both the client and architect should be prepared for in case they arose. Designers and architects have a higher propensity to ignore and assume the input of a client in the design.  

U07d1 Essay Example | Topics and Well Written Essays - 500 words

U07d1 - Essay Example This paper highlights that when a person is in condition as bad as this, they tend to be more trusting and willing to take up any help that they are provided. Also with the old age, people tend to trust what others say and take the time out to listen to others. Imagine if the same thing were to happen to a younger person, firstly, they would not let the strangers inside the house secondly, the doubt would always be present and a youngster would prefer to call in to home repair stores than to trust two men who just walk in. From this study it is clear that the level of trusting and the patience to listen to strangers; increases in several people as they grow old. In the case of Mrs. White, she has been alone for nine years knowing that she needs to get something done about the home repairs however has not had the courage to call some to assist here. In this state, she might feel the helplessness and would prefer to go with anything that is easily available. Hence she was easily persuaded into paying them $12,000 and trusting to strangers without any form of verification. Organisations like the American Association of Retired Persons (AARP), assist individuals with many things which include, health, money, leisure, family and even social lifestyle and issues like the one faced by Mrs. White. The organisation provides the people with support and care. AARP assists the elderly with several different aspects of life to avoid them feeling low and being dependent on others. Financially, the organisation provi des the elderly with advice and also how to safeguard their money. In the case of Mrs. White, if she had opted to take the assistance of the organisation, she would not have lost the $12,000 and would not go through the trauma of having her house ripped out the way it had been.  

Consumer Segmentation Process Case Study Example | Topics and Well Written Essays - 1250 words

Consumer Segmentation Process - Case Study Example It has changed the nature of health care. The marketing technique used by this brand can be called as customized branding. It is a process to accommodate the brand according to the needs of to specific individuals for particular purposes. The market Segmentation plays important role during this process. For instance in the case of NHF 'Tick' products it helps to understand and identify a particular group of customers for defining the needs of customers and also for evolving guidelines to find the required product. The segmentation process also used instrumentally for developing and communicating the customized brand proposal. Market segmentation is the method of separating the market segments into specific categories. Different groups of consumers need different types of products. They should be accessed by using specific strategies. By using target marketing method developing sales and evolving marketing strategies. Product positioning is used by companies to offer specific products to specific group of people. Purpose of market segmentation can be achieved with the help of various methodologies. The main segmentation variables for consumer markets depend upon geography, demography, psychology and behavior of consumers. These variables are used in conjunction with market requirements. Marketing experts think that they are in a better position to know market segments where requirements of consumers are not fully met. Managers should use different segmentation variables in association to target markets precisely. Geographic Variable The geographical association of consumers plays an important role in market segmentation process. Research reports show that preferences of vary from village dwellers to city inhabitants. There is quite noticeable difference in the purchasing power of these categories of the consumers. Moreover these preference vary from developing regions to developed regions. As far as Australia is concerned the consumer preferences are quite different in city centers as compared to rural consumers. It would be interesting to know that major city dwellers are more prone to heart diseases because of their busy lives and also because of fast food culture. Whereas in rural areas, people are involved in physical activities on greater scale. So there is less chance of heart diseases. Consequently they would pay less attention to NHF recommended products. So it can be concluded that companies would have to target specific regions. (Michman, 1991, p. 27) Demographic Variable Analyses of polls and survey results show that age play an important role in market segmentation process with special reference to NHF recommended products. Heart diseases and other similar symptoms are likely to develop in people of high age group. So it would be appropriate to target the groups of older age people who may feel interest in 'Tick' products. The age factor is also associated with geographic variables as well. Companies can target those thickly populated areas where aged people are dwelling higher proportion who are more prone to heart and high cholesterol related diseases. Consumers can be further

Case Study on Social Work Theory Essay Example | Topics and Well Written Essays - 2000 words

Case Study on Social Work Theory - Essay Example Trevithick indicates that according to a study carried out by Birdwhistell â€Å"in a typical encounter involving two people, the actual spoken or verbal content is likely to carry only one third of the social meaning in any given encounter, whereas the non-verbal forms convey roughly two thirds of the meaning† (Trevithick, 1995). The methods used by social workers cover a large array of feelings, events, experiences and past traumas. It is essential for these methods to be compatible with social work values. There are some methods which are more suitable than others depending on the case. Planning the intervention is based on assessment of the current situation and precise evaluation of the best options for intervention. Social adjustment and enhancement of better social relationships is a result of the qualities and knowledge applied by the social workers and the willingness of the person to experience change. The task centred approach and the cognitive behavioural therapy are two methods that are extremely helpful in social work. They aid identifying the problems and finding a way to improve the situation of the person at present. In the case of John, who has spent most of his life in prison and has a history of alcohol misuse, it is essential to find the best methods to bring him back to society. It is important for the working methods to provide good understanding of the case and pave the way for a successful intervention afterwards. The task centred approach identifies the partnership with the service user which should be a central aspect of the practice. Partnership is characterized by respect for the service user’s point of view, better communication and recognition of the abilities of the service user to act (Doel and Marsh, 1992). Partnership is highly needed in John’s case since he has been isolated from society for a long time and needs to regain his confidence and feel secure. The essence of the task centred approach is

Critically assess whether the UK Supreme Court's approach to the use Essay

Critically assess whether the UK Supreme Court's approach to the use of Practice Statement 1966 should be more racial than that - Essay Example Thus, the House of Lords can depart from the previous decisions as well as the precedents that have been set previously, if it wishes to in circumstances where the precedents are either out of date or erroneous. This set a turning point in the judicial history of the United Kingdom. As the process of law development is one which is evolving continuously, scholars have discussed how the practice statement of 1966 can be used more radically. This study critically assesses whether the UK Supreme Court's approach to the use of the Practice Statement 1966 should be more radical than that of the House of Lords, in order to achieve reform of the law. Prior to understanding the various scenarios where the Practice Statement has been used, it is necessary to also understand certain terms that are used commonly with regard to it. The first one is rules of precedent. Precedent is the concept that any rule that has been established in an earlier case should be adhered to in cases that are simila r, so that similar cases should be given similar outcomes (Garner, 2009). It also means that inferior courts should stand by the decisions that have been made in a superior court. The other important terms include ratio decidendi and obiter dictum. Ratio decident translates to reason for the decision and obiter dictum translates to statements made by the way or in passing. These are two parts of a ruling made by the judge (Garner, 2009). Ratio Decidendi explains laws based on which any particular judgment has been made. During the process of judgment delivery, the judge is bound to explain the law and reason based on which he or she arrived at the particular ruling. These are included in the 'law report' and hence, it forms the 'basis of precedent'. Obiter dicta, which are the statements that have been passed by the way and hence they are not binding (Garner, 2009). For example, the discussion or speculations that are made by a judge on how his or her decision would change if the si tuations had been different fall under obiter dictum. While Obiter dictum is not binding, it is often used as a reference or persuasive agent in future cases. Before the Practice Statement was introduced in 1966, there were several instances where the House could not bring about a change from the precedent set because of the rigid stare decisis 'let the previous decision stay'. One such example is that of London Tramway Co Vs. London County Council (1898) (Erp, 2011). Regarding this matter, Lord Halsbury stated that once a decision has been made, it binds the House of Lords and all the other inferior courts. Halsbury said that, "I am therefore of opinion that in this case it is not competent for us to rehear and for counsel to reargue a question which has been recently decided." (Erp, 2011, 12) An important aspect to remember with regard to the Practice Statement of 1966 is that the decisions that have been made by the highest body (earlier the House of Lords and now the Supreme cou rt) are binding to all the other courts that come below it. In addition, the decision that have been made by the Supreme court also are binding on itself - however, the Practice statement has enabled it to depart from the previous decisions depending on the particular situations (McLeod, 2011) Practice Statement of 1966 has been used many times, but there are two main cases through which the use of Practice Statement of 1966 can be illustrated. The first major case is that of Herrington Vs. British Railways Board in 1972. In this case, the house

Introduction to management Essay Example | Topics and Well Written Essays - 1000 words

Introduction to management - Essay Example Basically, the company is owned by the employees since every partner’s main responsibility is to help and succeed in every endeavour that is set within its course. With the complex structure of the corporation, it is important to study and to analyze the corporate social responsibility which is often neglected but can be considered one of the most important aspects of a company (John Lewis Partnership, 2011b, About Us). In terms of CSR, the company believed in the importance of achieving goals while being a good corporate citizen. Their goal in terms of CSR is sustainability through civic responsibility as a method of establishing long term relationship with customers and suppliers. Specifically, JLP is employing environmentally sound policies, local community participation, and responsible sourcing and trading (JLP, 2011b, Our Responsibilities). One of the boldest moves undertaken by the company towards its CSR objectives is the implementation of CSR governance which is defin ed as the Partnership-wide action. In this project, Workplace Steering Group was established to concentrate solely on the planning, implementation and assessment of the CSR programs of the company. Also, the most important duty of the group is to mobilize the different departments and committees within the company to implement and to inculcate CSR perspective in every business practices. Thus, there are four major departments within JLP structure namely: the Employment Working Groups or the workplace composed of the people; the Divisional Steering and/or Working Groups or the marketplace steering group composed of customers, products and suppliers; the Divisional Community Investment Committees which are composed of the different communities; and the Environmental Steering Group which is composed of the company’s environment (JLP, 2011a, p.4). Tesco Plc and Its Views Telco Plc is a company focused in the retail service. It has a chain of groceries and general merchandise outl ets. The company is focused on the goal of creating value for the customer to achieve lifetime loyalty from them. Thus, the different aspects of the company is focused on the improvement of the retail business specifically the increase in number of branches, the expansion to international sites and the inclusion of different marketing interface such as online selling (Tesco Plc., 2011, About Us). In terms of CSR, Tesco Plc have clear objectives and path to achieve them. Included in the CSR aspect of the company are: the focus on the environment, the communities, the responsible buying and selling of products, the provision of healthy choices to the clients, and the people comprising the whole company structure (Tesco Plc., 2011). Comparison between John Lewis Partnership and Tesco Plc. Based on the study on the CSR policies of the two companies, there are similar and varying policies and views. Both companies have clear focus on the importance of CSR in the business operation. But t here are significant differences in the process of implementation of the policies. One of the main different between the two companies is the structure for CSR implementation. In JLP, an independent department

From Realism through the Postmodern Era (5DB) Essay

From Realism through the Postmodern Era (5DB) - Essay Example Her works are like little narrative that have gone through the many cultural and racial changes. Her paintings seem to be unfinished, however, Laylah's paintings are able to say a lot about any historical period: from Nazi German to the Salem witch trials. All of her paintings have small cartoon-like figures who are hard to be identified in sex, nationality or race, but these figures are like the mirror of the present (Art in the twenty-first century). This painting, as the majority of Laylah's works, does not have a title. It was completed in the year 1998 and is the part of the Greenheads and Attack of the Bluehead series (Bonami 2006). There are four individuals on the paintings, with improper body structure. It seems that the figures in green suits have committed some form of crime and will be punished for it, but at the closer looks it appears that the painting is about the identity and power struggles in the modern society. The individuals with the raised hands have the green and orange dress, while the person who is representing the authority wears the while dress. It is interesting that despite of the idea that the painting is the reflection of the modern societal power division, the person in the while dress reminds the Egyptian aristocracy from the times of Pharaohs. Even his hat is of the same form as Egyptian's.

The Basics of Interpersonal Relationships Essay Example for Free

The Basics of Interpersonal Relationships Essay After considering your request for advice on interpersonal communications I have come to the decision that the information I have learned in my communications class could be beneficial for a young, recently engaged couple. Addressing the most important points could be useful, especially now that you both have decided to take your relationship to the next level. I have learned in this class that having good communication skills benefits everyone and that it is particularly important in building a stronger and more successful marriage. Although we communicate without giving it much thought, not everyone has the proper skills to communicate well so I have selected five areas of interpersonal communication which I will pass on to you in this letter. The skills I consider to be most crucial in achieving a long and happy marriage are, principles and misconceptions, self-concept, gender and cultural differences, nonverbal communication and last but most importantly, listening. There are many communication skills necessary to ensure a successful relationship, and when it comes to effective interpersonal communications there are many aspects of communicating that we need to remember. Communication and the way we communicate is said to be what separates us from our animal cousins. It is defined as â€Å"a process by which we share ideas of information with other people† (cited in Sole, p.5). Whether it is verbal or nonverbal, communication is the most important aspect of building a lasting relationship. Principles and Misconceptions To begin with I would like to explain a little about the principles and misconceptions in terms of interpersonal communications. It is necessary to mention that â€Å"Communication is not simply the exchange of words and information; it is the means through which we share knowledge, thoughts, ideas, and feelings with other people†¦the way people connect with other people†¦and it is these interactions that create the meaning and richness of life† (Cited in Sole, preface). Linguists who have studied the basis of the human language believe that the human language uses symbols such as words, pictures or objects to represent something else. It has been agreed upon that certain communications symbols stand for certain sounds or written combination of letters to equate to a particular object (Sole, 2011). Because the meaning of a word can conger up different images for everyone it is crucial, that when communicating with others, that there is a shared understanding of the meaning of the words to eliminate any misconceptions for either the person speaking or the person listening. Improving your interpersonal verbal communication skills enables one to be better understood and results in fewer miscommunications. Let me stress at this time that it is imperative that you take the time to get feedback when having a conversation in  order to make sure that the other person understands exactly what you are saying. Although it has been thought that good communication skills between loved ones are strong, recent studies show that couples are often times no better at communicating with one another than they are with strangers. I recently read an article that was published in U.S. News World Report in January of 2011 on communication, as it pertains to close relationships. The outcome of a study done by professors Kenneth Savitsky and Nicholas Epley offers valid examples of common miscommunications with couples. . As the study co-author Epley points out â€Å"Our problem in communicating with friends and spouses is that we have an illusion of insight (Epley, 2011). Many of us tend to assume that those we care about will be able to interpret the information we are offering without needing clarification. Well, this does not always happen. Effectively translating and conveying information while being sensitive to other people’s feelings is a skill. Even though communicating is often times complex, with continuous practice we can avoid the misunderstandings that can lead to problems in our personal lives. Having affective interpersonal communication skills can be the beginning; the initial step for bot h of you toward a mutual understanding which can lead to a successful relationship (Sole, 2011). Another important aspect of interpersonal communication that I would like to share with you is that of self-concept, which can be described as a complicated process that involves our gaining self-awareness, or in simpler terms, self-concept has to do with how we see ourselves as well as how others see us. It develops as a child and with the proper guidance can develop into a healthy image of one’s self. On the other hand negativity can also affect how we see ourselves (Sole, 2011). A child who grows up with positive reinforcement is more likely to be a confident individual who possesses the ability to converse in a more effective manner. It is here that I would like to disclose to you some personal information that will show how vital self-concept is. I was the product of a broken home. Now, you may argue that this is not unusual, but you should keep in mind that I grew up in the sixties; divorce was not as common as it is today. I was raised by a verbally abusive mother and suffered for a number of years as a young adult from low self-esteem, and as I have learned from taking this class, low self-esteem leads to insecurity and a lack of confidence. I worked for years to reverse the damage that was done. I was well into my thirties before I had gained the confidence necessary to build a good relationship. Since the psychological concepts of self relates to interpersonal communications in many ways, this is a critical factor in communications, not only how it affects the way we interact with others, but how they interact with us. In the textbook, Making connections: Understanding interpersonal communication written by Kathy Sole (2011), she notes that, not only is self-concept learned, it is changeable. It is developed through interaction with other. In other words, self-concept, self-image, and self-esteem not only define who we are, but govern relationship quality. Having a positive self-concept leads to positive self-image, this in turn ensures a more positive feeling of self-esteem (Sole, 2011). Gender and Cultural Differences From here we can start to access other problem areas that couples are confronted with such as gender and cultural differences. Gender and cultural differences is an area that many couples have difficulty with at one time or another. I am sure that you have noticed the diversity that exists when comparing the way men and women carry on a conversation. Even though we all want to connect to others there are distinct contrasts; not only is the language different between men and women but facial expression and body language are different as well. Words are interpreted differently. This can be said for cultural differences too. Generally speaking though, both men and women can be nurturing, sentimental and even aggressive. The afore mentioned emotions, as well as how we perceive each other and nonverbal communication, all go hand-in hand when striving to achieve effective interpersonal communications. Nonverbal communication It is surprising how much can be communicated without uttering a single word, or what is called nonverbal communication. Nonverbal communication can relay a message through a frown, a cold stare, or even shrugging your shoulders. Nonverbal  communications (the process of communicating by sending wordless messages) can time and again lead to being misunderstood. Nonverbal communications encompasses not only body language, but facial expressions, and can even convey communications simply by how we choose to dress. Since very few gestures are universal, there is often times moments of awkwardness (Miczo, Segrin, Allspach , 2001). What we consider perfectly acceptable may offend a person from other cultures and some messages we send via nonverbal communication are done so unconsciously. When we use nonverbal communications we are substituting those gestures instead of using words and sometimes nonverbal messages are misunderstood (Sole, 2011). This type of communication is often times misinterpreted. For example, there was an instance when I was much younger that I found myself at a social gathering with not only friends, but people I had not yet met. It was at this function that one of the men in the group was telling us of an incident that he had recently experienced. Because I smiled and laughed in, what he considered to be, all of the appropriate places he took this to mean that I was interested in him. It was embarrassing for me because that was not the case; I was simply being a polite listener. So you can see from my experience, our nonverbal communication is as important as the words we choose in communicating with another individual or group of individuals. Remember that having an emotional discussion with someone and using the wrong hand gestures and/or facial expressions might cause a person to misinterpret or misunderstand what you are actually trying to convey to them. Listening Last but not least, and often times one of the most overlooked issue when discussing interpersonal communication, and what I feel to be the most important part of successful communication for couples, is listening. I am sure you have found yourself at times not giving your full attention when someone is speaking to you. A lack of motivation is often times the culprit. We all have a tendency to start thinking about other things if the speaker is not holding our attention, I am including myself, but to be a good listener ensures, that given all of the information, you will be able to offer a valid response. In order to relate to others it is important to listen to what they have to say. Even though we have been taught from childhood various skills such as reading and writing, one skill that is often overlooked is listening. Most of us feel that we are good listeners, but most of us are guilty of only hearing not listening. Listening is essential to the success of a compatible and long lasting relationship, but let me add that bad habits in regards to listening can be changed. Communication is the very means by which we share not only our ideas, but our thoughts and feelings with others In summing up the information that I have provided you with, it is my hope that the facts laid out in this letter will help you avoid the pitfalls of conversation that plague many couples. Remember Sam and Katie, that it is not how often you converse, but more the quality of your conversations with each other and that to be a good listener it is imperative that you make every attempt to give the conversation your full attention. It is  my hope that providing you both with information to build a lasting relationship through good communications will ensure a long and happy life together. Congratulations again to both of you. Keep in mind that there are other important aspects when it comes to communicating effectively, but I have shared with both of you essential information regarding what I consider to be five of the most significant areas that often effect good communication in a relationship. â€Å"Take advantage of every opportunity to practice your communication skills so that when important occasions arise, you will have the gift, the style, the sharpness, the clarity, and the emotions of affect other people.† -Jim Rohn, Author and motivational speaker (1930-2009),. Your friend, Billie References: Close relationships sometimes mask poor communication. (2011, January 24). U.S. News World,1. doi: 2270370592 Miczo, N., Segrin, C., Allspach, L. E. (2001). Relationship between nonverbal sensitivity, encoding, and relational satisfaction. Communication Reports, 14(1), 39-48. Retrieved July 28, 2012, from Research Library. Document ID: 72022836. Preston, P. (2005). Nonverbal communication: Do you really say what you mean? Journal of Healthcare Management, 50(2), 83-6. Retrieved from ABI/INFORM Global. Document ID: 814698921 Schoenberg, N. (2011, January 17). Can we talk? Researcher talks about the role of communication in happy marriages. McClatchy-Tribune News Service. Retrieved from ProQuest Newsstand. Document ID: 2240370261 Sole, K., (2011). Making connections: Understanding interpersonal communication. San Diego, CA: Bridgepoint Education, Inc. (https://content.ashford.edu) Sprecher, S., Hendrick, S. S. (2004, December). Self-disclosure in intimate relationships: Associations with individual and relationship characteristics over time. Journal of Social and Clinical Psychology, 23(6), 857-877. doi:224670343

Developing Strategic Management and Leadership

Developing Strategic Management and Leadership Management is the group of people who make decisions on how the business can be run and profitable in all dimensions of the organizations or company according to Gold (2010). In fact, these individuals who are involved in the decision making of the organization and are called the management are responsible and accountable before the strategic leadership in the organization. The second definition that can be given about the management is the initiative and maintenance of an investment portfolio in the business organization in all the ways to success achievements according to Harrison (2002). This is the management in which the organization deals with dealing of matters in different sectors for improving the productivity and profitability in every area of the business of the organization. LEADERSHIP: Johnson (1992) opines leadership is quality or art of influencing others or motivating a group of people to the task in order to achieve the goals in the business organizations. Leader is the one who holds the qualities of the leadership and is also the person who inspires others and directs them to do something extraordinary for common goals. People not only follow the leader but they also do that willingly and happily. True leader takes his/her people with and step forward with the great morale and team spirit. LINK BETWEEN LEADERSHIP AND MANAGEMENT: Bill Gates is the leader and pioneer of Microsoft Inc, but he is not a manager. This statement shows the position of the leader and the manager. The manager must have the leadership skills but on the contrary for the leader it is not compulsory to have the managerial skills as these skills are important for the leader but the vision is the goal of the leader but the manager works for targets and tasks for the specific time period and for the certain period of time. Leadership and management both are important in the organizations or even in the industries. Leaders are welded to the performance and it is also the duty of the leaders to increase the productivity in different sectors of the organization. Management with good leadership qualities and the leadership with managerial competencies is the demand of the organizations around the globe. Task 1.2 Analyse the impact of management and leadership styles on strategic decisions. IMPACTS OF MANAGEMENT AND LEADERSHIP STYLES ON DECISIONS: Dynamic leadership always does its best to influence the environment and the environment is the situation in which the decisions are to be taken as the needs arise in the organizations. There are different styles of management and leadership in the business world. PARTICIPATIVE MANAGEMENT AND LEADERSHIP STYLE: Kouzes (2008) states that the participative leadership and management style are open and flexible manner of management where employees have the prominent decision making role in the organization and the participation of the employees is considered as the asset of the organization. So this is very important factor in decision making of the organizational setup. This style is very much appreciated in progressing and growing organizations. Employees feel responsible and honoured by the leadership which boosts the morale of them in order to complete the tasks of the organization. This leadership style helps in the organization in decision making and when this style is applied, the team work and dignity of the employees come forth and they become more and more productive. PERSUASIVE LEADERSHIIP AND MANAGEMENT STYLE: Megginson (2003) opines the Persuasive leadership style is all about the quality of the leader in which the leader convinces people around him/her in all the effective ways to achieve the goals of the organization. This style is not possible if the leader fails to convince other people. Persuasion is the essential proficiency for all the leaders as they take people to the level where they can perform their best and be more and more productive in the organization. The ideas and approaches of the leader must appeal the people around the leader for the common goals and objectives in the organization. This style can develop the unity in the organization and the employees and if the decision is take by the agreement of the employees then it increases the accountability in the employees in the organizations. Evaluate how leadership styles can be adapted to different situations. IMPLEMENTATIONS OF THE LEADERSHIP STYLES IN DIFFERNT SITUATIONS: Both of the styles stated above are the need of any progressing and developing organization around the globe. Which one is suitable for the organization, depends on the situation from which the organization is passing through. Most of the bureaucratic organizations being the strict in the rules and regulations make the employees feeling bored and the work becomes just and obligation and burden for them to hold. People lose their creativeness and become like the robot and just commitment becomes a burden for them. These situations give birth to the less productiveness and profit as well. If in this situation the leadership decides to give the chance of participation and cooperation and promote team spirit then the employees come to know that they are not just the machines but the human beings and everyone is unique and precious in the way he or she is. Everyone in the world has some hidden qualities and the only thing is to give that particular one chance to show what that person has what should be considered while taking the decisions of the different department of the organization. As this is simple and effective so the organizations must follow these styles. Now the persuasive is the manner in which the employees might come to know that they are special because the leadership will persuade the employees or staff with the highly professional and reasonable way. So the persuasive and participative both the styles go together in the organizations have the situation in which people feel being bored. 2.1 Review the impact that selected theories of management and leadership have on organisational strategy in your chosen organisation. MANAGEMENT AND LEADERSHIP THEORIES: Leadership skills are the essentials for the leadership in any business organization. If the organizations promote the leadership development methods then the success is obvious and there is no way that the situations may come in the pace of success. There are different leadership theories by which the effectiveness and need of the leadership become more and more essential. The few of the theories are given below to clear the picture of leadership in organizations. SITUATIONAL THEORY: This theory states that leaders everywhere behave in the certain way of their leadership which depends upon the situation of the time and the scenario of the company. Moon (2000) opines there can be different situations in which there might be possible leadership behaviour but these behaviours also depend on the situation of that specific time period. In the organizations, this theory is very popular and effective because it goes with the flow and need of that particular time and the best decision is the decision that is done according to the time and demand of the organizations. CONTINGENCY THEORY: This theory has very close resemblance with the first theory (Situational Theory) and this theory is all about the alternatives and options in order to deal with the problems that come in the way of the success in any dimension of the organization. Mumford and Gold (2004) state leadership must have answer to every question arises in the growth and this is only feasible and possible when the contingency theory is applied in the organizations. Tesco Plc has high rate of such a dynamic leadership which always have alternatives and options as well as the answers to the questions that come in the situation of the danger or need of the organization. PARTICIPATIVE THEORY: Treasy (1998) opines the participative leadership and management style are the open and approachable manner of supervision of the organization and the monitoring with the passion and comforts is really seen in this leadership theory. Everyone in the organization feels pride and honoured to be involved and get their precious opinions be answered in the company really appreciates them. So this theory is very important when the employees feel burden while working in the organization. Tesco plc is promoting this theory in every departments and gives right to all of its employees to take part in new strategies and planning as everyone has got the right to comment and give suggestions and drop their precious opinions in writing form and the suggestion boxes everywhere in the stores. TASK 2.2: CREATE A LEADERSHIP STRATEGY THAT SUPPORTS ORGANIZAITONAL DIRECTION: INNOVATIONS IN THE ORGANIZATION: There are different strategies that give the direction to the organizations. One of them is the INNOVATION that is very effective and the most important factor of the organization. Every organization has to develop the creativeness that develops the innovation. This strategy is the unique and potential strength of the organization. Gold (2010) opines the process in which an idea of any individual is translated into a good or service for what people would love to pay and give attention. Companies or organizations have special people who are supposed to do create and bring new ideas in the form of innovation and these creative and innovative leaders are the real assets of any developing organizations. HUMAN RESOURCE IN ORGANIZATIONS: Human resource is one of the most effective departments in the organizations that direct the organization in the way of growth and development. There are different human resource activities that are performed by this department in the organizations. Human Resource Management deals with different issues in the companies, some of them are the most important because of their need and necessity in the organizations. Human resource is the vast department that organizes the major issues in the organizations. The first activity of the human resource is the Recruitment and Selection in the companies. Harrison (2002) opines that the in the recruitment the duty of the HRM is in various sectors. Firstly, it publishes or advertises the need of the organization or the companies as the vacancy comes in them. This is also the duty of the HRM to contact with the recruitment agencies for the better selection of the candidates in the companies. After the ads the term comes when the candidates come to the recruitment section and the interviews take place, if somebody passes the interview then it is the chance for that candidate to go further and get the training to join the organization for the post he has applied or for the post the admin believes that the person can perform well according to the capability of the candidate. This is the very important aspect of the companies. If the right people are not coming in the companies then it will be impossible to have more and more innovative ideas in the companies. From the very first stage to the ending stage the HR plays the significant role in bringing the right people in the companies. The second activity the HRM is the Performance Management which is simply the encouragement of the employees. Johnson (1992) states the performance management is the criteria to check the performance of the employees and then to bring the unity and uplift the morale, there should be the regular behaviour of the appraisals and the rewards by the companies. The companies do their best to have such an opportunity to arrange the reward system in the organizations. This is very important that the companies can only help the employees if they are the showing their excellent performance in their duties and their responsibilities. Performance of the employees decides who the next for the reward and the encouragement is. Performance management is the main factor in the organizations in the term of reward system of the employees. In the Tesco Plc, both of these strategies are implemented in order to direct the organization on the way of success and development in all the stores and branches around the globe. TASK 3.1: USE APPROPRIATE METHODS TO REVIEW CURRENT LEADERSHIP REQUIREMENTS: GLOBALIZATION: Moon (2000) states Globalization is the system of the interaction among different countries of the world and the purpose of this interaction is to develop the global economy. This unique economy building system refers to the integration of economists and societies around the globe. This also covers the technological, economic, cultural and political exchanges in the organizations and the communications, infrastructure and transportation is also the fruit of this globalization. There are two types of integration. The first one is called Positive and the second is the Negative integration. The positive integration is used to aim at standardizing international economic laws and policies. In this the countries have their own policies on their tariffs. In the negative integration, Mullins (2010) states negative integration is the breaking down of trade barriers of protective barriers or protective barriers such as tariffs and quotes. EFFECTS OF GLOBALIZATION: Different economists gave their different opinions about the effects of the globalization. There are different changes that can be identified through the globalization. The first effect is the improvement of the international trade. There are more and more countries in demand of the products. Second effect is the technological progress which is because of the demands from the customers throughout the world. Third one states the increasing influence of multinational companies, the companies that have their own subsidiaries in various countries is called the multinational. This is the third effect of the globalization in the business world. Then the fourth one is power of the WTO, IMF and WB. Globalization has these prominent effects everywhere in the world. INTEGRITY LEADERSHIP: Treasy (1998) states the integrity leadership is the best tool of getting the trust of the employees and involve them from their heart and prove themselves as the role model for all the employees around them. This is very important in the organizations to have integrity among the staff so that the environment remain calm and beautiful full if dignity and commitment. Both of these methods of the requirements of the leadership in the organizational positions and every progressing organization needs to prove that they are rich in terms of their globalization and integrity in all dimensions. TASK 4.1: PLAN THE DEVELOPMENT OF LEADERSHIP SKILLS FOR A SPECIFIC REQUIREMENT: ON THE JOB TRAINING: The firs development method is ON-THE-JOB TRAINING which is one of the effective development methods in the companies. Mumford and Gold (2004) state that the process of the on the job training is to arrange and the purpose is to enhance the abilities of the employees in the corporate settings of the organizations. The environment in the organization is suitable for the employees and as well as for the leaders to teach and for the employees to learn and understand the guidelines given by the authorities. There are the reasons that make the on the job training important. In this the leaders demonstrate the presentations which encourage the trainees to get the idea and after that there is the element of the coaching in which the relationship becomes strong and the trainees learn in a beautiful way. In the trainings, the employees can even get the understanding to get the appropriate knowledge about the other departments in the companies. ORGANIZATIONAL LEADERSHIP: The second development method is the Organizational Learning which is learning method in the organization which is highly appreciated and required. Mullins (2010) states that the organizations that influence the employees on the regular bases with the knowledge and information. Organizations that promote the practice of the learning are the learning organizations and these learning organizations are run by the HRM because the humans are the main assets in the HRM. So the department does its best to empower the employees with the skills and knowledge. TASK 4.2: REPORT ON THE USEFULNESS OF METHODS USED TO PLAN THE DEVELOPMENT OF LEADERSHIP SKILLS: DEVELOPING LEADERSHIP VERSUS RECRUITING: Planning and Development methods are explained in the above paragraph. Mullins (2004) opines that the advertisements help the readers to know the vacancy in the companies and the leadership in the organizations also receives the right selection of the employees. This is the first planning method in the recruiting and the effectiveness can be measured with the results or the achievements done by the companies after the exact staffing in any organization. The next is the online recruiting process in the companies. Megginson (2003) states there are the recruitments which are undertaken with the help of the online recruiting processes. These kinds of recruitments are called the external type of the recruitments. But the other type of the recruitment is the internal and the internal recruitment is the exchanging and the promotions and then the filling of the vacant places in the companies. The effectiveness of the recruitment and selection is monitored and done by the HRM and the results can be seen in the form of the dynamic leaders that are brought every year in the companies by the leadership planning methods. In the development of the leadership there are two methods. The first one is the on the job training and this method is very impressive and authentic in the companies. If the trainings are given on the job then the employees can learn better and be the best part of the organization. The second one is the organizational learning. There must be the organizations which encourage the idea to make the flexible environment for the employees to get the valuable information and then become the dynamic leaders of the companies. Both of these methods are very important and effective in every situation of the organizational learning processes. TEXT BOOKS REFERENCES: Gold, G. (2010). Leadership and management Development. London. Chartered Institute of Personnel and Development. Harrison, R. (2002). Learning and Development, London. Chartered Institute of Personnel and Development. Johnson, K, B. (1992). Business Bureaucracy, How to Conquer your Organizations worst enemy, London. The McGraw Hill Companies. Kouzes, J. (2008). The Leadership Challenge. 4th Edition. London. Jossey-Bass. Megginson, D. (2003). Continuing Professional Development, London. Chartered Institute of Personnel and Development. Moon, J. (2000). Reflection in Learning and Professional Development, Theory and Practice, Manchester. Routledge Falmer. Mullins, L. (2010). Management and Organizational Behavior. 9th Edition. London. Prentice hall. Mumford, A. and Gold, J. (2004). Management Development. London. Chartered Institute of Personnel and Development. Treasy, D. (1998). Successful Time Management in a week. Hodder. Stoughton.

Competing Against Low Cost Steel Imports

Competing Against Low Cost Steel Imports Nucor is the second largest steel producer in North America on total production capacity in the end of 2006, with 18 plants. With the year 2006 Nucor was the most profitable steel producer by having the capacity to produce 25 million tons of steel with revenues of $14.8 billion and net profits of $ 1.8 billion. In the late 1960s Nucor established the steel mini-mill industry and since that time, mini-mills have become broadly exist in the large incorporated steel companies out of most niche markets. Nucor in the late 1980s made a brave entry into the flat-rolled steel market, afield of big steel. Nucor follow low-cost leadership strategy, product development by using innovation and technologies, quality systems, strong relationship between employees and productivity, corporate culture and using focus diffrenation, in order to reduce and achieve low costs per ton produced. The market share of Nucor increased by 17% in both years 2005 and 2006. According to the four generic competitive strategies Nucor follow low-coast provider strategy as their strategic direction. They are determined to attain lower overall costs then rivals and tempting to a wide range of consumers. Nucor followed growth strategies which are new acquisitions, new plants construction, continued plant upgrades and cost reduction efforts, and joint ventures. Nucor internally has established a raw materials strategy to control directly and indirectly through global growth with joint ventures, the production of 6 to 7million tons of iron of high quality metals for consumption of its steel mills. Such acquisition is imperative to meet buyer demand for manufactured steel goods. Nucor has a wide array of products and each product must go through a different operations cycle. This is an implication to the efficiency of each unit. Nucor externally has the ability to deliver shipments anywhere in USA. This is a profitable competitive advantage that ensures quick and on-time delivery of products. Nucor ad opts successful marketing and sales strategies. In line with its goals of becoming a global player, it continues to build long-term relationships with contract customers who purchase value added products, 92% of the production of Nucors steel mills was sold to outside customers in 2005-2006. It shows how Nucor is maintaining long- term contracts, and maintaining profitable value-added products. Nucor is known for developing and commercializing new efficient product technologies for the steel manufacturing business. The same enables it to reduce its operating costs and compete effectively in the market. Considering Nucor infrastructure, centralization at the company in the early 2000s has supported the current success and supported the various units. Solid training and employee relation building contributes to the continuous growth. As for services and quality, Nucor focuses on fast delivery and increased customer integrated technologies. Quality control is considered important to ma intain the durability and exact specifications of the manufactured product. Considering political factors, variations amongst countries laws provides favorable and unfavorable circumstances for a large company to do business in that country. Nucor deals with tax policy in USA paying federal, state, and local taxes, affecting its bottom line. Nucor has to understand the taxes of other countries planned for contracts implementation. As for economic factors, exchange rate fluctuations and interest rate changes are considered by Nucor as bases for decisions on expansion, and competition. Markets are attractive for steel companys entrance when the currency is week, and interest rates low. No greater advancement has had more impact on the steel industry than the recent technological improvements. While many industries are outsourcing much of their manufacturing, Nucor has been able to undertake the opposite approach and expand in the domestic market. Technology increases efficiency of fac tories, decreases inventory, and enhances product quality. The efficient mini-mill is an example of this. Strategic Issue Given the internal and external factors, that steel situations in the world had been improved by 2005-2006. The prices were higher in the U.S by 50% in 2000 as well as Nucors Sales. However foreign steel companies, dumping in home domestic market and U.S market below market prices that leads to over capacity and more supply than demand. Inside US and Outside US market. The Demand increased by 6% should Nucor continue focusing on the U.S steel market or begin to expand into another foreign markets? Or should they have to deal with budding volume of low priced foreign imports in the US market and how to compete with foreign steel producers? Do they need to expand the capacity of the company steel-making and start building new plants, new acquisitions, and new joint ventures? External Environment External factors include those influences cut side the industry in the macroeconomic that should be considered in shaping the companys strategies in long-term direction are legislative factors, economic, socioeconomic, and technological factors. Political and Legislative Businesses are heavily regulated, from state to federal to international. These regulations challenge the ease of achieving profit margins. A business must deal with the local laws and regulations of another business when attempting to compete in a foreign territory. For Nucor Corporation, the growing international competition requires addressing and dealing with various types of laws, mainly taxation. Nucor deals heavily with the tax policy and regulations in the United States paying federal, state, and local taxes. Each imposes heavy effects on their bottom line. Taxes however do not always negatively impact a business. Many international steel companies were selling their products at below market cost to undercut domestic competition. Taxes imposed protect the domestic industry. The same is important when competition is high. Nucor is a large company that is subject to international trade agreements. It is financially essential for a company to understand the costs associated to all regulations and tariffs on import and export processes, especially that competition ad globalization are required to maintain profits in the future. Economic factors As Nucors strategy has always been to become a market leader, much of its growth comes from international markets, especially developing ones. Thus, it is always exposed to exchange rate fluctuations. Markets become attractive when their currency is weak. This was the situation of the steel industry during the economic downturn in 2001. When markets become attractive due to weak currency, the demand for steel would increase and consequently the supply to meet the increasing demand. To finance the large expenditures, loans are very common. As interest rates decrease, corporate loans increase to create an expansionary economy. The same will create positive effects on corporate spending of major steel buyers, and consequently suppliers. Hence, steel demand and supply would increase. Socioeconomic factor Steel industry operates on a business to business model. The same allows for greater efficiency and protects from the risk impact of negative social factors. These factors include consumer behavior, fashions, geographic location, consumer thoughts, ectA company like Nucor must understand the sub-cultures of each market segment where it exists, and concentrate on the most profitable. Nucor considers expansion through acquisition. This carries along the risk of mixing two distinct cultures. Nucor must be able to preserve and embrace new knowledge employees, skilled labor, and other valuable assets. Moreover, the existing individual cultures can be a source of risk, so assuring adequate safety environment should be a priority. Nucor differentiates itself by high wages, incentive based pay, and a flat organization. Each of these has a positive impact on the existing Nucor organizational structure. The existing challenge and risk would be to create equilibrium between preserving a positive culture, and an increased profit strategy of which lower wages is somehow a must. Nucor Corporation recognizes its role in protecting the environment. It gives attention to the environment of the communities in which it operates and recognizes its importance to the employees. Protecting the environment is critical to its operations and long-term success. To illustrate, Environmental compliance is a priority for Nucor management equal with all other business functions. Technological factors While many competitors within the steel industry are outsourcing many of their manufacturing due to increased technology, Nucor is able to take the opposite approach and expand in domestic market. Technology increases efficiency, decreases inventory, and improves the product quality. Nucor, for example was able through the new technology used to efficiently use the small factory production mini mill to increase its capacity utilization. The mini-mill simplifies the process when compared to the more tradition integrated mill. It cuts many corners in the production cycle and also uses larger percentage of scrap metal. This in return reduced the amount of pollution from making steel significantly by eliminating the several elements of the old blast furnace process. Technology also provides greater enhancement for engineering and sales. The products have detailed computerized models with test statistics, and efficiency attributes. The sales department is able to directly deal with customers through the internet. Transactions are seamless and process quickly. Technology has enhanced the steel industry processes but it has its draw backs that need to be considered. For example, computer failure, database errors, and any simple user error can affect the business. Having specialists and IT managers will have its positive impact on controlling these risks. Industry Analysis There have been two major factors influencing the steel industry- consolidation of global companies, and revolutionary technological changes among competitors affecting prices, production, and consumer satisfaction. National boundaries have melted to encompass an ever increasing world market. Since, the beginning of the 21st century, the industry has been hovering around 75% capacity utilization, a level too low for many companies, thus, forcing them to globally consolidate. Examples of these consolidations are the three European companies who merged to form the worlds largest steel producer and the two Japanese companies who did the same to form the second-largest steel producer. Driving Forces The defining characteristics of the industry are increasing globalization of the industry, and technological changes. As for globalization, it is a driving force as it will have an effect on the overall industry growth. When considered, globalization will pave the way for consolidation between companies allowing them to be strong players in the industry where their success or failure will have an impact on the overall industry growth. Technological changes can have great impact on the industry. When more improved technologies are used, production and prices will be affecting the industry growth. The global steel market grew by 8.2% in 2007 to reach a value of $529.7 billion. In 2012, the global steel market is forecast to have a value of $759.1 billion, an increase of 43.3% from 2007. Key Success Factors The Key success factors (or KSFs) are competitive factors most affecting every industry members ability to prosper. KSFs include; Necessary resources, competencies, and capabilities (organizational style) Competitive capabilities Expertise in a particular technology Scale economies or experience curve benefits Strong network of wholesale distributors, and suppliers Nucor was established in 1966 and continues to grow strongly according to a number of key success factors and strategic organizational strengths. The companys organizational style is remarkable and features a number of factors that contribute to Nucors success. First, the company employs a decentralized business style. In 1966, Iverson assumed the role of president to be decentralized manner has been used and been very successful. A decentralized business style distributes the administrative responsibilities or powers among several authorities rather than a large number (Decentralization). This style has permitted Nucor to empower their managers and employees. By Improving the level of empowerment allows each division manger control over day-to-day decisions and transactions that will increase profitability. Nucors decentralized business style also helps the Co. to be lean. Lean manufacturing incorporates the production of goods using less waste, less human effort, manufacturing, too ls, inventory, and less time. Equivalent to their lean business style, Nucor is continually seeking for improvement. Stable aim to decrease production cost is always a priority and ultimately helps to lower costs of steel to buyers. Moreover, a focus on dealing with employees helps in reducing employee turnover and increase productivity. Safety is an important consideration for Nucor and is consistently monitored and improved. Employee surveys are conducted every 3 years which helps to give an insight on employee attitudes and concerns. Management then compares the surveys across plants and divisions to control potential problems areas and increase employee satisfaction. Finally, Nucor focuses on creating strong relationships with outside parties. This enables it to establish long-term sustainability with these parties. Furthermore, structure and supply cost will often be decreased which allows for lower costs for buyers. Strong relationships established ensure long-term sustainability and lowered prices for Nucor. The booming business structure of Nucor along with the management styles implanted has allowed the Co. to become a leader in the industry. The Company has established a reputable brand and has created brand awareness both domestically and internationally. It currently has a significant market share of the U.S. market and is budding as a global leader in tough industry. Moreover, their increase in size has helped them increase production capacity. Last but not least, Nucor has a strong technological focus and is works at all times to boost manufacturing and production pace. Innovation also is always considered and helps the company remain a leader. Being the largest steel manufacturer, Nucor remains a profitable company in one of the most cyclical industries in the economy. Nucor enjoys this success for several reasons, employee relations, quality, productivity, and aggressive focus on innovation and technical excellence. Nucors strategy low cost providing, they know they are selling a commodity for which the competitive edge in the industry is lowering prices through innovation and productivity. Firms in other Industries Offering Substitute ProductsPorters five forces analysis Suppliers of Raw Materials, Parts, Components, or Other Resource Inputs Rivalry among competing Sellers Competitive pressures created by the jockeying of rival sellers for better market position and competitive advantage Buyers Potential New Entrants They five competitive forces affecting industries attractiveness are: Competitive rivalry: (High Threat) The global competition in the steel industry faces Nucor and the vast array of competitors that fill the industry. Intense competition among competitors in the domestic market of Nucor causes a cyclical effect within the industry. Each competitor strives to win bids of contracts, causing a stiff price war in the market. As price is the main factor for differentiation among competitors and it is the bases of the industry, the company with the lowest fixed costs will survive the longer, and be the most profitable. Nucors use of both base pay and incentive pay ensure output is relative to pay and, therefore, decreases its fixed costs. The business model differentiation is also primary means of competition. Nucor has a decentralized structure with control being at the factory level. This advantage allows for focused decision making, and efficient use of profits. Extremely high exit barriers are a major risk to competitive competition. During times of economic downturn or overproduction, inefficiencies are weeded out. The United States boasts one of the strongest protections for businesses with its bankruptcy laws to ensure they can make it through these tough times. Counter this though, the U.S. also has some of the toughest laws against closing inefficient plants. Extremely high exit barriers are a major risk to competitive competition. Competition from Substitutes: (Low to moderate Threat) This threat is considered low as there are few substitutes for the use of steel. From auto manufacturing, to structural supports, to fasteners, there are relatively few products available with the strength, durability, and cost efficiencies of steel. The largest alternative to steel would be use of another material. Plastics are on the top of the list, but have not found the same durability as steel. Wood may have aesthetic appeal but cannot combat with steels robustness. Alternatives increase market presence at times of economic downturn and times of increase in steel material cost. To hedge this threat many manufacturers maintain inventories of steel reserves. Large companies also trade steel futures to ensure stability of price and guaranteed supply for a future specified time. The goal is to maintain low costs and market share during times of economic fluctuation. Bargaining Power of Buyers: (High Threat) The buyers impose the greatest; they are the bases for price competition by influencing the demand. The ultimate goal of the buyer is to get the best quality product at the lowest price. The ultimate goal of the seller (Nucor) is to get most attainable profit for the least cost. Because the market is filled with numerous suppliers and taking into account the two different goals of suppliers and buyers, the steel industry is commonly a buyers market. Bargaining power of Suppliers: (High to moderate Threat) The supply of raw materials, steel shreds, iron ore, or recycled steel can have a great effect on the cost strategy. Most of the steel used for manufacturing in US is imported. Due to the difficulty in suppliers ability to constantly meet the demands of the companies such as Nucor, joint ventures between suppliers and manufacturers are established. The same ensures low costs for manufacturers. Acquisition of the supplier might also be undertaken by the manufacturer. Also, the power of unions labor and unionized labor, could affect the labor costs for steel produces in placing weak competitive force and on cost disadvantage vis-à  -vis firms with nonunion labor. The Threat of Entry: (Moderately Strong Threat) The main determinate for an entry into an industry is the costs associated. Barriers to entry have increased due to merging and globalization growing of many competitors. Economies of scale and capital requirements are the greatest barriers I the steel industry. Larger quantity orders of raw materials are usually discounted. Higher production volumes directly discount the associated costs. During times of strong growth, such as the 1960s-1980, economies of scale are very good. During stagnation or recession, these approaches often cause diseconomies due to under utilization of capacity. Product differentiation is also a major barrier to entry. Steel is not sold on its overall difference, but more commonly on price. Many manufacturers utilize the same technologies and process. Price wars are seen in minimization of fixed costs as stated earlier. Directly with this, there are few switching costs from one manufacturer to another. Little brand loyalty is recognized in an industry that does not appeal to consumer loyalty or brand image. Entrants must find a way to compete based on lower costs. Access to raw materials is additionally a barrier. Many times raw materials must be bought in large quantities (economies of scale). The cost disadvantages associated with small material purchases can be huge and directly increase overall manufacturing costs; this make competition challenging in a market where margins are already slim. Government policy is not a major threat to entry on the domestic level, but at the international level the barriers are enormous. Well established relationships by large steel manufactures with governments allow for easy creation of contracts in a foreign territory. The creation of these contacts takes time, executive work hours, and vast amounts of money. As most steel manufacturers must be globally competitive to maintain profits, government policy is threatening entry barrier. At first glance it may seem the mature steel industry would not be very attractive. This may be true to a new entry on a small scale, but with the advance of globalization the steel industry is again becoming very attractive. Industry Profile and Attractiveness The Industry position and competitive structure future for a low-cost steel producer such as Nucor is attractive due to the good shape of their financial situation to gain sales and market share however the industry market environment maybe un attractive to some rivals but for some other rivals it may indicate some opportunities. The demand for steel globally has been rising strongly in recent years, and this is likely to continue. The industry has become attractive for new entrants from the international market since these companies are not burdened by union contracts and since governments may provide special incentives in order to help them establish a customer base in steel, which can help in forming an important part of a nations economic infrastructure. Although the U.S is already dumped with outsider steel products, it is still considered to be a reliable and potential market for other global companies. As summary of the Nucor case gives many insights into the company and the industry. In general, the steel industry is a very strong industry to compete in successfully. The question here is the steel industry an attractive one? The answer would yes, if the entering company is already in the industry and well set up and highly regarded. Moreover, its very important that the company is in a position to acquire other companies and/or form joint ventures. Nucor currently has done an amazing job moving itself up from near bankruptcy to an industry leader. Major numbers of challenges have been met and overcome throughout the companys life. However, this does not mean that there will not be more major challenges for Nucor. Nucor is nowadays is facing growing competition from both domestic and international rivalries. Its critical that Nucor continues to grow and increase global market share. Current management must continue to specialize in Nucors core product and capitalize on a proven suc cessful organizational structure. Can Nucor continue to succeed as a global steel company into the future? This is the main concern. Nucor is capable of continuing its entrepreneurial spirit as it grows larger because its marketing and management techniques. Since Nucor has been an innovative and risk-taking company, their profits will continue to expand. Nucor has embodied techniques that have been profitable to the company. An example of these techniques is the fact that Nucor managers would set standards for quality and output for groups of 25 to 30 employees and reward them with weekly bonuses. By emphasizing quality and efficiency in employees and then rewarding them for it, Nucor only increases its own profits. Company Situation Nucor Situation Introduction Nucor deals with key specific issues in the steel industry including the fast growth of steel producers in the world reflecting as an increased capacity in steel production creating prices war, and the competition in an industry where technology usage has been a way for saving costs. Despite their specialization into steel, Nucor Corp. has become a benchmark for both the U.S. steel industry and U.S. industry in general. Nucor is one of the fastest growing and most efficient steel producers in the world. Despite the declining demand for steel, Nucors growth has been phenomenal, from pouring its first batch of steel in the 1960s to support in-house operations; the company has become one of the top five producers of steel in the U.S. Nucor has repeatedly achieved technological feats other steel producers thought impossible. Their hourly pay is among the lowest in the industry, yet they have the highest productivity per worker of any steel producer in the U.S. But can it continue to do so? Financial Analysis According to Nucor Corporation Financial Ratios data for 2005 2006 provided in Table 2 Profitability  [1]  : Profitability ratios are used to assess a businesss ability to generate earnings as compared to its expenses and other relevant costs incurred during a specific period of time. For most of these ratios, having a higher value relative to a competitors ratio or the same ratio from a previous period is indicative that the company is doing well. Gross profit margin FYE  [2]  12/06 increased by 14% reflecting an increase in sales for 2006. Liquidity ratios remained almost the same reflecting the continuous ability of the company to meet its obligations and invest further in the new technologies adoption strategy. Activity  [3]  : Are ratios that measure a firms ability to convert different accounts within their balance sheets into cash or sales Inventory turnover and total asset turnover were positive and closely in-line with past results. Nucor maintains the ability to draw class investors with its relatively strong financial performance, though down a bit from previous years. The increase in activity ratios is affected by the increase in sales FYE 12/06. Leverage  [4]  : Ratios used to calculate the financial leverage of a company to get an idea of the companys methods of financing or to measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity, assets and interest expenses. Leverage ratios decreased by 1% FYE12/06 as compared to year 2005. The same reflects the ability of the company to meet its obligations and the reduction in reliance on leverage to meet its strategic plans. As globalization and acquisition is the focus, the leverage ratios are important. Debt has remained relatively low as compared to assets and equity, 23% and 44%respectively. Liquidity  [5]  : Are ratios used to determine a companys ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. The current strategies may require short-term loans to finance acquisition. With these ratio levels, Nucor is in the position to shop for good interest rates. Total cash reserves for 2007 were roughly $1.4Billion, which will directly aid a globalization and expansionistic approach. As conclusion, at the end of year 2006 Nucor was in very good shape financially and the financial performance is strong for the 2004-2006. The date in table 1 shows how Nucor increased tons sold during the year 2000- 20006 with increasing in sales and market share of their products. SOWT Analysis In this part which is simply but powerful tool for sizing up a companys resource strengths and competitive efficiencies, its market opportunities, and the external threats to Nucor future well-being of Nucor Table 2. Nucors strengths Technology Innovation: Is one of Nucors key strengths due to the amount of resources they can save because of it. Nucor also has established plants with low pollution levels. The ability for Nucor to use this to its advantage allows them to be more competitive with the market by substantially lowering their production cost. It also allows them to be environmentally friendly, which is a huge worldwide social concern these days. Continuous Innovations allows Nucor to hold its technological edge on the competition. Nucor is always moving and always improving its business cycle through the use of continuing innovation. Nucor is an industry leader when it comes to innovation. Strong market position: Nucor Corporation has many different competencies that allow it to hold a strong position in the steel industry. These include its adopted new technologies, successful management structure, strong established market relations, and the long successful existence in the market. The company has marvelous industry position and positive financial results for the past over 40 years. Corporate Philosophy: One of Nucors strategic strengths is its philosophy of empowering its workers and reducing the inefficient layers that plagues corporate. Company structure is decentralized with minimal management layers. Cost control: Nucor focuses on cost control. To be competitive in a market with little product differentiation, price is the main competitive factor. One of Nucors core competencies is that its expertise in keeping costs low. The same is maintained by adopting technological innovation that helps increase production at lower costs. Nucors Weaknesses A weakness is something a firm lacks, does poorly, or a condition placing it at a disadvantage in the marketplace and these are;  [6]   Missing capabilities in key areas leading to dependence on a volatile market location: Nucor faces some significant weaknesses with its location. Nucor has plants, all of which are located within the US. The problem is that Nucor cannot effectively serve international markets as good as competitors having plants worldwide. The shipping of steel to overseas countries is extremely expensive. Nucor is not in a great market position. Customers can go some place closer to buy their steel essentially knocking off a large shipping cost. Nucor also does not give deals on quantities purchased. Nucors most significant weakness lies with its domestic market. With the US Market being its primary customer base, Nucor is not able to offset losses because of a diversified location worldwide. Nucor is currently in a Market where growth is declining significantly. Deficiencies in competitively important physical, organizational, or intangible assets through high expansion and technology costs: The expansion policy accompanied with dependency on scrap steel and energy prices and the vol

Ernest Hemingway Essay -- essays research papers

â€Å"The light of the world† In â€Å"the light of the world†, by Ernest Hemingway, the main setting is a train station where our characters are sitting on a bench. The setting gives us time place and atmosphere; in addition it sheds light on the character nick. Showing his sensitivity to beauty and how naà ¯ve he is. The setting also show’s how nick is still just learning the way’s of the world and just getting his feet wet.   Ã‚  Ã‚  Ã‚  Ã‚  The physical setting involves a time in Nick’s life where he is still young. The setting is a train station with benches where He meets 5 whores and six white men. Nick, the narrator, tells us â€Å"that it was crowded and hot from the stove and full of stale smoke. As we came in nobody was talking† (40). This is what is said before Nick and his frien...

Social Security Essays -- essays research papers

Title of Paper : Social Security Social security, created in 1935, is the most costly item in the federal budget. The program provides old age, survivors’ and disability insurance to a healthy portion of Americans. Workers and their employers fund the system by each paying payroll taxes. The Internal Revenue Service collects the taxes and deposits the money in government-administrated accounts known as the Old Age and Survivors and Disability Insurance Trust Funds(OASDI). The payroll tax revenues are used to pay benefits to those people currently collecting Social Security pensions. Social Security taxes also pay for Medicare, the national health program for the elderly. The huge problem with the current situation facing Social Security is the increasing deduction of workers in the work force paying for workers retired. â€Å"Due to the large number of aging baby boomers, American 65 and older are the fastest-growing segment of the population. The population growth of Americans age 65 and older is 112% in the years between 1995 and 2040. The population growth in age 20-64 is 24%. The population growth in ages under 20, is 5%.   Ã‚  Ã‚  Ã‚  Ã‚  What these numbers essentially represent is a cause problem with age differences in the future. Soon, less workers will be in the job force trying to supply more retirees with Social Security. Currently, many ideas have been juggled around trying to find a sound and reasonable way to resolve this problem. Granted, the problem will not happen overnight, but rather over a long arduous duration of time.   Ã‚  Ã‚  Ã‚  Ã‚  The question first arises, â€Å"Can the existing system survive without major reforms?† The early designers of Social Security and many Democrats are baffled at the recent proposals to change Social Security. Most believe that Social Security is still able to provide a safety net for retirees and their survivors if minor adjustments are made. â€Å"Occasionally raising payroll taxes or recalculating the way benefits are paid out.† Some Democrats look at major reform as a way of pitting war between generations. They stand on common beliefs that Social Security has worked for over 60 years by providing a steady stream of monthly payments that beneficiaries can rely on. Also, it has helped lift millions of seniors out of poverty. Democrats also criticize the Grand Old Party for â€Å"playing†... ...vatization of personal savings would be advantageous to the nation’s economy, delivering bigger pensions to workers and helping the economy grow faster. Some believe the emphasis on personal savings would give the added feature of encouraging more individual responsibility at a time when the nation prepares for a surge in its elderly population. Privatization would differ from Social Security in two important ways. First, the amount a worker receives at retirement depends solely on how much one contributes to savings and how well the investments perform. In simplified notation, those who set aside more and invest wisely enjoy more comfortable retirements. Secondly, pensions are paid out of an individual’s accumulated savings instead of financed by taxes on active workers. For example, Chile for a little less than two decades has replaced it’s system which was much like Social Security with a system incorporated around the idea of privately invested accounts. The results are astounding. The plan is relatively elementary because it focuses on workers placing 10 percent of their monthly income into a savings account. With this, government leaders boosted the national savings rate Social Security Essays -- essays research papers Title of Paper : Social Security Social security, created in 1935, is the most costly item in the federal budget. The program provides old age, survivors’ and disability insurance to a healthy portion of Americans. Workers and their employers fund the system by each paying payroll taxes. The Internal Revenue Service collects the taxes and deposits the money in government-administrated accounts known as the Old Age and Survivors and Disability Insurance Trust Funds(OASDI). The payroll tax revenues are used to pay benefits to those people currently collecting Social Security pensions. Social Security taxes also pay for Medicare, the national health program for the elderly. The huge problem with the current situation facing Social Security is the increasing deduction of workers in the work force paying for workers retired. â€Å"Due to the large number of aging baby boomers, American 65 and older are the fastest-growing segment of the population. The population growth of Americans age 65 and older is 112% in the years between 1995 and 2040. The population growth in age 20-64 is 24%. The population growth in ages under 20, is 5%.   Ã‚  Ã‚  Ã‚  Ã‚  What these numbers essentially represent is a cause problem with age differences in the future. Soon, less workers will be in the job force trying to supply more retirees with Social Security. Currently, many ideas have been juggled around trying to find a sound and reasonable way to resolve this problem. Granted, the problem will not happen overnight, but rather over a long arduous duration of time.   Ã‚  Ã‚  Ã‚  Ã‚  The question first arises, â€Å"Can the existing system survive without major reforms?† The early designers of Social Security and many Democrats are baffled at the recent proposals to change Social Security. Most believe that Social Security is still able to provide a safety net for retirees and their survivors if minor adjustments are made. â€Å"Occasionally raising payroll taxes or recalculating the way benefits are paid out.† Some Democrats look at major reform as a way of pitting war between generations. They stand on common beliefs that Social Security has worked for over 60 years by providing a steady stream of monthly payments that beneficiaries can rely on. Also, it has helped lift millions of seniors out of poverty. Democrats also criticize the Grand Old Party for â€Å"playing†... ...vatization of personal savings would be advantageous to the nation’s economy, delivering bigger pensions to workers and helping the economy grow faster. Some believe the emphasis on personal savings would give the added feature of encouraging more individual responsibility at a time when the nation prepares for a surge in its elderly population. Privatization would differ from Social Security in two important ways. First, the amount a worker receives at retirement depends solely on how much one contributes to savings and how well the investments perform. In simplified notation, those who set aside more and invest wisely enjoy more comfortable retirements. Secondly, pensions are paid out of an individual’s accumulated savings instead of financed by taxes on active workers. For example, Chile for a little less than two decades has replaced it’s system which was much like Social Security with a system incorporated around the idea of privately invested accounts. The results are astounding. The plan is relatively elementary because it focuses on workers placing 10 percent of their monthly income into a savings account. With this, government leaders boosted the national savings rate