What is the Sociology of Knowledge

The sociology of knowledge is a subfield within the discipline of sociology in which researchers and theorists focus on knowledge and knowing as socially grounded processes, and how, therefore, knowledge is understood to be a social production. Given this understanding, knowledge and knowing are contextual, shaped by interaction between people, and fundamentally shaped by one’s social location in society, in terms of race, class, gender, sexuality, nationality, culture, religion, etc.—what sociologists refer to as â€Å"positionality,† and the ideologies that frame one’s life. Impact of Social Institutions As socially situated activities, knowledge and knowing are made possible by and shaped by the social organization of a community or society. Social institutions, like education, family, religion, media, and scientific and medical establishments, play fundamental roles in knowledge production. Institutionally produced knowledge tends to be valued more highly in society than popular knowledge, which means that hierarchies of knowledge exist wherein the knowledge and ways of knowing of some are considered more accurate and valid than others. These distinctions often have to do with discourse, or the ways of speaking and writing that are used to express one’s knowledge. For this reason, knowledge and power are considered intimately related, as there is power within the knowledge creation process, power in the hierarchy of knowledge, and especially, power in creating knowledge about others and their communities. In this context, all knowledge is political, and the processes of know ledge formation and of knowing have sweeping implications in a variety of ways. Prominent Research Areas Research topics within the sociology of knowledge include and are not limited to: The processes by which people come to know the world, and the implications of these processesThe role of the economy and consumer goods in shaping knowledge formationThe effects of type of media or mode of communication on knowledge production, dissemination, and knowingThe political, economic, social, and environmental implications of hierarchies of knowledge and knowingThe relationship between power, knowledge, and inequality and injustice (i.e., racism, sexism, homophobia, ethnocentrism, xenophobia, etc.)Formation and spread of popular knowledge that is not institutionally framedThe political power of common sense, and the connections between knowledge and social orderThe connections between knowledge and social movements for change Theoretical Influences Interest in the social function and implications of knowledge and knowing exist in the early theoretical work of Karl Marx, Max Weber, and Émile Durkheim, as well as that of many other philosophers and scholars from around the world, but the subfield began to congeal as such after Karl Mannheim, a Hungarian sociologist, published Ideology and Utopia in 1936. Mannheim systematically tore down the idea of objective academic knowledge and advanced the idea that one’s intellectual point of view is inherently connected to one’s social position. He argued that truth is something that only exists relationally, because thought occurs in a social context, and is embedded in the values and social position of the thinking subject. He wrote, â€Å"The task of the study of ideology, which tries to be free from value-judgments, is to understand the narrowness of each individual point of view and the interplay between these distinctive attitudes in the total social process.† By plainly stating these observations, Mannheim spurred a century of theorizing and research in this vein, and effectively founded the sociology of knowledge. Writing simultaneously, journalist and political activist Antonio Gramsci made very important contributions to the subfield. Of intellectuals and their role in reproducing the power and domination of the ruling class, Gramsci argued that claims of objectivity are politically loaded claims and that intellectuals, though typically considered autonomous thinkers, produced knowledge reflective of their class positions. Given that most came from or aspired to the ruling class, Gramsci viewed intellectuals as key to the maintenance of rule through ideas and common sense, and wrote, â€Å"The intellectuals are the dominant group’s ‘deputies’ exercising the subaltern functions of social hegemony and political government.† French social theorist Michel Foucault made significant contributions to the sociology of knowledge in the late twentieth century. Much of his writing focused on the role of institutions, like medicine and prison, in producing knowledge about people, especially those considered â€Å"deviant.† Foucault theorized the way institutions produce discourses that are used to create subject and object categories that place people within a social hierarchy. These categories and the hierarchies they compose emerge from and reproduce social structures of power. He asserted that to represent others through the creation of categories is a form of power. Foucault maintained that no knowledge is neutral, it is all tied to power and is thus political. In 1978, Edward Said, a Palestinian American critical theorist and postcolonial scholar, published Orientalism. This book is about the relationships between the academic institution and the power dynamics of colonialism, identity, and racism. Said used historical texts, letters, and news accounts of members of Western empires to show how they effectively created â€Å"the Orient† as a category of knowledge. He defined â€Å"Orientalism,† or the practice of studying â€Å"the Orient,† as â€Å"the corporate institution for dealing with the Orient—dealing with it by making statements about it, authorizing view of it, describing it, by teaching it, settling it, ruling over it: in short, Orientalism as a Western style for dominating, restructuring, and having authority over the Orient.† Said argued that Orientalism and the concept of â€Å"the Orient† were fundamental to the creation of a Western subject and identity, juxtaposed against the Orien tal other, that was framed as superior in intellect, ways of life, social organization, and thus, entitled to rule and resources. This work emphasized the power structures that shape and are reproduced by knowledge and is still widely taught and applicable in understanding relationships between the global East and West and North and South today. Other influential scholars in the history of the sociology of knowledge include Marcel Mauss, Max Scheler, Alfred Schà ¼tz, Edmund Husserl, Robert K. Merton, and Peter L. Berger and Thomas Luckmann (The Social Construction of Reality). Notable Contemporary Works Patricia Hill Collins, â€Å"Learning from the outsider within: the sociological significance of black feminist thought.† Social Problems, 33(6): 14-32; Black Feminist Thought: Knowledge, Consciousness, and the Politics of Empowerment. Routledge, 1990Chandra Mohanty, â€Å"Under western eyes: feminist scholarship and colonial discourses.† Pp. 17-42 in Feminism without borders: decolonizing theory, practicing solidarity. Duke University Press, 2003.Ann Swidler and Jorge Arditi. 1994. â€Å"The new sociology of knowledge.† Annual review of sociology, 20: 305-329.

Risk Management Techniques For Construction Projects

Construction industry is a risky and there is no other industry that requires proper application of business practices as much as construction industry. The main objective of this research is to gain understanding of risk factors faced by building projects. The study also aims to investigate the effectiveness of risk preventive and imitative methods. From this Research paper, we can find the most important risk factors are: financial failure of the contractor, Environmental risk like natural disasters, closure, defective design and delayed payments on contract. On the other hand, owner respondents concluded that the most important risk are: awarding the design to unqualified designer, defective design, occurrence of accidents, increase in material cost and inaccurate quantities. Research Paper on Risk Management Techniques for Construction Project These are the 7 types of the risks that are mainly occurs in the construction projects in the real world.1.Technical Risks: Incomplete Design, Inadequate specification, inadequate site investigation, Change in scope Construction procedures, insufficient resource availability 2. Construction Risks: Labor productivity, Labor disputes, Site condition, Equipment failures, Design changes, too high quality standard and new technology 3. Physical Risks: Damage to structure, Damage to equipment, Labor injuries, Equipment and material fire and theft 4. Organizational Risks Contractual relations, Contractor’s experience, AttitudesShow MoreRelatedRisk Management Techniques For Construction Project1280 Words   |  6 Pages Research Paper on Risk Management Techniques for Construction Project Pariekshit Guttikonda Lawrence Technological University Abstract Construction is a risky industry and there is no other industry that requires proper application of business practices much as construction industry. The main objective of this research is to gain understanding of risk factors faced by building projects. The study also aims to investigate the effectiveness of risk preventive and imitative methods. From thisRead MoreRisk Management Techniques For Construction Projects1206 Words   |  5 PagesResearch Paper on Risk Management Techniques for Construction Project These are the 7 types of the risks that are mainly occurring in construction projects in the real world in most kind of construction projects. 1. Technical Risks: Incomplete Design, Inadequate specification, inadequate site investigation, Change in scope Construction procedures, insufficient resource availability. 2. Construction Risks: Labor productivity, Labor disputes, Site condition, Equipment failures, Design changes, tooRead MoreRisks in a Home Building Project1486 Words   |  6 Pagesof Risks Associated With Estimating a Home Building Project Michael T Bell PMAN 637 Originality Score 6% A Review of Risks Associated With Estimating a Home Building Project Introduction In building and construction, there are risks associated with estimating a home building project. These risks in construction are all the same across the board regardless the construction. Therefore, a home building projects is confronted with the same risks asRead MoreImproving The Quality Of The Delivered Project By Utilizing Quality Planning Technique During The Construction Industry1685 Words   |  7 PagesIntroduction: The construction industry is considered as one of the most complicated industry in the world. Different problem could be raised during the construction process starting from the bidding phase and ending with close out phase. During that time, the construction managers will be responsible to take many of the critical decisions to minimize the influence of a specific event. Quality in the construction industry occupying a high priority among other characteristics. In fact, providing theRead MoreEffectiveness Of Risk Identification And Analysis Of Construction Projects Of Mumbai City Of Multi Storeyed Building Essay929 Words   |  4 PagesAbstract – Risk is present in all projects irrespective of their size or sector. If risks are not properly analyzed and strategies are not developed to deal with them, the project is likely to lead to failures. Therefore, special strategies and processes should be established during the initial phases of the project and also monitored througho ut the project life cycle. There are different techniques of risk identification and analysis in construction projects. Applicability of various risk assessmentRead MoreA Report On The Construction Sector Essay1321 Words   |  6 PagesINTRODUCTION: The construction sector is the fifth largest sector in the New Zealand economy, employing more than 170,000 people. This makes up 7.6% of the labour force. It engendered 6.3% of Gross Domestic Product (GDP) in 2010. (New zealand sector report, 2013) There is a lot going on in the construction management space, which has been poorly addressed in New Zealand until recently. (Pieter, 2011) High level of complexity is also involved in construction projects, which exposes this sector toRead MoreObjectives: Fixing The Objective Is Like Identifying The856 Words   |  4 Pageseffectiveness of the Project Management to complete project time. 2. To find the role of project management in the success of construction companies. 3. To find the scope of project management to reduce the cost of the raw material in the ongoing building project. The study on role of project management in construction industry is to execute a project so that deliverables can meet scope requirements on budget Intro:Construction Management is not a new idea. The function of the Construction Manager is toRead MoreRisks Associated With Construction Project And Different Risk Mitigation Techniques1573 Words   |  7 PagesConstruction projects are characterized as v ery complex projects, where uncertainty comes from various sources. This paper deals with the identification of risk by different methods, types of risks associated with construction project and different risk mitigation techniques. In the construction industry, risk is often referred to as the presence of potential or actual threats or opportunities that influence the objectives of a project during construction, commissioning, or at time of use. Risk isRead MoreRisk Management For Construction Projects1095 Words   |  5 Pagesoverall aim of this study report is to let everyone know what risk management is, realize the procedure of risk management in construction project and have a deeper study on the application of risk management during construction period, therefore, a better project output and better value for both clients and constructors. There are two objectives of this study: 1. To assess the most major and common risks which cause bad effect on construction period. 2. To figure out reasonable solutions. On the basisRead MoreRefurbishment Of Broron Oil And Gas Limited Three Storey Building1675 Words   |  7 Pagesstandard office apartment for boron oil and gas limited. The scope of this project is to design and construct and appropriate office structures. Which involves different stages of work in these projects? Our task involves †¢ Planning a risk management plan †¢ Creating a risk register and a risk response plan. †¢ Identifying possible risk project and procurement strategy. †¢ Undertaking qualitative and quantitative risk analysis. †¢ Risk tracking and monitor control. CHAPTER2: BACKGROUND The overview System Risk Management Techniques For Construction Projects Research Paper on Risk Management Techniques for Construction Project These are the 7 types of the risks that are mainly occurring in construction projects in the real world in most kind of construction projects. 1. Technical Risks: Incomplete Design, Inadequate specification, inadequate site investigation, Change in scope Construction procedures, insufficient resource availability. 2. Construction Risks: Labor productivity, Labor disputes, Site condition, Equipment failures, Design changes, too high quality standard and new technology. 3. Physical Risks: Damage to structure, Damage to equipment, Labor injuries, Equipment and material fire and theft. 4. Organizational Risks Contractual relations, Contractor’s experience, Attitudes of participants, inexperienced work force and Communication. 5. Financial Risks: Increased material cost, Low market demand, Exchange rate fluctuation, Payment delays, improper estimation Taxes. 6. Socio-political Risks: Changes in laws and regulations Pollution and safety rules Bribery/Corruption Language/Cultural bar rier Law and order War and civil disorder Requirement for permits and their approval. 7. Environmental Risks: Natural Disasters, Weather Implications. The risk in the project management is managed by implementing four main steps Risk identification, Risk Assessment, Risk Response and risk control. Where as in Risk identification these are identified by various methods through brainstorming in this all the people that are involved inShow MoreRelatedRisk Management Techniques For Construction Project1280 Words   |  6 Pages Research Paper on Risk Management Techniques for Construction Project Pariekshit Guttikonda Lawrence Technological University Abstract Construction is a risky industry and there is no other industry that requires proper application of business practices much as construction industry. The main objective of this research is to gain understanding of risk factors faced by building projects. The study also aims to investigate the effectiveness of risk preventive and imitative methods. From thisRead MoreRisk Management Techniques For Construction Projects1238 Words   |  5 PagesConstruction industry is a risky and there is no other industry that requires proper application of business practices as much as construction industry. The main objective of this research is to gain understanding of risk factors faced by building projects. The study also aims to investigate the effectiveness of risk preventive and imitative methods. From this Research paper, we can find the most important risk factors are: financial failure of the contractor, Environmental risk like natural disastersRead MoreRisks in a Home Building Project1486 Words   |  6 Pagesof Risks Associated With Estimating a Home Building Project Michael T Bell PMAN 637 Originality Score 6% A Review of Risks Associated With Estimating a Home Building Project Introduction In building and construction, there are risks associated with estimating a home building project. These risks in construction are all the same across the board regardless the construction. Therefore, a home building projects is confronted with the same risks asRead MoreImproving The Quality Of The Delivered Project By Utilizing Quality Planning Technique During The Construction Industry1685 Words   |  7 PagesIntroduction: The construction industry is considered as one of the most complicated industry in the world. Different problem could be raised during the construction process starting from the bidding phase and ending with close out phase. During that time, the construction managers will be responsible to take many of the critical decisions to minimize the influence of a specific event. Quality in the construction industry occupying a high priority among other characteristics. In fact, providing theRead MoreEffectiveness Of Risk Identification And Analysis Of Construction Projects Of Mumbai City Of Multi Storeyed Building Essay929 Words   |  4 PagesAbstract – Risk is present in all projects irrespective of their size or sector. If risks are not properly analyzed and strategies are not developed to deal with them, the project is likely to lead to failures. Therefore, special strategies and processes should be established during the initial phases of the project and also monitored througho ut the project life cycle. There are different techniques of risk identification and analysis in construction projects. Applicability of various risk assessmentRead MoreA Report On The Construction Sector Essay1321 Words   |  6 PagesINTRODUCTION: The construction sector is the fifth largest sector in the New Zealand economy, employing more than 170,000 people. This makes up 7.6% of the labour force. It engendered 6.3% of Gross Domestic Product (GDP) in 2010. (New zealand sector report, 2013) There is a lot going on in the construction management space, which has been poorly addressed in New Zealand until recently. (Pieter, 2011) High level of complexity is also involved in construction projects, which exposes this sector toRead MoreObjectives: Fixing The Objective Is Like Identifying The856 Words   |  4 Pageseffectiveness of the Project Management to complete project time. 2. To find the role of project management in the success of construction companies. 3. To find the scope of project management to reduce the cost of the raw material in the ongoing building project. The study on role of project management in construction industry is to execute a project so that deliverables can meet scope requirements on budget Intro:Construction Management is not a new idea. The function of the Construction Manager is toRead MoreRisks Associated With Construction Project And Different Risk Mitigation Techniques1573 Words   |  7 PagesConstruction projects are characterized as v ery complex projects, where uncertainty comes from various sources. This paper deals with the identification of risk by different methods, types of risks associated with construction project and different risk mitigation techniques. In the construction industry, risk is often referred to as the presence of potential or actual threats or opportunities that influence the objectives of a project during construction, commissioning, or at time of use. Risk isRead MoreRisk Management For Construction Projects1095 Words   |  5 Pagesoverall aim of this study report is to let everyone know what risk management is, realize the procedure of risk management in construction project and have a deeper study on the application of risk management during construction period, therefore, a better project output and better value for both clients and constructors. There are two objectives of this study: 1. To assess the most major and common risks which cause bad effect on construction period. 2. To figure out reasonable solutions. On the basisRead MoreRefurbishment Of Broron Oil And Gas Limited Three Storey Building1675 Words   |  7 Pagesstandard office apartment for boron oil and gas limited. The scope of this project is to design and construct and appropriate office structures. Which involves different stages of work in these projects? Our task involves †¢ Planning a risk management plan †¢ Creating a risk register and a risk response plan. †¢ Identifying possible risk project and procurement strategy. †¢ Undertaking qualitative and quantitative risk analysis. †¢ Risk tracking and monitor control. CHAPTER2: BACKGROUND The overview System

The Company Man Analysis Essay Free Essays

ANALYSIS 7 Essay: The Company Man The typical business man involved in corporate America works anywhere from six to ten hours per day. Phil, â€Å"the Company Man† worked six days a week sometimes until eight or nine at night, making himself a true workaholic. Using his life story before he died Goodman is able to convey her liking toward Phil but her dislike of what the business world has turned him into. We will write a custom essay sample on The Company Man Analysis Essay or any similar topic only for you Order Now Not only does Goodman use a number of rhetorical devices but she also uses Phil’s past as well as the people who were once in Phil’s life to get her message across to her reader. Ellen Goodman sarcastically creates the obituary of a man who dedicated his life to his job and the company he worked for. Goodman uses anaphora, satire, diction, sentence structure, and selection of detail to complete her obituary of this â€Å"Company Man†. Emphasizing the fact that Phil worked himself to death, Goodman chose pure sarcasm to make this particular emphasis. She shows through this repeated phrases, that he must have chosen work over family quite often, working to provide for his family which resulted in the simple fact that â€Å"he worked himself to death, finally and precisely, at 3:00a. m Sunday morning. Goodman’s use of repetition leads to show her satirical writing. â€Å"On Saturdays, Phil wore a sports jacket to the office instead of a suit, because it was the weekend† shows Goodman’s use of satire in one of the many examples throughout the obituary. Toward the end of the essay, Goodman describes how the company president starts the funeral with a hint of sarcasm, â€Å"discreetly of course, with care and taste† using a tongue and cheek method to provide a subtle shift in tone. The president then begins to question who will replace Phil ending with a paradoxical sentence â€Å"‘Who’s been working the hardest? † getting down to the business of replacing Phil, providing another example of a stereotypical business approach. The vivid diction describes the sarcasm that Goodman has towards Phil. Goodman composes her paragraphs with careful rhythm and beat; she repeats â€Å"finally,† â€Å"precisely† and â€Å"perfect† three times. Phil’s constancy and lack of variation are embodied in rigid words such as â€Å"always,† â€Å"of course,† and â€Å"Type A. † Extreme diction such as â€Å"overweight,† â€Å"nervous,† and â€Å"workaholic† convey Phil as a worrywart with no fun at all in his life. These words mock Phil as a man sincerely obsessed with work that had lost track of his priorities. Goodman deepens her point when she introduces Phil’s family, using diction in relation to business to further emphasize the importance of work to Phil. To Phil’s wife Helen, â€Å"A company friend said ‘I know how much you will miss him. ’ And she answered, ‘I already have. ’† His eldest son tells the reader of how he went around the neighborhood gathering research on his father. His daughter recalls how whenever she was alone with him they had nothing to say to each other. When Phil’s youngest son reminisces on how he tried to mean enough to his father to keep him at home. Goodman informs the reader that the youngest child was Phil’s favorite. Goodman’s sentence structure of long, short, long, helps the shorter sentence stick out more to the reader. But she ends the paragraph with a sad ironic sentence, â€Å"My father and I only board here. † implying that he never really was successful. The descriptions of Phil in â€Å"The Company Man† are sardonically accusatory of the present way people live in society. Goodman makes light of how Phil is a heart attack waiting to happen, his seventy-hour workweeks and egg sandwiches. â€Å"Of course,† used thee times, translates as the acceptance that we have towards intolerable living conditions in order to fulfill the American dream. Like many Americans, Phil is constantly obsessed about his work and whether or not he will ascend to the top position. Through these details she describes the monotonous, repetitive way that society exists today. Throughout the column, images negatively portray the lifestyle that Phil lives. Superficially, all seems well because his family lives a comfortable existence. Emotionally, however, his family has missed his emotional support for years. His wife, Helen, gave up â€Å"trying to compete with his work years ago. † All of his children grew up in a so-called normal family with a father and mother. At his funeral, though, they do not have enough memories about him to say a proper eulogy. Phil himself was â€Å"overweight† and unhealthy, obsessed with work and negligent with his personal life. Goodman condemns the lifestyle that Phil leads by using negative and poignant imagery. Ellen Goodman develops an attitude of pity for Phil, and resentment for the company through rhetorical techniques by portraying that to his wife and to his children, Phil had become so consumed with his position as one of the Important People that he had all but completely removed himself from their emotional reach for the sake of his company life. Goodman’s vision of the corporate world and its influence and affect on our lives is portrayed through her diction and choice of detail in her anecdote of the reflection of the life of the A-Type, workaholic, Phil. How to cite The Company Man Analysis Essay, Essay examples

Administration for Sport and Recreation Industryâ€Free Samples

Question: How Do Work Administration for the Sport and Industry? Answer: Introduction In the following review article written by Smith Stewart and published in the year 2010, the topic relevant to the special features in sport has been critically appraised. An overview regarding the issues that comprise sports management has been provided succinctly in the article. The uniqueness of the sports discipline as a separate institution and the dichotomy in its representation because of the presence of both cultural as well as generic business enterprise has been deftly addressed as well. Dual special features connected to the tension created due to winning and profit making in addition to the transformation of the sports arena into a workplace will be further highlighted in the following sections. Special Feature The rift between winning and profit making has been argued as a unique feature that exemplifies sports management. In order to meet onto the expectations and demands of the huge fan followers and well wishers associated with the sports, the clubs and authorities seem to emphasize more on the winning of competitive matches rather than earning revenues out of conducting business calculations. Moreover speculations have been made regarding the aversion of the steady and loyal fans in complying with the commercialization efforts to derive profits from sports engagement. A tussle between performance and values attached to tradition will drive the performance if specific business strategies. However the disparities and variations occurring due to participation in diverse sporting events and leagues remain dubious. Indicators of superior performance as profit maximizing body or utility maximizing body have been found to be dependent upon the function of success. Funding has been reckoned as a vital determinant of success in both professional sport like Formula 1 and boxing as well as team sport. Thus this feature attributed to the winning streak and profit earning is indeed unique to its application. Special Feature The transformation of the sports arena into a commercial domain characterized by professional commitment through utilization of appropriate resources is another defining feature in sports. Translation of the human as well as material resources into economic equations whereby the issues of efficiency, division of labor, rational work practices and regulation are considered crucial to the emancipation of productivity along with rationalization of the adopted business strategies have been mentioned as prerequisites of effective sports management. The brand building through consideration of fan identity has been accounted responsible for maintaining the competitive market in sports. Thus a dynamic and flexible, adaptive approach has been identified as indispensable tool to make way for effective sports management. Conclusion The notion related to the commercialization of sports has been tested through various avenues and through avid applications of the business models and strategies that are normally used in the discourse meant to carry out the revamp and remodeling of the complex and heterogeneous system. Finance, marketing, planning and human resource management are the keys to achieve the desired level of success in sports management through incorporation of valid and feasible business options in addition to governmental and bureaucratic regulation to create a synergy with the traditional values and commercial outcomes (Smith Stewart, 2010). References Smith, A. C., Stewart, B. (2010). The special features of sport: A critical revisit.Sport Management Review,13(1), 1-13.

Marketing Management Essay Example

Marketing Management Essay | You are here: * Home * Business * Small Business Information * Marketing * Marketing management Marketing/Marketing management Advertisement Expert:  Leo Lingham   10/7/2009 Question Sir could you please answer the following two questions for me? I need your help in answering these. PLease reply me as soon as possible. 1. Marketing management an artistic exercise and therefore highly subjective versus marketing management is largely a scientific excercise with well established guidelines and criteria 2. How does cause or corporate societal marketing affect consumers personal behavior? Clarify in context to the products and services you are using or planning to purchase. Answer SARA, HERE IS   SOME USEFUL   MATERIAL. REGARDS LEO LINGHAM ========================================= 1. Marketing management an artistic exercise and therefore highly subjective versus marketing management is largely a scientific excercise with well established guidelines and criteria MARKETING   MANAGEMENT   IS   A   SCIENTIFIC EXERCISE   WITH   ESTABLISHED GUIDELINES/ OBJECTIVES. SCOPE   Ã‚  OF   MARKETING   MANAGEMENT Establish   , direct, administer   and   coordinate the   overall product marketing programs   Ã‚  for   all   Ã‚  Products.. Strategically   plan for, develop   and profitably penetrate   the   markets to which   the   products, services   and   capabilities   of   the   company   can be directed. These   activities   include -studying economic indicators -tracking   changes in   supply   and   demand -identifying customers   and   their   current   and   future needs -monitoring the competition. ========================================================= THIS SCOPE   IS   Ã‚  THE RESULT   OF THE   FOLLOWING: * Analysis * Discussion * judgement Illustration * Decision ON   THESE   Ã‚  ELEMENTS. External Analysis 1. Customer Analysis Segments Motivations Unmet Needs 2. Competitor Analysis Identify Performance Image Objectives Strategies Strengths Weaknesses 3. Market Analysis Size Projected Growth Entry Barriers D istribution System Trends Key Success factors 4. Environmental Analysis Technology Government Regulations Economic Trend I A. Opportunities B. Threats C. Trends D. Others Customer/Market Segment Analysis SEGMENTATION Biggest Customers/Market Segments Profitable ones/Attractive Potential We will write a custom essay sample on Marketing Management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Needs Buying Characteristics CONSIDER THE VARIABLES 1) Benefits sought 2) Usagelevel 3) Application 4) Organisational type 5) Geographic location 6) Customer loyalty 7) Price sensitivity 8) Competition MOTIVATION What elements of the product/service do the Customers/segments value most? What are their objectives? What are they really buying? What are their priorities? What changes are taking place? UNMET NEEDS Why are some customers/segments dissatisfied? Why are some changing brands or suppliers? What are some unmet needs they can identify? What are some unmet needs they are unaware of? Competition Analysis WHO ARE THE COMPETITORS? †¢ Against whom do we usually compete? †¢ Who are our most intense competitors? †¢ Who are our less intense but still serious competitors? †¢ What are the substitute products? †¢ Can these competitors be grouped on the basis of their products or strategies? †¢ Are there any potential competitive entrants? EVALUATING THE COMPETITORS †¢ What are their strategies? Their level of commitment? Do they have a significant advantage or disadvantage? †¢ What is their image/positioning strategy? †¢ Which are the most successful/unsuccessful competitors? Why? What are their strengths/weaknesses? †¢ What are their leverage points? Structure of the Segment/Customer 1. SIZE AND GROWTH †¢ What are their size and growth characteristics? †¢ What are the driving forces behind their sales trends? 2. POTENTIAL AND PROFITABILITY †¢ How intense is the competition among existing suppliers? †¢ What is the threat from potential entrants? †¢ What is the bargaining power of suppliers? †¢ What is the bargaining power of buyers? †¢ How difficult is selling into these accounts or segments? 3. PRICE †¢ What are the value added components for various types of competitors? . DISTRIBUTION †¢ What are the alternative ways of servicing this segment or account? 5. TRENDS †¢ What are the trends in this segment/customer? 6. KEY SUCCESS FACTORS †¢ What are the key success factors needed to compete successfully? Environmental Analysis 1. TECHNOLOGY †¢What technological development or trends are affecting or could affect the segment/customer? †¢To what extent are existing technologies maturing? 2. GOVERNMENT †¢What changes in regulations are possible? †¢What will their impact be? 3. ECONOMICS †¢What are economic prospects and inflation in which the segment/customer operates? How will they affect strategy? 4. GENERAL TRENDS †¢ What are the significant trends/future events? †¢What threats and opportunities do you see? †¢What are the areas of uncertainty? †¢What is the impact of these on your strategy? Internal Analysis 1. Performance Analysis †¢ Sales †¢ Profitability †¢ Product Quality †¢ Customer Satisfaction †¢ Cost †¢ Product Performance 2. Determinants of Strategic Options †¢ Past Strategy †¢ Current Strategy †¢ Strategic Problems †¢ Organisational capabilities and Constraints †¢ Strengths †¢ Weaknesses A. Strengths B. Weaknesses C. Problems D. Constraints E. Others OPPORTUNITIES What to look for New Market Segments New Customer More sales in the current customers New end uses New / modified products New geographical locations Displacing competition Others: THREATS What to look f or Competition Declining Market Reduction in the No. s of customers Others UNCERTAINTIES What to look for Demand Legislation Availability †¢ Technical Development (Product) †¢ Financial Resource †¢ Pricing / G. P. †¢ Customer Satisfaction / Buying Policies †¢ Others OBSTACLES What to look for Sales Representation Production /Raw Materials Sourcing Distribution Inadequate Promotion Support †¢ Inventory Customer Service †¢ Others Sustainable Competitive Advantage, What are they? 1 . Reputation 2. Quality 3. Customer Service 4. Product Support 5. Productline depth? 6. Productline breadth? 7. Technical superiority 8. Customer base 9. Market share 10. Size 11. Distribution 12. Adaptable operation 13. Sales force network 14. Powerful wellknown parent comp any 15. Good engineering 16. Distributor support 17. Customer oriented 18. Continued product innovation 19. Product convenience 20. Financial package THE OUTCOME   OF   THESE ANALYSES AND   DECISIONS : . Corporate   VISION 2. Corporate   Mission 3. Corporate   Objective 4. Corporate   Strategy 5. Corporate   Organization   Policy/ Budget   Guidelines. 6. Corporate   MARKETING   Ã‚  objective/ strategy 7. Corporate   Sales   forecasts USING   THE   ABOVE   FOUNDATION, THE   MARKETING DEPARTMENT DEVELOPS MARKETING OBJECTIVES. MARKETING   Ã‚  MANAGEMENT   Ã‚  Ã‚  HAVE OBJECTIVES. THE   MARKETING   OBJECTIVES   ARE   SCIENTIFICALLY   DERIVED. FIRST PRIME   OBJECTIVE   Ã‚  OF   MARKETING -is   to   support   and   help the   organization   to   achieve   the   CORPORATE   OBJECTIVES. - SECOND   OBJECTIVE -THE   SECOND   IMPORTANT   OBJECTIVE   OF   MARKETING   is   to   enable   the   Ã‚     organization   survive and   prosper   through meeting   needs   and   wants   of   customers   by matching   a   companys capabilities   with customer   needs / wants. THIRD   OBJECTIVE -to   provide   an agreed. consistent   and   well   directed   target   range   of volume for   all   departmental   functions,   which will   help   them   to   streamline their   activities for   the   period. *finance *manufacturing/ production *human   resource tc etc - FOURTH   OBJECTIVE -to provide   the   marketing department   a   tool to   Ã‚  plan and   manage   its   activities,   THROUGH   Ã‚  MARKETING   PLAN. FIFTH   OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   Ã‚  MARKETING   Ã‚  DEPARTMENT. *market   share   target. *competitive   standing   target. *customer   awareness   target.. *cu stomer   retention   target *new   products   target SIXTH   OBJECTIVE -to   provide   a   method devised   to achieve   the   objectives in   the   promotion MIX. SEVENTH   Ã‚  Ã‚  Ã‚  OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   SALES   MANAGEMENT *product   coverage. *customer coverage. *geographical   Ã‚  area   coverage. etc - EIGHTH   OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   Ã‚  Ã‚  DISTRIBUTION   MANAGEMENT *distribution   penetration   target. NINTH   Ã‚  OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   CUSTOMER   Ã‚  SERVICE   Ã‚  MANAGEMENT *customer   satisfaction   level. TENTH   Ã‚  OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   OVER ALL   Ã‚  CONTROL   Ã‚  THROUGH   Ã‚  RESEARCH. *consumer   research. *customer   satisfaction surveys. *internal   operation   research. *distribution   study *marketing research etc etc ============================================== THE   MARKETING OBJECTIVES   ARE BASED ON   THE SCIENTIFIC   DATA   PROVIDED   BY -consumer   research   data -market   research   data -market   surveys -market   analysis -competitors   analysis -product   analysis -product   test   analysis -product   plans -test   market   results -market strategy   Ã‚  analysis -sales   analysis -distribution   analysis -media   analysis -promotion analysis -customer satisfaction   Ã‚  survey -retail audit   data -marketing   auditing   data -market   forecast -sales   forecast -sales   planning   data -distribution   planning -customer   analysis -market   segment   analysis consumer [   socio/economic /demographic/psychograph ic]   data ETC   ETC. ================================================== FROM THE   CORPORATE   MARKETING OBJECTIVES AND GUIDELINES,   WE   DEVELOP   THE MARKETING   PLAN. 1. EXECUTIVE   SUMMARY 2. SITUATION   ANALYSISMARKET   ANALYSIS -market   needs -market trends -market   potential and   growth -market characteristics -market   segments etc 3. SITUATION ANALYSISCOMPANY   ANALYSIS -strengths -weaknesses 4. BUSINESS   ENVIRONMENT -political -economic -social -technology -opportunities -threats -competition -services -keys to success -critical   issues -channels 5. MARKETING   STRATEGIES marketing   objectives -financial   objectives -target   marketing -positioning -marketing strategy 6. MARKETING   MIX -products -pricing -promotion -distribution -channels -marketing   research 7. SALES   PLANS 8. FINANCE -sales forecast -expense   forecast -contribution   margin. 9. IMPLEMENTATION   Ã‚  PLANS -milestones -time   schedule 1 0. MARKETING   /   SALES   ORGANIZATION 11. CONTROL   SYSTEM -time   schedule -action   plan. 12. CONTINGENCY   Ã‚  PLANNING. ======================================= NOW   WE   CAN SEE   THAT, Marketing management is   not an artistic exercise and   highly subjective, BUT   IT IS AN EXERCISE   OF scientific   analysis   of   data. -scientifically   tested objectives, which   are achieveable with   a   well planned   programs. ############################################## 2. How does cause or corporate societal marketing affect consumers personal behavior? Clarify in context to the products and services you are using or planning to purchase. The societal marketing concept is an enlightened marketing that holds that a company should make good marketing decisions by considering consumers wants, the companys requirements and societys long run interests. It is closely linked with the principles of Corporate Social Responsibility and of Sustainable Development. The concept has an emphasis on social responsibility and suggests that it is not sufficient for a company to only focus on exchange relationship with customers might not be in order to sustain long term success. Marketing strategy rather should deliver value to customers in a way that maintains or improves both the consumers and the societys well-being. Most companies recognize that socially responsible activities improve their image among customers, stockholders, the financial community, and other relevant publics. Ethical and socially responsible practices are simply good business, resulting not only in favorable image, but ultimately in increased sales. ===================== For example   IN   SOCIETAL   MARKETING. †¢Proctor ; Gamble Pakistan has introduced the brand of fat free oil to prevent the growing ratio of heart disease. ============================================= †¢Various automobile manufacturers are focusing more on producing CNG cars that is not only environmental friendly but it is also very economical. So this trend is getting popular very quickly. One can verify it by observing the increasing number of CNG stations. ========================================================== †¢There are various companies that are favoring the use of recycled paper to aid more life to trees. ================================================== *McDonalds   Environmentalism Throughout the late 1980s, McDonalds instituted and publicized a number of environmentally positive steps in its domestic operations. It reduced consumption, for instance, by using lighter weight paper in straws, paper bags and other items and recycled paper and cardboard packaging. In 1987, it switched from polystyrene (used for the clamshells) blown with CFCs, the family of chemicals which destroy the ozone layer, to plastic foam that used hydrocarbon blowing agents (Annual Report, 1989, pp. 10-15). In 1989, the company instituted a pilot program in 450 New England stores to recycle its plastic clamshells (Livesey, 1993, pp. 12-14). In April, 1990, it committed $100 million, or one quarter of the companys annual building and remodeling budget, to buy recycled materials for restaurant construction, remodeling, and operations under a program called McRecycle (Livesey, 1993, pp. 13-14). ============================================================ *ADIDAS has embarked on a number of projects , all community based. -better pay for local workers in the under-developed countries. -avoiding under-age employees. -support for local community sports. -offer of free sports gears for talents. -sports events sponsorship. -supporting the construction of sports grounds. -chea per brands for selected countries etc etc. ======================================= *COCA COLA has programs for -local water supply -community developments like sports etc etc etc ===================================== *McDONALDS have programs for local school sports support -scholarships for talents etc etc ============================ While some businesses view corporate social responsibilty (CSR) as an image enhancement tool with no tangible benefits, many organisations are increasingly concerned about managing social issues to benefit stakeholder interests. In todays increasingly competitive and changing marketplace CSR can become a competitive advantage. Specifically, consumers’ perceptions of a firm’s corporate social responsibility have been shown to influence their attitudes toward a company , particularly when committing to a purchase. CSR is reflected in practice by   businesses adopting a societal marketing focus. Societal marketing has been shown to have a positive impact on consumer attitudes and behaviour in various countries . Indeed many companies attribute societal marketing as a major success factor . Societal marketing as a business philosophy can be implemented in many ways including concern for the environment, employee schemes and involvment in specific social causes or cause related marketing. Corporate Social Responsibility and Societal Marketing While there is no widely accepted definition of corporate social responsibility (CSR), the World Business Council for Sustainable Development (WBCSD) defines CSR as ‘the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve quality of life’ (WBSCD, 2000). Hence, CSR is the voluntary adoption by companies of responsibilities beyond purely economic or legal responsibilities . The societal marketing concept introduces corporate social responsibility (CSR) into marketing practices. Societal marketing incorporates a focus on the consumer’s and society’s well-being . Research executed in many countries has consistently shown that consumers express a more positive attitude toward a company that practices societal marketing, and additionally prefer to purchase the products of these companies . Corporate Image Various definitions of corporate image exist. Corporate image is sometimes seen as synonymous with corporate reputation or as different to corporate reputation but interrelated. Part of the confusion results from the various uses of the term ‘corporate image’ by both practitioners and academics to the extent that corporate image and corporate identity are often used interchangeably and imprecisely . Corporate image is the net result of the interaction of a person’s beliefs, ideas, feelings and impressions about a company and exists in the mind of that person . Corporate image is the totality of a stakeholder’s perceptions of the way an organisation presents itself, either deliberately by controllable sources or accidentally by uncontrollable sources. Over the last three decades, several models of corporate image formation have been developed by various authors . These models propose various factors effecting corporate image formatiot. The results of these studies provide the foundation for model development. Consumers’ attitudes towards corporate image is influenced by three key factors: corporate marketing communications in general, the specific features of the societal marketing program implemented by the company, and consumer demographics. There are three types of corporate marketing communications: primary, secondary and tertiary. Primary communication refers to communication directly to or with a consumer or initiated by a consumer including direct interaction with a staff member, attendance at corporate seminars or events and visiting a compnaies website. Secondary communication is identified as a system for visual identification and formal corporate communications, for example through advertising, public relations, graphic design and sales promotion. Typically secondary communication is mass communication. Tertiary communication refers to word-of-mouth and Societal marketing program O Program symbolism O Behaviour O Program communications Demographic characteristics O Gender O Age O Education level O Income level O Marital status Consumers’ attitude   towards corporate image Corporate marketing communications (general) O Primary communications O Secondary communications O Tertiary communications ====================================================== OF   Ã‚  COURSE,   AS   AN   USER   Ã‚  OF 1. McDONALD   FAST   FOOD, -I admire   their   hygiene   Ã‚  approach. -their   contribution to   the   community   school support   program. 2. ADDIDAS -their   contribution to the   local   community   sports development. ###################################################### Add to this Answer * Ask a Question Related Articles * Writing a Business Plan Market Analysis * Product#39;s Ready! Now What? Go-to-Market Strategies for High Tech Entrepreneurs * Internet Marketing Strategy: What Can it Do for You? * Marketing Basics for the Small Business * What is in a Market Plan? Marketi ng All Answers Answers by Expert: * Glen Franklin * Shane Scherch * Lisa Sims * Russel Ray * Ashraf Nisseem * Jim Gawley * Leo Lingham * Terri Conduff * BigAl * Carlos Scarpero * Kip Gienau * Joe Fournet * Boaz Gal * Amy Lorenti * Marc Lawn * William Siebler * Steve Pywell Sebastien Prince Ask Experts Volunteer Leo Lingham Expertise I can answer questions on marketing, marketing planning, product management, advertising, sales promotions, sales planning, merchandising, direct marketing, and sales management. Experience 18 YEARS WORKING MANAGEMENT EXPERIENCE IN BUSINESS PLANNING, STRATEGIC PLANNING, MARKETING, SALES MANAGEMENT, AND ORGANIZATION DEVELOPMENT. PLUS 24 YEARS OF MANAGEMENT CONSULTING IN STRATEGIC PLANNING, BUSINESS PLANNING, PRODUCT MANAGEMENT, MANAGEMENT TRAINING, AND BUSINESS COACHING. 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It can also be defined as the combination of all technical and administrative actions, including supervision actions, intended to retain an item in, or restore it to, a state in which it can perform a required function Maintenance Management All the activities of the management that determine the maintenance objectives or priorities (defined as targets assigned and accepted by the management and maintenance department), strategies (defined as a management method in order to achieve maintenance objectives), and responsibilities and implement them by means such as maintenance planning, maintenance control and supervision, and several improving methods including economical aspects in the organization. The term ‘maintenance’ means to keep the equipment in operational condition or repair it to its operational mode. Main objective of the maintenance is to have increased availability of production systems, with increased safety and optimized cost. Maintenance management involves managing the functions of maintenance. Maintaining equipment in the field has been a challenging task since the beginning of industrial revolution. Since then, a significant of progress has been made to maintain equipment effectively in the field. As the engineering equipment becomes sophisticated and expensive to produce and maintain, maintenance management has to face even more challenging situations to maintain effectively such equipments in industrial environment. We will write a custom essay sample on Marketing management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This brief lecture on maintenance management includes maintenance strategies, functions of maintenance department, maintenance organization and elements of maintenance management. MAINTENANCE STRATEGIES OR OPTIONS A maintenance strategy or option means a scheme for maintenance, i. e. an elaborate and systematic plan of maintenance action. Following are the maintenance strategies [1] that are commonly applied in the plants. * Breakdown Maintenance or Operate to Failure or Unplanned Maintenance * Preventive or Scheduled Maintenance * Predictive or Condition Based Maintenance Opportunity Maintenance * Design out Maintenance The equipment under breakdown maintenance is allowed to run until it breaks down and then repairing it and putting back to operation. This strategy is suitable for equipments that are not critical and have spare capacity or redundancy available. In preventive or scheduled Maintenance, maintenance actions such as inspection, lubrication, cleaning, adjustment and repla cement are undertaken at fixed intervals of numbers of hours or Kilometers. An effective PM program does help in avoidance of accidents. Condition monitoring (CM) detects and diagnoses faults and it helps in planned maintenance based on equipment condition. This condition based maintenance strategy or predictive maintenance is preferred for critical systems and for such systems breakdown maintenance is to be avoided. A number of CM techniques such as vibration, temperature, oil analysis, etc. have been developed, which guide the users in planned maintenance [2]. In opportunity maintenance, timing of maintenance is determined by the procedure adopted for some other item in the same unit or plant. In design out maintenance, the aim is to minimize the effect of failures and in fact eliminates the cause of maintenance. Although it is an engineering design problem, yet it is often a responsibility of maintenance department. This is opted for items of high maintenance cost that are due to poor maintenance, poor design or poor design outside design specifications. It may be mentioned that a best maintenance strategy for each item should be selected by considering its maintenance characteristics, cost and safety. In addition to the above, new strategies concepts such as Proactive Maintenance, Reliability Centred Maintenance (RCM), Total Productive Maintenance (TPM), etc. have recently been evolved to look it from different perspectives and this has helped in developing effective maintenance. In proactive maintenance, the aim is identify what can go wrong, i. e. by monitoring of parameters that can cause failures. In RCM, the type of maintenance is chosen with reliability of the system in consideration, i. e. system functions, failures relating to those functions and effects of the dominant functional system failures. This strategy in the beginning was applied to critical systems such as aircrafts, nuclear and space applications. At present, this is being extended to critical systems in the plant. TPM, a Japanese concept, involves total participation of all concerned. The aim is to have overall effectiveness of the equipment with participation of all concerned using productive maintenance system. FUNTIONS OF A MAINTENANCE DEPARTMENT Following are the major functions of a maintenance department [3-4]: * Maintenance of installed equipment and facilities * Installations of new equipment and facilities PM tasks – Inspection and lubrication of existing equipment * CM tasks – monitoring of faults and failures using appropriate techniques * Modifications of already installed equipment and facilities * Management of inventory * Supervision of manpower * Keeping records MAINTENANCE ORGANIZATION It concerns in achieving an optimum balance between plant availability and maintenance resource uti lization. The two organization structures that are common are: Centralized and Decentralized. A decentralized structure would probably experience a lower utilization than centralized one but would be ble to respond quickly to breakdowns and would achieve higher plant availability. In practice, one may have a mix of these two. A maintenance organization can be considered as being made up three necessary and interdependent components. 1. Resources: men, spares and tools 2. Administration: a hierarchy of authority and responsibility for deciding what, when and how work should be carried out. 3. Work Planning and Control System: a mechanism for planning and scheduling the work and feeding back the information that is needed for correctly directing the maintenance effort towards defined objective. It may be mentioned that maintenance / production system is a continuously evolving organism in which the maintenance organization will need continuous modifications in response to changing requirements. Moreover, it is required to match the resources to workload. Maintenance activities – be it preventive or condition monitoring, involve use of resources- men and materials including documents. This requires coordination amongst the involved personnel so that these are timely undertaken. Work planning and control system under maintenance management in the plant ensures this and provides planning and control of activities associated with maintenance. This means application of general management principles of planning, organizing, directing and controlling to the maintenance functions, e. g. to the establishment of procedures for development of maintenance strategy and to models for describing the flow of work through maintenance work planning department. Control system controls the maintenance cost and plant condition. ELEMENTS OF EFFECTIVE MAINTENANCE MANAGEMENT An effective maintenance system includes the following elements [3-4]: * Maintenance Policy * Control of materials * Preventive Maintenance * Condition Monitoring * Work Order * Job planning * Priority and backlog control * Data recording system * Performance measurement measures or indices Maintenance performance for a plant or an organization can be assessed through analysis of Reliability, Availability and Maintainability (RAM) plant data. Relevant parameters, measures or indices for specific plants can be identified [5]. The performance over a period of time will show if it is improving, going down or being sustained. This will also help in knowing how well the objectives are being met. In addition, it will guide the areas which are strong and which need to be strengthened. Use of computers and dedicated software will certainly help in implementing this and the maintenance management system in general. CONCLUSION The above lecture has briefly focused on the various aspects of maintenance management. Maintenance is expected to play even much bigger role in years to follow, as industries worldwide are going through an increasing and stiff competition and increased automation of plants. The down time cost for such systems is expected to be very high. To meet these challenges, maintenance has to use latest technology and management skills in all spheres of activities to perform its effective role in profitability of the company.

Concussions essays

Concussions essays A concussion is when someone receives a blow to head, face or jaw, or any quick movements that would injure the brain stem, or causing a bruise on the brain. Common symptoms of a concussion would be: headaches, disorientation, dizziness, vacant stares, lack of coordination, amnesia, nausea, double vision, and ringing of the ears. These symptoms have been known to last for weeks, but usually only last a few hours to a day. There are two common types of sports related concussion acceleration/deceleration and rotational1. Acceleration happens when you are standing still and an object that is moving hits your head. Deceleration is when the head moving and hits something that is not moving. Rotational injuries usually happens when something hits on the side of the head causing the brain to rotate on the spinal column, this is a more serious injury. Some on the field doctors use a three-point system to determine the seriousness of a concussion. The three-point system is divided into three grades, one being the least problematic, and three being the most. A grade one concussion has brief confusion and other common symptoms that clear up within fifteen minutes. A grade two has brief confusion and other common symptoms that last more than fifteen minutes. A grade three has loss of consciousness for any length of time. After a concussion happens you can have symptoms known as post concussion syndrome. Some symptoms of post concussion syndrome or behavioral mood swings, memory loss, and problems concentrating or thinking. An athlete who acquires a concussion is supposed to take time off according to how serious the injury is, if the athlete does not take the required time off they can acquire second impact syndrome. Post impact syndrome can be more dangerous than the original concussion, the effects can be permanent and even cause death. To treat someone with a concussion you sh...

Management skills and entrepreneurship Assignment

Management skills and entrepreneurship - Assignment Example Accordingly, exploration of hindrances in growth opportunities became a critical subject for most entrepreneurial researches (Shane and Venkataraman, 2000). In this context Shelton (2005) has proposed the concept of scale barriers to shed some light on the issues related to growth of new venture. Primarily, there are three kinds of resources that are necessary for growth of a firm, namely, financial resources, competitive position and management and organisational capability. Start-up firms are generally small in size and practically inexperienced in an industry. Consequently, they experience resource deficiencies in various functional areas due to small size and lack of sufficient knowledge of the industry. Shelton (2005) defined all these deficiencies as scale barriers which have significant negative impact on growth of new firms. Therefore, growth in new ventures can be illustrated as a process of conquering various scale barriers that develop as a result of liabilities such as newness and smallness. Inexperienced position and small size of start-up firms can be related to resource deficiencies, whose dimensions are not only limited to ignorance but also include lack of key strategic and organisational resources (Shepherd, Douglas and Shanley, 2000). The authors proposed a model where they suggested that an entrepreneur generally influences growth of a new venture on the basis of limited yet critical resources while the unavailable resources are listed as additional scale barriers. The entrepreneur needs to overcome these barriers to establish a mature and successful organisation (Shepherd, Douglas and Shanley, 2000). Author such as Singer (1995) presented a triad of causal constructs of success and failure of a new venture in this regard. However, it was gathered that most scholars primarily focused on managerial and environmental aspects of the triad and ignored the structural

Mean Variance Analysis - Portfolio Theory and Diversification Assignment

Mean Variance Analysis - Portfolio Theory and Diversification - Assignment Example The most common objective of diversification is â€Å"not to put all eggs in the same basket†. Diversification may have different forms. A well-diversified portfolio is the one in which all the constituents do not have any relationship among each other (Fabozzi et al, 2002). That relationship can be measured by using statistical technique of correlation. Correlation actually measures how much a constituent is associated or linked with the other constituent such that in case if the correlation is equal to or near to 1 among two constituents, then those two constituents would be called as highly associated with each other as having strong relationship between them. On the other hand, if the correlation becomes to 0, it means that there is no relationship between the constituents and they are independent of each other. The third possibility is that the correlation is computed as -1 or near to it which means that the constituents has strong negative relationship among each other a nd they are associated with each other in opposite manner. So according to portfolio theory, the risk of a portfolio can be minimized in case if the portfolio is well-diversified in terms if its constituents such that the constituents either do no have any relationship with each other i.e. correlation = 0 or they have opposite relationship with each other such that correlation = -1 or near to it. ... In case if the constituents do not have any relationship with each other then the constituents would show a unique behavior irrespective of any other constituent. As a result, if the price of any constituent decreases, it will not have any impact on the prices of other constituents and in this way, the overall volatility of the portfolio will remain substantially lower. The negative relationship among the constituents of the portfolio will compensate each other such that if the price of one constituent decreases, than it would be effectively compensated by the other constituent such that its price would be increased, thus it would result in managing the overall risk of the portfolio given that the required return of the portfolio is ensured. This kind of portfolio would be considered as well-diversified and ensure the same return but with the reduced level of risk. The individual return that can be earned on each constituent would be similar to those which are kept in a well-diversif ied portfolio, but the overall risk of the portfolio would be substantially less than every individual constituent. Diversification Principles There are different kinds of diversification strategies which are available for the investors, some of them are discussed as under: Diversification through Different Asset Classes The most famous diversification strategy holds that the constituents of a portfolio must be well spread in different asset class such that investment can be managed in different proportions under stocks, bonds, marketable securities, commodities, property and real estates, currencies etc (Shefrin, 2000). These asset classes provide a large area for diversification and hardly any relationship can be found among these asset classes. Diversification through

Sustainable Management Futures Essay Example | Topics and Well Written Essays - 3000 words - 7

Sustainable Management Futures - Essay Example Hence, there was considerable opposition from developers of the resort as the scenic splendour The company can adopt the policy of maximum pollution, which can be evaded under the law of South Carolina, in order to maximise the company’s revenues as well as create adequate job opportunities in the concerned area. Then again, this policy will affect aesthetic quality of the environment and hamper business of the resorts in Hilton Head by way of attracting lesser visitors (Taylor, 2011). Long-term effects of pollution are very hard to determine and BASF’s past experiences in other countries, where they had polluted rivers, did not help them with a buoyant feeling. As a result, development of the factory had become more of a moral issue than a business one. In order to solve the moral issue, the researcher proposes that the BASF’s manager had three options. He can either build the factory with the least pollution control or maximise the pollution control or further still, he can choose to not build the factory at all. The first option will yield a tolerable amount of water pollution, huge company profits, satisfied shareholders and extremely antagonistic resort developers as well as greater employment opportunities. The second option, on the other hand, would yield low profits for the company, unsatisfied shareholders, minimal pollution, welcoming developers and high costs incurred so as to implement pollution control measures. The third option would have approval of the developers, yield no profits, incur costs so as to search for a new location and also disappoint the local residents who were in support of the industrialisation. The best course of action in such a case would be to weigh all the options, analyse the environment and organisational benefits and come up with the best possible or optimal solution that would benefit all. Both the manager and the company were confronted with a number of duties and obligations. The organisation management

The integrating earned value management

The integrating earned value management 3.3 EARNED VALUE PROJECT MANAGEMENT 3.3.1 Basics of Earned Value Project Management Project Management is often defined as the integrated management and control of Time, Cost, Resources and Quality for the successful on time and on budget completion of projects. Traditional approaches to PM ranged from simple Gantt Charts which help in representing the work to be done on a time scale to techniques likes CPM and PERT that addresses the needs of deterministic and probabilistic scheduling. All of these techniques tend to be used primarily for managing time. Cost is often measured independently by the accountants. This separation between cost and time is often the cause of project failure because the executing team is often unable to detect cost overruns until they are well past the point where they can change the outcome of the project. 3.3.2 Illustrative Explanation Earned Value Project Management (EVPM) is a concept that helps Project Managers seamless link Time and Cost for more effective control. Despite the difficult sounding title and the typical jargon associated with EVPM the basic idea is very simple and can be used effectively in a wide variety of situations. The best way to under stand EVPM is to walk through a sample project, so I am going to take you through a software project. Lets say we are working on the ERMS (enterprise resource management system) that has 10 deliverables/modules each to be completed in one month with a budget of 10 Lac Rupees each. The total project span works out to 10 months at a budget cost of Rs. 100 Lacs (Rs. 1 crore). We are at the end of the first three months and the Project Manager is busy preparing his project report. He starts up by reviewing progress and finds that two deliverables are fully complete while the third one is 80% complete. He checks with accounts and finds out that that a total of Rs. 28 Lacs have been spent so far. With this information he is ready to assign values to the three basic variables required to perform EVPM. These are as follows- 3.3.2.1 BCWS / Planned Value (PV) Budget Cost for Work Scheduled, also known as ‘Planned Value in the amount of money that should have been spent at this point in the life of the project if the project was proceeding as per plan. It is time phased budget baseline (figure). It is the approved budget for accomplishing the activity, work package or project related to the schedule. It can be viewed as the value to be earned as a function of project Work accomplishments up to a given point in time [12]. In our case we had planned to complete three deliverables in three months so we should have spent Rs. 30 Lac. A word of caution here, most projects dont proceed in a linear fashion (i.e. total budget/total duration in months). Correct BCWS values can be obtained from a resource loaded project plan that takes in account the actually work to be done in each period. Budget Cost for Work Scheduled is also called ‘Planned Value. 3.3.2.2 Budget at Completion (BAC) This is the total budget baseline for the activity, work package or project. It is the highest value of PV as shown in Figure-1 i.e. 100 Lac. 3.3.2.3 ACWP / Actual Cost (AC) This is the cumulative AC spent to a given point in time to accomplish an activity, work-package or project [12]. Actual Cost for Work Performed is the amount of money that we have actually spent on the project. Accounts have told us that we have spent Rs. 28 Lac. 3.3.2.4 BCWP / Earned Value (EV) This is the cumulative earned value for the work completed up to a point in time. It represents the amount budgeted for performing the work that was accomplished by a given point in time [12]. To obtain EV of an item, simply multiply its total budget by its completed proportion. Budget Cost for Work Performed is the assessment of the value of work that we have completed. Think of this as the worth of the work that we have completed, so if we had completed three deliverables we would have Completed 30 Lac Rupees worth of work. But we have only fully completed two deliverables so we have Rs. 20 Lac and we have 80% of the third deliverable. Partial completion is a tricky issue, because partial estimates generally vary from person to person depending on how optimistic or pessimistic they are. There are rules of the thumb (Heuristics) to deal with this situation. The common ones are 0-100 (give no credit till the task is complete), 20-80 (give 20% credit when the task is underway and the remaining 80% when it is completed), 50-50 (give 50% credit for starting the task and the balance on completion). The selection of method is up to you, but you need to ensure that you will use the same measure across the project for all tasks. In our case lets say we go with the 50-50 rule, so well give Rs. 5 Lacs credit for the third deliverable which brings the BCWP to Rs. 25 Lacs (20+5). Note that BCWP is also referred to as the Earned Value (EV). Lets start by calculating the two basic measures of performance SPI and CPI -3.3.2.5 3.3.2.5 Schedule Performance Index (SPI) Schedule Performance Index is an indicator for accessing our performance relative to the plan. SPI = BCWP/BCWS = 25/30 = 0.83. We know we are behind schedule, what SPI is telling us is that we have only completed 83% of the work that we originally planned to complete. 3.3.2.6 Cost Performance Index (CPI) Cost Performance Index shows us how much value we are getting for each Rupee that we spend on the project. CPI= BCWP/ACWP 25/28 = 0.89. We are over budget because, for producing Rs. 25 Lacs of work we have spent Rs. 28 Lacs. So we are only getting 89 Paisas of value for each Rupee that we spend. Just looking at SPI and CPI we know that we have a problem in that we are both over budget and behind schedule. A lot of work has been done on the use of SPI and CPI early in the project to predict the final outcome. Most of the work has been done in the US defense industry where researchers have looked at dozens of completed projects and tried to correlate their outcome with the status of their SPI and CPI early on during the project. Most studies show that the value of SPI and CPI when the project is only 20% complete can very accurately predict the final outcome. Using heuristics developed from these studies we can predict the following- Projected Project Duration = Planned Duration / SPI = 10 / 0.83 = 12 Month. So we are expecting that the project will be completed two month behind schedule, Projected Project Cost = Planned Cost / CPI = 100 / 0.89 = 112 Lacs. We are expecting a Rs. 12 Lacs overrun on the budget. Recovery Cost This is the cost that we will incur if we need to complete the project within the originally specified time by adding additional resource to the project. Projected Project Cost = Planned Cost / CPI*SPI = 100 / 0.89*0.83 = 135 Lacs Rupees. We should be ready to exceed the budget by 35% if we want to complete the project in time. Conventional wisdom says that your ability to change the outcome of a project is maximum at the start or the project and minimum near the end of the project. So it makes good sense to detect problems early and take action when you have room for maneuver. If you think about the 20% point intuitively, youll note that the any estimation errors that are leading to low CPI (i.e. budget overrun) are likely to effect the remaining activities of the project at the same rate, similarly the performance of your resources in execution is unlikely to get any better than what they have proven capable of in the first fifth of the project. Given the importance of early detection, think about conventional project management and how little it can tell you from the fact that you have completed two deliverables and 80% of the third and spent 28 Lac Rupees, Because of this, problems often evade early detection and by the time someone detects the problem its too late in the project to do much about it i.e. in a stage where the project is controlling the project manger instead of vice versa. 3.3.4 Integrating EVM Risk Management In todays uncertain business environment there is understandable pressure to improve the quality of decision-making at all levels in the organization. A number of techniques have been developed to address this concern, in an attempt to introduce some rational framework to the decision-making process. Two of the leading approaches are Earned Value Management (EVM) and Risk Management (RM). These stand out from other decision support techniques because both EVM and RM can and should be applied in an integrated way across the organization. Starting at the project level, both EVM and RM offer powerful insights into factors affecting project performance. Another key similarity between the two techniques lies in the word â€Å"management†. It is possible to conduct â€Å"Earned Value Analysis† and â€Å"Risk Analysis† to expose underlying drivers of performance. But both techniques emphasize the need to move from analysis to management, using the information to support proactive decision-making. Consequently, both EVM and RM encourage those using the techniques to take appropriate management action based on the results, and not to stop at mere analysis. Since both EVM and RM address the same problem space (performance of projects, programs, portfolios and businesses), and both provide management information to provide a basis for decisions and action, there has been considerable interest in the possibility of developing a combined approach to create synergistic benefits. Currently EVM and RM operate as parallel coexisting processes without systematic integration (although good project managers may intuitively link the two in practices). Much of the discussion to date on the relationship between EVM and RM has been rather theoretical, addressing the key principles underlying the two techniques. The objective is to analyze steps that can be implemented to combine EVM and RM in order to gain maximum benefit for projects and the organization. 3.3.4.1 Weakness in EVM and RM The strength of EVM RM has already been described, as their proponents seek to encourage wider update use. Each technique however has atleast one key weakness which presents a significant danger to those relying on the output to support strategic or tactical decision-making. For EVM, one of the main perceived weaknesses is its reliance on a key assumption, that future performance can be predicted based on past performance. Calculated performance measures (CPI, SPI, CV, SV etc) are used to predict forwards and estimate cost at completion or overall duration. Unfortunately there is no guarantee that the basic EVM assumption will be true, and it is likely that the future will deviate from that predicted by simply extrapolating from past performance. The strength of EVM lies in its rigorous examination of what has already occurred on the project, using quantitative metrics to evaluate project past performance. It goes on however to predict future performance by extrapolating from the past. But it is not possible to drive a car by only looking in the rear-view mirror. A forward view is also required, and this Is what RM offers. While project planning looks at the next steps which lie immediately ahead, RM has a horizon further into the future, It acts as forward-looking radar, scanning the uncertain and unclear future to identify potential dangers to be avoided, as well as seeking possible additional benefits to be captured. However this undoubted strength of being resolutely and exclusively future-focused is also one of the key weaknesses in RM. Any thing which occurred in the past is of little or no interest to the risk process, since there is no uncertainty associated with past events. RM starts with todays status quo and looks ahead. How the project reached its current position is not relevant to the risk process, unless one is seeking to learn lessons to assist RM on future projects. As a result RM as commonly implemented often lacks a meaningful context within which to interpret identified risks, since it has no means of capturing past performance and feeding this into the decision-making process. If EVM is weakened by assuming that future performance can be predicted from past performance, and if RM is weakened by looking only forwards with no real awareness of the past, a useful synergy might be obtained if a combined EVM-RM approach were able to address these weaknesses. Combining a rear-view mirror with forward-looking radar would use the strengths of complementary approaches to compensate for the weaknesses inherent in using each alone. Consequently it is possible to produce significant benefits by using RM to provide the forward view required by EVM, and by using EVM to provide the context required for RM. 3.3.4.2 Synergies from a Combined Approach Given the common aims of EVM and RM to examine and expose drivers of project performance in order to focus management attention on achievement of objectives, and given their differing perspectives towards the past and the future, a number of areas of possible synergy exist between the two techniques. The steps required to implement these synergies are [18]: Creating the baseline spend plan Predicting future outcomes Evaluating risk process effectiveness 1. Creating the baseline spend plan The foundation for EVM is the baseline plan of expected spend over time, creating the profile of â€Å"Budgeted Cost of Work Scheduled† (BCWS) or â€Å"Planned Value† (PV) against which project performance is measured. This baseline is derived from a costed and resourced project plan, including fixed and variable costs arising from financial and human resources. The BCWS profile is typically presented as a cumulative curve, or S-curve, as in Figure below. The baseline BCWS exists as the benchmark against which project performance will be measured. However one of the first things a project manager learns is that reality will never precisely match the project plan. As soon as work starts, there are variations in productivity, resource and information availability, delivery dates, material costs, scope etc. This is why a rigorous change control process is vital to successful project management. Although not all changes can be foreseen before the project starts, it is possible to assess the degree of uncertainty in a project plan, in both time and cost dimensions. This is the domain of RM. One of the first contributions that RM can make to EVM is to make explicit the consideration of uncertainty and risk when constructing the baseline BCWS. By undertaking a full risk assessment of the project plan before the project starts, addressing uncertainties in both time and cost, it is possible to evaluate the degree of risk in the baseline project plan. Quantitative risk analysis techniques are particularly useful for this, especially the use of Monte Carlo simulation on integrated models which include both time and cost uncertainty. These risk models take account of variability in planned values, also called â€Å"estimating uncertainty† (for example by replacing planned single-point estimates of duration or cost with three-point estimates or other distribution types), and they should also model the effect of discrete risks to reflect their assessed probability of occurrence and the subsequent impact on project time and/or cost. Both threats and opportunities should be addressed in the risk model, representing the possibility of exceeding or failing to meet the project plan. The results of the risk analysis allow the best case project outcome to be determined, representing the cheapest and. quickest way to reach project completion. Similarly a worst case profile can be produced, with highest cost and longest duration. All other possible outcomes are also calculated, allowing the â€Å"expected outcome† within this range to be identified. These can be shown as a set of three related S-curves, as in Figure below, which take account of both estimating uncertainty (variability in planned events) and discrete risks (both positive opportunities and negative threats). The ellipse at the end of the curves represents all possible calculated projects outcomes (90% confidence limit), with the top-right value showing worst-case (highest cost, longest schedule), the bottom-left giving best-case (cheapest and Quickest), and the centre of gravity of the ellipse being at the expected outcome of project cost and duration. The existence of this set of possible project outcomes raises the question of where the baseline spends profile for EVM should be set. The recommendation from a combined approach to EVM and RM is to use the expected value cumulative profile from a quantitative time-cost risk analysis as the baseline for BCWS. In other words, the central S-curve in Figure 2 would be used as the baseline instead of the S-curve in Figure 1. This ensures that the EVM baseline fully reflects the risk associated with the project plan (including an appropriate amount for contingency which is automatically incorporated in the risk analysis results), rather than measuring performance against the raw â€Å"all-goes-to-plan† plan. 2. Predicting future outcomes Both EVM and RM attempt to predict the future outcome of the project, based on information currently known about the project. For EVM this is achieved using calculated performance indices, with a range of formulae in use for calculating Estimate At Completion (EAC). Most of these formulae start with the Actual Cost of Work Performed to date (ACWP, or Actual Cost AC), and add the remaining budget adjusted to take account of performance to date (usually using the Cost Performance Index CPI, or using a combined Performance Efficiency Factor based on both CPI and SPI). These calculations of the Estimate To Complete (ETC) are used to extrapolate the ACWP plot for the remainder of the project to estimate where the project might finally end (EAC), as shown In Figure 3 below. RM predicts a range of possible futures by analyzing the combined effect of known risks and unknown uncertainty on the remainder of the project. When an integrated time-cost risk model is used, the result is a set of S-curves similar to Figure 2, but covering the uncompleted portion of the project, as In Figure 4. It is also possible to use risk nalysis results to show the effect of specific risks(threats or opportunities) on project performance as measured by earned value. Since the risk analysis includes both estimating uncertainty discrete risks, the model can be used to perform â€Å"what-if† scenario analysis showing the effect of addressing particular risks. 3. Evaluating risk process effectiveness A risk can be defined as â€Å"any uncertainty that, if it occurs, would have a positive or negative effect on achievement of one or more project objectives†. RM aims to address this uncertainty proactively in order to ensure that project objectives are achieved, including completing on time and within budget. As a result, if RM is fully effective, actual project performance should closely match the plan. Since EVM performance indices (CPI, SPI) measure deviation from plan, they can be used to indicate whether the risk process is being effective in addressing uncertainty and controlling its effects on project performance. If CPI and/or SPI are below 1.0 indicating that project performance is falling short of the plan, then one of the most likely underlying causes is that the risk process is failing to keep the project on course. An Ineffective risk process would fail to avoid adverse risks (threats) proactively, and when threats materialize into problems the project incurs delay and/or additional cost. Either the risk process is not identifying the threats, or it is not preventing them from occurring. In this situation, management attention should be directed to the risk process, to review its effectiveness and consider whether additional resources are required, or whether different techniques should be used. Conversely, if CPI and/or SPI are above 1.0 indicating that project performance is ahead of plan, the risk process should be focused on exploiting the opportunities created by this situation. Best-practice RM addresses both threats and opportunities, seeking to minimize threats and maximize opportunities. When EVM indicates that opportunities exist, the risk process should explore options to capture them and create additional benefits for the project. It should also be noted that if CPI and/or SPI far exceed 1.0, this may indicate other problems in the project and may not simply be due to the existence of opportunities. Typically, if actual performance is much greater than expected or planned, this could indicate poor planning or incorrect scoping when setting up the initial baseline plan. If this highly anomalous behavior continues, a baseline re-planning effort should be considered, which of course will involve the need for further risk management. Similarly if CPI and/or SPI are well below 1.0, this may not simply be due to the impact of unmanaged threats, but may indicate problems with the baseline plan or scope. Figure 5 illustrates the relationship between the values of EVM indices (CPI and/or SPI) and RM process effectiveness. The key to using EVM indices as indicators of RM effectiveness is to determine appropriate thresholds where action is required to refocus the risk process. Clearly some variation of EVM indices is to be expected as the project unfolds, and it would not be wise to modify the risk process in response to every small change in CPI /or SPI. However if a trend develops crosses the thresholds of â€Å"common variance†, action should be considered. Figure 6 illustrate this, with the thresholds of â€Å"common variance† for CPI /or SPI set at = 0.9 and =1.25. A further â€Å"warning threshold† is set at 0.75, suggesting that an adverse trend is developing and preparatory steps should be taken. The thresholds of 0.75, 0.9 and 1.25 used in Figure 6 are illustrative only, and organizations may be able to determine more appropriate threshold values by reviewing historical trend data for CPl and SPI, and identifying the limits of â€Å"common variance† for their projects. Plotting the trend of CPI and SPI over time against such thresholds also gives useful information on the type of risk exposure faced by the project at any given point. For example Figure 6 Indicates that the project schedule is under pressure (SPI trend is consistently below 1.0), suggesting that the risk process should focus on addressing sources of time risk. The figure also suggests that cost savings are possible which might create opportunities that can be exploited, and the risk process might be able to maximize these. These recommended action types are illustrated in Figure 7, corresponding to the following four situations: Both CPI and SPI high (top-right quadrant), creating opportunities to be captured Both CPI and SPI low (bottom-left quadrant), requiring aggressive action to address threats High SPI but low CPI (top-left quadrant), requiring focused attention to cost risk, with the possibility of spending additional time to address High CPI but low SPI (bottom-right quadrant), where attention should be paid to addressing schedule risk, and cost trade-offs can be considered Figure 7 also suggests that if either CPI or SPI (or both) remain abnormally high or low, the baseline plan should be re-examined to determine whether the initial scope was correct or whether underlying planning assumptions were unfounded. It is important to note that these action types should be viewed only as 1st options, since other considerations may lead to different actions. For example in projects with high schedule-constraints (e.g. product launch, event management etc), the trade-off between time cost may be prioritized differently than in cost-constrained projects. 3.3.4.3 Discussion Both Earned Value Management (EVM) and Risk Management (RM) seek to improve decision-making by providing a rational framework based on project performance. EVM examines past performance against clearly-defined quantitative metrics, and uses these to predict the future outcome for the project. RM looks ahead to identify and assess uncertainties with the potential to affect project performance either positively or negatively, and develops responses to address each risk proactively. Both techniques share a focus on project performance, and have the same purpose of developing effective actions to correct unwelcome trends in order to maximize the Likelihood of achieving project objectives. One (EVM) does this by looking back at past performance as an indicator of likely future performance. The other (RM) looks ahead at possible influences on future project outcomes. These two approaches are not in conflict or mutually exclusive. Indeed their commonalities imply a powerful synergy, which i s available through combining the complementary strengths of each technique and using insights from one to inform the application of the other (as summarized in Table 5). 1. Creating the baseline spend plan (BCWS/PV) Develop costed WBS to describe scope of work, without hidden contingency Produce fully costed and resourced project schedule Assess estimating uncertainty associated with initial time/cost estimates Perform risk identification, risk assessment and response development Quantify time and cost risk exposure for each risk, taking account of the effect of agreed responses Create integrated time/cost risk model from project schedule, reflecting both estimating uncertainty (via 3-point estimates) Select risk-based profile as baseline spend profile (BCWS/PV); it is most common to use the â€Å"expected values†, although some other confidence level may be selected (say 80%) 2. Predicting future outcomes (EAC) Record project progress and actual cost spent to date (ACWP), and calculate earned value (BCWP) Review initial time/cost estimates for activities not completed, to identify changes, including revised estimating uncertainty Update risk identification, assessment and quantification, to identify new risks and reassess existing risks Update integrated time/cost risk mode! with revised values for estimating uncertainty and discrete risks, taking account of progress to date and agreed risk responses Select risk-based calculation as estimate of final project duration and cost (EAC), using either â€Å"expected values†, or some other confidence level (say 80%) Use risk-based profile as updated expected spend from time-now to project completion 3. Evaluating risk management process effectiveness Determine threshold values for CPI and SPI to trigger corrective action in risk process (or use default values of 0.75, 0.90 and 1.25) Calculate earned value performance indices (CPI and SPI), plot trends and compare with thresholds Consider modifications to risk process if CPI and/or SPI cross thresholds, enhancing the process to tackle opportunities more effectively if CPI and/or SPI are high, or refocusing the process on threat reduction if they are low Take appropriate action either to exploit opportunities (high CPI/SPI), address threats (low CPI/SPI), spend contingency to recover time (high CPI/low SPI), or spend time to reduce cost drivers (high SPI/low CPI) Consider need to review initial baseline, project plan or scope if CPI and/or SPI persistently have unusually high or low value Table-5: Summary of steps to integrate EVM and RM http://support.sas.com/documentation/cdl/en/orpmug/59678/HTML/default/evm_sect3.htm http://www.tech-archive.net/Archive/Project/microsoft.public.project/2007-05/msg00594.html http://www.allpm.com/index.php?name=Newsfile=articlesid=2184 http://www.allpm.com/index.php?name=Newsfile=articlesid=2184theme=Printer http://www.freepatentsonline.com/4424121.html http://www.ustreas.gov/tigta/auditreports/reports/094602fr.html http://www.ustreas.gov/tigta/auditreports/reports/094602fr.html http://www.dcma.mil/communicator/spring_summer04/evm.cfm http://www.parm.com/index.php?option=com_contenttask=viewid=171Itemid=35 http://www.parm.com/index.php?option=com_contenttask=viewid=177Itemid=35 http://www.scribd.com/doc/4614499/Project-Performance-Measurement http://www.baz.com/kjordan/swse625/htm/tp-py.htm http://guidebook.dcma.mil/79/evhelp/what.htm http://www.acq.osd.mil/pm/faqs/evbasics.htm http://commdocs.house.gov/committees/bank/hba57680.000/hba57680_0.HTM http://www.allbusiness.com/management/risk-management/8945762-1.html http://www.parm.com/index.php?option=com_contenttask=viewid=171Itemid=35 http://www.bcs.org/server.php?show=ConWebDoc.5912 http://www.plannerlife.info/2007/07/what-is-earned-value.html http://evm.nasa.gov/tutoriala.html Earned Value Management (EVM) Tutorial http://glossary.tenrox.com/earned-value.htm http://support.sas.com/documentation/cdl/en/orpmug/59678/HTML/default/cpm_sect42.htm http://www.ombudsman.forces.gc.ca/rep-rap/sr-rs/sf-ts/rep-rap-02-eng.asp http://www.freepatentsonline.com/6006060.html http://www.pmi.org/Search/GenieRedirector.aspx?genieID=6685iss=1 http://www.pmi-cpm.org/pages/events/IPM06/Practice_Symposia.html http://edgar.sec.gov/about/oig/audit/337fin.htm http://www.scribd.com/doc/4614499/Project-Performance-Measurement http://www.acq.osd.mil/pm/faqs/evbasics.htm http://www.baz.com/kjordan/swse625/htm/tp-py.htm http://www.parm.com/index.php?option=com_contenttask=viewid=177Itemid=35 http://www.dcma.mil/communicator/spring_summer04/evm.cfm http://guidebook.dcma.mil/79/evhelp/what.htm