Joint Venture in the Construction Industry in Spain

Joint Venture in the Construction Industry in Spain An estimated 20,000 joint ventures have been formed worlwide over the past two years. Such strategic alliances can provide business owners with long-term security, new revenue channels, and , often, the anchor needed to maintain stability in otherwise turbulent waters. A successful joint venture can open the door to a wold of future partnership opportunities (Robert L.Wallace 2004) Factors now at play in our economy make it more feasible and more critical than ever for small business owners to leverage the power of joint venturing. These factors include: The emergence of the customer economy Advances in technology that have neutralized time and space contraints Change brougt on by shifting demographics More entrepreneur- and more oportunities- as a result of downsizing In the midst of these world-changing trends, what is often missing from a succesffull business strategy are the critical alliances and strategic partnerships that will help leverage the strenghts and minimise weaknesses. Forging joint ventures and strategic alliances will allow business to win millions contracts as the partner with large companies to offer with, breadth, and depth demanded in the marketplace. Done well, joint ventures provide both participating businesses with a chance to learn and benefit from each other, and to achieve results neither could achive alone. In this dissertation will be explained- how to enter into joint ventures well so a company can prosper in ways it never could by doing it alone CONTENTS Page ACKNOWLEDGEMENTS i ABSTRACT ii CONTENTS iii LIST OF TABLES v LIST OF FIGURES vi INTRODUCTION 1 1.1 Introduction 2 1.2 Objectives of Dissertation 2 Contents 3 JOINT VENTURE EXPLAINED 2.1 Joint Ventures Explained 2.2 The Rationale of Joint Venture Formation 2.3 Joint Venture Formation 2.4 Management and Implementation LITERATURE REVIEW 3.1 Forms of Joint Venture 3.2 Motives of forming a Joint Venture 3.3 Selection of Partners 3.4 Preliminary Agreement and Negotiation Research Methodology 4.1 Research Approach 40 4.2 Research Ethics 41 4.3 Interviews 42 4.4 Survey 46 FINDINGS AND DISCUSSION 5.1 Basic Conflicting Interests 5.2 Loss of Autonomy and Control 5.3 Findings CONCLUSIONS AND RECOMMENDATIONS LIST OF TABLES LIST OF FIGURES Chapter One Introduction and Objectives of Dissertation Introduction Business once grew by one of two ways: grass roots up, or by acquisition. Today business grow through alliances- all kinds of dangerous alliance, joint ventures, and customer partnerign, which by the way, very few people understandà ¢Ã¢â€š ¬? (Peter F.Drucker 2007) Experiences of joint venture management in the construction industry traced back to the early 60 ´s. It appears that characteristics of this industry favor the proposition of joint ventures formation. Although statistics are not available, this is obviously true in relation to the infrastructure development of Spain at the present moment The determination of the . 1.1 Objectives of Dissertation This paper attempts to review the existing literatures on management of joint ventures its merits and problems, particular issues arisen and suggested management techniques to cope with such obstacles in operating a joint venture. Interviews were conducted with two senior staffs of one of the partners of a joint venture formed by four construction firms. The joint venture is currently undertaking one of the Train Station Core Projects to be completed before July 2011. It is hoped that hand-on experiences of these senior staffs, at the level of Management Committee of the joint venture, as well as the operational level of the joint venture, would provide us valuable insight and opinion on the art of joint venture management, as a reflection and complement to the general review of the literatures. The key objectives are: To critically appraise the existing literature to Corporative alliances issues and the role of International Strategy in applying these issues. To establish the importance Strategic alliances with competitors in the international market. To evaluate the purposes of strategic alliances as well as to what extent might be successful a company. To determine other factors that influences companies in seeking Joint Ventures. To assess the sources of value creation. To study possible pitfalls in doing a Strategic Alliance. To draw conclusions upon a joint venture in a case study. 1.2 Contents In Chapter 2, the organization of interest is described in detail along with an explanation of its forms. In Chapter 3 the literature in relation to joint venture and strategic alliances in general and its application within the company is critically reviewed. Chapter 4 describes and justifies the research methods employed and includes a section on the ethical considerations of the project. In Chapter 5 the findings of the one-to-one interviews, In Chapter 6 the findings are analyzed and evaluated in relation to the published research literature. In Chapter 7 a joint venture framework for the SMART Services is presented along with a plan for its implementation. Finally, in Chapter 8 conclusions are drawn and recommendations are made for future work. A list of references is provided and the appendices contain pertinent information, documents (including, the survey questionnaire) and collated data. Chapter Two Joint Venture Explained 2. Joint Venture Explained A joint venture is the coming together of two (or more) independent business for the sole purpose of achieving a specific outcome that would not have been achievable by one of the firms alone. (Source: Wallace 2004) 2.1 The Rationale of Joint Venture Formation The form of joint venture provides benefits and a skeleton, based on which the management philosophy of the joint venture builds up. . (See Figure 1) Figure 1: Joint Venture. Business Benefit Source: Trendsetter Barometer, PWC In respect of share of management, there are dominant parent ventures, share management ventures and independent ventures. Degree of involvement of parents in these types of joint ventures differs, and in turn these joint ventures face different types of nature and management problems. At operational level, there are approaches of integrated structure and non-integrated structure. The nature of the business and the share of responsibilities in various aspects of the business will be the determination factors of choice Generally speaking, the choice of form of joint venture should be made in accordance to what contributions are required of the parents in order to achieve the purpose of forming the joint venture. Companies forming joint ventures basically intend to develop markets and products. Common reasons are: to suit government policies, pooling resources, risk sharing, building business relation and to reduce competition. The first step to form a joint venture, after realizing that such tactics is desirable, is to select a partner. Consideration on selection of partners concentrates on three major themes: shared objectives, mutual trust and co-operation, and abilities of the potential partners. Appropriate partners should be compatible in their objectives of forming the joint venture and their expertise/Knowledge on the business. Right partners also should possess similar management styles normally. Lastly it is important that potential partnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s real intention is realizes, to avoid future major disagreements. 2.2 Joint Venture Formation When the partners have reached initial agreement to form a joint venture, often a preliminary agreement is signed. It forms a basis for the drafting of the detailed agreement, and provide framework for the partners to work together and proceed to more detailed planning works. But subsequent negotiations following for the preliminary agreement often provide good chances for the partners to understand more thoroughly the expectation of potential partners. It is not uncommon that a final agreement cannot be reached because major conflicts are revealed in the process of subsequent negotiations after preliminary agreement. It is always intended to write agreements to cover all contingencies. But some managers consider that it is not so practically possible in view of the rapidly changing environments nowadays. Instead, emphasis should be placed on building up mutual trust and thus it is important to incorporate a sense of fairness into the joint venture agreement. Generally defined, well understood mutually, and respectful to each other ´s rights in return to their contributions committed. It is suggested that the best solutions should be an agreement covering all possible contingencies, together with the design of a flexible mechanism allowing changes to be agreed between efficiently while promoting cooperation and mutual trust. A very important aspect in drafting the joint venture agreement is the design of reward system for the partners. Pay-off in the form of product flow between the parents and the joint venture is often the source of major management problems and conflicts. Such product flow diverts attention of the parents from the joint venture ´s benefits. Again, fairness and willingness to co-operate are the keys to resolving such problems. If at all possible, market comparison is a useful guide to fix the transfer price in a fair sense. The primary concern of a partner in forming a joint venture is probably the degree of control over the business. In respect of split of ownership, majority-minority shares are sometimes preferred, as the majority of partner can act as leader for the joint venture and thus gives direction in a less ambiguous manner for the operation of the joint venture. On the other hand, come companies prefer equal shares to ensure willingness of all partners to contribute efforts as required and they may also feel more comfortable that all partners have equal statusà ¢Ã¢â€š ¬? in the joint venture. Ownership distribution is less important than how operation control is actually apportioned. There is no rule on thumb on allocating operation control. General guidelines are that each parent should be motivated to make necessary commitments continuously in accordance to their abilities, and that each parent should be protected in its interests. To enhance long term co-operation, exploitation of other partner ´s interests must not be attempted. It must be emphasized that full equality in operating control requires much more efforts from all partner, and the joint venture would have to be operated in day-to-day on-going negotiations and compromise among the partners. 2.3 Management and Implementation Standard joint venture organization consist of two components the management board and operation organization. The management board is the highest authority of the joint venture. The composition of the board and jurisdiction of the board determine largely the share of power among the partners. To build an effective board, board members should be delegated enough and necessary authority by their own companies in making decisions and vote in the board. They should endeavor to maintain mutual trusts among the partners, to sustain the common goal and objectives of the partners and to the exercise effective control over the joint venture. This is better to clearly separate the operation organization independently from the management board, to avoid biases or perceived biases towards one particular partner. As mentioned earlier, staffing is a possible and often effective way of controlling the joint venture operations. But overact may generate resentment from other partners. It will be extremely difficult to build up cohesiveness of the operation organization from all the partners. The organization will possibly segregate into groups of their own companies. Theoretically, secondly is desirable only if considered necessary for the needs of the joint venture. Otherwise recruitment from outside can more easily maintain the independence of the operation organization. The joint venture manager is an important role, as the leader for the operation organization, the bridge between the child and the parents, and sometimes as the mediatorà ¢Ã¢â€š ¬? for the parents if disputes arose among them. He has to possess negotiation skills, people skills, and selling skills to bring together mutual co-operation form all parties concerned. He is often found to be involved in ambiguous relationship, with his sub-ordinates and supervisors, and wit the parent companies. In order to achieve his task of pleasing everybody and avoiding conflicts and tension between the parties concerned, he has to be highly tolerant and ambiguity. The joint venture manager should be loyal only to the joint venture, not to any of the parents. He has to be perceived as neutral, otherwise his opinions will never be convincing to other people. Biased loyalty of the joint venture manager will arouse other parents taking harmful measure against smooth operations of the joint venture. Being neutral is an important qualification of the joint venture manager in order to gain autonomy and trust, which in turn makes the joint venture more likely to succeed. The joint venture agreement implied an independent operation organization separated from the parents to be fully responsible for daily management of the business and that the operation organization enjoyed a high degree of autonomy. In practice, the independence and autonomy were granted to the operation organization, only if all parents, in particular the joint venture manager, will act truly neutral. Without such belief, parents were able to exercise disruptive negative measures to hinder the normal implementation of management for the joint venture operations. The case also supported that the quality if the joint venture manager in negotiation skills and human relations, and its relationship with the parents was a paramount importance of the success of the joint venture. A strong leader might be harmful for a joint venture, but a practical and flexible manager surely is very useful. Chapter Three Literature Review 3.1 Forms of Joint Venture 3.3.1 Share of management The fundamental question in management of joint ventures is the degree of involvement of partners in decision making processes on major policies as well as day-to-day operations of the joint ventures. In this respect, joint ventures are often categorized into three types: (Stephen I. Glover and Craig M. Wasserman 2003) Dominant parent ventures: in which management decisions are dominated by one parent, either formally by majority voting rights in all major aspects or informally by management settings to control key decisions makings without significant involvement from the other party. Shared management ventures: in which management of joint venture operations are shared between the parents, either shared by each providing resources in certain functional areas or shared by pooling resources at most levels of the joint venture operations. Characteristics of this type of joint venture are the necessity of frequent negotiation and agreement between the partners at most all levels and aspects of the business management. Independent ventures: in which parent ´s involvements in the management of the joint venture is very little, as it is left almost entirely to an independent group of personnel employed under the joint venture. The roles of parents are not too much different from shareholders, except that they may be providing other distinct types of resources as well as capital and there are only a few shareholders. Dominant parent ventures and independent ventures are thought to be more trouble free, as they require less interaction and thus less potential conflicts between the parents. However, there are no concrete evidence to suggest that these two types of ventures will be more likely to succeed than shared management ventures. Obviously the choice of joint ventures types is dependent on the situation and nature of the business and the parentà ¢Ã¢â€š ¬Ã¢â€ž ¢s  ´characteristics. Circumstances often call for shared management but no other choices, simply because joint efforts are required to achieve what is intended. Pooling of resources, and thus a mixed input of management efforts from both parents, may be the fundamental desire of forming the joint venture. In such cases, dominance of one parent certainly cannot fulfil the purpose of the strategic alliance and the question is to overcome the difficulties of shared management on joint ventures operations. Legal Form In terms of the legal form of the joint venture, there can be three choices: (Dennis Campbell and Antonida Netzer 2009) Consortium: it refers to a grouping, formed on a one-off basis, which is governed by a contractual agreement. The contractual agreement is made to define clearly the position of each of the parents, including a specification of the authority, responsibility, liability and power of each party. Parnership: it can take a form of formal partnership. The parties are then effectively recognised in law as partners. The joint venture is considered as a business entity on its own, in legal terms, separated from the individual parties. As partners, each of the parties is legally liable for any debt or default committed by other partners on behalf of the joint venture, which may not be the case if formed as a consortium depending on details of the contractual agreement of constituting the consortium. Incorpotation: joint ventures which are intended to be a permanent business are usually constituted as an incorporate entity. This would enable the parties being insulated from the risks of the business of the joint venture, as a limited company. The major disadvantage is that the profit and loss sustained by the joint venture as incorporation cannot be set off against that of the parent companies for tax purpose. 3.1.3 Operational Structure The two extreme categories of operational structure of a joint venture are integrated joint venture and non integrated joint venture (Dennis Campbell and Antonida Netzer 2009) Integrated Structure: the parties agree on a certain proportion of capital and resources investment and a prescribed profit or loss sharing formula, and they both participate on every level of execution of the joint venture business. Non-integrated Structure: in such case, the joint venture usually provides for general management machinery, which looks after overall administrative and coordinative roles for the joint venture business. The whole business is then divided into packages or portions which are assigned to the parents to execute and operate such packages or portions as designated in the joint venture agreement (Appendix A) In practice joint ventures are usually a mixture of these two approaches. The question is the degree of integration to be adopted for the given set of circumstances faced by the joint venture. For that joint venture business that can be divided into clear cut portions and such divided portions will suit the capability and resources of different partners, non-integrated approach will usually be adopted. While the joint venture business is complex and it requires a centralised management of all aspects of the business, the management will be integrated. Integrated approach is more difficult to manage. Conflicting interests and ideas between the partners can arise more often than non-integrated approach. But it is often unavoidable as the nature of the joint venture business mar not is possible to be divided neatly into portions. On the other hand, for non-integrated approach, complicated contractual argument can arise between partners. In case of joint venture agreement in a basis of joint and several responsibilities, it is not uncommon that the partners lodge contractual claims against each other on non-performance or default of the other parties in executing their portion of the joint venture business resulting loss to the whole joint venture from third party claims. The Case Study The parents attempted to adopt a mixture of shared and independent management for the joint venture under study, as implied in the conditions of the joint venture agreement. The management committee of the joint venture, which was the highest level of decision making and policy setting, were composed of one representative each partner. In respect of operational structure, a mixture of integrated and non-integrated approach was adopted. While a separate joint venture organization supposedly independent from the partners managed and operated the whole joint venture business integrally, the project was divided into portions and packages which were then subcontracted back to the partners under the joint venture 3.2 Motives of forming a Joint Venture Companies forming joint ventures basically intended to develop markets and products i.e. to strength the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ existing business, to take the firms existing products to new market, to obtain new products that can be sold in the firm ´s existing markets, and to diversify into new businesses (Mark de Rond 2003) These objectives can be achieved through various ways, as shown in figure 1.1 But why choose a joint venture to try to achieve these objectives? Common reasons are: (Das y Teng 2000) Government Policies: because of licensing requirements of the government for undertaking a certain type of business in a country, e.g. for construction works in Spain many foreign companies may wish to form joint ventures with local companies who have the required licenses at hand in order to enter the market first, while they at the same time apply for the necessary licenses which may take months or even years in some cases. Many governments, who attempt to protect the development of certain industry of their countries, establish regulations that prohibit foreign companies to set up wholly owned subsidiaries. If foreign companies wish to explore the market of those countries, they have no choice to form joint ventures with local companies. Risk Sharing: in very large and risky projects that companies feel uncomfortable to bear but unwilling to give up the business opportunity, several companies share the risk by undertaking the project jointly. These risk may be commercial risks (finance, source of materials, technical uncertainties, etc) or political risks (change un government policies, unstable political status of the country, etc) Figure 1: Motives for joint venture formation New Markets Existing Makets To Take Existing Products To Foreign Markets Open Markets Closed Markets To Diversify into New Business Learning from your partner Learning with your partner To Strengthen the Existing Business Achieving economies of scale Acquiring technology Reducing financial risk To Bring Foreign Products To Local Markets Marketing and distribution Screwdriver assembly Developing local technology Technology flow back to parent Existing Products New Products Source: (Das y Teng 2000) Pooling of resources: companies often join to develop business that requires a combination of different resources (finance, technology, market access, local experience, etc) that none of these companies possess all of them, e.g. a combination of market access by one company and technical knowledge of a product by another, combination of different technical skills that are necessary to develop a product, or a combination of several companies à ¢Ã¢â€š ¬Ã‹Å"resources to achieve economies of scale. Building business relation: some companies form joint ventures with in order to build up wide business relations among the industry. They believe that this will enable them to widen their networks of business and that it may be helpful for their further business developments in long term. Reduce competition: joining with your competitor automatically reduce the degree of competition. This is particularly useful if there are only a few potential competitors only. It is not uncommon to find in certain industry that formations of joint ventures effectively create monopolistic or oligopolistic conditions. The Case Study In the construction industry inherent risks involved in the projects are the major concern of a company ´s business strategy. Sharing of commercial risks (financial burdens on the company, source of raw materials, technical uncertainty involved with the works) for large scaled projects is the major reason of forming joint ventures. Because of the huge amount of resources involved and the multi-disciplinary nature of the projects, pooling if resources from several companies is necessary to gain sufficient competence in order to tender for the works. Not a single company may have all the necessary skills and sufficient amount of resources that are required for those Train Station Core Projects. Formations of joint ventures become the most common tactics for the construction firms to undertake those projects. Political risk is also a major concern especially for foreign firms who are not familiar with the policies. Most foreign firms conceive that formation of joint ventures is an effective way of securing the safety of the business, particularly when undertaking infrastructure development projects of payment terms. Large construction firms (both local and international firms that were interested and had potential to undertake these large projects) gradually formed into groups of consortium to tender for these jobs. As a result, the industry transformed into competing allied groups, instead of competing among individual firms. Although such transformation might be unintentional at the time these companies first formed joint ventures, they now became aware of such advantage and might use this again as one of the useful tools in future when considering the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategy competitions in the industry. 3.3 Selection of Partners 3.3.1The Criteria of Choosing a Partner Considerations on selection of partners concentrate on three majors themes: (Lynn Krieger 1991) Shared objectives Mutual trust and willingness to co-operate and Having necessary skills/resources The task is to find a compatible partner in respect of these three major themes. The right pair or group of partners often implies an asymmetry of partners, i.e. the right partners often have different quality and characteristics so that they will complement with each others on the need of the business. Basic consideration is whether the potential partner can provide what you need and the confidence of the potential partner ´s willingness to co-operate. They may not have the same objective but their co-operation should fulfill each other ´s objectives. They may not have the expertise on the same area, and they should possess different knowledge so that when combined together their competence will be strengthened. In fact two partners having expertise on the same area often is the source of conflicts as both will consider their own approach is superior without due respect on the other partner ´s expertise on the field. But right partners should desirably have similar management styles and outlooks so that their overall business strategy would go along the same direction. Otherwise, conflict on major business policy that is originated from the incompatibility of the partners expectation on what the joint venture should achieve eventually arise someday Lyn Krieger put forward two prepositions: The more similar the culture of firms forming a shared management joint venture, the easier the venture will be to manage. The more similar in size are the parents of a shared management venture, the easier the venture will be to manage. A significant size mismatch between a venture ´s parents can create a lot of problems for the venture. Culture here refers to both corporate culture and the culture of the country from which the firms are based. These propositions are based on the principle that managers, to be effectively working together, need to be able to evaluate each other ´s judgment and the way of working before they can build up a cohesive team. The second proposition is an extension of the first one as size of the company can contribute to difference in corporate culture. One should also be alert on any hidden agenda of your potential partner (Kathryn Rudie 2003). Confidence on the observation of your potential partner ´s real intention and objective to form the joint venture is a pre-requisite condition before a decision can be made on the choice of partners. The classic tragic case of Beijing Jeep is a good example of hidden agenda. Both partners did not spell out clearly their real intention of what was to be achieved, and both partners did not understand thoroughly the other partner ´s real intention before signing the joint venture agreement. Unreasonable conflicts arose not long after formation of the joint venture, when both parties realized that they were expecting something beyond the wishes of the other party. The tragedy ought to be avoidable if both parties made clear of their expectations before signing on the joint venture agreement. 3.3.2 The Process Selection It is suggested that a step-by-step approach should be adopted to develop relationship with potential partners (Kathryn Rudie 2003): Prepare a checklist desirable quality of the partner Searching out for potential partners based on the checklist Prepare proposals and issues to study and negotiate with the potential partner If possible, try out a joint venture of small scale before committing long term and large scaled joint venture business Theatrically, this process enables the partners to develop faith and mutual trust and allows better mutual understanding before placing large financial stakes on joint ventures with unfamiliar partners. Obviously, this takes a long time and in practice the ever changing business environment often does not wait for such long process of partner selection. Business opportunities simply slip away before the good partner relationship can evolve in this way. In real life, it is often founded that good joint venture partner relationship is assumed at the time of signing the joint venture agreement, and the assumption is often based on personal relationship between the CEOs of the companies. The Case Study Major consideration in selection of partners was what resources the partner could bring in to supplement his shortages and strengthen the competence of the company to successfully tender for the job. Reputation and track record in the international construction industry was the first item to check on, particularly as the potential partner was new-comers to Spain. It was admitted that the other partnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s intention of choosing the company was not fully known at the time of forming the joint venture. At that time, it was only understood that the company was chosen by other partners because of its local experiences in Spain and the feeling of political security that the firm could provide as a whole owned company. It was now gradually revealed that

The Search for Christian America: History’s Echo Essay -- Christianit

In The Search for Christian America historians Mark A. Noll, Nathan O. Hatch and George M. Marsden address the recent insurgence of desire to return to the American nation’s â€Å"Christian Heritage†; a call to revisit the solid and revered foundations of the colonial period (15). This premise frames the authors’ two-part thesis: first, that America was never a Christian nation and secondly, that the very concept of a Christian nation, after the time of Christ, can be harmful to Christian action and effectiveness within society (17). This assertion, and the evidence which surrounds it, proves that Christians find great value in elements of the founding. When considering the reason behind this assumption the authors suggest many possibilities: love of a glorious myth, preaching and identification with the Mosaic prophecy, a â€Å"city on the hill† mentality, and or nationalistic necessity (108-116). However, these points still with standing, the author s do not fully develop the possibility that Protestants doctrinally resonate with the ideals of the founding. The authors do assert that many use the past as a mirror simply reflecting one’s already established views: â€Å"by a subtle and often unconscious process we pick out . . . those strands which reinforce our point of view† (145, 148). This paper will attempt to bring these two concepts together: asserting that the ideals of the founding, mainly liberty, freedom and individualism, are mirrored in Protestant doctrine itself, providing an echo American Christians can identify with, allowing reverence to be felt toward the founding and urgency to drive the search for Christian America. Toward the end of the text the authors set out to explain the difficulties and the necessity of â€Å"openi... ...ce of similar values or familiar echo, only uphold â€Å" a high regard for our country and its heritage. But . . . not, in the words of the Psalmist (118:9), ‘put confidence in princes’ instead of taking ‘refuge in the Lord† (102). Bibliography Luther, Martin. â€Å"The Appeal to the German Nobility.† In Documents of the Christian Church, edited by Henry Bettenson, 192-197. New York: Oxford University Press, 1976. --------------------Concerning Christian Liberty. Vol. XXXVI, Part 6. The Harvard Classics. New York: P.F. Collier & Son, 1909–14. Bartleby.com, 2001. www.bartleby.com/36/6/. (accessed Jan. 21, 2012). Calvin, John. "John Calvin: Institutes of Christian Religion." Translated by Henry Beveridge, Esq. Center for Reformed Theology and Apologetics. http://www.reformed.org/master/index.html?mainframe=/books/institutes/. (accessed Jan. 21, 2012).

Policy :: essays research papers fc

If Western diplomacy has a role to play it will have to be discreet and carefully considered, always bearing in mind that the governing rule of diplomats, like that of doctors, must be ‘first, do no harm’. ( Monteagle) This thought, taken form The Clash of the Civilizations article, succinctly puts forth the ideas that I, as a diplomat learned throughout the Nations Game simulation. Diplomacy carries out the policy that nations have set. In order to carry out policy diplomats must use tactics and strategies within prescribed guidelines. The primary tool, which was most often used during the nations simulation, was negotiation. Most diplomacy is secret, though results are usually made public. The goal of diplomacy is to further the state’s interests without causing resentment. Diplomacy is an alternative to war to achieve a nation’s goals. Its weapon is words. Diplomacy may employ persuasive threats, but is usually peaceful. ‘Diplomacy seeks to strengthen the state, gaining advantages and allies while neutralizing its opponents. Thus, it tries to create good will toward the state it represents† (Britannica). The role of diplomacy during the nations simulation was very important. Envoys had to be shrewd. In order to further ones country, the diplomat had to know exactly what they needed and not back down. For example, the country of Libertania decided early on that it must concentrate on point totals. Political alliances were of secondary importance to them. Press releases were less focused on good will toward other countries, but more on setting up trade appointments. When rumors of war began to brew, Libertania immediately looked at point totals and choose a country strong in military to ally with. Ideological alliances were not at the forefront of Libertania’s strategy. Libertanian women were concerned about slavery and conditions of women in other countries, but were more concerned about our own country progressing economically. Once Libertania was in a strong economic state , then it could use diplomats to bring their political beliefs to the continent. Outside sources, such as the World Council, at first glance thought Libertania had diplomatic failures. However, it was the complete opposite. Libertania was able to move forward through diplomatic treaties. For example, counties such as Crock gave Libertania hundreds of point totals in exchange for signing an ecological preserve pact to protect the Vastlands. Libertania gave up claims to both Land disputes which to outsides seemed to be foolish, costly mistakes. Conversely, they were ingenious maneuvers which allowed Libertania to collect more points. Other countries were delighted to trade us hundreds of point totals for a piece of land that would only yield a couple hundred points.

Henry Cavendish: The Shy Scientist Essay -- Science, Biography

Henry Cavendish: The Shy Scientist Henry Cavendish was born October 10, 1731 in Nice, France. His mother, Lady Anne Grey was the daughter of the first Duke of Kent while his father Lord Charles Cavendish, was second Duke of Devonshire. His ancestry links back to many of the aristocratic families in Great Britain. The chemist/physicist is most accredited for the discovery of hydrogen, the â€Å"inflammable air† and measuring the Earth’s density, but he also researched and discovered many other important scientific revolutions. Henry was described as being a very silent and solitary individual. Many called him eccentric and some believe Asperger Syndrome was the root of his behavior. He was shy of strangers and especially shy of women, so much that he only conversed with his female servants by notes. At one point he had a back staircase added onto his house to avoid his housekeeper. This shyness did not allow him to have close or personal relationships to those outside of his family. He dressed from the previous century wearing an old faded velvet coat and a three-cornered hat. When he did talk he spoke in a squeaky voice and with difficulty. His single social outlet was his membership in the Royal Society Club, in which members dined together before their weekly meetings. Cavendish rarely missed these meetings and was highly respected by his colleagues. Although admired, those who sought his intelligence were often given a response of a mumble or a vacant reply as Cavendish dashed off to find a more peacef ul area. Henry Cavendish began attendance to the University of Cambridge in St. Pete’s College on November 24, 1749 at the age of 18. On February 23, 1753, four years later, he left the university without graduating. After ex... ... the church now named Derby Cathedral and was honored by having the road he lived on named after him. William Cavendish the 7th Duke of Devonshire, Henry Cavendish later relative, donated the Cavendish Laboratory at the University of Cambridge. Works Cited Wikipedia The Free Encyclopedia. Henry Cavendish. http://en.wikipedia.org/wiki/Henry_Cavendish; Dec. 1, 2011 Bruce Mattson. â€Å"Henry Cavendish 1731-1810†. History of Gas Chemistry. Updated September 25, 2001. Retrieved December 1, 2011 â€Å"Henry Cavendish†. Famous Scientists. http://www.famousscientists.org/henry-cavendish/. Retrieved Dec. 1, 2011 chemistry.mtu.edu/~pcharles/SCIHISTORY/HenryCavendish.html. Updated Oct. 30,1997. Retrieved Dec. 1, 2011 Eric Weisstein. â€Å"Cavendish, Henry (1731-1810†. Wolfram Research.1996-2007 Eric W. Weisstein. http://scienceworld.wolfram.com/biography/Cavendish.html

Managing Exam Stress Essays -- Coping With Exam Stress

Define stress: Stress is the body’s natural response to a threatening situation, and stress causes the release of hormones such as adrenaline, that prepare the body for its instinctual response to a threat: flight, fight or freeze. The adrenaline causes processes in your body to change, for example, your breathing and heart rate quicken, your senses sharpen, muscles tighten and your blood pressure is raised. These changes allow your reaction time to increase, which could mean the difference between life and death. However, many people, including students, live in stressful situations every day, and this has a negative effect of their health. Factors causing exam-related stress: One of the main causes of exam-related stress is the pressure on students to excel in the exams academically. Pressure can be placed on the student by family or friends, as well as by the student themselves. Pressure placed on the student by family members is often the result of parents wanting their children to achieve better results than they did, causing unnecessary stress on the student. Fear of disappointing family members also causes high levels of stress for the student. Certain expectations are held of students by their parents, such as being accepted into a certain high-school or tertiary institution. These expectations can be unrealistic and not be based on the student’s strengths and weaknesses. These expectations can also create pressure on the student to meet his parents’ expectations, which creates feelings of inadequacy when they can’t be met. Pressure is also placed on a student by himself. The student believes that in order to be a good student, they have to do well at school all the time. If the student wants to achieve a certa... ...and-depression-in-children/493_4525/causes-of-exam-stress-in-children.html ï  ¾ http://brainconnection.positscience.com/tests-stress-problems-for-students/ ï  ¾ http://www.kidshelp.com.au/grownups/news-research/hot-topics/exam-stress.php ï  ¾ http://developingchild.harvard.edu/topics/science_of_early_childhood/toxic_stress_response/ ï  ¾ http://www.themaneater.com/stories/2009/5/8/final-exams-causes-students-have-stress-bad-habits/ ï  ¾ http://education.jhu.edu/PD/newhorizons/strategies/topics/Keeping%20Fit%20for%20Learning/stress.html ï  ¾ http://www.15minutes4me.com/article/stress-how-does-stress-tension-affects-teenagers/ ï  ¾ http://www.guidetostressmanagement.com/effects-of-stress/effects-of-stress-on-teens.html ï  ¾ http://www.nhs.uk/Conditions/stress-anxiety-depression/Pages/Coping-with-exam-stress.aspx ï  ¾ http://www.bbc.co.uk/radio1/advice/factfile_az/exams_stress

Intelligence Definition and Measurement

Question a Though the construct of intelligence has been in being for a long period of clip, there has been no acceptable definition of what intelligence really is. Further, the beginning of intelligence remains elusive, merely as is the value and truth of its trials. Assorted governments have attempted to specify intelligence from different positions. One common definition is that it is ‘the capacity to get and use cognition. ‘ ( Gardner, 1999 ) . Another authorization looks at it as the ability that intelligence trials step. Though definitions are by and large used for general intents, there are certain facets that they fail to turn to. In the first topographic point, there are people with histories of autism or those who are mentally retarded, but who are exceptionally talented in specific countries such as music, but hapless in others such as mathematics ( Angela, 2003 ) . Other people are able to make certain things because of the environment in which they stay, and non because they are intelligent. A kid who grows up in a house with a Television set can run it unlike one who does n't cognize what a Television set is. Others are able do carry through certain things because of familial factors, and non because they are intelligent. One ‘s province of wellness can besides impact the manner he acquires and applies cognition, which is non needfully a grade of intelligence. On the other manus, there are people who have been brought up in certain environments, but who are unable to use the cognition f rom the environment to make certain things. These may be presumed to be less intelligent. The theory of multiple intelligences, propounded by Howard Gardner, best tantrums my selected instruments. He identified seven constituents of intelligence which are independent, and each of which is possessed by different persons to different grades. These are the visual-spatial intelligence, the verbal-linguistic intelligence, the bodily-kinetic intelligence, the logical-mathematical intelligence, the interpersonal, and the musical, intrapersonal and realistic intelligence ( Gardner, 1999 ) . Question B The dependability of ACER Test of Reasonability can be tested. Several points which claim to mensurate similar general concepts are tested to see if they produce similar tonss. The campaigner ‘s intelligence and general cognition is tested by each of the 70 points. The trial has been declared 85 per centum reliable. Cogency refers to how strong decisions, propositions and illations on a given issue are ( Oswald, 2001 ) . There should be a correlativity between the instructor ‘s evaluations and the tonss obtained by the pupils. Reasonable dependability and cogency of a trial must accomplish both educational and vocational counsel in establishments of acquisition. The normative process has to make with a choice of a good figure of people whom the trial is to be administered to. The broad country from which the choice is done is likely to do anomalousnesss because of varied geographical, school type, gender, linguistic communication and the societal and economical backgrounds. Bias could be as a consequence of gender. Certain subjects could be better handled by work forces and non adult females, or vise versa. Dependability of The Constructive Thinking stock list could besides be considered. The points on the graduated table must be able to prove what they purport to prove. There should be adequate points proving each variable. Validity relies to a great extent on correlational surveies. A figure of points resting one ‘s emotional and physical fittingness are used. There could besides be instances of prejudice originating from one ‘s age, educational degree, and gender, though these should be curbed if the trial is to hold any significance. Accomplishment trials are used in both academic and professional scenes. They include the Basic Achievement Skills Inventory ( BASI ) and the Test of Academic Performance ( TOAP ) ( Reynolds, 1998 ) . BASI is administered as a group trial. It can assist place larning disablements common in reading, numeracy, choice pupils for particular accomplishments, college arrangement etc. TOAP estimates the academic public presentation of kids topographic points them in classs in footings of accomplishment and analyze how their public presentation has changed over clip. It employs a aggregation of six topics. Two are related to reading while four are administered to persons and groups. The trial is timed, and is meant to be done rapidly and easy. Reliability testing is done to prove the stableness of the consequences on a test-retest footing in the BASI appraisal. The first and 2nd testing of each pupil is computed and correlated. Two hebdomads are allowed between trials. The estimations from test-retest samples are largely reasonably strong. Cogency could besides be tested by looking at the assorted subsets of the pupils to be tested. The norming process could affect random sampling, and attention taken to avoid any prejudice for or against any group. Dependability and cogency for tonss does non come out really clearly in TOAP. However, the test-retest method could still be used. Validity could be looked at by correlativities between subsets. As is the instance with others, possible countries of prejudices need to be avoided for so trials to reflect the true place. Question degree Celsius There are many types of appraisal for proving intelligence degrees. These scope from cognition and abilities of a general nature, to countries and topics that are specific. One of these is the ACER Test of Reasonability. The other one is Constructive Thinking Inventory ( CTI ) . The ACER Test of Reasonability consists of 70 multiple pick points which seek to prove the general ability of scholars between 9 and 11 old ages, and it is largely used in Australia. Focus is on single tonss, whose consequences assist the instructor usher and advocate pupils refering vocational preparation. All inquiries are to be answered, even if the reply is non perfectly known. The Constructive Thinking Inventory ( CTI ) consists of 108 self-reporting points. It is designed for mature people of over 18 old ages. Descriptive statements of idea and behavior are given, where the respondent is supposed to rate himself on a graduated table from 1 ( Absolutely False ) to 5 ( Absolutely True ) ( Simons, 1998 ) . The trial measures one ‘s ability to believe constrictively or destructively. The consequences from this sort of appraisal are used to assist in psychotherapeutics. It is besides used in reding substance maltreaters, pupils in college, human resource choice and work related issues in organisations. Question vitamin D There are a figure of ethical issues associated with accomplishment and intelligence trials in instruction. Consideration should be put to the fact that an test can forever alter person ‘s life. Care should hence be taken when puting and administrating. A low achieving pupil could for illustration be put in a particular category from where his demands can easy be met. One could hold misinterpreted the inquiries and therefore given the incorrect replies, non because he is non intelligent. If the trial is culturally biased, the pupil ‘s public presentation is likely to be affected. Care should hence be taken to avoid this scenario. The pupil ‘s degree ; of success can easy be hindered by IQ trials which are frequently considered biased. Ethically hence, an appraisal of pupils must hold an unquestionable degree of dependability and cogency. The foregoing discourse establishes that the definition of intelligence is varied, and frequently combative. Assorted theories whose purpose nevertheless is to assist in the apprehension of intelligence exists. Measures and trials at the disposal of instructors could be employed to guarantee that proving meets the needed criterions.MentionsAngela, C. ( 2003 ) . Intelligence and Autism. New York. Pride BooksGardner, Howard. ( 1999 ) â€Å" Intelligence Reframed: Multiple Intelligences for the twenty-first Century. † New York: Basic Books. Reynolds, W. ( 1998 ) . Intelligence Theories and Tests. Virginia: Oswald. H. ( 2001 ) . Trials for Research Instruments. Vermouth: Cedar Pine Publishers St. simons, T ( 1998 ) Trials and Measurements of Intelligence. Hollywood: Noel Publications Intelligence Definition and Measurement Critique of the definitions of IntelligenceThere are certainly many definitions of intelligence as there are experts who study it. A Psychologist, R.J. Sternberg (2000), editor of handbook of intelligence offered variety definitions from various writers. Few of these definitions done by the editors of the Journal of Educational Psychology, which I consider fits for this paper are as follows:â€Å"Intelligence is sensory capacity, capacity for perceptual recognition, quickness, range on flexibility or association, facility and imagination, span of attention, quickness, or alertness in response† (p. 8).Intelligence is also defined as â€Å"the ability to learn or having learned to adjust one self to the environment† (p. 8). There are still more definitions but to conserve some space I just chose two. Indeed, all the definitions offered by the editors of the Journal of the Educational Psychology were obviously product of years of studies as most of the definitions were dir ected towards mental ability. The definitions above identify the intelligent person not only in terms of the intellectual ability of the mind but in its ability to quickly adjust to new environment.The Measures of IntelligenceThe Standford – Binet theory of intelligence fits for these two definitions because the measures of intelligence test are more related. The Standford-Binet intelligence tests cover four major areas such as verbal reasoning, quantitative reasoning, abstract/visual reasoning, and short-term memory. Scores include raw scores and scaled scores for each of the 15 subtests, scaled scores and percentile ranks for a composite of the four area scores, a composite of any combination of the four area scores and a profile of all 15 subtests based on scaled scores. A pretest is administered to identify the level at which to begin testing. Scores corresponding to IQ’s are called â€Å"Standford Age Scores†.Meanwhile, the Wide Range Achievement Test (WRAT ) has a number of positive features according to Joseph F. Jastak. He explained that the WRAT is fast and simple to manage and score, the examiner can create choices in the content of the test and in management of the form (Singular or Combined). The prototype of errors that a person has done can be analyzed qualitatively, particularly if the collective form of the test is used, since the WRAT scores are free from the polluting effect or understanding the standard score can be used for comparison with other tests, e.g. the Weschler Scales – in order to determine learning ability or disability, the evidence for construct soundness and dependability is highly regarded and as the literacy sub-tests are untimed, the subject can complete these segment with no time pressures.The WRAT can offer an indicator for the measurement of fundamental reading, spelling and arithmetical skills in individuals with few or no academic qualifications. It can also be used in combination with other tests to present a more wide-ranging picture of the individual academic skills to determine learning ability or disability.Comparing and Contrasting of Selected IntelligenceBoth Kaufman assessment battery for children or K-ABC and the Stanford-Benit theories offered the same areas of concern, cognitive development. They both paid attention to intelligence testing beginning from the child’s early age. However, Kaufman’s ABC development assessment focused on particular groups such as the handicapped group, those with learning disabilities, and cultural minorities. On the other hand, The Stanford-Binet Intelligence Scale presents their test items by age level rather than by particular groupings of special people. Kaupman ABC can also be viewed as rather insufficient in the since that it still needs to be reinforced by other more established, and well studied neuropsychological test such as Stanford-Binet, Wechler scales, and McCarty scales.How the goals are are similar an d differentThe Stanford-Binet theory in contrast with the insufficiency of the Kaufman’s ABC intelligence test is well established and offers a wide range of studies involving all age levels. They have established theories on both language and cognitive development. Kaufman study paid attention on their studies of intelligence on emotionally seriously disturbed children. Their focus is on cognitive development based relationships rather than language skills, while the Stanford-Binet Intelligence Scale offers measures of the person’s general intelligence. In this case, they were on different focus of providing intelligence measurement.How are the Tests Used?In Kaufman’s intelligence scale test is made of sixteen parts. The child then is to complete some task that usually involves placing items in sequence. The child is then evaluated on his or her mathematical, spatial, the ability to mentally process the tasks or problems, and reading skills. The Stanford-Binet intelligence scale Jacquelin Goldman, Claudia L’Engle Stein, and Shirley Guerry (1983) noted that intelligence measurement tests were given at age range from two years old through adulthood. They cited that at each of the age levels there are six items and one alternate item. But from age two through five, test levels are at half-year level intervals, then at age six through fourteen, test levels are at yearly intervals. Goldman, L’Engle and Guerry pointed out that test content conducted for age two, includes form board, delayed response, identifying parts of the body, building blocks, word combinations, and identifying objects by name (p. 148).Purpose of Giving Differing TestIn Kaufman ABC, the purpose of test is for the assessment of the cognitive development, while Stanford-Binet provides the test to measure person’s general intelligence. This is obtained by presenting to the individual a variety of tasks of known increasing difficulty.Examining the Ethical C onsiderations Associated with Achievements and Intelligence Test in EducationAside from children, maybe adult are maybe more liberal in this aspect as long as test that were conducted does not violate any of rights, or as long as it does abuse them. I believe that there is nothing ethically inappropriate with test measures of both Kaufman and the Stanford-Binet. However, test conducted for children should be more cautious especially with use materials. Lead toxicity and choking hazards should be extremely under strict monitoring. Data revealed that prolong exposure to toxic materials may lead to serious renal, hematologic, and neurologic complications (. 117)ReferencesGoldman, J., Stein, C. E., & Guerry, S. (1983). Psychological Methods of Child Assessment. New York. Brunner/Mazel Inc..Sternberg, R.J. (2000). Handbook of Intlligence. U.S.A. Cambrige University Press.Guide to Clinical preventive Services. (1989) U.S. Preventive Task force. U.S.A. Reane PublishingInternet source:Kaufm an Assessment Battery for Childrenwww.cps.nova.edu/~cpphelp/KABC.htmlJastak, Joseph. (1978). Wide Range Achievement Test, Jastak Associates, Incorporated.www.cumc.columbia.edu/dept/sergievsky/cnd/pdfs/ReadingLevel.pdf

Macroeconomics Impact on Business Operations

Macroeconomics is reflection of performance and structure of economics of a nation or a region. Gross Domestic Produce (GDP), consumption, unemployment, inflation, international trade etc come in ambit of Macroeconomics. Whereas, microeconomic is about actions of businesses (firms) and consumers in determining demand- supply/ prices at market place. A Business Operation is very much part of Macroeconomic activities cycle. Other than Business Operation or ‘Corporation’, other key elements of macroeconomic cycle are ‘household’, ‘workforce’, ‘government’ and ‘financial market’. For illustration, following aspect of macroeconomics directly impact a business function Increase in consumption: Positive macroeconomics indicates healthy economy which means high consumption or growing demand for products. High market demand for a product leads to opportunity for efficient business operations, and growth in top line of the business house. However there are industry specific business cycles which may have certain lead/ lag with the overall macroeconomic health of region/ country. International trade: Incase government promote imports by local industry, there is adverse impact on related business operation as increase in intensity of local competition asks for business to redefine their business strategy. Whereas any sop extended in macroeconomic policy for increasing exports would provide bigger market to the business, asking for increasing capacities and manpower. Monetary Policy: Monetary policy is an important lever with government to control supply of money in the system. Tightening of money supply by fed / apex bank impacts a corporate/ business considerably. For a business operation to raise debt at lower interest rates, macroeconomics of the country must be in healthy shape. Countries like Russia, Brazil etc have used monetary policy other macroeconomic measures to contain galloping inflation effectively. In nut shell each nation use macroeconomic measure to keep good economy health, efficient business operations and well being of public. References: 1.  Ã‚  Ã‚  Ã‚  Ã‚   Olivier Blanchard (2000), Macroeconomics,. Prentice Hall 2.  Ã‚  Ã‚  Ã‚  Ã‚   Heijdra, B.J. and F. van der Ploeg (2002), Foundations of Modern Macroeconomics, Oxford University Press