...Essay # 1 Sep 26, 2011 1. Why is it that a profit- maximizing businessman would always raise prices when facing an inelastic demand curve, but might or might not raise prices when facing an elastic demand curve? Explain and justify your answers in detail. Elasticity: “The percentage change in one variable relative to the change in other variable”. Price elasticity of demand is defined as “parentage change in quantity demanded, caused by a 1 % change in price. Total revenue = Price * Quantity demanded The demand is inelastic for goods considered to be necessities, and it is elastic for luxury products. For example the demand of furs, gems, and expensive automobiles is probably more elastic than the demand of milk, shoes, and electricity. When the demand is inelastic a profit maximizing businessman will raise price, when dealing with an inelastic demand curve because he expect to increase total revenue. Example: An example may be the case of salt. Today’s price of salt is about 44 cents per pound. If this price were to rise to 54 cents, or fall to 34 cents, it is very doubtful that the consumption of salt would change. People will still keep buying the inelastic items anyway of the price increase. When demand is elastic, profit maximizing businessman might or might not raise prices because an elastic demand is very price sensitive so, when price increase the demand drops and total revenue will drop. Example: Let’s take...
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...Leaders for social and political change Michelle Clark WGU Themes in U.S. and World History GKE August 1, 2013 Leaders for social and political change Over the course of history, there have been many battle stories, both political and social of how nations have become what we know today. Among these stories are those of social injustices, hatred, and racism, as well as personal and political struggles. From the many injustices our predecessors have overcome, leaders have emerged. Individuals who will forever be revered by millions and will hopefully continue to inspire our youth. Nelson Mandela and Reverend Martin Luther King Jr. are two leaders that have greatly impacted not only their country, but the world. Both of these leaders had a significant impact on the people of their cause, both in a political aspect as well as for social change. In 1948, The White Nationalist Party empowered South Africa, instituting apartheid in an attempt to ensure white domination, control over the economy and its social systems. There were three racial categories for South Africa; Whites, Colored (mostly Indians or Asians, or multiracial), and Blacks (African decent). Non-white people were impoverished, humiliated, and oppressed. Black people were required to live in rural areas and carry a passbook containing their fingerprints, photo and information on access to non-black areas. If they were caught without a passbook, severe penalties ensued. On March 21, 1960, a group marched...
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...Title: Developing better change leaders. By: Smet, Aaron De, Lavoie, Johanne, Hioe, Elizabeth Schwartz, McKinsey Quarterly, 00475394, 2012, Issue 2 Database: Business Source Complete HTML Full Text Developing better change leaders Contents Scenes from the front lines of change Making sourcing more efficient Boosting yields at a factory Closing a plant Lessons observed Tie training to business goals. FOOTNOTE Listen Select: Section: Applied Insight Tools, techniques, and framewoeks for managers Putting leadership development at the heart of a major operations-improvement effort paid big dividends for a global industrial company. Few companies can avoid big, periodic changes in the guts of their business. Whatever the cause- market maturation, a tough macro-economic environment, creeping costs, competitive struggles, or just a desire to improve -- the potential responses are familiar: restructure supply chains; rethink relationships among sales, marketing, and other functions; boost the efficiency of manufacturing or service operations (or sometimes close them). Such changes start at the top and demand a relentless focus on nitty-gritty business details from leaders up and down the line. Too often, however, senior executives overlook the "softer" skills their leaders will need to disseminate changes throughout the organization and make them stick. These skills include the ability to keep managers and workers inspired when they feel overwhelmed, to promote...
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...Should a leader adapt or shape the environment? Many studies have been conducted around the theme of the influence of environment to organizations. This paper tries to invert the perspective and see if organizations and their leaders should adapt to the environment or shape it in order to obtain better results. We can take the dilemma between exploration and exploitation as starting point of the analysis: exploitation is closer to adaptation to the circumstances: it is based on existing skills, it does not involve risk and it produce stability. Exploration, on the other hand, can be associated with an intervention on the environment: there is no track to follow yet, people have to create it, to reach something new. Failure is a constant risk, but the success could be significant: it can bring a competitive advantage over rivals, obliged to follow. Other companies are part of the environment and they affects actions and decision. They can bring different experiences and learning possibilities (as in the case of Amundsen with Eskimos), as well as rules and rigidity (as in the case of cartels). In the second situation, the possibilities for a leader to shape the environment are limited: he can decide not to be part of it, but there will be disadvantages for his profits. The environment includes much more than other firms: a considerable role is played by the geographical location, the different cultures, costumes, mentalities of people. Leaders must consider those factors...
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...Executive Summary This assignment seeks to present, analyse, discuss and critically evaluate the prevalence and the degree of the relationship between transformational leadership and its effect on the employee’s positive self-esteem and organisational commitment. The presentation of the most important observations and insights in this report are based on the information gathered from a questionnaire. The questionnaire was administered and completed by the chosen work group of employees constituting a sample of ninety three individuals. As prior research and analysis in this field was limited to a generic employee group it was decided to further contribute to this field by investigating the differences in responses between male and female respondents. A literature review was conducted to assess and present the relationship between transformational leadership and the effect on employee’s self-esteem and organisational commitment. The impact of transformational leadership on the sample group has been assessed through statistical analyses of the extracted data (from the survey). The interaction between the following constructs were investigated: * Transformational leadership on positive self-esteem Results determined a poor correlation * Transformational leadership on organisational commitment Results found a marginal impact * Positive self-esteem on organisational commitment Results found a medium correlation * Transformational leadership on organisational...
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...GKE Task 2 Part A: Justify two significant social and/or political changes that occurred as a result of the actions of one world leader. Mohandas Gandhi (1869-1948) once said, “My life is my message” (Soomo, 2013). He was a world leader that led by example. In this essay I will give an example of a political and a social change created by Gandhi’s teaching. To begin with Gandhi’s background, as a young adult in London, he trained as a barrister according to Sohail (2005). Sohail identified that Gandhi soon discovered a disliking for the busy lifestyle, high standard of living, and expense of the city. Even though he only spent a few years in London, it really shaped his simple living views that he would live his entire life by. His next big adventure was in South Africa. Sohail stated that Gandhi became a leader with the Indian National Congress and fought for equality. He was a leader in the Indian community. According to Lal (2012), Gandhi practiced Satyagraha, the practice of non-violent resistance, to make political points without violence. It was also here that he organized small self-sufficient communities, Lal described. Gandhi led others by his own example. I believe this is why he was so influential. He didn’t just tell the public how change should occur; he showed the people how it occurred and the importance of the change. Most leaders of that time demanded obedience, or else severe punishment followed. Gandhi’s approach forever changed the world socially...
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...With the change of society, an increasing number of women have engaged in work and their roles as leaders in work have also caused people’s attention. The purpose of this bibliography is to find the changes of gender in leadership. With the development of society, the number of female leaders is increasing in recent years (Michelle and Elaine, 2008). According to (Stewart, 2009), there are more difficulties facing female leaders than male leaders, which makes it difficult to involve more females in the leading positions. A research (Hilary, 2009) indicated that although the number of female leaders is increasing, the ratio of female leaders in leadership is not balanced and more females should be involved in management positions. According to Kaycee (2010), the changes of gender in leadership have been in the process, which can be proved by the changes of people’s attitudes to female leaders. Reference | Michelle M & Elaine Y(2008), The trend of female leaders in organisations, Journal of Management, 23, 7, pp 105-124 | Type of Article | Literature review | Aim\purpose | The purpose of this article is to find out the changes of female leaders in the past decade and explain the reasons of the changes and then predict the trend of changes. | Approach | This paper reviews previous theories about the necessary of involving female leaders and then it presents the process of female leaders entering the management field. It highlights the trend of changes of gender...
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...Abstract We live and work in a world that is constantly changing which drives today’s organizations to embrace a philosophy of hiring people that can lead employees through change in order to survive. Companies are forever changing due to internal and external forces such as, new technologies, competition, new ideas, profitability expectations, new leadership, and employee turnover. Organizations expect leaders to be a catalyst for change, therefore, the leader cannot afford to stick his or her head in the sand whenever change is occurring and hope the situation will quietly pass them by. Learning to manage high-velocity change is one of the most important leadership skills for a person to master for themselves, their employees, and the organization. What Leaders Need To Know About Managing Change Many of the changes that occurred in the last 18 months were unpredictable, or at least unpredicted, like the crash of the housing market, the collapse of numerous home mortgage and lending institutions, the near meltdown of the big-three U. S. automakers, and the millions of unemployed workers. The implication of the unpredictable nature of change for organizations is clear: although in many cases they may not be able to anticipate change, they can always be fast adapters (Lawler, et al., 2006). In uncertain and rapidly changing environments, organizations are challenged to accomplish two often-conflicting objectives: performing well against a current set of environmental...
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...TRANSFORMATIONAL LEADERSHIP - THE KEY TO SUCCESSFUL MANAGEMENT OF TRANSFORMATIONAL ORGANIZATIONAL CHANGES UDC 65.012.3 Ivana Simić Faculty of Economics, University of Niš, Trg VJ 11, 18000 Niš, Yugoslavia Abstract. Transformational leadership represents the essential quality for successful management of transformational organizational changes. It is about the quality that, in fact, so-called transactional management has missed to bring to an end of the transformational cycles with efficiency. In that sense, the success in realizing transformational organizational changes means that the key people in an organization (managers) develop sets of appropriate skills and attributes that are characteristic to so-called transformational leaders. 1. INTRODUCTION When the organizations adjusted themselves to environmental changes by incremental, evolutionary changes, so-called transactional management was in favor of managing those changes. The conditions of modern organizations functioning require undertaking some radical, transformational changes. Management of such changes requires some new management qualities. One of these qualities is transformational leadership. This article points out the appearance of the transformational leadership concept, its nature and essential qualities (skills and attributes) these phenomenon consists of. 2. TRANSFORMATIONAL LEADERSHIP CONCEPT As an idea, transformational leadership was first mentioned in 1973, in the sociological...
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...People think of change as the "vision thing" but it is much more than that. Implementing change is integrated to scanning the environment, estimating the situation, determining organizational direction, understanding culture of the organization, leveraging that culture, and planning out the actions needed to make the change. Being successful in implementing change also is directly related to the leadership style of the organization's top leaders. It is also important to assess the costs of change as well as the cost of not changing. Leaders are trained, educated, and rewarded to make things happen in organizations. What leaders routinely fail to recognize is the link between change and human behavior. The link between change and human behavior either supports or impedes successful implementations of change. To become an implementer of change, you must understand what the environment is like, who you are, what your organization is, and reconcile the differences. You will be more successful if you can adjust your leadership style to one that supports the leader performance demands at the strategic level. Culture is deeply seated within organizations and challenging to change, but leaders can influence an organization's culture. It is difficult and timely, but leaders can have an effect on culture. Edgar Schein, Organizational Culture & Leadership, outlines some specific steps leaders can employ: * Culture follows what leaders pay attention to, measure and control. Something...
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...must first look at why I want to become a nurse leader and reflect my philosophy upon my decisions to become a nurse leader. There are many reasons I want to be a nurse leader, but I am going only look at a few of those reasons. I always think there is room for improvement in nursing. When I say nursing, I am talking about all four of constructs of nursing (person, environment, health, and nursing) of the meta-paradigm. I want to be a leader in nursing because as a nurse leader I have the ability to help others get better, physically, emotionally, and mentally. Before I get into talking about my theory there are some terms that I use that others may have different definitions for. The first term is staff member. The staff member is anyone who is taking care of others in a hospital setting, home setting, or care facility. The staff member can be many different individuals ranging from dietary to physicians. The second term is nurse. The nurse is anyone who helps another individual gain good health status. The nurse is the person who assesses, educates, and creates a plan with the patient and implement that plan to gain good health status as the end result. The third term is leader. The leader is someone who looks over all members of the nursing team and makes everything functional. A leader is someone who others look up to and seek for guidance and leaders must be willing to help those who seek it. Being an efficient nurse leader in all aspects of the nursing metaparadigm is crucial...
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...History of Leadership Research Researchers have examined leadership skills from a variety of perspectives. Early analyses of leadership, from the 1900s to the 1950s, differentiated between leader and follower characteristics. Finding that no single trait or combination of traits fully explained leaders' abilities, researchers then began to examine the influence of the situation on leaders' skills and behaviors. Subsequent leadership studies attempted to distinguish effective from non-effective leaders. These studies attempted to determine which leadership behaviors were exemplified by effective leaders. To understand what contributed to making leaders effective, researchers used the contingency model in examining the connection between personal traits, situational variables, and leader effectiveness. Leadership studies of the 1970s and 1980s once again focused on the individual characteristics of leaders which influence their effectiveness and the success of their organizations. The investigations led to the conclusion that leaders and leadership are crucial but complex components of organizations. Traits Model of Leadership: Leaders versus Followers Initial investigations of leadership considered leaders as individuals endowed with certain personality traits which constituted their abilities to lead. The studies investigated individual traits such as intelligence, birth order, socioeconomic status, and child-rearing practices (Bass, 1960; Bird, 1940; Stogdill, 1948, 1974)...
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... Asst. professor in M.k Ponda College Of management, Bhopal (MBA H.R) Abstract Information will be the greatest opportunity for business leaders in the coming years. Information is becoming the engine that drives the economy & organization, if organization wants to achieve their predetermined goals change management is become necessary. As the scope, speed and impact of information change is appreciated. Organizations must leverage their leaders so that they are able to solve today’s complex problems to achieve organizational and cross boundary goals. In this era international trade, traditional management is impossible as leaders have to work beyond boundaries of nation, work with different cultures. This paper suggests imperatives for leaders and organization to manage change for survival in today’s dynamic information age Keywords:- Dynamic Information age, Change management. Theme: - Business Management and Information Technology Sub-Theme:- Leadership in the Information age Mrs. Khushboo sandhu, Asst. professor in M.k Ponda College ...
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... Managing the organizational changes and improvements is considered to be one of the most complex tasks of leadership. Evolution of new ways of communication, organization tasks, and management of people has become an ongoing process of strategies and planning. As the organizational dynamics of a business change with the conditions of the marketplace, so do the lives of the leaders and the managers that run them. As leaders eagerly strive to develop new organizational structures with a shared vision of emphasis it focuses on the company’s objectives and mission. The more idealized or utopian the goal advocated by the leader, the more discrepant it is relevant to the status quo. And, the greater, the discrepancy of the goal from the status quo, the more likely followers will attribute extraordinary vision to the leader. By presenting an idealized goal to the followers, a leader provides a challenge and a motivating force for change. (Conger & Kanungo, 1987). Effective managers of change understand that unless people are changed, change will not happen. The more people trust the leader, the more willing they are to accept the changes that are set in place. The attainable objectives and mission must be inspiring to all who are a part of the organization. Through effective leadership, corporate culture, change management, and organizational behavior organizations will understand and obtain the skills necessary to proactively manage change. When an organization’s leadership...
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...The Social Change Model and Servant Leadership Theory: Comparisons and Contrasts Introduction Leadership is essential for all successful organizations. However, the form of leadership that is practiced by various leaders is vital in determining how the activities of the organization are managed. There are many different forms of leadership practiced in differing environments. Servant leadership and social change models are some of the most common leadership theories used in pursuit of organizational success. This paper will describe in detail the servant leadership and social change models and contrast their methods of leadership. Also I will seek to explain how they could be applied in the leadership role of any given organization. Servant leadership Robert K. Greenleaf introduced the concept of Servant Leadership in his book “Servant Leadership: A Journey into the Nature of Legitimate Power and Greatness”. In the description of servant leadership, Greenleaf describes servant leadership as: a natural feeling where the leader feels that they should serve the people first (Greenleaf, 2002) . Greenleaf describes a servant leader as a leader who puts the needs of his or her people first before other personal needs associated with the role. A servant leader will strive to ensure that they prioritize other people’s needs first and ensure that their welfare is paramount. According to Greenleaf, The difference manifests itself in the care taken by the servant-first to make...
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