...or markets. As in the past, many organizations continue to address risk in “silos,” with the management of insurance, foreign exchange risk, operational risk, credit risk, and commodity risks each conducted as narrowly focused and fragmented activities. Under the new enterprise risk management (ERM) approach, all would function as parts of an integrated, strategic, and enterprise-wide system.1 And while risk management is coordinated with senior-level oversight, employees at all levels of the organization are encouraged to view risk management as an integral and ongoing part of their jobs. While there are theoretical arguments for corporate risk management,2 the main drivers for the implementation of ERM systems have been studies such as the Joint Australian/ New Zealand Standard for Risk Management, Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the U.S. (in response to the control problems in the S&L industry), the Group of Thirty Report in the U.S. (following derivatives disasters in the early 1990s), CoCo (the Criteria of Control...
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...UNIT IV CASE STUDY: STARBUCKS, BANK ONE, AND VISA BRUCE S. HARRINGTON COLUMBIA SOUTHERN UNIVERSITY The Starbucks Duetto project was approached in four basic stages: the exploratory stage, concept testing stage, product launch stage, and post-launch stage. Each stage used a variety of research types in order to determine the best course of action within that stage, and for the project overall. The exploratory stage consisted of exploring the basic idea of the new product, and exploring possible partners to help develop and bring the product to market. This stage began with early secondary research designed to determine if a similar product already existed in the market place. This was followed by further exploratory research with several possible business partners, and consisted of interviews of possible partners, visits to their sites, and observations of their businesses at work to assess culture-compatibility (Cooper & Schindler, 2011). Starbucks decided to work with Bank One and Visa as a result of early exploratory research. The next stage of product development was the concept testing stage, which started with focus group research designed to better understand the customers’ wants in a new product, and the customers’ ability to understand the product that was being developed (Cooper & Schindler, 2011). The focus groups were used to refine the features and uses of the card, and ultimately the value proposition that the new card had to offer to the customer base...
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...Game theory is a concept of decision making that considers more elements beyond just benefits minus costs. Specifically, it includes the interaction between participants. In economics, the theory attempts to predict the participants’ optimal decisions. It has found a core place in economic decision-making and policy-making for its inherent ability to predict reactions in resource allocation, business negotiation, and other economic aspects. Game theory is mostly associated with decision-theory and other contexts such as cooperation and negotiations. From its definition, it is evident that the game theory is largely used in the study of the human decision making processes. In psychology, its equivalent is known as the theory of social situations. In economics, however, game theory tends to focus on sets of outcomes known as equilibrium that represent the most rational solutions to each situation. Game theory emanates from the complexity of human interactions; thus, in a situation where an individual is dealing with an inanimate object such as a tree, he or she does not expect the tree to fight back or respond (Leyton-Brown and Shoham 51). The environment can also be considered neutral to what is done to the tree, at least in direct and rational response. In human interactions, however, each action by an actor emanates from a situation and elicits a response. Each actor must thus recognize how his of her interaction with other rational actors works so as to foster cooperation...
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...approach treats strategy implementation as a series of concerted (but often parallel) actions and examines these actions from a behavior perspective. Some authors combine the process perspective and behavior or action perspective and form a third approach, which we label as a hybrid perspective. Under the process perspective, implementation is the process that turns plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan’s stated objectives (Kotler, 1984). Strategy implementation is an iterative process of implementing strategies, policies, programs and action plans that allows a firm to utilize its resources to take advantage of opportunities in the competitive environment (Harrington, 2006). Under the behaviour perspective, implementation is the actions initiated within the organization and its relationships with external constituencies to realize the strategy (Varadarajan, 1999). Implementation is operationally defined as those senior-level leadership behaviors and activities that will transform a working plan into a concrete reality (Schaap, 2006). In the hybrid perspective, implementation is defined as ‘the sum total of the activities and choices required for the execution of a strategic plan…the process by which strategies and policies are put into action’ (Wheelen & Hunger 1992). Strategy execution is defined as the step-by-step implementation of the various...
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...tRESEARCH ON LAPSE IN LIFE INSURANCE WHAT HAS BEEN DONE AND WHAT NEEDS TO BE DONE? MARTIN ELING MICHAEL KOCHANSKI WORKING PAPERS ON RISK MANAGEMENT AND INSURANCE NO. 126 EDITED BY HATO SCHMEISER CHAIR FOR RISK MANAGEMENT AND INSURANCE DECEMBER 2012 Research on Lapse in Life Insurance—What Has Been Done and What Needs to Be Done? Martin Eling, Michael Kochanski This version: 2012/12/23 _________________________________________________________________________________________ Abstract The intention of this paper is to review research on lapse in life insurance and to outline potential new areas of research in this field. We consider theoretical lapse rate models as well as empirical research on life insurance lapse and provide a classification of these two streams of research. More than 50 theoretical and empirical papers from this important field of research are reviewed. Challenges for lapse rate modeling, lapse risk mitigation techniques, and possible trends in future lapse behavior are discussed. The risks arising from lapse are of high economic importance. As such, lapsation is of interest not only to academics, but is also highly relevant for the industry, regulators, and policymakers. JEL classification: G22; G28 Keywords: Lapse; Surrender; Lapse Modeling; Life Insurance _________________________________________________________________________________________ 1. Introduction Today’s insurance policies allow policyholders to choose among...
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...Why Normalization Failed to Become the Ultimate Guide for Database Designers? Marin Fotache Alexandru Ioan Cuza University of Iasi, Romania Faculty of Economics and Business Administration Dept. of Business Information Systems Blvd. Carol I, nr. 22, Iasi, 700505, Romania Tel: + 40 744 497 654, Fax: + 40 232 217 000 fotache@uaic.ro ABSTRACT With an impressive theoretical foundation, normalization was supposed to bring rigor and relevance into such a slippery domain as database design is. Almost every database textbook treats normalization in a certain extent, usually suggesting that the topic is so clear and consolidated that it does not deserve deeper discussions. But the reality is completely different. After more than three decades, normalization not only has lost much of its interest in the research papers, but also is still looking for practitioners to apply it effectively. Despite the vast amount of database literature, comprehensive books illustrating the application of normalization to effective real-world applications are still waited. This paper reflects the point of 1 view of an Information Systems academic who incidentally has been for almost twenty years a practitioner in developing database applications. It outlines the main weaknesses of normalization and offers some explanations about the failure of a generous framework in becoming the so much needed universal guide for database designers. Practitioners might be interested in finding out (or confirming)...
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...Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data is available ISBN-13: 978-0-19-530792-4 ISBN-10: 0-19-530792-5 1 3 5 7 9 8 6 4 2 Printed in the United States of America on acid-free paper For Chaille Bianca and Vivienne Lael and William Grant who says he wants to be an investment banker ACKNOWLEDGEMENTS As a f i r s t - t i m e au t h o r , I have many people to thank. Luckily for the reader, most of them are current and former employees of Goldman Sachs and Morgan Stanley who would prefer not to be cited. Their support and insight were invaluable to this enterprise. For early encouragement and guidance I must also thank Clare Reihill at Harper Collins, Brian Kempner and Peter Kaplan at the New York Observer, L. Gordon Crovitz...
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...investment 11. Supplier’s competencies ii Abstract The concept of commitment has emerged recently in international business literature especially in explaining importer behaviour as a counterpart of the process of internationalisation. Importer commitment often plays a dominant role as one of the major factors influencing relationships in the exporter-importer dyad and facilitates the process of internationalisation by imparting access to the international market. This critical importer and supplier relationship and its animating factors are, however, overlooked and largely neglected in the literature. Accordingly, it is inconclusive as to which factors influence importer commitment and how they influence it. Drawing on the literature, this study strived to investigate the spectrum of importer commitment and has explicitly examined eight factors influencing importer commitment to a foreign supplier by integrating the factors in a comprehensive model. Cultural similarity between importer and overseas supplier, knowledge and experience of the importer, the supplier’s competencies, communication between importer and supplier, the supplier’ s opportunism, the...
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...Coombs / SITUATIONAL COMMUNICATION JOURNAL OF BUSINESSCRISIS COMMUNICATION THEORY 10.1177/0021943604265607 IMPACT OF PAST CRISES ON CURRENT CRISIS COMMUNICATION Insights From Situational Crisis Communication Theory W. Timothy Coombs Eastern Illinois University Previous research based on Situational Crisis Communication Theory (SCCT) suggests that an organization’s past crises history affects the reputational threat posed by a current crisis when that crisis results from intentional acts by the organization. The study reported on in this article provides a wider test of crisis history to better assess its role in crisis communication. Results from the present investigation showed that a history of similar crises intensified the reputational threat of a current crisis even when the crisis arose from the victimization of the organization or from an accident, rather than from the organization’s intentional acts. The threat to reputation was primarily direct, rather than indirect, through perceived responsibility for the crisis. There was little difference in the perceptions of organizations identified as having had no history of past similar crises versus those for whom no information about past crises was provided. Perception of an organization’s responsibility was negatively correlated with the perceived impact on reputation. Implications for the practice of crisis communication and further development of SCCT are discussed. Keywords: crisis; communication; management;...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...M A G A Z I N E FA L L 2 0 0 2 Volume 20 Number 2 SPANNING THE GLOBE Duke Leads the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences...
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...Draft An End in Itself and a Means to Good Ends: Draft Why Income Equality is Important Arthur MacEwan[1] March 2009 “The social system is not an unchangeable order beyond human control but a pattern of human action.”—John Rawls (1971, p. 102) In recent years “poverty reduction” has become the watchword in development agencies, in international lending institutions, and among development economists generally. The focus on poverty reduction reached a high point perhaps with the articulation of the Millennium Development Goals (MDGs) and with the extensive analytic work that has accompanied the MDGs.[2] Yet, much of the discussion of poverty reduction and economic development in low and middle income countries has either ignored the issue of income distribution or has tended to view income distribution only in terms of its impact on economic growth. Poverty and inequality, however, are intimately bound up with one another.[3] Both as an analytic issue and as a policy issue, there are severe limitations in attempting to deal with poverty – or, more broadly, with economic well-being – without also examining income inequality. Indeed, it is questionable that we can even define poverty independently of income distribution. In this essay, I want to develop the argument that economists and economic policy-makers should focus much greater attention on inequality as measured by the distribution of income (and wealth). The traditional...
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...IT and Quality management dimensions and the extent of affects through interview survey of different companies based in Pakistan. Using a pre test questionnaire we selecting the sample of 140 companies for targeted respondent and collect the data through face to face survey. After applying statistical tools on collected data we conclude that information technology influences all dimensions of total quality management and extent of affects increases with increased use of IT in total quality management. Ultimately, extent of IT use in total quality management reflects in shape of improve services quality, improved services productivity and improvement in quality management. Keywords Quality management, Information technology, empirical study, Pakistan, Questionnaires, TQM, IT 1 Muhammad Sohail Email: Leolionarya@gmail.com | BS.Commerce(Hon’s) Dept.Of Commerce B.Z.U Multan Chap # 1: Introduction This chapter will describe the major topics of the research which includes the background, unique features of the topic, research goals, significance of the research, the research strategy, objectives of the research and the research questions. At the end of...
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...Accreditation is the principal means of quality assurance in higher education. The major emphasis of accreditation process is to measure the outcomes of the program that is being accredited. In line with this Faculty of Technology of University of Mumbai has taken a lead in incorporating philosophy of outcome based education in the process of curriculum development. Faculty of Technology, University of Mumbai, in one of its meeting unanimously resolved that, each Board of Studies shall prepare some Program Educational Objectives (PEO‟s) and give freedom to affiliated Institutes to add few (PEO‟s) and course objectives and course outcomes to be clearly defined for each course, so that all faculty members in affiliated institutes understand the depth and approach of course to be taught, which will enhance learner‟s learning process. It was also resolved that, maximum senior faculty from colleges and experts from industry to be involved while revising the curriculum. I am happy to state that, each Board of studies has adhered to the resolutions passed by Faculty of Technology, and developed curriculum accordingly. In addition to outcome based education, semester based credit and grading system is also introduced to ensure quality of engineering education. Semester based Credit and Grading system enables a much-required shift in focus from teacher-centric to learner-centric...
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...IMPLEMENTATION OF QUALITY MANAGEMENT: AN INTERNAL MARKETING PERSPECTIVE Principal Author Prof. Dr. Zahid Mahmood Department of Management Sciences BahriaUniversity, Naval Complex, Sector E-9, Islamabad, Pakistan Cell: +92-300-5301240 Office: +92-51-9260002 Ext. 260 zahid@bahria.edu.pk Biographical Note: Dr. Zahid Mahmood is a Professor of Total Quality Management at Bahria University Islamabad, Pakistan. He has published numerous articles and books. His papers have received world wide acclamation. He holds M.Com from the University of Punjab, Pakistan, MBA from the University of Wollongong NSW and PhD from University of Western Sydney Australia. Corresponding Author & Co-Author Sobia Mahmood PhD Scholar & Research Asistant Department of Management Sciences BahriaUniversity, Naval Complex, Sector E-9, Islamabad, Pakistan Cell: 0321-5342940 Office: +92-51-9260002 Ext. 260 sobia.mahmood1@gmail.com; sobia.mahmood@bahria .edu.pk Biographical Note: Sobia Mahmood is a Research Assistant & Visiting Faculty at Bahria University, Pakistan. At present, she is a PhD scholar at Bahria University, Pakistan. She has published numerous articles on Management. She holds MBA from University of Arid Agriculture, Pakistan, MEd & BEd from Allama Iqbal Open University, Pakistan and MS from SZABIST, Pakistan. Co-Author Muhammad Ayub Siddiqui PhD Scholar & Asistant Professor, Department of Management Sciences BahriaUniversity, Naval Complex...
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