Benefits Behind Mergers And Acquisitions Economics Essay

Benefits Behind Mergers And Acquisitions Economics Essay This assignment is going to include a discussion of the theoretical benefits behind mergers and acquisitions, a review of the empirical evidence and also two real world examples, one where value was created and one where it was destroyed. Theory The benefits of mergers and acquisitions stem from a concept known as synergy which can be illustrated using a formula, PVab =PVa + PVb + gains (Arnold, 2008: 866) also represented as, 2+2=5. The theory behind this is that a combined unit would be greater in value than the sum of its parts, basically meaning two firms together are worth more than the value of the firms if they were apart. One benefit of this is the increase in market power which is a firms ability to exercise a degree of control over the price of a product. This can be achieved in more than one way but for example if a firm merged with another and then found itself in a monopoly position it would have the ability to push up the price of its products because consumers would have fewer alternative suppliers. Another advantage is the increase in economies of scale achievable. In most cases the larger the size of a firm the lower the cost per unit of output because of cost advantages being better exploited. For example i f two firms in the same industry merged they could gain marketing economies of scale through joint advertising perhaps and also administration economies by sharing administrative activities and accounting. There would also be financial economies as funds borrowed on the capital market would be provided at lower costs and with more favourable rates of borrowing. Internalisation of transactions is also a benefit; if two firms at different stages of the production chain merged, a greater efficiency of co-ordination of the different levels may be the outcome. This could be achieved because of reductions in costs such as communication, monitoring, contract enforcement and bargaining. Usually entering in to a new market or industry takes years of effort and during the early period losses may even be incurred, however through the process of mergers and acquisitions this once daunting task can become much easier. By acquiring an existing firm that already posses the required skills and mark et strength it eliminates the need for them to be generated internally. There are also tax advantages of acquisitions in some countries because losses of subsidiaries can be used to offset present taxable profits of the parent company meaning a lower tax bill. Therefore acquiring firms which have accumulated tax losses may be beneficial; however this benefit is not present in the UK due to much stricter rules being in place. Another benefit of mergers and acquisitions would be risk diversification. A firm may be viewed as less volatile if its cash flows come from a wider range of sources meaning shareholders gain from a reduction in risk but with no decrease in return. The greater stability of earnings may also be appealing to lenders which could result in lower interest rates. Mergers and acquisitions are usually used as an instrument to create shareholder value (Sudarsanam 2003), this is the main objective; however there also seem to be managerial motives present. When a firm acquires another is consequently becomes a larger enterprise meaning managers have more responsibility and so may be justified to receive a much larger salary. Some may feel more successful and important because of this and this sense of achievement may become a personal driver for managers to carry out mergers and acquisitions. Another reason could be survival, the management team may begin to feel the best way to avoid being taken over or dominated is to grow themselves, especially if regular mergers are occurring in the industry the firm operates in. This could lead to firms not merging for just the benefit of shareholders but also to try and assure the survival of the management team. A question one may wish to ask is how the value of the benefits of mergers and acquisitions can be measured? The benefits of acquisitions are usually not easy or straightforward to put in to numerical form. For example the application of superior managerial skills or entry in to a new market cannot accurately be measured; even things such as competitive position and reputation with customers, the list goes on. These items will not be found on balance sheets so therefore the true value of a firm may not be presented; however one indicator which could perhaps value the benefit may be the firms share price. Empirical evidence Although the theory behind mergers and acquisitions suggest that they create value for both the shareholders of the offeror and offeree companies the empirical evidence doesnt always seem to support this. (Meeks 1977) conducted a statistical test to represent the effects of mergers, he took profits from the merged companies after the merger and compared them with the weighted average of the participants profits had they not merged based on their earnings prior to the merger. His conclusion was that merged profits were less than those that the participants would have received had they not joined forces. However some have questioned Meeks research There are weaknesses in Meekss work (Ulen, 1980: 234). This being said Alan Gregorys review of the long run performance of UK acquiring firms reached a similar conclusion the long-run shareholder wealth effects of recent acquisitions in the UK have been, on average, significantly negative (Gregory, 1997: 984). However a study to evaluate take overs in the UK from 1955-1985 suggest that both offeror and offeree company shareholders gain from mergers we find that mergers have, on average, been value-creating for shareholders as measured by equity market prices around the merger announcement date. Shareholders of targets gain, and bidder shareholders gain or do not lose. (Franks and Harris, 1989: 247). Empirical evidence of the overall wealth gains of target shareholders from stock mergers were reviewed by (Loughran and Vijh 1997). They found that target shareholders that sold out soon after the acquisition date gain from all acquisitions; however those who held on to the acquirers stock find their gains diminish over time. Studies on post merger performance of acquiring firms seem to generally forecast negative results as can be seen here We find that stockholders of the acquiring firms suffer a statistically significant wealth loss of about 10% over the five years following the merger completion. (Agrawal, Jaffe Mandelke r 1992: 1618) and also here We find that these takeovers have a positive but not always significant impact on profitability, and a negative impact on short and long run returns (Cosh, guest and Hughes 2005: 489). Real world examples In 2006 Disney bought Pixar for $7.4billion. The two companies had been working together prior to the merger but with two different sets of shareholders there were barriers that existed, however with the merger the two companies became able to collaborate freely and with ease. Pixar has doubled its yearly film output something that would have been unthinkable before the merger and with expert advice from Disney has improved vastly in fields such as advertising and merchandising. Pixar  movies tend to perform better than animated movies developed by Disney itself (Garrahan, 2010: 16), Toy Story 3 is on course to become the biggest grossing animated film ever released by Walt Disney after generating $630.2m in its first month in cinemas (Garrahan, 2010: 16). In 1994 BMW acquired Rover for  £800 million. Only six years later and after millions of pounds worth of investment they sold the company, The brand had declined too far to be rescued. The German group ploughed {XEU} 4bn into its English patient before getting out in 2000. (The financial times, 2005) The company was sold to the phoenix four for  £10! Who  bought Rover  from  BMW for [pounds sterling] 10 (Eaglesham Peel, 2008: 5). This was a huge disaster, some blamed it on communication When  BMW bought  the  Rover  business, communication with the German managers was even worse (exacerbated by political infighting on the German side). Failure was the inevitable and bitter result. (Lester, 2007: 8) and others on the fact that Rover may have been a lost cause to begin with Even the mighty  BMW, which  bought Rover  in 1994, had to accept in the end that the brand had declined too far or at least to give it a future would cost far too much money. (The financia l times, 2005) Conclusion To conclude having researched for example Meeks and Gregorys financial analysis of the empirical evidence and reviewing the real world examples discussed above one may argue that mergers and acquisitions on average may not be beneficial to the shareholders of the acquiring firms. Management tends to underestimate the level of organisation required and therefore take off more than they can chew. However as seen in the Disney-Pixar case mergers can benefit both the offeror and offeree at times. Wordcount: 1492

Criminal Court Visit Essay Essay

Abstract The purpose of this paper is to highlight the different aspect of the Criminal Justice after visiting the criminal justice office(s). The visit is done during the last week of September 2010 and the visiting point was the United States District First Court of Appeal, the court located at 301 S. ML King Blvd. Tallahassee, Florida. In this paper the findings will be discussed that what factors (selected) are involved that affect the process of administration of justice. It will be tried the best to explain the observations and views with comparison and contrast. However, the points will be discussed in narrative format to grab the information precisely. The Criminal Court Visit and the Observations First, have some information about the Criminal Justice. The Criminal Justice is the system or group of system and institutions that have the prime responsibility to mitigate the crime or crime rate and to take necessary actions to cope with the situations that is critical and sensitive in nature to maintain the peaceful environment of the society. It is ideal profession for those who has investigative mind. The President’s Commission defined the criminal justice system as the means for society to â€Å"enforce the standards of conduct necessary to protect individuals and the community†. (The Challenge of Crime in a Free Society, 1967) The Criminal Justice system has three main parts: Police, Courts and Jails also known as Corrections but all these parts have one main goal that is to maintain the rule of law within the society by operating with coordination under one umbrella that is Law. Police Police is the front face of the criminal justice system that has the prime responsibility to maintain the peace and control the law and order situation as per their jurisdictions according to the predefined law. Police are also responsible to decrease the Crime rate in the society. In USA the police department was founded in 1908. Police itself has multidimensional activities to guarantee the peace, calm and trust throughout the society. Courts Courts are the place where disputes are settled down and finalized after thorough debates and analyses according to the law. There are number of professionals in any court who perform their responsibilities as per their role like judge, prosecutor and attorney usually belong to defense. The one most important personality in that court sitting is the judge that has a special authority to settle the dispute. Corrections or punishment Corrections or punishment is the outcome for the final decision of the court against the crime. The main purpose to keep the person in jail or prison is separate him from the society to prevent any further sensitive or law and order situation. There are also other different forms of punishment and corrections like to impose financial penalties, probation and house arrest. The house arrest sanction is the type of punishment that limits the person’s mobility to prevent others and society from his or her negative activities. Reflections with compare and contrast after Visiting Visiting the Criminal court, enable us to enhance our knowledge about the proceeding that is the part and parcel of administration of the justice. In that connection, the book â€Å"criminal justice today† by Frank Schmallegar provided the necessary information. The observation was based on the ongoing court trial on the violent attacks on two blameless citizens. (The identities will not be shown, because of personal reason/request). According to the case the victims Mr. A and Mr. O were driving on the way, during the driving there Car rammed from the back. When they got out checking that issue and cause of rammed, suddenly they were harmed by the gang that comprises with four people who had iron rods in their hands. The accused person got into his car and dragged the Mr. A along the road for a distance of 40 to 50 yards. However, the victim rushed to the near hospital but he died because of numerous rib fractures, the liver’s trauma and haemorrhaging, followed by a num ber of heart attacks. After and during the hearing of this tragic and inhuman story there was a pin-drop silence inside the court. The lawyer of the accused tried to defend by saying that the above mentioned story about crime scene was far from reality but the judge refused it when the criminal history is cited by the victim’s lawyer that  the accused criminal already has the record of murder trial that was started in six month before, he also referred the criminal’s girlfriend who declared herself as a hostile witness. The victim’s lawyer also presented the Toxicological reports that have the clear evidences of identical sweat, fiber and finger prints matches. When these evidences presented, the criminal’s lawyer had no way but to accept and keep silence, after examining the report and evidences the Judge started to express his remarks by saying that â€Å"Quite Shocking†. He further said that Mr. A and Mr. O was the respective and law-abiding c itizens and has no any criminal records, who were rammed and assaulted by the accused person and his gang in a highly violent and inhuman manner. Judge further said that the criminal also has a record of previous hearing but he didn’t learn any lesson from them. Judge further added that this action is reprehensible morally and this crime is very high in the ranking of manslaughter. Finally, the judge sentenced the 10 years among the final year suspended for the manslaughter. This court visit and the proceeding of above mentioned case opened many dimension in front of me. This visit enriched my experience about the criminal court and its proceeding about the particular case, the way that both parties argued and raised the concerns and the deep thinking ability of the judge who gave final judgment. Furthermore, there are plenty of issues that need to be addressed but another important point that is noticed generally about the Proceeding, is the media coverage. The main concern that is raised by the court officials is about the live camera coverage, according to them the camera coverage create a tension to make a reasonable judgment because during the whole process the officials feel confused to express their views thoroughly because of the mass reactions. The official concerned that the mass reaction is not the main issue but to satisfy them on each and every legal issues because of the ignorance of law and proceeding of the justice. They claimed that this camera coverage and its related issue converted the courtroom and its proceeding into â€Å"media circus. But the counter argument that is in favor of camera coverage is that, these camera coverage is the catalyst to make the whole proceeding crystal clear as per law and the assurance that the all proceeding that affect the administration of justice is bias less. This live camera coverage is the  antidote for those elements who affect directly or in directly to the whole processing and are the main cause(s) of dissatisfaction about any particular aspect or whole of the proceedings However, the positive point is that some professionals are in favor to do these activities during the proceeding, as per their viewpoint the live coverage via electronic media and devices make the proceeding of the administration of justice more trustable, accessible and transparent among the masses.

Of Mice and Men Argumentative Essay - 1115 Words

Essay Prompt: John Steinbeck’s novel, Of Mice and Men, has a controversial history. It has been repeatedly banned by school boards. Why might this book have been banned? Is such an action justified? In a five-paragraph essay, take a position for or against banning this novel. Use your three body paragraphs to develop each of three reasons for or against banning the novel. The Lost Portion of Human Society Right from the beginning of human civilization, books had become the vital flame that ignited many great achievements. John Steinbeck, one of the greatest writers in the American history who won the 1962 Nobel Prize, understood the desperate need of reading of the migrant workers, so he wrote Of Mice and Men in 1937 with the†¦show more content†¦Finally yet importantly, freedom to read is one of the reasons that oppose banning Of Mice and Men. According to the first Amendment, the government shall not intervene or prohibit the freedom of speech and press (Cornell University Law School). Long ago, the Founding Fathers had cherished freedom of humankind and they composed the Constitution to protect Americans’ freedom. Liberty has followed the United States for centuries and helps leaders develop a stable political system. Hence, authorities have no rights to restrict what citizens should and should not read (American Library Association ). One can draw conclusions based on what they read, but that person may never prevent others from reading that information. One can warn others about the impacts of information, but that person should respect the right to read of others. If authorities decide what Americans may or may not read, the United States will become a dystopia, where citizens have no freedom except to comply to the leaders. Of course, no one wants that to happen, not when the Fathers had sacrificed themselves for the freedom of their children, schools should not ban Of Mice and Men, for it is a powerful book that helps fix the society. Free reading is a significant process that enables creativity to expand and contributes to great inventions. When schoolsShow MoreRelatedOF MICE AND MEN ESSAY Libre2222 Words   |  9 PagesOf Mice And Men Essay Of mice and men essay State of California. essay writers salt lake city research paper writing chattanooga buy college ruled paper. 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Scott Fitzgerald, and we can’t forget novella like Of Mice and Men or short stories that we readRead MoreAdvancing the Individuals Knowledge of the Holocaust Essay2289 Words   |  10 Pagesmay find it difficult to sit down and read a novel or a long essay and therefore films such as Night and Fog and Schindler’s List may be more effective in reaching a more specific audience. Due to their ability to reach a different audience these two sources may prove more ef fective. The documentary, Night and Fog, depicts the gruesome truths of concentration camps and describes the prisoner’s life. The narrator tells the stories of men, women and children who lived in the camps and gives specificRead MoreHow To Write Literary Analysis4174 Words   |  17 PagesHow To Write Literary Analysis The Literary Essay: A Step-by-Step Guide When you read for pleasure, your only goal is enjoyment. 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(Students may also reflect upon racial inequality hinted at by the â€Å"white† mice terminology – refer to time period of 1965 – historically relevant). | Is Charlie a good candidate for the experiment? | The doctors are looking forRead MoreLogical Reasoning189930 Words   |  760 Pagesown conclusion, then its your responsibility to give them reasons they can appreciate. Lets examine that last remark. A conclusion backed up by one or more reasons in any order is called an argument, even when the reasoner is not being argumentative or disagreeable. The word â€Å"argument† is a technical term we will be using frequently in this course. Being logical means, among other things, that you should give an argument to support your conclusion if you expect other people to accept itRead MoreStephen P. Robbins Timothy A. 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Case Critique Black Fly Beverage Company Inc( Richard...

Case Critique: BLACK FLY BEVERAGE COMPANY INC Black fly is enjoying a comfortable growth, their product has been well received by consumers and they have also benefited from positive feedback from the media. Now would then be a very good time to undertake an expansion as the company would take advantage of the momentum and exposure it currently has to introduce new products or features to the market. Let’s evaluate the different options available to Black fly. First Alternative: Launching a new Flavour: Launching a new flavour of an existing product has been the most common expansion initiative taken by companies in the food and beverage industry. It is a conservative approach as it usually does no require a significant†¦show more content†¦The LCBO is then the best resource a company can use when it comes to product/industry feasibility as it carries out a stringent assessment of quality, price and market potential for each new product. Therefore there is an opportunity and a market potential for this new product since the LCBO is willing to provide shelf space for the Spiked Ice, furthermore it has a provided a firm commitment for a 4 months order. The â€Å"Spiked Ice† also has the potential â€Å"real† additional revenues since it is a different product and can also target consumers who are not typically fond of vodka coolers (i.e. consumers that prefer drinking beer but whom during the summer month would quench their thirst on a freezee with a vodka twist) Allowing the company to increase and diversify its customer base. This initiative however does require a significant capital investment to upgrade the production facilities and the company would be facing a significant loss should the product not generate enough sales however the company has commitment from LCBO for a large quantity which will also help them boost the roll out of the new product. Also from a managerial/organizational perspective the company has proven that it is capable of successfully undertaking similar projects. I would recommend the company to launch the â€Å"Spiked

Michelangelos Motivation Essay - 1887 Words

The night Michelangelo Buonarroti was born, â€Å"Mercury and Venus were in the house of Jove,† says Vasari. This means that, according to a lucky star, Michelangelo could be expected to produce extraordinary works of both art and intellect. How true this turned out to be! Whether it was fate or coincidence, few haven’t heard of this world renowned and avant-garde talent. From painting to architecture and sculpture, it seems like there is nothing Michelangelo couldn’t master. Michelangelo is said to have considered himself a sculptor, but why was it then that he produced his sculpture with such a unique and striking depiction of the human body? Why did Michelangelo create such masculine forms, and was it self expression that provoked this†¦show more content†¦This fervent religiousness was, according to William Wallace, for the â€Å"salvation of his soul,† and achieved by Michelangelo as a means of â€Å"salvation through creation† (321). To repent for his sins, Michelangelo spent these last fifteen years of his life repenting for his sins through his artwork. His Rondanini Pieta, for example, was possibly created for the explicit purpose of his tomb. In his old age, and after the death of a close friend, it is apparent that Michelangelo’s awareness of his of mortality was heightened and â€Å"desire for salvation,† says Valarie Shrimplin-Evangelidis. The Rondanini Pieta depicts a disproportionate arm to the right of Christ, showing that at some point Michelangelo cut down the size of Christ’s arm to show less emphasis on the muscular male form and more on the subject matter. This also creates a sense of realism that is much more apparent in his later works and represents a definite shift in the way the Michelangelo depicts the human body. Wallace described this as, â€Å"confronting the unavoidable paradox of representing spiritual things in material form† (321-322). In the Florentine Pie ta, much like the Rondanini Pieta, Michelangelo sought to depict the human form in a dominantly realistic manner. In comparison to his Rome Pieta, we can see how Christ appear slightly weaker, with skinnier legs and a more distorted body position. The women in the Florentine Pieta have more fitted clothes and it isShow MoreRelatedThe Discobolus And Michelangelos David1280 Words   |  6 Pagesand standard for physical idealism stretching beyond the culture that it originated from. The evolution of such ideal standards for the human body’s aesthetic are similarly conveyed in an equally significant achievement in classical sculpture, Michelangelos David. Both of these pieces capture their respective audiences’ ideas of exceptional beauty and shed light on their attitudes toward the appropriateness, and even the utility of nudity in art and society at large. 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Diversity at Work Free Essays

A major issue that many companies face today is how to promote diversity in the workplace. While federal laws and company policies give protection to diversity on the workplace, there still stand certain barriers that inhibit its growth. In effect, the purposes of these efforts are defeated. We will write a custom essay sample on Diversity at Work or any similar topic only for you Order Now Therefore, it is important for firms to address how to overcome these barriers. Having been a longstanding issue, many studies have been devoted to defining and managing diversity, identifying obstacles to diversity, and ways in which these hurdles can be won. In all these studies, experts agreed that diversity is not an easy task. Moreover, promoting diversity in the workplace requires proponents to face the issues of fear, lack of cooperation from the workgroup, mistakes in planning, and problems with funding and training schedules, among other dilemmas. Diversity at Work—How to Make it Work? presents and explores these barriers that impede the expansion of diversity in workplaces, as identified by experts. In turn, the paper will also attempt to raise suggestions as to how these barriers can be overcome as well as how diversity can be promoted more effectively. Barriers to Diversity There is never any fool-proof plan. Companies most especially, regardless of size or industry, are fragile to facing challenges when they introduce plans that can adversely affect its operations and employees. However, companies should not be hindered by these challenges, and thus continue with plans that can contribute to the growth of the firm and its workforce. This applies essentially when a company decides to take a step in making theirs a diverse workplace. Diversity, being a sensitive issue that it is, can be filled with difficulties that many companies who subscribe to it end up unsuccessful. While it is impressive for a company to put efforts in promoting diversity in their firm, it is equally important for it to know that there are hurdles to their efforts to promote diversity in their workplaces. It is also necessary for them to identify and address these obstacles to allow for diversity to be effective. In doing so, the time, money, and effort that the company will put in to promoting diversity will not be put to waste. Here are some of the things that experts identified as barriers to making diversity flourish in organizations: Wrong leaders. Diversity is a sensitive initiative, and because it involves the employees it is normal for companies to create committees to lead the program, or appoint the human resources people to do the job. However, the sensitive nature of promoting diversity can make employees defenseless against other employees, even if they are human resources heads. (Simmons, 2003) Fear. According to Thiederman (2003), many companies who decide to face diversity tend to be afraid with the things attached to it. In many cases, diversity committees take considerable time planning the diversity initiatives because of their many fears such as to offend a minor group, or to make a mistake in the policies that they are making. Defective objectives. Companies may become unrealistic with their goals and either create objectives which are not applicable to their workplace, or too ideal that it can never be executed at all. (Thiederman, 2003) Simmons (2003) seconds this by saying that often, companies create diversity objectives that are not in line with the vision and mission of the company, to which everything should be based. Lack of cooperation from employees. The mere promotion of diversity introduces the fact that differences exist in the organization, and in fact further proves the existence of such. Despite the fact that diversity aims to equalize and create inclusiveness with all members of the workforce, there are instances when employees see loopholes and will not want to cooperate. (Thiederman, 2003) By promoting diversity, the dominant party or majority may also feel that they are receiving less opportunities in the company’s effort to promote equality and inclusion. These employees may feel that in the company’s efforts t please the minority, they are being left out and thus it will be difficult for them to cooperate. (Common barriers to diversity, 2000) Stereotypes. It is human nature to stereotype people. Often, people make assumptions of others consciously or not without considering how it can affect others and the environment in which they are in. Stereotyping affects companies in such a way that when employees judge each other, they are already working against diversity. (Common barriers to diversity, 2000) Co-membership Syndrome. It is not surprising that employees will likely group themselves according to their similarities. Thus commonly, white males will most likely group together in the same way that employees in their mid-20s will group together. However, this is one defect in companies that prevent diversity from happening. When employees group themselves, they unconsciously form factions that tend to be exclusive to them based on their similarities. A negative effect of this scenario is the tendency for these factions to create biases within their groups. For instance, when a member of the group has to be evaluated by a co-member fair and true judgment may not be given. (Common barriers to diversity, 2000) Insider Dynamics. In the creation of informal splinter groups in the workplace, it is inevitable for employees to feel either included or excluded in the factions. This highly affects the performance of the employees. When an employee is a member of a group, he considers himself an insider and can get the support of her co-members in any corporate initiative. On the other hand, employees who are different and thus does not enjoy the membership to a group (the outsiders to a group) do not get the backing they need in corporate initiatives. This damages their confidence and self-esteem. On a larger scale, it denies them the right to influence others, make decisions for themselves, their positions, and their departments, and may give them less access to vital information that can help them play their professional roles. (Common barriers to diversity, 2000) Cues and gestures. With the differences in race, gender, culture, education, age, and other aspects, people may have different cues and gestures that may mean differently to others. While this is normal, it greatly affects diversity efforts and can even create communication chaos. (Common barriers to diversity, 2000) Generalities in diversity training. Because diversity involves the inclusion of all employees regardless of differences, diversity trainings also tend to be diverse in nature and given on a whim without consideration on the different levels of understanding and acceptance that employees have as well as roles that they play. This makes most diversity trainings ineffective and wasteful. (Simmons, 2003) Lack of professional trainers. The demand for diversity trainings is on the rise, and it attracted non-professionals to join the bandwagon of diversity trainers despite lack of training and expertise on the subject. This creates more problem than solution, as non-skilled trainers can give unnecessary or wrong ideas to employees who can end up confused and frustrated. (Bennet, n. d. ) Time and cost. Promoting diversity and using diversity seminars is a mean feat. It can cost thousands of dollars to hire a diversity speaker, additional expenses to set up the training with all the requirements of it, and additional money for formulating policies and implementing them. Apart from this, it will also take time from employees and corporate heads alike, and in business time is also commensurate to money. When a company decides to promote diversity, both top-level executives and employees need to allot and spend time in cooperating. Company officials need to take the time to plan the initiative, create policies, assign executors, and monitor the progress of the plan first-hand to ensure that efforts are not put in vain. Employees will likewise need the time to meet with company officials and executors to discuss the plan for diversity, as well as allot a notch in their schedules to attend trainings and seminars. Thereafter, every member of the company must take time every single day at work to see that diversity is being practiced. Thus, time and cost are also barriers for many companies who are willing to promote diversity in their firms. (Bennet, n. d. ) Overcoming Barriers After identifying the barriers that companies experience in promoting diversity at work, it is essential for solutions to be classified as well. To begin with, Simmons (2003) states that diversity initiatives should be lead by the chief executive officers and top-level executives. This will make the plan appear to be of primary importance, as what it already is. The involvement of the higher ranks will also induce cooperation among employees. Fear is yet another obstacle in achieving corporate diversity and to aid this, Thiederman (2003) says that it will be helpful for the proponents and leaders of the initiative to speak with their people and find out exactly what their thoughts and views are to bring about the actual necessities in the issue and avoid mistakes, especially in the area of policy making. Matching the goals of diversity with the goals, mission, and vision of the company will also set the goals of the initiative straight. (Simmons, 2003) It is important for companies to create realistic objectives that are consistent with the beliefs that their companies subscribe into. Likewise, companies that are just starting with their diversity plans should study and learn from companies who have already succeeded in managing diversity in their firms. (Thiederman, 2003) However, it is inevitable to have employees who are not willing to cooperate with diversity efforts regardless of attempts in the part of the company. According Thiederman (2003), involving everyone is the key to soliciting cooperation. Because diversity plans often put importance to the members of the minority in the workplace, dominant parties can feel left out and refuse to collaborate. Likewise, members of minor parties may feel that diversity highlights their difference all the more, especially when companies overdo the use of political correctness to the point of pretentiousness. Thus, companies should strive to make everyone a part of the effort in diversifying. The proponents should also refrain from adjusting and minimizing the company standards just to accommodate the minority as this will not be agreeable to all employees, dominant or not, and can cause them to think twice about cooperating. Heathfield (2007) agrees, saying that to promote diversity the company must keep itself on the winning court. Simmons (2003) also stressed that any complaint on reverse discrimination should be readily addressed. Trainings and information dissemination may also address most concerns related to diversity such as stereotyping, co-membership, insider dynamics, and cues and gesture differences. Companies who invest on and effectively carry out such trainings encourage and inform their employees that holding and sharing assumptions and judgments about other people, especially their co-employees, can adversely affect them, their relationships, and their workplace. Efficient trainings and seminars on diversity can also eliminate the formation of factions and, ultimately, avoid the existence of insider and outsider dynamics within the organization. Differences in cues and gestures and the multiplicity of their interpretations may also be addressed by proper training and information. When employees understand that their cues and gestures may mean differently with others, they will become more sensitive with their actions and strive to act more appropriately in a manner that is appropriately understandable to others according to what they really mean. However, diversity trainings must be executed efficiently. One problem on diversity training is the use of generalities, often to address the need for diversity information of all employees at one time. This leaves a part of the audience informed, and a part of the audience misinformed or uninformed. Diversity trainings should therefore consider that every employee hold positions that require them to play different roles. Thus, every employee will need to learn how to inject diversity according to the tasks that they do on a daily basis and the responsibilities that they handle. (Simmons, 2003) Interestingly, however, Simmons (2003) suggests that in defining diversity, one should be as broad as possible and attempt to cover the different aspects in which an organization should be diverse. This allows diversity to cover a global scope, as compared to merely promoting race or gender equality. These explain that while diversity training should be as specific as possible according to the skills and roles of each employee, discussing diversity per se should be generalized and cover as much difference as one company can cover based on the cases within the organization. Lack of professional trainers also poses a problem in many diversity efforts. While the number of companies who are willing to subscribe to diversity is on a steep rise, the number of diversity trainers is also on the fast track up. However, the number of professional trainers—the experts—, which is an entirely different thing, is on a forward drag. While the solution to this problem may not be on the hands of companies, it is important that firms trying to start diversity trainings in their workplaces do not hire just any available trainer around. Professional trainers provide high-quality trainings and give expert consultation that no low-cost, readily available trainer can offer. If financially feasible, companies may also outsource the training to third-party consulting firms if professional trainers are not available. Time is also an essential consideration that hinders diversity programs from becoming effective. As shown, diversity can take a lot of precious time; and as mentioned above time in business equals money. It is therefore important that every minute spent on diversity is used efficiently. Monitoring and consistent evaluation can help companies achieve this and avoid wastage. Costs may also be a hurdle for companies to provide diversity plans for their employees. To get by, companies must assess how much actual money they are willing to spend on their diversity initiative. It is also important to allot the money properly according to the priorities of the plan so that each aspect of the plan is funded accordingly. Similar as the time barrier, monitoring and evaluation should be done to ensure that the money being allotted for the diversity plan is properly spent. Apart from these means in overcoming the barriers identified, it is worthy to consider several other suggestions from experts in managing and promoting diversity at work. According to Bennet (n. d. ), storytelling is one of the experts’ ways to promote variety because by sharing stories of both discrimination and diversity, listeners tend to think and feel. This allows for emotions to be tapped, a powerful way to convince people to support diversity and do away with discrimination. Heathfield (2007), on the other hand, presents an interesting key in unlocking diversity. While it has been mentioned a while ago that a barrier to diversity is the co-membership syndrome where employees tend to bond with others who are like them, Heathfield suggests that similarities be used to promote diversity saying that by highlighting the things where the employees are alike diversity can be promoted. One common ground to begin with is the goal set that employees may have for working in the firm. Most importantly, diversity initiatives must respect and value people, specifically employees, and their contributions. It is important for companies to understand that diversity does not aim to widen the privilege entitlement of minority groups. By doing so, the workplace will be a more interesting and enjoyable place to be in. How to cite Diversity at Work, Papers

Agricultural RandD Innovation Systems †Free Samples to Students

Question: Discuss about the Agricultural RandD Innovation Systems. Answer: Introduction Australian industry is one of the most agriculture intensive industries comparing with the global agriculture market. Victoria is dominant in dairy and herd production. The evolution of technology has served them well and their productivity has increased since last three decades (Klerkx and Nettle, 2013). The small farmers were able to generate the derivative products of milk and supported to the revenue that every individual state made in the following years. According to the dairy situation and outlook report on 2017 the farmers have produced 700 million fewer litters of milk due to a huge crisis that have hit the whole Australia in the last year (Sorensen, 2011). However, the consumption of the branded products has not lessened. Victoria being the centre of production has seen 9% growth in the full cream milk production (Klerkx and Nettle, 2013). Whereas Australia accounts for an approximate 2% of the worlds milk production, it is a noteworthy exporter of dairy merchandise (Regula tions, 2013). The Australian dairy industry was significantly challenged by deregulation, droughts and the financial crisis. However, the industry has also been seen to to adapt to difficult situations through sharing its view of the challenges and opportunities and with collective action. One crucial feature for their success now would be the policy control of the environmental factors, which is an important role in accordance with the industry to adapt in the future and further develop. The Australian Dairy industry is a fully established industry and some subtropical areas of Australia is also rich in giving supply to its customers. Even though most of the countrys milk production takes place in south?east seaboard parts states, all states have separate dairy farms that supply fresh drinking milk to close by cities and towns. Australian milk production has been steadily increasing with the demand and modified derivative product of milk. Fresh milk, butter, cheese, milk powders, whey products and casein (Sorensen, 2011). International market The New Zealand statistics shows that, they are one among the key industries in the dairy production (Klerkx and Nettle, 2013). The organization is able to satisfy the thirst of the country and whole worlds demand of milk and its side products. The small shelf life of milk means that Australias export percentage of fresh milk is partial mainly to UHT product. Around 80% of Australias fresh milk exports goes to Asia with a further 15% intended for the Pacific region (Regulations, 2013). The cheese industry itself exports to 50% of the domestic production. This industry itself is a predominantly developed in the national region. The Skimmed milk powder and the whole milk powder accounts to 80% of the National dairy herd 1.6 million Average herd size 220 cows National milk production 9 billion litres Dairy workforce 40,000*2.5 New Zealand - the major competitor of Australia is one of the most aggressive seller in the international market. Total number of herds 11,918 Average herd size 419 Number of cows 5 million Effective hectares in production New Zealand 1.8 million Milk processed by dairy companies 21.0 billion litres(2015-2016) International trade scenario The dairy research and development of organisations major contributor is federal government. The trade policy is in the industry is favourable for the industry. The three core business objectives in the dairy planning cycle is escalating farm productivity, maintain and develop value-added service, channels, products, high-margin and others. Promote and protect the unique profit of Australian dairy industry. ADF is formed by Australian farmers organisation and there is the help the small farmers get from non-profit organisations (Regulations, 2013). Southeast Asian market is Australias largest export oriented market. Stipulation from this market has led to a 33% enhanced in international dairy and its derivatives consumption in the last decade(Grace and Lennie, 2012). Even though there are hurdles to give services and sell in this market, the Ausis are confident enough that demand expansion is high. It is implied that economic prosperity and higher education enabled system will spread s all through the core region and there will be steady escalation in demand. The China, Africa, and Middle East are the one among the major exporters of the dairy products and consume the major percentage of the products (Grace and Lennie, 2012). The Australian market has strength in the domestic market and furthermore, they are milks multinational value increment (Sorensen, 2011). The derivatives of the main product are also capturing the completely international market competing with the value-addition and prospective consumption market percentage (Nettle, Paine and Penry, 2010). However, the trade regulations of the industry have to face some highly contingency factors. This includes the China and Middle Easts production and expansion in the regarding instruction (Nettle, Paine and Penry, 2010). The Neighbouring countries production and their strong economic condition can be highly competitive in the recent years inferred from the above table. Europeans balance and protectionist has long since given headache to the trade enablers in the international market. Their products are facing headed competition with the former dairy market leaders (Grace and Lennie, 2012). The prices of the products are also volatile because of dynamic supply-demand ration working in the industry. Export share of trade EU 32% New Zealand 35% Australia 10% USA 7% Argentina 4% Ukraine 2% Uruguay 1% Other 9% Milk and its derivative products life cycle The most consumption is in the fresh milk sector and the stage is by drinking (Nettle, Brightling and Hope, 2013). The drinking milk, butter, cheese, yogurt are the majorly consumed product among the country the statistics of per capita is given below. Commodity Consumption(per capita/annum) Milk 102 litres Cheese 13kg Butter 4 kg Yogurt 7 kg South East Asia 30% Japan 19% America 5% Africa 4% Middle east 10% Europe 2% Other Asia 24% Competition Internal value chain analysis Australian dairy industrys largest producer was Victoria accounting for supplying 60% of the national milk consumption (Backus, Eidman and Dijkhuizen, 2012). The Southern, Central, Coastal NSW Dairy industry produces diverse milk production as they have land grass and fodder growing areas (Edwards, 2003). The market influences are one among the major factor for fresh milk production. The processor authority prefers local and reliably produced milk, which helps them in cost reduction and logistics handling. This region produces among the 741 million litres of milk and 8% of Australias production milk (Nettle, Brightling and Hope, 2013). The level of risk for adaptation and investment may affect production of milk. Second, major reformation is likely to be made at milk production stage in some challenging regions, which will in turn will affect on the current system and structure (Buys et al.2014). Third, the Emission Trading Scheme of the country, paired with a limited growth of production and increased ethical standards, everything have the potential headed for raising costs above competitors, and this may affect the competitiveness and price of Australian products (Von et al., 2013). Industry structure and regional strength The Gippsland dairy industry 2 billion (22%) Western Victoria dairy industry 2 billion (23%) Murray dairy industry 1.84 billion (20.5%) Southern dairy industry 620 million (7%) Tasmanian dairy industry 650 million (7%) Western Australian Dairy Industry 338 million litres(20.5%) Different innovative products like fresh dairy products and stream included drinking milk and othere customised products and dairy desserts. Specialised ingredients and whey proteins, SMP, BMP and WMP are high valued manufactured products (Von et al., 2013). There are also schemes, centres that helps people in the industry to operate efficiently. The Australian Dairy Herd Impovemnet Scheme, Dairy Extension Centre, Dairy Futures Cooperative Research Centre(CRC), Dairy Innovation Australia Limited, Department of primary history Victoria (Backus, Eidman and Dijkhuizen, 2012). The national bodies which helps in this are National Heritage trust, National landscape program, NSW department and primary Industries, Tasmanian Institute and Heritage trust are one of the major investor in the innovation program and dynamic strategy faces challenges in the regarding Industry(Gourley et al., 2012). There are many challenges that the manufacturing industry faces in the production procedure. The volatility of the supply and demand market and customers preference in the different products. The global crisis on 2008-2009 has been the most difficult period for the Industry (Bethune et al. 2004). However, the prices of the products have come down due to the consumption pattern changes and outlook of retail stages have gone down due to the competitiveness of the food safety (Edwards, 2003). In addition there is a decline in inflationary pressure, that additionally benefits the selling of dairy products. Strengths and weakness Opportunities and threats of the industry As the historical data suggest that the dairy industry have grown in the last three decades they have incorporated efficient production methods The position of this industry is strong in the export market and have seen steady growth of 9% (Gourley et al., 2012). The Australian industry is one of the major exporters, as in third largest exporter on milk and its derivative products. The industry also have a backup of investors willing to contribute in the research and development in dairy manufacturing and value added products, as well as the packaging and customising the products (Bethune et al. 2004). The weakness is seen to be in the demand factor. The domestic market of the industry faces the volatility of climate. The agricultural sector has always been prone to volatility of climate change factors. The retail sell and wholesale industry of milk faces a major problem of having shelf life of the products. Policy uncertainty of the trade practises has been one of the major weaknesses of the industry. Management of production risk less Demand of all Australian milk products in Asia Greater efficiency scale of the industry The production cost Climate change in agricultural business Porters values chain analysis Barriers to entry the Australian diary industry has been strong since 1989 revolution in the industry (Soliman, 2000). However, the recent crisis in the milk production of the industry and shortage in the production has lead to crisis in the international market reputation. The domestic industry factors are strong to retaliate against (Gourley et al., 2012). Therefore, the risk to entry of global competitors is less. Threat of rival - the major threat in the industry is the water availability in the agro-cultivated land but the industry is facing certain policy related problem on the state of Victoria. The other industries are there to give competition to this industry in this matter. The deregulation of this industry has left some uncertainty in the boar (Buys et l.2014). The rationalisation of this industry has left the core efficient producers weak to international competitors vulnerable and heavily subsided. The main competitors of this industry are China and Africa. Threat of substitute the products itself does not have good substitute. However, the competitors pose a challenge in building the good substitute brand for the company. Threat of supplier The supplier market is dominative in this particular industry. The suppliers have different board of co-operation and back up of having investments from the government subsidiary bodies (Grace and Lennie, 2012). The total industry is private and deregulated in Australia. Threat of customers -the risk in threat of customers is less than any other industry. The customers are less prone to go to other products than the fresh produce of the domestic companies (Nettle, Brightling and Hope, 2013). However, the global competitors dairy products and their innovative products may inherit a threat to competitors. Conclusion The Australian dairy industry is certainly a self-sufficient and competitive enough in the global context. There is direct employment in the region of Australia for around 40,000 people and additional downstream processing. This industry is one of Australias major industries that contribute to the economic development. Australia ranks third in terms of global dairy trade with 10% share of world dairy export followed by New Zealand and the European Union. In response to these discussed challenges, a variety of strategies well as actions and plan have been redirected or executed by the industry in respect to the industrys production systems, response to environmental change and natural resource management, and market access. In a nutshell, the Australian dairy industry has faced significant challenges like deregulation, droughts and the financial crisis. However, the industry has also demonstrated its ability to adapt to difficult situations through sharing its view of the challenges a nd opportunities and addressing these challenges with collective action. Reference Abs.gov.au. 2017.1301.0 - Year Book Australia, 2004. [online] Available at: https://www.abs.gov.au/Ausstats/abs@.nsf/0/B006A83A9127B0F5CA256DEA00053965?Open [Accessed 29 Aug. 2017]. https://www.pwc.com.au/industry/agribusiness/assets/australian-dairy-industry-nov11.pdf [Accessed 29 Aug. 2017]. Backus, G.B.C., Eidman, V.R. and Dijkhuizen, A.A., 2012. Farm decision making under risk and uncertainty.NJAS wageningen journal of life sciences,45(2), pp.307-328. Bethune, M. and Armstrong, D.P., 2004. Overview of the irrigated dairy industry in Australia.Australian Journal of Experimental Agriculture,44(2), pp.127-129. Buys, L., Mengersen, K., Johnson, S., van Buuren, N. and Chauvin, A., 2014. Creating a Sustainability Scorecard as a predictive tool for measuring the complex social, economic and environmental impacts of industries, a case study: Assessing the viability and sustainability of the dairy industry.Journal of environmental management,133, pp.184-192. Edwards, G., 2003. The story of deregulation in the dairy industry.Australian Journal of Agricultural and Resource Economics,47(1), pp.75-98. Gourley, C.J., Dougherty, W.J., Weaver, D.M., Aarons, S.R., Awty, I.M., Gibson, D.M., Hannah, M.C., Smith, A.P. and Peverill, K.I., 2012. Farm-scale nitrogen, phosphorus, potassium and sulfur balances and use efficiencies on Australian dairy farms.Animal Production Science,52(10), pp.929-944. Grace, M. and Lennie, J., 2012. Constructing and reconstructing rural women in Australia: The politics of change, diversity and identity.Sociologia Ruralis,38(3), pp.351-370. Klerkx, L. and Nettle, R., 2013. Achievements and challenges of innovation co-production support initiatives in the Australian and Dutch dairy sectors: a comparative study.Food Policy,40, pp.74-89. Klerkx, L. and Nettle, R., 2013. Achievements and challenges of innovation co-production support initiatives in the Australian and Dutch dairy sectors: a comparative study.Food Policy,40, pp.74-89. Nettle, R., Brightling, P. and Hope, A., 2013. How programme teams progress agricultural innovation in the Australian dairy industry.The Journal of Agricultural Education and Extension,19(3), pp.271-290. Nettle, R., Brightling, P. and Hope, A., 2013. How programme teams progress agricultural innovation in the Australian dairy industry.The Journal of Agricultural Education and Extension,19(3), pp.271-290. Nettle, R., Paine, M. and Penry, J., 2010. Aligning farm decision making and genetic information systems to improve animal production: methodology and findings from the Australian dairy industry.Animal Production Science,50(6), pp.429-434. Regulations, P., 2013. Australian Dairy Industry. Soliman, F., 2000. Application of knowledge management for hazard analysis in the Australian dairy industry.Journal of Knowledge Management,4(4), pp.287-294. Sorensen, T., 2011. Australian agricultural RD and innovation systems.International Journal of Foresight and Innovation Policy,7(1-3), pp.192-212. Von Keyserlingk, M.A.G., Martin, N.P., Kebreab, E., Knowlton, K.F., Grant, R.J., Stephenson, M., Sniffen, C.J., Harner, J.P., Wright, A.D. and Smith, S.I., 2013. Invited review: Sustainability of the US dairy industry.Journal of dairy science,96(9), pp.5405-5425.