Project Risk and Procurement Management Sustainable Supply Chain

Question: Show a comprehension of the significance of acquisition for worldwide associations working in complex market situations Find, orchestrate and fundamentally assess later/current data from a wide scope of distributed writing in the territory of Project Risk and Procurement Management. Answer: Presentation Manageable acquisition guarantees a smooth progression of items in an organizations situation. The most noteworthy apparatus for reasonable acquisition is compelling danger the board. As indicated by Amann et al., (2014, p. 360) the correct comprehension of securing dangers encompassing a task helps obtainment officials in settling on compelling choices with regards to appointing contracts, picking providers, and planning the offering systems. Research led by Dong and Burritt, (2010, p. 110) states that Australian Worldwide Exploration oil and gas organization exists in an exceptionally serious worldwide business condition. The organization works in Yemen, New Zealand, Indonesia, Vietnam, Argentina, and Australia and anticipates looking into development chances to other global markets. The significant contenders of Australian Worldwide Exploration organization are Arrow Energy, Beach Petroleum, Chevron Australia among numerous others both residential and universal. According to Bome et al., (2014, p. 32), the way that the oil and gas businesses work in an inexorably perplexing condition, vulnerability encompasses their undertakings achievement, and this requires the foundation of phenomenal techniques for hazard and acquisition the executives. This scholastic report will exhibit the significance of hazard and acquisition the executives in helping the Australia Worldwide Exploration Limited to increase an upper hand over its nearest matches and break down the procedures that will enable the organization to alleviate both the current and encompassing dangers to upgrade reasonable obtainment. Venture Risks and Management in Australia Worldwide Exploration Limited Bryde et al., (2013, p. 975) contends that the acquisition exercises for the organization center around the balance among seriousness and hazard relief techniques and this set up the requirement for supportable obtainment. Be that as it may, in light of the ongoing events in oil and gas part, the business is inclined and powerless against different dangers whose impacts on clients, providers, and the task drivers are extreme and in this way should be controlled. Australia Worldwide Exploration Limited administration has a very much characterized hazard ground breaking strategy for designating the correct assets to the acquisition division. To increase an upper hand against Chevron Australia and Beach Petroleum, Australia Worldwide Exploration Ltd receives the utilization of powerful hazard the executives guidelines that join universal acquisition principles. Burke, (2013, p. 5) contends that given the oil and gas tasks envelop difficulties in the present complex market condition, understanding what techniques apply to the administration of dangers to guarantee a practical obtainment procedure ought to get recognized, surveyed, and positioned on the seriousness of venture dangers. As of late, the worldwide oil and gas cost has dropped contrasted with costs in mid 2014, and this has antagonistically influenced Australia Worldwide Company task and acquirement forms. The organization guarantees vitality security in a manageable and gainful way directly from the undertaking origination. The administration of Australia Worldwide leads the procurement official in investigating different choices of guaranteeing access to moderate vitality, and these methodologies utilized include: supporting vitality expenses to stay as low as could reasonably be expected, empowering self-flexibly, expanding vitality wasteful activities and synergistic obtaining of vitality organizations. Hahn and Henirich, (2012, p. 136) further contends that the acquirement division should secure creative innovation organizations whose activities enhance the organizations tasks to Africa, Asia, and other global markets. Additionally, through the guidance of obtainment, the organization puts its capital in the procurement of creation plant and gear that are without poison and ready to improve natural preservation. In the present oil and gas business condition, hazard the board assumes a noteworthy job in the flexibly chain the executives for this prompts practical obtainment Headley and Griffith, (2014. P 410). For Australia Worldwide, the acquisition experts are ordered by the top administrators to recognize dangers encompassing a task before it gets attempted, utilizing the correct methodologies. With an away from of the wellsprings of venture hazards, the task supervisors abstain from undertaking dangerous activities which don't profit the organization. Yusuf et al., (2014, p. 536) contends that with regards to the picking of providers, examination of the offers put by sellers and the granting of agreements through the help of acquisition work force, agreements ought to get granted to dependable providers. In view of the past encounters and undertaking disappointments, various global oil and gas organizations ceaselessly check out task chance administration. In the year 2014, Australia Worldwide Exploration Ltd endured venture disappointments in the procurement of assembling hardware whereby the apparatus got gained at a significant expense, it separated and quickly the oil and gas costs emptied. Nonetheless, Anantatmula and Thomas, (2010, p. 66) states that with powerful task hazard and obtainment the executives embraced subsequently, the organization has fastidiously determined activities for better hazard the board models that have caused it to create phenomenal undertaking the board devices. With these cures, Australia Worldwide Exploration Ltd has at present kept on finding a more prominent stage in the worldwide market condition over all the world's mainlands, and this makes it to solidly situate itself in the market by getting a charge out of an upper hand. To additionally help the organization in increasing an upper hand, the obtainment the executives receives the utilization of four hazard the board procedures which include: Hazard evasion: Since the principle danger that the organization gets presented to is a poor task of agreements and instability of faculty taking care of the obtained gear, the organization composes preparing occasions for the acquisition officials on the most proficient method to concoct chance administration systems that the venture stays uncovered. All the positive open doors get misused. Hazard acknowledgment: Under the gracefully chances, the organization encounters transportation dangers for the loss of secured gear. The Procurement staff has entrenched hazard acknowledgment methodologies and apportions a few assets to provide food for venture chance administration costs. The organization perceives that different dangers go with the buying procedure, and along these lines the organization acknowledges this reality by staying cautioned on the ways to deal with dangers once they emerge. Hazard move: Under the senior administration help, the acquisition guarantees that all the secured things, PCs, hardware, and innovations are safeguarded with the end goal that in the occasions of cataclysm, the organization may get remunerated by the guarantor. The organization guarantees its assembling hardware under burglary, fire, and characteristic danger impacts once repaid the upper hand of the organization stays supported. Hazard relief: For enough lessening the effects of tremors and different disasters in the creation of oil and gas process, the acquisition of Australia Worldwide Exploration organization obtains economical plant, property, and hardware that can withstand the impacts of catastrophes. Ordinarily, the most antagonistic impacts encompassing the oil and gas industry go outside man's ability to control and stay questionable and capricious. Grounded on the above undertaking danger and acquirement the board procedures, it stays clear that the genuine obtainment process relies upon the expense and accessibility of assets in the organization, Bourne, (2016, p. 210). The following is an examination of the acquisition forms followed by the administration of Australia Worldwide Exploration Limited in its endeavor to keep up a worldwide upper hand in the worldwide oil and gas industry. Obtainment Processes The organization has settled undertaking acquisition forms for buying products and enterprises from the qualified providers. In this circumstance, the organization publicizes tenders for assembling gear, PCs, and office furniture so supplies organizations can apply. The acquisition the board for Australia Worldwide Exploration organization assumes the job of regulating the agreement to the solid provider according to the prerequisites of the task. According to Meyr et al., (2015, p. 106), this legitimate organization of agreement between Australia Worldwide and the contracting party empowers the obtainment group to help the organization in dodging dangers related with poor commitment in flexibly contracts. With diminished dangers to poor agreements, the organization increases an upper hand over Chevron Australia and Beach Petroleum organizations that represent a critical danger to the manageability of Australia Worldwide in the worldwide market for oil and gas items. The organization receives the utilization of undertaking obtainment the board forms as talked about underneath. Powerful arranging of acquirements: The top administration of Australia Worldwide Exploration Ltd has set up viable strategies that the acquisition considers while recording venture buying choices, the methodologies, and in the distinguishing proof of potential providers. The capability of a merchant remains the key determinant of whether an organization will be picked by the enterprise to flexibly anything for its activity. Directing the genuine acquirements: The task of procurement the executives gets and analyzes various merchants reactions to the promoted tenders chooses an appropriate provider, and grants the agreement. The productive and decency utilized by the organization in granting contracts makes a positive picture in the general population and in this manner causing clients to like

A Focus On The Superments In Singapore Economics Essay

A Focus On The Superments In Singapore Economics Essay Financial matters is a sociology, that reviews the creation, circulation and utilization of products and enterprises, and can be utilized to quantitatively and subjectively investigate a given market. The inquiry I chose for additional examination through financial matters is, To what degree do general stores in Singapore look like an oligopoly advertise structure? Hypothesis AND MARKET INFORMATION The general stores in Singapore are a key piece of society. Taking into account the requirements of all, Supermarkets are supposed to be the structure squares of the general public. The expressions Im going to NTUC and Im at Cold Storage have discovered a typical spot inside the Singaporean culture with over a million people or around 25% of the populace normally visiting a market. In spite of the various general stores in Singapore, the market is overwhelmed by four enormous firms; NTUC FairPrice, Cold Storage, Sheng Siong and Giant. An oligopoly is a market structure, in which firms are not many and huge; the whole market is overwhelmed by few venders, where the main 4 or 5 dealers power more than 40 % of the piece of the overall industry. In light of the way that the market under assessment has the accepted situation, where the four biggest firms power over 40% of the complete piece of the overall industry, the market under scrutiny has been guessed to be an oligopoly. There are a few factors that are innate in the structure of an oligopoly. These incorporate presumptions and qualities, for example, the accompanying: Boundaries to Entry: Most oligopolies have unmistakable hindrances to section, for the most part the enormous scope creation or the solid marking of the prevailing firms. Obstructions to passage may likewise be lawful limitations, for example, patent rights, or conspiracy among the current firms to keep new contestants out by slicing costs pointedly to make it outlandish for the new participant to be serious or produce at that cost. On account of the market for stores, there are significant hindrances to section, which incorporate the size of the plants of the current firms, import produced using abroad and solid brand name of the organizations. These go about as a hindrance to confine the passage of possibly new firms into the market, further improving the situation of existing firms as far as piece of the overall industry Interdependency of Firms and Price Stability: In an oligopoly, firms are supposed to be reliant as the result of an activity of one firm relies upon the response of the opponent firms. As there are only a couple of firms, each firm needs to take cautious notification of every others activities. Reliance will in general make firms need to intrigue thus maintain a strategic distance from shocks and startling results. On the off chance that they can conspire and go about as a restraining infrastructure, they can expand their benefits. Accordingly the organizations are exceptionally reliant and this is appeared by the idea of the crimped request bend (Figure 1). The crimped request bend applies the impact of interdependency in regard to the gracefully, request and value variances inside an Oligopoly advertise. The wrinkled interest bend deals with the supposition that, in all actuality, the firm knows just 1 point on the interest bend, the one that it holds at present (A). On the off cha nce that the firm were to raise its value, at that point it would be far-fetched that the contenders would raise theirs thus, the firm would lose its interest to different firms. In this manner, request would be versatile above point A, where the firm is right now working at, as a little increment in cost would prompt a huge fall in amount requested. In any case, if the firm were to diminish its costs, all things considered, different firms would lessen theirs as well. Likewise, rather than decreasing it to the degree of the firm, different firms may bring down it considerably further to compensate for the lost deals, by increasing more. Thus, request would be inelastic underneath point An, as a reduction in cost would prompt an insignificant increment in amount requested. Consequently, it is said in an oligopoly that if a firm were to change its costs, it would be the main failure. This diminishes the motivating force of the organizations to contend by bringing down their costs. Th is aides in keeping up value dependability in an oligopoly showcase. Along these lines it is impossible that one general store would slice their costs to draw piece of the pie away from different contenders. Be that as it may, firms may increase a preferred position by bringing down their creation cost per unit (economies of scale) to reduce expenses to a progressively serious level, while as yet making super-typical benefit. Additionally, being benefit maximizers, the organizations work at MC=MR. In any case, the state of the MR bend is with the end goal that, regardless of whether the peripheral expenses were to build, it would at present equivalent their minimal income and the organizations have a range for benefit augmenting. Advantages of economies of Scale: Large firms, in an oligopoly, have a preferred position of advantages to scale. Bigger firms appreciate limits when purchasing crude materials in mass, and obtain capital at lower loan costs. In this way over the long haul, the firm would receive in the rewards of the economies of scale. An economy of scale is characterized as a preferred position of expanded creation where the expense of creation or overhauling one unit diminishes with each extra unit delivered or servicedâ [1]â . These progressively effective firms would have the option to clear out rivals over the long haul and may turn into the solitary maker, for example the monopolist. In graph 2, it is unmistakably apparent that a firm can sell a bigger amount Q2 at a lower cost for each unit than creating a lower amount Q. Non-Price Competition: As firms don't contend in value rivalry, they connect with themselves in non-value rivalry. As opposed to the homogenous merchandise of a Perfectly Competitive Market, an oligopolistic maker depends vigorously on separating its items. In spite of the fact that the items might be substitutes, they have minor contrasts. Item Differentiation can make a solid toehold for an organization and increment their piece of the pie. Another route for an organization to do this is through marking. This impact can be found in Apples itouch which has assist Apple with increasing an impressive portion of the MP3 showcase. Publicizing likewise additionally assumes a basic job in the organizations piece of the pie. With regards to this examination the impact of item separation will be a key region for the assortment of information. The variables that are considered are participation benefits, area, free examples, sum spent by each firm on publicizing and working hours. These hypotheses introduced help structure the reason for testing how the market under scrutiny adjusts to an Oligopoly.

College Interview Questions

College Interview Questions February 2, 2012 You should have questions prepared in advance of your college interview so that you can cite specifics. The game is specifics. Lets talk about college interview questions. When you go on your college interview (whether its with a college admissions officer, a current student, or an alum of the university), you should have questions prepared in advance to ask the interviewer. Its a part of the interview that always happens. Its the wrap up: So do you have any questions that I could answer? Dont ever shake your head or say no. You must always have questions! And these arent questions you should prepare on the spot! These are questions you should prepare in advance. If you prepare a question for a college interviewer on the spot, it might well sound something like, So, does Duke have small class sizes? Or maybe, What do students do outside of their coursework? Those questions are lame! They are totally unspecific and they show that you really havent researched Duke University prior to your interview! Lots of universities have small class sizes! What do students do outside of their coursework? They pursue their passions. They play the violin. They play tennis. Come on now. Your questions should cite specifics. Cite a specific professors class that you sat in on and say what you liked about it. Follow that up with a question that can be more general about other classes at Duke. It asks a general question that the interviewer can respond to but it also shows how youve not only researched Duke but also visited! Ask about Krzyzewskiville and what it was like as a freshman to sleep in a tent outdoor Cameron Indoor Stadium (but dont just ask basketball-related questions as Duke is much more than a basketball powerhouse). Anyway, you get the idea. The game in the college interview is specifics and your questions at the end of the interview should reflect this.

The Great Differences Between Ancient Greece And Rome And...

Max Swan Dr. D World Civ F Block 6/8/15 Civ Talk Civilizations have always been shaped by their technological advances. Whether it was the invention of the printing press or the creation of the personal computer, technology has had a massive impact on the development of mankind. Technology has brought us the ability to educate, heal, and radically improve the lives of the average person. But, if we strip away our cars and planes, our cell phones and our computers, are we that different than many of the ancient societies that we have studied? No doubt there are great differences between ancient Greece and Rome and modern life in the US. But the needs of people to live well, create a social structure and advance as a people are all†¦show more content†¦The Olympics were well known by the Greeks and the participants were celebrities, just as they are now. †¢ Medicine o The Greeks were the first to realize that diseases were caused by reactions to certain things and could be cured by certain medicine. Before this diseases were thought of as punishments from the Gods. Also physicians developed an oath among all doctors that created systems like doctor-patient confidentiality. (Ancient History Lists). The Greeks showed us that medicine is a two-fold process. There is the need to understand disease and healing, and there is also a need to regulate the practice of medicine and the ethics involved. Ancient Rome is another good example of how much we have in common with ancient civilizations. While they made many advances on what the Greeks began, what made them rise and made them fall were the human qualities behind everything that we do. Here are a few examples of what Rome has given us and some lessons we can still benefit from today†¦ †¢ Aqueducts o While the Romans didn’t invent the aqueduct, they perfected its design and use. This genius invention used a downhill flow of water and had an incredibly big impact on Rome. These aqueducts led to big reservoirs, which held water that was used for toilets, bathhouses, and all water needs of Rome. o Roads and Highways At the apex of its success, the Roman Empire was almost 1.7 million square miles. To control such a huge territory, the

When I go back in time, the images that make the fondest...

When I go back in time, the images that make the fondest memories of my childhood are primarily the ones related to computers. While I was growing up, I spent a good amount of time learning new things about computers through whatever source I could. What started as a leisure pursuit soon turned into passion, and when the time came to choose my subject for pre-university, computer was my first choice. I studied technology and hardware workshop, computer networks, information bank, operating system, physics, mathematics along with programming languages, software packages like word, excel, access, power point, Snagit etc. For my under graduate studies, I selected Computer Science at Jamia Hamdard University which is one of the best†¦show more content†¦I always want to know more in computer networks and new technologies. To keep myself abreast of all the latest advancements in my field, I have taken to reading extensively about my area of interest on internet and IEEE-spectrum magazines. Having a Master’s degree is necessary for comprehending the advanced concepts of Computer Science which have not strongly been touched in the under graduate studies. I think of graduate study as a road to develop my skills and a director for helping me to achieve the long-term goal of a research career. I have chosen Canada to do my Masters degree because it is a technologically advanced country and has the best educational system throughout the world where the academic systems focuses more on ‘practical applications’ than ‘theoretical aspects’ of a subject. The outstanding faculty and great facilities at your university make its Masters programme suited to my career goals. The well-compiled curriculum at Concordia University, will give me the wide education which I need to expand the domain of my knowledge and skills. The unique variety of students will open my mind to new opinions and new methods of doing things. I am keen to be an active member of the student community at your distinguished university. I am confident that my knowledge, strong motivation and undergraduate experiences will help me to successfully complete graduateShow MoreRelatedAsk the Dust by John Fante13686 Words   |  55 PagesCriticism on Commonly Studied Works: Introduction, Author Biography, Plot Summary, Characters, Themes, Style, Historical Context, Critical Overview, Criticism and Critical Essays, Media Adaptations, Topics for Further Study, Compare Contrast, What Do I Read Next?, For Further Study, and Sources. (c)1998-2002; (c)2002 by Gale. Gale is an imprint of The Gale Group, Inc., a division of Thomson Learning, Inc. Gale and Design ® and Thomson Learning are trademarks used herein under license. The following

Debt and Trial Balance free essay sample

DRIVE PROGRAM SEMESTER SUBJECT CODE NAME BK ID CREDITS MARKS ASSIGNMENT WINTER 2013 MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2 1 MB0041 FINANCIAL AND MANAGEMENT ACCOUNTING B1624 4 60 Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Q. No Questions Marks Total Marks 1 Give the classification of Accounts according to accounting equation approach with its meaning and examples. Compare the traditional approach with modern approach of accounting equation approach. Analyze the transaction under traditional approach. a. b. c. d. e. f. g. h. 20. 1. 2011 Paid salary Rs. 30,000 20. 1. 2011 Paid rent by cheque Rs. 8,000 21. 1. 2011 Goods withdrawn for personal use Rs. 5,000 25. 1. 2011 Paid an advance to suppliers of goods Rs. 1,00,000 26. 1. 2011 Received an advance from customers Rs. 3,00,000 31. 1. 2011 Paid interest on loan Rs. 5,000 31. 1. 2011 Paid instalment of loan Rs. 25,000 31. 1. 2011 Interest allowed by bank Rs. 8,000 Classification of accounting equation approach with meaning and examples Analysis of transaction –with accounts involved-nature of accountaffects and debit/credit 2 4 10 6 The following trial balance was extracted from the books of Chetan, a small businessman. We will write a custom essay sample on Debt and Trial Balance or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Do you think it is correct? If not, rewrite it in the correct form. Debits Stock Purchases Returns outwards Rs. Credits 8250 Capital 12750 Sales 700 Returns inwards Rs. 10000 15900 1590 Discount received Wages and salaries Rent and rates Sundry debtors Bank Overdraft 800 2500 1850 7600 2450 Discount allowed Scooty Carriage charges Sundry creditors Bills payable 800 1750 700 7250 690 Journal entries of all the transactions Conclusion 3 6 10 4 From the given trial balance draft an Adjusted Trial Balance. Trial Balance as on 31. 03. 2011 Debit balances Furniture and Fittings Buildings Rs. Credit balances Rs. 10000 Bank Over Draft 16000 500000 Capital Account 400000 Sales Returns 1000 Purchase Returns 4000 Bad Debts 2000 Sundry Creditors 30000 Sundry Debtors 25000 Commission Purchases 90000 Sales Advertising 20000 Cash 10000 Taxes and Insurance 235000 5000 General Expenses 5000 7000 Salaries TOTAL 20000 690000 TOTAL 690000 Adjustments: 1. 2. 3. 4. 5. Charge depreciation at 10% on Buildings and Furniture and fittings. Write off further bad debts 1000 Taxes and Insurance prepaid 2000 Outstanding salaries 5000 Commission received in advance1000 Preparation of ledger accounts Preparation of trial balance 4 6 10 4 Compute trend ratios and comment on the financial performance of Infosys Technologies Ltd. from the following extract of its income statements of five years. (in Rs. Crore) Particulars 2010-11 2009-10 2008-09 2007-08 2006-07 27,501 22,742 21,693 16,692 13,893 Operating Profit (PBIDT) 8,968 7,861 7,195 5,238 4,391 PAT from ordinary activities 6,835 6,218 5,988 4,659 3,856 Revenue (Source: Infosys Technologies Ltd. – Annual Report) Preparation of trend analysis Preparation of trend ratios 4 Conclusion 5 4 10 2 Give the meaning of cash flow analysis and put down the objectives of cash flow analysis. Explain the preparation of cash flow statement. Meaning of cash flow analysis Objectives of cash flow analysis 3 Explanation of preparation of cash flow analysis 6 2 10 5 Write the assumptions of marginal costing. Differentiate between absorption costing and marginal costing. Assumptions of marginal costing (all 7 points) 4 Differences of marginal and absorption costing (Includes all 8 6 points) 10

The Leadership Theory

Introduction The exertion of influence or authority over a group in a given direction in order to achieve certain objectives constitutes leadership. There are different leadership theories that explain how leaders apply their skills in management. Numerous research papers have defined, analyzed, and explored several theories of leadership and their applications in daily life.Advertising We will write a custom research paper sample on The Leadership Theory specifically for you for only $16.05 $11/page Learn More These research documents have dealt on the qualities that make one a successful leader among his/her employees or followers. Moreover, the leadership studies have paid due attention on perception of leaders and the feeling he/she commands from the group. Notably, people have been identifying leaders using their emotions and not on rational and objective basis. The society has been considering those who succeed as best leaders irrespective of the c onditions they have undergone in the leadership process (Mattiuzzi par. 6). However, the studies have failed to connect the nature of the environment, the characters of followers, and the leader-preferred style of ruling the people. These are the primary foundation to success for any leader. This report will explore why some leadership styles succeed in other regions but not in others even if the same person implements the style in different environments. Literature Review Leaders have their own ways of ruling; they can successfully realize their goals when in one place but fails to do so in another environment. This can occur even if one applies any leadership style. Leadership does not necessarily imply exercising authority on followers; it has to take into concern the behaviors of the followers, the mood of the leader and the situation at hand. Environmental factors can affect the outcomes of leadership; for instance, societal culture and practices can be a source of impediment t o the success of organizational leadership. According to the Global Leadership and Organizational Behavior Effectiveness Research Program (GLOBE), cultural differences between a leader and the followers can hinder or aid effectiveness and success of leadership (â€Å"How Cultural Factors Affect Leadership† par. 2). Markedly, whatever people can view as a source of success for leadership on one culture can be an obstacle to success on another culture.Advertising Looking for research paper on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More Globally, businesses have different cultures even if they operate in the same industry; the employees and other stakeholders determine the organizational culture. To understand the influence of culture on leadership, we can imagine of an African executive who trains at a British School of Management and is required to run a Brazilian manufacturing facility in Japan. The leader will have to c omprehend the culture within which he/she exercise his/her authority and the employees’ perceptions on the leadership style. Clearly, one leadership style cannot fit in all situations. As a result, the African executive ought to develop vast leadership attributes that will accommodate the unique cultures (â€Å"How Cultural Factors Affect Leadership† par.4). Leaders have to develop a transformational system of leadership in order to realize success in different situations. This broad charismatic character educes the interests of employees thus motivating them to go beyond the set targets of the organization at the expense of their self-interests. Moreover, various cultures perceive communication skills differently; this alters what constitute a good communicator among different cultures. In America, managers prefer face-to-face communication when passing information to their subordinates. On the other hand, in Japan, managers mostly use memos to do the same. Therefore, American culture reflects the individualistic behavior while Japanese cultures favor the collective custom of â€Å"face-saving† (â€Å"How Cultural Factors Affect Leadership† par. 8). Interestingly, a nonverbal cue of interruption, which most cultures consider as a rude way of communication is a means of conveying one’s interests in the Latin cultures. Cultural dynamics are essential factors in the success of any leadership style. Since the world has different cultures, leaders should be ready to change from one situation to another; this approach could help them understand the nuances that exist in different cultures. The global economy requires leaders who are highly sensitive to different cultures. Leadership Theory The contingency theory believes there is no single approach that leaders can apply in their leadership style since there are variations of circumstances. The situation is a key factor to successful leadership; therefore, leaders must change thei r behaviors and styles of leadership to fit to the environment.Advertising We will write a custom research paper sample on The Leadership Theory specifically for you for only $16.05 $11/page Learn More Fielder came up with this theory in 1964 after he noticed that successful leadership was eminent when leaders alter their behaviors to be in line with the environmental factors (Smith par. 2). Therefore, if one matches the organizational settings with the leadership styles, proper function becomes an automatic assurance. The key constrain to different leadership style is personality which is a fixed parameter in all individuals. In his research, Fielder used the Least Preferred Coworker Scale (LPC) to rate leadership styles that leaders prefer (Smith par. 3). In this scale, leaders rate people they have worked with poorly. Those who score high in the scale prefer interpersonal relationship to other factors while leaders who score low favor task achievemen t at the expense of interpersonal relationships. The task-oriented leaders have a poor relationship with their followers hence may not realize success in their management. Leaders must endeavor to match their personal traits with the task requirements and, at the same time, incorporate personal interactions with employees in order to be successful. The organizational environment also plays a role in the success of any leadership style. It entails the parameters that exist within a firm that can aid the exertion of influence on a team. The subdivisions of the situational variables include position of power, nature of relationship between a leader and the members and task structure. Task structure is the level of job exactness among the employees. Position power, on its self, refers to the level of authority that a leader commands within an organization due to his/her position. Lastly, leader-member relationship touches on the level of cooperation and recognition that employees or fol lowers have towards their leader. Contingency theory holds that for leaders to realize the success, they should institute strong links between them and other stakeholders of their firms. Further, leaders should specify jobs within the organization so that each employee performs different tasks. Leaders ought to carry out job specificity during job design process. Leaders should use their powers to fire and reward employees within their firms (Smith par. 8). These three scenarios inculcate two essential groups of leaders, which are relationship and task oriented leaders. Therefore, depending on the situation at hand, leaders should evoke an appropriate leadership style. For example, in case of fire within their organizations, leaders will find it effective to apply the task-oriented approach since this will create fast response hence not delaying outcomes.Advertising Looking for research paper on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More In blue-collar jobs, task oriented relationship becomes appropriate since this group of employees requires job specification and direction. At the same time, the leader must maintain a strong relationship with the workers; for instance, by rewarding employees who achieve high outputs. Predictable environments such as research institutions favor relationship-oriented style of leadership. In these scenarios, employees expect little or no interference from their leaders on the requirements of their jobs (Smith par. 13). For that reason, leaders will have to develop a strong working relationship with their employees. These different scenarios at hand reveal that one cannot group leaders as successful or unsuccessful without considering the numerous parameters that affect leadership outcomes. A leader cannot be effective in all situations, but by altering their leadership style to match the appropriate situation, he/she can realize success. Constructs of the Theory The main constructs of this theory are classified into dependent and independent factors. The dependent factors are efficiency and organizational performance (â€Å"Contingency Theory†). Efficiency is the rate at which the leadership style respond to various impediments that arise within the organization. Organizational performance measures the output that firms records within a given period under a leadership style. When leaders match their traits with the situations in the environment, they are likely to record growth in their capacities. Independent constructs include technology, strategy, firm’s size, and culture (â€Å"Contingency Theory†). Technology is the innovations that leaders institute in their organizations so that they can match the competitive market. For example, the use of online shopping where customers can view and order new products has become common among many companies. Strategy involves the plans that organizations put to guide their future operations. It also involves environmental screening and forecasting; these programs enable firms to predict into the future thus gaining competitive advantage over their competitors. Theory Evaluation Contingency theory represents a state of relationship that exist between a leader and his/her followers. A strong relationship between a leader and the subordinates will result to high output. Moreover, it connects the task and the leadership styles that leaders can adopt. Leaders who tend to be task-oriented in their leadership will find their style remarkably appropriate under circumstances that require urgency like fire outbreaks. The theory assumes that the ability of any leader to guide successfully is dependent on situational parameters such as the employees’ behaviors and capabilities and the leader’s leadership preference style (â€Å"Contingency Theory† par. 1). Unsuccessful leaders are those who do not consider the above factors during their reign. Again, success is not a-o ne directional initiative; it requires multi-purpose approaches that a leader must be willing to follow. The above constructs represents reality in their own measure. For instance, efficient leaders are at high levels of recording positive output in comparison to inefficient leaders. Additionally, an organization that records low performance has inefficient leaders who are not flexible to changes in the culture and structure of the system. The relationships in the contingency theory are logical as it starts with the leader to employees and finally with other stakeholders in the organization. Contingency theory relates to situational theory of leadership in the aspect of no one way of successful leadership. However, the latter emphasizes on behaviors that leaders ought to accept while contingency theory includes other parameter like capability of a leader. This theory is parsimonious as it identifies other factors that can affect leadership outputs. It does not rely on one parameter like situational theory. I will test this theory on organizations that are located in different counties with diverse cultures. On the quantitative aspect, I will use a small organization and a large company to test the outcomes of my theory. This theory can help current global executives to guide employees from diverse cultures towards realizing the organizational goals (Karthikaeya). In addition, managers will be free to exercise their leadership skills worldwide with ease. Works Cited Contingency Theory. Changing minds and persuasion. Changing Minds, n.d. Web. Contingency Theory. IS Theory. Brigham Young University, 15 Nov. 2011. Web. How Cultural Factors Affect Leadership. Knowledge@Wharton. Wharton School of the University of Pennsylvania, 23 July 1999. Web. Karthikaeya, Paul. â€Å"Leadership styles and theories.† slideshare.net. SlideShare Inc, 15 Dec. 2010. Web. Mattiuzzi, Paul. â€Å"Leadership Research: are we asking the right questions?.† Everyday Psychology . N.p., 18 July 2008. Web. Smith, Carolyn. â€Å"Contingency Theory of Leadership.† ArticlesBase. ArticlesBase.com, 25 Feb. 2010. Web. This research paper on The Leadership Theory was written and submitted by user Nathalie Mercado to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.