Career Development and Lifelong Learning Managing

Question 1

Career Development and lifelong learning Managing ourselves is very vital in this world of multi-tasking which pushes juggled tasks to be done by every individual. Managing yourself means to lean the skill to work with others in the most effective and profitable way. It takes a huge sum of self-monitoring and constant improvement cycle to be profitable and to grow self-leadership. I am constant in my learning to equip myself with new skills to manage myself and others. I feel that to start managing ourselves it is essential to be stress-free and should know how to handle stress in work. I have successfully handled my stress through my leanings. I continuously tracked my work and kept a journal to know which task does stress me out most. I found out that the task whose deadlines are too short to be maintained, stress me out most. So now I limit my deadlines to 70 per cent of the original deadline and this helps me work stress-free throughout my work. I have learned the skills to establish boundaries, to relax and developed a healthy lifestyle which now makes me effectively feel free from stress. Stress-free mind tends to help in maintaining positive thinking towards the objectives. The most effective technique which I found to be positive minded in my work is through being focused in present. Overthinking about the possible future problems tends to ruin the present.

Therefore to be positive I always focus on the present, start my day with positive affirmation and try to find humor in a bad situation.
I strongly believe that to be successful in life every individual should decide his goal for the future and he should manage his actions in such a way that they contribute towards the fulfillment of objectives. For me, goal setting is a very powerful process of imaging your ideal future and to get motivated to turn that imagination into reality. I always set a goal according to SMART (Landers et al. 2017). It states that goals should be Specific, Measurable, Attainable, Relevant and Time-Bound. Every goal and objectives which I have set for myself have been set in accordance with SMART. I first listed what I wanted to accomplish in the short, medium and long term. I always consider my skills and analyze whether they justify my goals or not. I give importance to personal skill analysis and for this, I always prefer to use SWOT analysis (Bull et al. 2016).

SWOT analysis used SWOT Analysis for my skill analysis and it is as follow Strengths

I am very creative in my work
I have very communications with my clients and team
I impress clients with a new perspective of my organizations brand
I am committed to the achievement of my organizations goals

Weaknesses

I feel to do all task as soon as possible and due to this sometimes quality of my work do compromise
Sometimes I feel pressure due to too many tasks to be completed
My fear of public speaking takes my passion from my presentation

Opportunities

Some other organizations have been treating their small clients poorly
I have to attend many meetings in the near future and this could larger my knowledge and network
My boss is soon retiring and this could is a great opportunity for me to excel in organization

Threats

One of my colleagues is a stronger public speaker than me and he could challenge me
The organization has been cutting off its staff and this could impact me also
Due to a large number of tasks to be done my creativity decreases
Due to the economic slowdown, the industry has a very slow growth rate
Personal Development Plan (PDP)A good PDP provides focus and helps to map out the path for individuals version of success (Stewart 2016). It allows making the correct decision and helps to get back on track when things go wrong. I have my personal PDP and it has been such constructed that it ultimately meet my final goals in my career. I always follow advance learning techniques for growth. I prefer to do speed reading, listen to audio books and watch educational videos in fast forward mode. This helps me to speed up my process of leaning. Effective and efficient information accumulation is the first step to advance learning techniques.

The second important step in the process is the comprehension of knowledge and storing it in an organized way (Gholipour 2016). I always take short notes and do mind mapping for future use. Memory integration is the third process of the advance learning techniques and this is done for recalling it as when I need it. I do creative planning of the information to lock information in my mind so that I could creatively design the solutions which I need. I always learn from experts and only trust to authentic information from authentic sources. Earlier I was not as stress-free as I am now. This is due to the classes which I attended to learn to maintain a work-life balance in the last 12 months.

I have planned to attend classes on public speaking to improve that skill of mine. I will also conduct some seminar by myself with my colleges to improve public speaking of everyone in the team in the next 12 months. I have been doing my SWOT Analysis from last 6 months and always update it within 3 months to make necessary changes in my Personal Development Plan. With time I have developed new skills so I need to include them in my strengths and also new opportunities threats evolve with changing market. I expect to improve in the next 12 months and will evolve as a better version of myself. I strongly believe that PDP is a tool which should be used by every individual for proper goal setting and for making strategies for achieving them.

Significance of strategies for skill development and lifelong learning for career developmentIt is very essential that skill development is promoted in the work culture of the organization. It is worthwhile to remember that growth in career happens due to two factors and these factors are experience and skill development (Jackson 2015). Experience is a purely time-based phenomenon and it grows with time only but skill development is unlike experience. Skill development could be done through active participation in the process of learning. To excel in career and to emerge as an expert in the field, skill up gradation is must. With skill development, one can open new paths to develop in his career. For example, if communication skills of any individual are improved then he moves a step toward the upper post of the organization then another development in analytical and research skills move him one more step forward. In this way development in skill sets opens new dimensions in the career of every individual. It is important to remember that this new technological world is more connected than ever in history. Thats why it becomes vital for every individual to improve his interpersonal skills to excel in a career. Skills like teamwork, leadership, negotiation, customer service and networking are termed as interpersonal skills (DuBrin and Geerinck 2015).

These interpersonal skills not only help to develop individual knowledge but they contribute to the career development of the team as well. Interpersonal skills are very important to keep the employees connected in the workplace. This leads to an increase in employee motivation in the organization. Lifelong learning has a compound effect on the skills of individuals. Lifelong learners are motivated to learn because they want to and it is deliberate and voluntary action of them. It helps to enhance the understanding of this world around us. It provides better opportunities in life to grow and have quality in life. It is important to remember that the needs of the industry changes continuously and therefore experts have to be continuous learners. Maintenance learning refers to keeping up to current knowledge in the field. Lifelong learners never fall behind the others due to their passion to learn new things and evolve with time (Horrigan 2016). Another benefit of this is that it makes the person open minded because many a time new knowledge contradicts what we already believe or know.

Skill development in employees keeps them highly motivated and career development plans have a tremendous effect on their motivation (Carver 2015). Employee retention could be achieved by motivating them through open communications, employee reward programs, performance-based bonus, recreation facilities and gifts on some occasions. The proper career development plan for employees to develop a sense of loyalty who are willing to invest in themselves. Same is applied when any organization hires new employees career development plan attracts the skilled candidates. The idea of the career ladder is the ingredient in the company culture and it pulls the individuals who want to explore different career paths. It gives them the path to move upward in the organization or in sideways to explore their interests. Companies should focus on the productivity of the employee, not on the working hours of them.

Any individual who worked in an organization for quite a long time feels comfortable with his group and expect to grow further with other members of the group. The career development plan for employees should be such designed that it should encourage the growth of the individual as well as the growth of the whole team. Special team growth plans should be in included in the career development plan to improve coordination between the group members (Santos 2015). Every time when any team member leaves the organization, it becomes very difficult to replace his place in the team. It greatly affects the efficiency of the whole group and the new individual also finds it hard to establish communication and coordination with the team.

Career progression is most important for an employee in the long term. This is the responsibility of the individual as well as organization to structure a career development plan in such a way that it promotes progression for employee (Dik 2015). At the personal level, the responsibilities of the employee are to
Set goals and create a plan to achieve them in the best possible way. This process helps to create gain momentum in the process of learning. The individuals who are most successful in their career proactively determine that what they want from their profession.

Develop a timeline to meet the objectives and always follow them to grow in career. This will help to create milestones in the career.
Utilize the companys resources to grow in career. Many organizations have formal programs to help employees develop their career. In co-operate world, it is appreciable to use the knowledge and experience of bosses and mentors to excel in the career.
With the individual effort of the employee it is also the responsibility of the organization to provide career opportunities to its employees and for this organization needs to do
Regular sessions for career enlightenment of the employees. This helps employees to evaluate that in what direction they are heading in their career.
Create a vision board for employees. Olympic athletes use visualization techniques to visualize their success and to get motivated. The organization should install a vision board in common rooms to keep employees motivated.

Career coach should be hired for employees. These are experts in helping people to achieve their goals which are in reach of their skill set.
From the above discussion, it is very clear that it is vital to strategies the Career Development Plan. It gives a clear path and required analysis to develop skills to achieve those goals. Skill development and lifelong learning go hand by hand with career development. To support employee motivation, employee retention and progression it is important that integrated personal development planning is done. The cost to the company for appointing a new employee is high and it also consumes time thats why organizations should provide a path to their employees to grow in their professional and personal life. It will ultimately benefit the organization to retain the employees which would be more skilled and loyal towards the organization. Personal Development Plan and Career Development Plan are two tools which if used effectively then they lead to successful professional life.

Question 2

Development of high-performance people by using effective performance managementIn the current scenario, companies are using effective performance management to make the organization successful. Performance management is a process of refining the performance by creating individuals targets which are associated with organizational goals. The performance management includes planning of performance to accomplish targets, reviewing and measuring progress and developing skills of people (Noe et al. 2017). Implementation of the performance management cycle in the organization develops the high-performance people. The performance management cycle consists the four major parts that are Plan, Act, track, review. The planning stage should include the SMART objective of the organization and personal development plan.

The personal development planning considers the attitude and skills of the employee which need to improve in order to accomplish their goals. It also supports the Companys value (Benson 2016). The act and track are the most important stage of performance management cycle. These are stages where performance is produced and the result is achieved. Individuals need to be encouraged to plan work in time to fulfil their targets. And the manager needs to check employees work timely. The organization put a lot of stress on the review stage because performance valuation is needed for a rewarding. The factors of the performance management cycle are essential but it is not necessary that it will lead to effective performing organization.

There are factors which play a significant role to develop high-performing people by using effective performance management. The management should ensure that performance cycle is a constant process, not a yearly process. They should confirm that performance assessment and reviews should be significant. The management can use the performance management software that helps to develop high-performance people and provide reflectiveness on performance management action. The effective performance can be produced with the willingness and abilities of the companys manager (Shin and Konrad 2017). The effective management performance process includes the setting of prospect, monitoring performance, increasing the ability to perform, reviewing the performance and rewarding the excellent performance. The manager decides the performance expectation and target for the individual. They also involve the employee in the planning that helps them to understand the organizational goals and what they need to achieve. Manager involves the factors and level to measure performance of individual work. The factors and standards should be quantifiable, equitable and achievable. The performance plan of employees must be flexible so they are able to adjust with the changing objectives.

The organization need to monitor the assignment and project of an employee in order to develop high-performance people. Monitoring should be done continuously for determining the performance and also give feedback to employees of their progress (Katzenbach and Smith 2015). The organization need to determine the progressing needs of employees for achieving the goals. The progressing need means developing the ability to achieve targets through training, refining the work procedure. The organization need to provide training and encourage good enactment. They can develop skills related to work and support their employee in fluctuating environment. With the help of planning and monitoring, the employees are able to determine the developing needs. The manager needs to summarize the employees work. The manager compares and evaluates all set of employee performance. They can provide a rating to employees on the basis of the companys appraisal program. The rating based on work performance of employees during appraisal period. The manager should know the use of rewards in the organization. Rewarding include recognition of employees, acknowledging employees contribution of their work in an organization. The reward and rating are the two major factors that attract employees and develop high-performance people (Arnaboldi, Lapsley and Steccolini 2015). Working of all five factors will help each other to accomplish effective performance management and it leads to developing the high-performance people.

Implementing the performance improvement plan in an organization will create high-performance employees. Few organizations have started to modify their performance management method to complete the present work environment. The modified performance management of organization gives informal feedback set clear expectations and work collaboratively. Few high profile companies like Adobe and Microsoft have modified their effective performance management process. The organizations effective performance management is making a decision on payment and promotion. They are able to determine poor performance and holding them responsible. With effective performance management improve and raise the employee. It develops communication between the manager and employees. Performance management supports the individual and teamwork to accomplish the organizational goal. The important purpose of effective performance management is to support company productivity by allowing workers to perform effectively. It supports the employees to determine and avoid the obstacles in the performance. It also helps the employees by providing guidelines to observe the behaviour and outcome and change accordingly to increase productivity. The role of informal feed is important to create high-performance employee or team.

The informal feedback takes place between the manager and employees. The feedback focuses on the requirement of the task and work process. The regular feedback focus on the employees attitude towards the work. The informal feedback practice is rare in the organization which could decrease the nervousness among the employees and boost the high-level performance (Ali and Hanum 2016). Moreover, to gain high-performance people the work culture needs to focus on other aspects of performance management. The motivation comes from clear communication as it improves individual performance. The work culture needs to provide transparency in management. Through transparency, employees get to know how they are going evaluate on their performance. The effective performance of an individual is developed with the relation of employees and managers. The higher management shows the level of confidence in the workers capability will help to meet the target. The high performance of people directly links with effective performance management. Developing alternative practices and process will encourage performance. It has been clear that high performance is articulated from regular feedback, auditing the task and clearing the set objective and expectation. High performance is the mixture of factors which give the desired outcome (Giannopoulos 2015). Effective performance management involves a systematic method to control the performance of the team and the individual. Effective performance management provides benefit to employees as well as the organization.

Report on High-Performance strategiesIntroductionIn the present situation team for a better result is using high performing strategies. I observed that strategies are used to create a high performing individual and team. As a high performing individual, I learn to commit to the work in order to achieve my personal goals within the team. Within the team, I am able to estimate the other team member performance (Pisano 2015). This report will determine the usage of high performing strategies to meet personal development needs.

High-Performance strategiesBeing part of the team I have learned various elements of high-performance strategies which are mentioned below
Track and limit the time on spending on a task As a team member, I need to understand how much time I am spending on the task. To enhance the performance in the team I have to track my time on various tasks. I can use the rescue time to know the spending time on the regular task like email, social media etc.
Take regular breaks for excellent work, I learn to take planned breaks. It really helps me to enhance my concentration and work quality. By taking shorts breaks in the task help me to keep a standard level of performance (Viana, Nbrega and Souza 2018).If I dont take breaks in the task decrease the work performance.
Set DeadlineI realized to take a self-imposed deadline which is helpful to make a focus on the goals. As part of a team in the open-ended task, I generally give a deadline to myself. By taking self-imposed deadline I very much focused on a task and also productive with the work.

Minimize the interpretationBeing part of team member I concentrate to avoid interpretation. The minimization of interpretation will increase performance. The reducing interpretation can be setting working hours, working from deadline projects.
Use two-minute ruleEnhancing the work performance I use to minute rule. I take time before starting the task. Firstly I distribute the task in small pieces that help me to achieve the targets. Implementing these strategies is beneficial for high performance.
Avoid MeetingsAs a part of the team, I observed that the meetings take lots of time and reduce productivity. For better performance, I avoid unproductive meetings. The goals and agenda of the task can be sent through email.
Abandon MultitaskingMultitasking is a major talent but sometimes it reduces work productivity. I learn to avoid doing various tasks at the same time (Pak and Kim 2018). It enhances my productivity and increases time effectiveness.

Promote transparency in the team

I realized that to develop the high performance of a team, it needs to promote transparency among the individuals. Firstly the goal transparency is important, so every team members are able to understand what actually they want to achieve.
Not be reactive
First I plan the task than accomplish it. I have set my time to respond to emails or phone call. I effectively use the time with the planned work. I always start the work with a plan and stick to it to make my performance high.

Break the delusion of perfectionI realized that nothing is perfect. So wasting time on perfection I learn to keep a focus on my task and bring out the best from my capability. Its good to complete the work and move on for performing high.

Act on improvementBeing part of a team I received some feedbacks so it is important to work on that feedback. I take corrective action plan on feedback which helps me to boost my work performance. It improves my work strategies and increases the motivation towards work.

I realized that high-performance individual can be recognized by their work. I work according to my interest. I learned to deliver the assignment or projects in time with difficult financing arrangements and challenges. Working in a team I also motivation to other team members to bring out high performance. The active communication and engagement are used to control high energy level about the task and it helps them to perform effectively. I keep myself focused on the task when I am working with the individual. To achieve certain goals focus should be maintained by clarifying the objectives. I observe that working in a team or with individual offer structure and benefit to deliver high performance without disturbing the other team member or individual.I clearly understand that to achieve high performance as an individual first I need to know the requirement of a task and the basic criteria of high performance.

The motivated work environment helps to understand the task and contribute to high performance. For serving high performance I need to seek new opportunities and situations for learning (Jannesson, Nilsson and Rapp 2016). For gaining constantly high performance I review my work. After reviewing the work I correct the things which are lacking by learning new tools. Being an individual I join the team for learning benefits and becoming more valuable to generate high performance within a team. The learning opportunities lead to high performance.

ConclusionAt last, I conclude that high-performance strategies allow me to work effectively as an individual or as a team member. There are several strategies which help to give better performance. To improve performance need to work on high performing strategies. The high performing strategies works with the clarification of goal and work in set deadlines. This strategy has increased my work efficiency and productivity. I learned to develop my ability and skills to achieve high performance. I also realized a few drawbacks which need to improve for next time. Like seriously work on the criticism and suggestions which is given by team member. Also, clarify the exact problem to the individual or team member so it will reduce the nasty and stressful environment.

References

Ali, B. and Hanum, S., 2016. Motivation Is a Mediating Factor between Job Design and Job Performance Case Study in Kota Kinabalu Polytechnic, Malaysia.Singaporean Journal of Business, Economics and Management Studies,51(3491), 1-12.
Arnaboldi, M., Lapsley, I. and Steccolini, I., 2015. Performance management in the public sector The ultimate challenge.Financial Accountability amp Management,31(1), 1-22.
Benson, G.S., 2016. Getting Rid of Ratings New Research in Performance Management. InAcademy of Management Proceedings(Vol. 2016, No. 1, p. 15664). Briarcliff Manor, NY 10510 Academy of Management.
Bull, J.W., Jobstvogt, N., Bhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zhringer, J. and Carter-Silk, E., 2016. Strengths, Weaknesses, Opportunities and Threats A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, 99-111.
Carver, C.L., 2015. Basic Counseling Techniques Training The Differential Effects of Two Models on Skill Development and Fully Functioning.
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Giannopoulos, A., 2015. Performance management as a process of promoting innovation in software industry.Procedia-Social and Behavioral Sciences,175, 401-407.
Horrigan, J.B., 2016. Lifelong learning and technology.Pew Research Center,22.Jackson, D., 2015. Employability skill development in work-integrated learning Barriers and best practice. Studies in Higher Education, 40(2), 350-367.
Jannesson, E., Nilsson, F. and Rapp, B., 2016.Strategy, control and competitive advantage. Springer-Verlag Berlin AN.Katzenbach, J.R. and Smith, D.K., 2015.The wisdom of teams Creating the high-performance organization. BrightonHarvard Business Review Press.
Landers, R.N., Bauer, K.N. and Callan, R.C., 2017. Gamification of task performance with leaderboards A goal setting experiment. Computers in Human Behavior, 71, 508-515.
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Shin, D. and Konrad, A.M., 2017. Causality between high-performance work systems and organizational performance.Journal of Management,43(4),.973-997.
Stewart, J., 2016. Personal development plan. In Encyclopedia of Human Resource Management. CheltenhamUK, Edward Elgar Publishing Limited.
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CHALLENGES FACED IN MANAGING GLOBAL VIRTUAL TEAM ALONG WITH REQUIRED SKILLS AND PRACTICES

INTERNATIONAL BUSINESS

Challenges faced in managing the global virtual team along with required skills and practices
Global virtual teams and managers
The dispersed or remote teams who work together from different geographical location and uses high technology for communication through email, video calls or conferences and so on are known as the global virtual team (Sarker et al. 2011).The stakeholders of different countries work together for common goal. These are very precious manpower for the company. They communicate globally and enhance the productivity of the company. It is the main responsibility ofinformation technology manager to encourage the virtual team and provide them proper training to develop the relevant skills and knowledge. These teams bring global success to the company. The global teams have to manage with the cultural factors which affect their work. The culture is diverse in different countries. The team has the ability to deal with the diverse mindset, tradition, language, work environment, habits, and so on.

Skills required for managers

The managers are accountable for the appropriate working of the global virtual team. The information technology manager is responsible to enhance the skills of the team. The main skills and practices required for the manager to manage the global virtual team are communication skills, initiation, flexibility in adapting different culture and other interpersonal skills like conflict manager, motivator and so on(Aitken 2013). The proper and clear communication is must to work across the boundaries proper use of technology will enable this practice. In order to understand the diverse culture, the knowledge of language, tradition and people psychology must be analyze and understand. Proper communication will further leads to the smooth working of the company. The clear and transparent communication will avoid the problem the miscommunication. Proper communication is the soul of the work for the international companies as effective communication will promote the effective work which ultimately contributes to the organizational goal. The manager needs to take initiative to grab the opportunity.

The manager must be proactive as well as self-motivated. Once the manager grabs the opportunity then the team will follow them and learn the same characteristics from the manager. The manager only motivates the employee when they are motivated (Keil et al. 2013).The team follows the manager. They observe the characteristics of manager like decision making, body language, punctuality, communication, level of motivation and so on. The manager should take care of these aspects. Culture plays an important role in international business. Culture comprises working hours, habits, routine, mindsets, and organization policies. These influence the business of multinational company as it varies in different countries. The manager should be all-rounder in managing all types of activities of global team which contribute to the success of the company.

Challenges faced by the managers

The failure of the manager in handling the team will directly affect the success of the company. It is not an easy task to manage the global virtual team. There are various challenges faced by the manager. The electronic communication does not give personal feels which a physical team can do. Sometimes, the communication becomes less effective either due to technical error or some other reason (Shaffer et al. 2012). The managers must avoid miscommunication among the team members. For example, the joke of one employee might come across as an insult for other. The members do not able to observe the body language, expressions and mood of the other employee working miles away.

The high dependency on the technology affects the productivity. The troubles like internet connection lost, software crashed, computers or laptop stop working and any other technical difficulties can harm the productivity. Though virtual teams are cost effective but it is also difficult to manage. The managers often find themselves isolated, demotivated and frustrated. The managers also need to be motivated and concentrated to guide the team the same skills. However, some special skills can make the virtual teams successful and beneficial for the organization.

The key organizational cultural characteristics

The multinational companies have a challenge to manage the diverse culture. The organization must have key cultural characteristics to manage the diversity. The key characteristics are punctuality, proper dress code reflecting designations, smooth communication, gender equality, a positive working environment by effective management of conflicts. The company proposes the policies which promote these characteristics. The employees are supposed to strictly follow the policies of the company otherwise the result will be punishable. International companies have to be very particular in respect of their policies, rule and regulations to serve across the country (Naranjo et al.2011).

The managers need to be more skilled and experienced to manage the global virtual team. The teams are communicated through technologies. The manager has to train the employees so that they can make the best use of the technology. The culture of one country might differ from the culture of other country. For example New York is very developed and high technology city. There is twenty four hours transport facility is available. The employees who are working in night shift or working late will not face any travelling issue. The international company of New York operating in London will face many challenges like the transport facility is not available late night in London. The employees have stay nearby to the company which might cost them very high.

Significance of providing training to the managers

The director of the company is ultimately responsible for the success as well as failure of the organization. The directors needs to train the managers who will further providing training to the virtual team. The training which is provided to the managers is team building, team work, conflict management, decision making, and so on. The managers are accountable for the delegation of the work among the team. The employees must be delegated as per their individual skills and capability (McDonnell et al. 2010). So that, they will not burdened and over allocated with the work. This is further reducing their efficiency. The training will provide motivation to the manager which is very crucial for them. The motivated manager can encourage the team members to work hard. Managers are the leader for the team.

The team follows the leader to learn those skills which the leader possesses. The manager provides leadership to the team members. In case of international companies, an appropriate leadership style must be adopted by the leaders. Different companies have diverse culture and tradition. So, the company must analyze them before taking any decision.

Globalized economy

The interconnection of the economy across the globe are refers to as economic globalization. Globalization has changed the whole scenario of the market. This has affected the economy of the United Kingdom and many other countries. The economist has said that the globalization has increased deindustrialization in the developed country like UK. Moreover, the competition has also increased (Baylis et al. 2017). The international companies enter into the global market and increase the competition of that local market. The increased competition leads to decline in price. The customers get more choices in the market which force the competitors to reduce the price. Many countries are benefited with the globalization. Ghana and Ethiopia had the fastest growing African economies in the globe.

The factors affecting the global economy

There are various factors which influence the globalization. Rapid growth in technology makes possible to communicate and export the goods across the boundaries. In todays era, companies are having all the necessary machineries and software which helps them to increase their productivity. The modified products and services are manufactured as per the demand of the customers. The customers are having multiple options to choose the best one. This has affected the local and existing competitors. Transportation has also enhanced which provides facility to bring the products outside the boundaries. The manufacturing companies can build a market across the globe (Maddison 2014). The international companies are overtaking or merge with the domestic companies to capture the domestic market. This practice is very productive. The companies need not to start from the beginning. The running and existing company is having a customer base which is shared by the international company. Moreover, the customers get a modified and latest product after the merger. In modern times, the trade becomes very easy and smooth. All the export policies are clearly mentioned to the multinational companies.

They are free to trade across the world. The companies can also track the record of exports and sales took place in other country. The psychology of the customers is changed. They are also preferred to use foreign products. This encourages the international companies to trade globally. Education has supported the globalization in a very effective way. The people are educated and knowledgeable enough to trade internationally.

Ethically sound and accountable international policies

The international companies have a major responsibility of making the policies. The international policies include the policies which is suitable of the environment of the particular country. The multinational companies make policies different in various countries. The government support, legal and financial support affects the policies. The policy should be ethically sound. The employees as well as customers would not tolerate any kind of unethical activities. The international company must be ethical as well as accountable for each and every activity took place in their organization. There should no discrimination in gender, caste, and religion in the company. The company should not involve in any kind of harassment activities. The people of different country have certain behaviors and working environment (Nica 2013). The international companies have to make the policies according to the working culture of the particular region. For example, Australia is safer than Germany for women. The company made the ethical policy like women are not allowed to work late and for night shifts. In some companies, the women are provided travel facility while working late. The policies like this encourage the women to work for them. Moreover, it enhances the goodwill of the company as well. The employees feel safe working for the company would also promote the company. The ethical policies impact the manpower of the company.

The manager is accountable for any miss happening in the company. The company which is ethically sound and accountable will lead the market. Google is having an anti-bribery law which is strictly followed by all the employees. In this law, the employees are not allowed give bribe to any of its clients, customers or subordinates. The employees will be fired from the company if found breaking any policies. The chances of having unethical activities in the international companies are more than the local companies as the business is spread all over the world. The directors are accountable for any unethical practices.

At the end, it can be said that the information technology directors in international companies plays an immense role in making policies and providing training to the mangers. The director should have all the necessary skills for managing the manager. There are many challenges come across the directors way but they must have that ability to overcome the problem and move forward. The directors motivate and provide training to the manager who further trains the employees and teams (Zadek et al.2013). Globalization has impact the multinational businesses. The entrance of foreign companies disturbed the policies of domestic companies. The competition has increased and the companies need to change the policies according to the completion. The international companies need to follow the ethical rules and regulation. It is the primary duty of the company to avoid any ethical practices. A strict rules and policies are made to encourage the positive and safe working environment. Moreover, the managers are accountable for successful managing the staff across the different time zone, and culture.

Clear communication is must while dealing with the international global virtual team members. This will avoid miscommunication and conflicts among them. The mangers should provide training and development to the team to motivate them. The motivational sessions and seminar can be conducted by the managers to motivate the employees. The use of technology has made it to communicate the diverse virtual team over smart devices. Video calling and conferencing can help to communicate with the global teams. The international company can achieve its goal by managing the manger in the best manner.

References

Aitken, T., 2013.The Multinational Man (RLE International Business) The Role of the Manager Abroad. London Routledge.
Baylis, J., Smith, S. and Owens, P. eds., 2017.The globalization of world politics An introduction to international relations. United Kingdom Oxford University Press.
Keil, M., Lee, H.K. and Deng, T., 2013. Understanding the most critical skills for managing IT projects A Delphi study of IT project managers.Information amp management,507 398-414.
Maddison, A., 2014.Economic growth in the West comparative experience in Europe and North America. London Routledge.
McDonnell, A., Lamare, R., Gunnigle, P. and Lavelle, J., 2010. Developing tomorrows leadersEvidence of global talent management in multinational enterprises.Journal of world business,452, 150-160.
Naranjo-Valencia, J.C., Jimnez-Jimnez, D. and Sanz-Valle, R., 2011. Innovation or imitation The role of organizational culture.Management Decision,491 55-72.
Nica, E., 2013. Social Responsibility, Corporate Welfare, and Business Ethics.Psychosociological Issues in Human Resource Management,11, 9-14.
Sarker, S., Ahuja, M., Sarker, S. and Kirkeby, S., 2011. The role of communication and trust in global virtual teams A social network perspective.Journal of Management Information Systems,281, 273-310.
Shaffer, M.A., Kraimer, M.L., Chen, Y.P. and Bolino, M.C., 2012. Choices, challenges, and career consequences of global work experiences A review and future agenda.Journal of Management,384, 1282-1327.
Zadek, S., Evans, R. and Pruzan, P., 2013.Building corporate accountability Emerging practice in social and ethical accounting and auditing. London Routledge.

 
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EC421 – Introduction to Econometrics – Time Series and Autocorrelation – Economics

Econometrics Assessment Answer

Problem Set 3
Time Series and Autocorrelation
EC421 Introduction to Econometrics

Problem 1

PtGas 01PtoiluNo, we cant expect OLS estimator to be consistent. From the history, it is evident that gas price depends on previous periods gas prices. So, there can be autocorrelation problem.
OLS estimate of model 1a is provided below
Call
lm(formula price_gas price_oil, data data)
Residuals
Min 1Q Median 3Q Max
-3.4760 -1.4466 -0.8046 1.4670 9.0623

Coefficients

Estimate Std. Error t value Pr(gtt)
(Intercept) 3.336013 0.263876 12.642 lt 2e-16
price_oil 0.017453 0.003956 4.412 1.5e-05

Signif. codes 0 0.001 0.01 0.05 . 0.1 1
Residual standard error 2.118 on 263 degrees of freedom
Multiple R-squared 0.06891,Adjusted R-squared 0.06537
F-statistic 19.46 on 1 and 263 DF, p-value 1.497e-05
1 0.01745
p-value 0.0000

Coefficient of average price of oil, per barrel comes out 0.01745, which is positive. This means that there is 0.01745 increase in the average price of natural gas, per 1MM BTU for every 1 increase in the average price of oil, per barrel. In Economics, statistical significance is seen by the p-value. P-value for coefficient 1 is 0.000, which implies that we can reject the null hypothesis of non-significance even at 1 percent significance level. Therefore, coefficient 1 is significant at 1 percent significance level.
Significance of 1 doesnt imply that price of oil explains lot of variation in the price of natural gas. R-sq explains, how much variation in the price of natural gas can be explained by price of oil.

R-sq 0.06891
Only 6.89 percent variation in the price of natural gas can be explained by price of oil.
Now, consider the following model
PtGas 01Ptoil2Pt-1oil3Pt-2oilutOLS estimate of the model is as
Residuals
Min 1Q Median 3Q Max
-3.4767 -1.4734 -0.8187 1.4493 9.1105

Coefficients
Estimate Std. Error t value Pr(gtt)
(Intercept) 3.373472 0.268789 12.551 lt2e-16
price_oil 0.026040 0.026720 0.975 0.331
lag(price_oil, 1) 0.002325 0.043720 0.053 0.958
lag(price_oil, 2) -0.011482 0.026651 -0.431 0.667

Signif. codes 0 0.001 0.01 0.05 . 0.1 1
Residual standard error 2.131 on 259 degrees of freedom
(2 observations deleted due to missingness)
Multiple R-squared 0.0684,Adjusted R-squared 0.05761
F-statistic 6.339 on 3 and 259 DF, p-value 0.0003663
For Model 1a For Model 1d
1 0.01745 10.0260 p- value 0.000 P-value 0.331

The coefficient of natural price of oil is 0.026 for new model, which is greater than the coefficient we got for model 1a. But coefficient 1 is not significant at 5 percent significance level as the p-value is greater than 0.05. Therefore, natural price of oil affects natural price of gas positively but not significantly.
20.0023253-0.011482Oil price of previous month has positive but not significant impact on current natural price of gas whereas Oil price of previous to previous month has negative impact on natural price of gas. So, there is 0.00232 increase in the current price of natural gas for every 1 increase in the previous months oil price, and there is -0.011482 decrease in the current price of natural gas for every 1 increase in the previous to previous months oil price. 2 and 3 are insignificant at 5 percent significance level as the p-values are greater than 0.05.
R-sq is almost same for both the models. Though, there is notable difference between adjusted R- squared of both the models. Adjusted R-sq for model used in 1d is slightly lesser than the adjusted R-sq for model used in 1a. So, lag terms dont improve the model more than expected by chance.

A Wald test is used to compare the models used in 1a and 1d.

Wald test
Model 1 price_gas price_oil lag(price_oil, 1) lag(price_oil, 2)
Model 2 price_gas price_oilRes.Df Df F Pr(gtF)
1 259
2 261 -2 0.2342 0.7914P-value for Wald test is 0.7914, which implies that we have to accept the null hypothesis. So, adding the lag terms doesnt significantly improve the model.

No, we cant expect the OLS to be consistent for 1. From the history, it is evident that gas price depends on previous periods gas prices. So, there can be autocorrelation problem. OLS estimator are inconsistent in the presence of autocorrelation.
Now, consider the following model
PtGas 01Ptoil2Pt-1oil3Pt-1GasuOLS Estimate of the model
Residuals
Min 1Q Median 3Q Max
-3.9702 -0.3490 -0.0746 0.2350 3.6602
Coefficients
Estimate Std. Error t value Pr(gtt)
(Intercept) 0.219682 0.117673 1.867 0.06304 .
price_oil 0.026277 0.008660 3.034 0.00265
lag(price_oil, 1) -0.025445 0.008645 -2.943 0.00354
lag(price_gas, 1) 0.937327 0.021633 43.328 lt 2e-16

Signif. codes 0 0.001 0.01 0.05 . 0.1 1
Residual standard error 0.7427 on 260 degrees of freedom
(1 observation deleted due to missingness)
Multiple R-squared 0.8868,Adjusted R-squared 0.8855
F-statistic 679 on 3 and 260 DF, p-value lt 2.2e-16

1 0.026277, 3 0.937327For model used in 1i, estimate of 1 is highest among the estimates of 1 for all the three models. Estimate of 1 is significant at 5 percent significance level as the p-value (0.026) is less than 0.05. Therefore, natural price of oil affects natural price of gas positively and significantly.
Gas price of previous month has positive and significant impact on current months natural price of gas. There is 0.937327 increase in the current price of natural gas for every 1 increase in the previous months gas price.
R-sq for model used in 1i, is significantly higher than the R-sq of previous models. Now, 88.68 percent variation in the natural price of gas can be explained by the model used in 1i. Therefore, it can be said that, there is autocorrelation in the model.

Problem 2

Autocorrelation has impact on biasedness and consistency of OLS estimates of model used in 1a and 1d. OLS estimates becomes inconsistent due to autocorrelation. OLS estimates are not BLUE anymore. While OLS estimates of model used in 1i are consistent but unbiased.
See the code
Residual plot over the months and ACF plot over the lag is shown below

Residual plot does not show any particular pattern. Autocorrelation function plot over the lags is shown below. On the graph, there is vertical line corresponding to each lag. The height of each spike shows the corresponding value of autocorrelation function. For 1i model, value of the autocorrelation function is close to zero for all the lags and most of the spikes are not significant. This means there is no autocorrelation in the model.

For model 1a and 1d, Residual plot over the months and ACF plot over the lag is shown below

Autocorrelation plot shows that most of the spikes are statistically significant. So, there is autocorrelation problem in the model. Residual plot also shows a particular pattern.

Autocorrelation plots for model 1a and 1d show that most of the spikes are statistically significant. So, there is autocorrelation problem in the models. Residual plot also shows a particular pattern. Model 1a and model 1d doesnt include gas price of previous month while from the above analysis, it is evident that gas price of previous month has significant impact on the current months gas price. R-sq also significantly improved by adding the previous months gas price.
If error term in not autocorrelated then we can expect OLS estimates to be consistent but biased.
E(), plim P-value is less than 0.05, which means that there is second order autocorrelation in the model.
Res.Df Df F Pr(gtF) 1 260
2 261 -1 8.6624 0.003542

Signif. codes 0 0.001 0.01 0.05 . 0.1 1
No, we wont interpret our estimates as casual. Now, (12) combinedly shows the impact of oil price on natural price of gas instead of 1.

 
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Competitive Advantage

Competitive Advantage

Question Description

 

Competitive advantage means that one organization has something better than another does. Organizations strive to have an advantage over another. How this occurs can be traced to the strategic decision-making processes and to some extent, the social, cultural, and political conditions, or trends within the organization. In this assignment you will look at how the social, cultural, and political conditions or trends within the organization along with strategic decision-making methods work to assure competitive advantage.

General Requirements:

  • Use APA style for their writing assignments.
  • This assignment requires that at least 14 fourteen academic journals references.

Directions:

Write a 1,000–1,250-word paper discussing prevailing social, cultural and political conditions or trends within organizations and strategic decision making methods to assure competitive advantage. Include the following:

  1. Identify and analyze one prevailing social, cultural, and political condition or trend within organizations. (Note: Identify one of each.)
  2. Evaluate different organizational structures that you have discovered in your reading and research and the feasibility of the structure in keeping a competitive advantage.
  3. Recommend decision-making methods that assure competitive advantage.
 
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