Capsim Business Simulations Free Essays

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Capsim Business Simulations Free Essays

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Principal-Agent Problems Are Caused by Insufficient Oversight by Company Directors free essay sample

Some theories try to put in place â€Å"the best way† to solve all the problems that present to the organizations. These studies suggest to us the following question. Do different interests from the operators cause the organizational issues? Through the expertise of the governance theories we will discuss the issue that exists between the owners and the managers of companies (Principal-Agent). This case study deals about the recent outrage that happened this summer about different cheatings in the Australian sports field. As part of this, Essendon players used banned substances to enhance their performance. This problem was quickly linked, by the experts, to the lack of governance and rapidly became the center of attention. The principal-Agent issues are caused by insufficient oversight by company directors: Lack of control. Discussing this point comes to define the obvious. What is the directors’ control? Do the managers need to have their own liberty? All these questions show how important are the definitions of the relationship between the Principal and the agent. We will write a custom essay sample on Principal-Agent Problems Are Caused by Insufficient Oversight by Company Directors or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The shareholders and the agents. The agency theory discusses this point. Regarding to the work of Jensen and Meckling (1976), â€Å" the agency theory identifies the agency relationship where one part (the principal) delegates work to another part (the agent). † Some issues are related to this self-control theory. In fact, the agents are considered as individuals looking after their self-interest, and not the interest of the company. The Essendon scandal is a good example that shows how the managers can look after their own interest. So the winning at any cost policy became the watchwords. Indeed, The rapidly growing area of sports science was apparently a secret for the boards; even the biggest names in corporate governance that recently joined the Australian sports governance had no idea about these practices. For these reasons it seems normal that the relationship between the board and the managers is connected by contracts. This issue shows how important is the definition of the responsibilities for the agents. The outrage is considered as a lack of leadership and firm governance regulation. If the team had a clear policy against banned supplements there will be certainly not cheatings by taking drugs. Indeed, some players did not do it on purpose. If we consider their situation, we will realize that the drugs offered a simple resolution to their dilemma between enhancing performance and overstep the law. Recently, the Australian sport became very popular and attracts huge amounts of money. The club managers are running for the winning in a big rivalry. Thus, taking enhancing performance supplements shows how important it is for the board to keep a close oversight on the important matters, put on monitoring systems and stay informed. As Smith said: ‘the directors of such companies however being the managers rather of other people’s money than of their own, it cannot well be expected that they should watch over it with the same anxious as if it were their own’. ‘Business of business is business’: the agent serves only the principal’s interests. On the other hand, there is another theory that supports that the agents serve, and well, the principal’s interests: the stewardship theory. Thus, the manager has to maximize the owners’ interests rather than the other actors of the company. Milton Friedman has presented the efficiency perspective of social responsibility. According to him, the business of business is business. In other words, a manager’s responsibility is to maximize profits for the owners of the business. From Friedman’s perspective, managers have no obligation to act on behalf of society if it does not maximize value for the shareholders. For example, one of the issues in the AFL Teams governance is to keep good coaches even if they are not popular or to only focus on the winning. From the efficiency perspective, it is impossible for managers to maximize shareholders’ wealth and simultaneously attempts to fulfill all of society’s need. In most large organizations today, the manager is not the owner. Managers serve as the agents of the organization’s owner (shareholders). Considering this point, we can easily accept that good coaches consideration depend on their popularity (winning average) for the supporters; which grow the benefits for the shareholders. Thus, rather than maintaining a close monitoring of the managers, the stewardship theory give another solution that seems to give more liberty to the agents. By creating a third board independent chair of the CEO to bind between the agent and the principal interests. It will set clear the company expectations. The team for example will look after a best solution to enhance the players’ performance without resorting to doping. The ultimate aim of the company is to maximize the interests of all the members. The Essendon scandal showed that the agents had to make cutbacks in several areas as marketing, administration, finance†¦ to payoff enhance performance scientists huge amounts. As a result, the team had balanced efficiency issues. Did the leaders stay silent or were not skilled to anticipate this issue and its consequences? In summary, the principal can try to rectify the lack of oversight by different means. They can put in place monitoring and surveillance means to keep informed about the agents’ practices. Furthermore, considering immeasurable results. Set up an encouragement system: rewards (bonus, stock, options ) and punishments. But this solution seems to takeout the agents’ liberty and damage the principal-agent relationship. Also, they can involve independent board to stay on the CEO, hich will have as mission to bind the interests of all the actors involved in the company rather than try to keep an oversight of the company businesses. Reference: Corporate Governance, Christine A. Mallin, Jensen and Meckling (1976), Editorial. (2013, Feb 9-10). Sport and the need for governance. Australian Financial Review: Weekend Edition (Sydney), p. 58. Stensholt, J. (2013, Feb 9-10). The sinister sid e of sports science. Australian Financial Review: Weekend Edition (Sydney), p. 20. Nickless, R. (2012, Feb 13). Learn from the AFL scandal. Australian Financial Review (Sydney), p. 1. Smith, P. (2013, Feb 9-10). Its the officials, and not the athletes, who deserve our scorn. Weekend Australian (Sydney), Sport, p. 35. Paterson, J. (2010). AFL club membership: A glorified stadium entry ticket, or a genuine ownership stake in the club? Company and Securities Law Journal, 28, 507-536. http://www. heraldsun. com. au/afl/more-news/drugs-scandal-takes-huge-toll-on-essendon-chairman-david-evans-as-it-is-suggested-he-has-lost-eight-or-nine-kilos/story-e6frf9jf-1226578281236 http://theconversation. com/essendon-scandal-a-symptom-of-australias-sporting-woes-12085

Ethics and Euthanasia Essay Example

Ethics and Euthanasia Essay Example Ethics and Euthanasia Paper Ethics and Euthanasia Paper Euthanasia or mercy killing has long been a debated topic. The question is whether it is humane for a person to choose his own death when it is inevitable and prolonging his/her life would only lengthen his/her suffering. It may be so when the patient still has the capacity to acknowledge the act but in some cases, the patient can no longer respond to any given stimuli. In these special cases, close relatives are given the right to decide for the patient but this should still be subject to some regulation as giving the such decision-making power to another person may lead to abuse. It is important to know the facts behind euthanasia and how it is classified before discussing the moral and ethical issues associated with it. It is classified into four types which are passive and active euthanasia and voluntary and involuntary euthanasia. Passive and active euthanasia are different that passive euthanasia involves â€Å"withdrawing medical treatment† and active euthanasia â€Å"is taking steps to cause the patients death†. They are both classified as a form of euthanasia but the first one is more accepted in an ethical perspective (Pregnant Pause, 2001). An example of passive euthanasia is when a patient is already fully dependent on a life support mechanism to sustain life such as a respirator. In such a case, the patient may choose to disconnect the respirator to die a painless death when he/she wishes to do so. A more classical example of passive euthanasia is a â€Å"do not resuscitate order†. In standard medical practice, when there is a threat to a patient’s life, the medical staff will try to resuscitate him/her but when the medical staff chooses not to do so, this is considered as passive euthanasia. On the other hand, active euthanasia which is the more controversial form of mercy killing involves ingesting into the patient poison which usually is an overdose of painkillers and sleeping pills such as morphine. In comparison, active euthanasia is subject to a lot of debate thus legalizing it would result in much clamor for the religious sector whereas there is not much moral and ethical arguments against passive euthanasia (Pregnant Pause, 2001). Euthanasia is also categorized as voluntary and involuntary. Voluntary euthanasia means that the patient has consented in the termination of life-support or medical treatment while involuntary euthanasia is euthanasia in the absence of a consensus from the patient. This may be due to the inability of the patient to make decisions for himself in whom close relatives are given the right to decide for them (Pregnant Pause, 2001). Assisted suicide is another form of killing although it is difficult to determine whether it classifies as a form of euthanasia or not. In this method, the doctor gives the patient access to ways to end his/her life. The doctor has no direct involvement because he will not administer the drug to the patient. The patient then has to make the decision if he/she would use the provided means to end his/her life. This is assisted suicide (Pregnant Pause, 2001). Now, looking at the moral and ethical aspects, euthanasia, depending on how it is performed and the circumstances when it is performed determines whether is right or wrong. If the euthanasia is passive or voluntary, then, there is not much issue because the patient is aware of the consequences and he has consented but when euthanasia is active or involuntary, many ethical issues may be encountered such as the value of life which troubles many religious groups. For involuntary euthanasia, the patient has not consented and the relatives are the ones that made the decision for them. The fear here is that the relatives might make the decision that the patient would not naturally want. This is a highly controversial topic also considering the financial implications of the death of the patient (Pregnant Pause, 2001). The use of morphine drips has always been associated with mercy killing. Morphine is particularly used as a pain reliever and its side effects include respiratory depression. Many believe that the use of morphine shortens the life of a person and many also fear its addictive properties. It is also perceived as a normal instrument for inducing euthanasia. A proper dose of morphine is not a big deal but in bigger doses, its medical components are being used to peacefully kill someone (Esolen, 2006). There are many possible scenarios wherein morphine drips can be used to help people who are in great pain. Technically, instantly increasing the dosage to potentially fatal levels, morphine drips may be considered as active euthanasia for those who have not developed a tolerance for the drug. However, on one aspect, this is better than passive euthanasia wherein you just let the patient writhe in pain as the medical staff do nothing to help. The use of morphine drips may be recognized as a humane way of mercy killing because morphine eliminates pain and ensures that the patient dies a painless death (Esolen, 2006) According to Dr. Thomas Preston,the use of morphine drips â€Å"is undeniably euthanasia, hidden by the cosmetics of professional tradition and language†. Continuous injection of morphine into the bloodstream will eventually lead to death due to cessation of the breathing function. Preston also indicated that the use of morphine drips is the â€Å"societys wink to euthanasia†. He also attested that euthanasia is now a widespread practice in spite of the existence of laws that prohibit such (When Death is Sought, 1997). If done intentionally, significantly increasing the dosage of morphine will undeniably cause death but characterizing morphine drips as a â€Å"covert form of euthanasia† is inaccurate. The relation of morphine drips and patient deaths has no clear relationship. Due to the fact they people rapidly develop a tolerance to the drug, doses may be increases and as long as the drug is properly administered, there seems to be no tolerance limit. The claim that morphine drips hastens the death of the patient who have not developed tolerance bears no ground (When Death is Sought, 1997). Euthanasia should not be much of a moral issue; instead it should be regarded as an opportunity to be able to help people. Sometimes, it is much better to die in comfort than to live in pain. Patients should be given the opportunity to choose between the two available options. If morphine drip is a viable and effective way to attain such, then, it should in no manner be banned from use. It is true that life is of utmost importance but when there is extreme pain and suffering, plus the fact that the patient would not be living long enough because of a terminal disease, ending life to end suffering is never a bad alternative. Euthanasia should be done when the patient requests it. It should also be recommended in medical practice whenever viable instead of providing false hopes. Some argue that as humans have a right to life but they also have a right to death. References Pregnant Pause. 20 November 2001. Types of Euthanasia. Retrieved April 14, 2008, from pregnantpause. org/euth/types. htm Anthony, Esolen. 18 January 2006. Lethal Drips. Retrieved April 14, 2008, from http://merecomments. typepad. com/merecomments/2006/01/_in_the_matter_. html The New York State Task Force on Life and the Law. 1997 April. When Death is Sought. Retrieved April 14, 2008, from http://wings. buffalo. edu/faculty/research/bioethics/suppl. html

Conjugate the French Verb Entendre (to understand)

Conjugate the French Verb Entendre (to understand) Entendre  is a  regular -re verb  that follows distinct, predictable conjugation patterns. All -er  verbs share the same conjugation  patterns in all tenses and moods. Generally speaking, there are five major categories of verbs in French: regular -er, -ir, -re; stem-changing; and irregular. The smallest category of regular French verbs is  -re verbs. Entendre  Is a Regular er Verb To use  -re verbs, remove the  -re ending from the infinitive, and youre left with the stem.  Conjugate the verb by adding the -re endings shown in the table below to the verb stem. The same applies to entendre. Note that the conjugation table below includes only simple conjugations. It does not include compound conjugations, which consist  of a form of the auxiliary verb avoir and the past participle entendu. The Most Common -er Verbs These  are the most common regular -re verbs: attendre  Ã‚  to wait (for)dà ©fendre  Ã‚  to defenddescendre  Ã‚  to descendentendre  Ã‚  to hearà ©tendre  Ã‚  to stretchfondre  Ã‚  to meltpendre  Ã‚  to hang, suspendperdre  Ã‚  to loseprà ©tendre  Ã‚  to claimrendre  Ã‚  to give back, returnrà ©pandre  Ã‚  to spread, scatterrà ©pondre  Ã‚  to answervendre  Ã‚  to sell Entendre:  Meanings   The most common meaning of the French verb  entendre  is to hear, but it can also mean:   to listen toto intend (to do something)to meanto understand (formal) In the pronominal form, sentendre  means: reflexive: to hear oneself (speak, think)reciprocal: to agree, to get alongidiomatic: to be heard/audible, to be used Entendre: Expressions   Entendre is used in many idiomatic expressions. Learn how to hear about, intend to, attend mass and more with expressions using  entendre. entendre parler de... to hear (someone talking) about...  entendre dire que...  Ã‚  to hear (it said) that...entendre la messe   to hear / attend massentendre raison   to listen to reasonentendre mal (de loreille gauche/droite)  Ã‚  to not hear well (with ones left/right ear)entendre les tà ©moins  (law)  Ã‚  to hear the witnesses lentendre,   tentendre,   vous entendre   to hear him/her talk, to hear you talk qui veut entendre   to anyone who will listendonner entendre ( quelquun) que...   to give (someone) to understand / the impression that...faire entendre raison   to make someone see sense / reasonfaire entendre sa voix   to make oneself heardfaire entendre un son   to make a soundse faire entendre (dans un dà ©bat)   to make oneself heard (in a debate)laisser entendre ( quelquun) que...     to give (someone) to understand / the impression that...Ce quil faut entendre tout de mà ªme  ! (informal)   The things people say!Entendez-vous par l que... ?   Do you mean / Are you trying to say that... ? Faites comme vous lentendez.   Do what  you think is best.Il / Elle nentend pas la plaisanterie. (old-fashioned)   He / She cant take a joke.Il / Elle nentend rien ...   He / She doesnt know the first thing about...Il / Elle ne lentend pas de cette oreille.   He / She wont accept that.Il / Elle ne veut rien entendre.   He / She just wont listen, doesnt want to hear itIl / Elle ny entend pas malice.   He / She means no harm by it.Il / Elle va mentendre !   Im going to give him / her a piece of my mind!Jai dà ©j entendu pire !   Ive heard worse!Je nentends pas cà ©der.   I have no intention of giving in.Je vous entends.   I understand, I see what you mean.On entendrait voler une mouche.   You could hear a pin drop.Quentendez-vous par l ?   What do you mean by that?  Quest-ce que jetends ?   What did you say? Did I hear you correctly?... tu entends !   ... you hear me?!sentendre (faire quelque chose)  (formal)   to be very good at (doing something) sentendre merveille   to get along very well sentendre comme larrons en foire   to be thick as thieves (to be very close, get along extremely well)sy entendre pour (faire quelque chose)   to be very good at (doing something)cela sentend   naturally, of courseEntendons-nous bien.   Lets be very clear about this.Il faudrait sentendre !   Make up your mind!Je my entends ! Il sy entend  ! etc.   I know what Im doing! He knows what hes doing!Tu ne tentends pas !   You dont know what youre saying! Simple Conjugations of the Regular French -re Verb Entendre Present Future Imperfect Present participle j entends entendrai entendais entendant tu entends entendras entendais il entend entendra entendait nous entendons entendrons entendions vous entendez entendrez entendiez ils entendent entendront entendaient Pass compos Auxiliary verb avoir Past participle entendu Subjunctive Conditional Pass simple Imperfect subjunctive j entende entendrais entendis entendisse tu entendes entendrais entendis entendisses il entende entendrait entendit entendt nous entendions entendrions entendmes entendissions vous entendiez entendriez entendtes entendissiez ils entendent entendraient entendirent entendissent Imperative (tu) entends (nous) entendons (vous) entendez

Operations manager at John lewis Essay Example | Topics and Well Written Essays - 1500 words

Operations manager at John lewis - Essay Example The researcher resorted to the review of several management principles such as Kotter’s 8 step change management model, Mintzberg’s management theory and Black Mouton managerial grid. The theories served as a strong foundation thereby enabling the researcher to identify the extent to which the managers in John Lewis effectively emulated the management principles in order to establish a better work environment which enables them to focus on both the welfare of the employees and the productivity of the organization. The management of John Lewis believes in a simple principle and that is any development within the employees will have a direct or indirect contribution to the development of the business. That is why the managers introduced a management development programme in order to ensure that the employees perform at their peak. The training program is designed to provide employees with ample scope for personal development. This will help the employees to identify their areas of strengths and work accordingly to achieve personal as well as organizational goals. The managers of John Lewis focus more on the development of personal and technical skills (John Lewis Partnership, 2015a). They follow a training and development plan based on three pillars depicted in figure 1. The managers emphasize on training the employees in three dimensions: experience (characterized by on the job training), exposure and exchange (characterised by knowledge, information and skill sharing between employees at workplace) and education (training based on theoretical learning). The training and development programme in John Lewis is designed to impart skills to employees belonging from all departments. The management framework in the company is identical to the Mintzbergs Management Roles theory. While conducting the training and development program the managers play an instrumental role in managing the new recruits. They have to change their roles

To what extent has the CCTV camera reduced the crime in the uk Essay

To what extent has the CCTV camera reduced the crime in the uk - Essay Example proponents of this technology; with an approximated 1.9 million CCTVs in 2011-which easily translates into 1 camera for every 32 UK residents-with this number rising daily. Estimates also claim that the average Briton is normally caught on CCTV 300 times every day. This paper aims at exploring the effectiveness of CCTV in crime reduction in UK (Fenwick, 2012). The use of CCTVs in tackling crime in UK has greatly grown over the past decade. No official figure exists for how many cameras are currently in use, although on the basis of academic research, a 4.2 million figure has been frequently cited. Whereas the underlying principle for use of CCTV has been that it aids in prevention of crime, numerous studies have queried the assumptions behind this claim; drawing attention to a complex variety of factors that must be considered when evaluating the effectiveness of CCTVs. A 2007 Campbell Collaboration report stated that CCTV has a â€Å"modest but significant desirable effect on crime†, however its usage must be more closely targeted than it is at present (Siegel,2015). The beginnings of CCTV usage for public places in UK dates back at the start of 1980s. From then, CCTV system usage has gradually, but considerably expanded. The initial systems were financed in a few places by the local businesses or the police, however, in most of cases local authorities via what were referred to as Safer Cities or City Challenge Initiatives. Successive Government financing assumed the shape of CCTV Challenge Competition between 1994 and 1999, whereby 38.5 million pounds was availed for about 585 schemes throughout the country. Consequently, between 1999 to 2003, core investment was started in public space CCTV via the Home Office-funded Crime Reduction Programme (CRP).Thus, a sum of 170 million pounds of capital financing was availed to local authorities after a bidding process. The coming to an end of the Crime Reduction Programme indicated the finishing of a devoted central