Tuesday, August 6, 2019
ASQ Agile v Waterfall Essay Example for Free
ASQ Agile v Waterfall Essay Waterfall vs. Agile Project Management Lisa Sieverts, PMP, PMI-ACP Phil Ailes, PMI-ACP Waterfall vs. Agile Project Management Agenda â⬠¢ â⬠¢ â⬠¢ â⬠¢ What is a Project Overview ââ¬ââ⬠¯ Traditional Project Management ââ¬ââ⬠¯ Agile Project Management The Differences ââ¬ââ⬠¯ Product Life Cycle ââ¬ââ⬠¯ The Teams ââ¬ââ⬠¯ Requirements ââ¬ââ⬠¯ WBS/Product Backlog ââ¬ââ⬠¯ Schedule ââ¬ââ⬠¯ Risk ââ¬ââ⬠¯ Quality QA 2 à ©Lisa Sieverts Phil Ailes 1 Waterfall vs. Agile Project Management What is a Project? â⬠¢Ã¢â¬ ¯ Temporary â⬠¢Ã¢â¬ ¯ Goal â⬠¢Ã¢â¬ ¯ Constrained 3 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management What makes projects special? â⬠¢Ã¢â¬ ¯ Projects are characterized by uncertainty 4 à ©Lisa Sieverts Phil Ailes 2 Waterfall vs. Agile Project Management Traditional Waterfall Projects â⬠¢Ã¢â¬ ¯ Traditional Waterfall Projects ââ¬ââ⬠¯ Dates from the end of WWII ââ¬ââ⬠¯ Grew out of Defense industry ââ¬ââ⬠¯ Based on Deming Cycle of Plan-Do-Check-Act ââ¬ââ⬠¯ Emphasizes heavy up-front analysis ââ¬ââ⬠¯ Lots of documentation ââ¬ââ⬠¯ PMBOK versions 1-4 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Traditional Waterfall Project High Medium Requirements Low Optional High Design Medium Low Optional High Development Medium Low Optional High Testing Medium Low Optional High Deploy Medium Low Optional 6 à ©Lisa Sieverts Phil Ailes 3 Waterfall vs. Agile Project Management Waterfall Advantages 7 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Waterfall Advantages â⬠¢Ã¢â¬ ¯ Established Processes- Project Management Body of Knowledge â⬠¢Ã¢â¬ ¯ Management Controls â⬠¢Ã¢â¬ ¯ (Apparent) Predictability â⬠¢Ã¢â¬ ¯ Great for low uncertainty/high dependency projects ââ¬ââ⬠¯ Construction ââ¬ââ⬠¯ Update of established product ââ¬ââ⬠¯ Maintenance projects 8 à ©Lisa Sieverts Phil Ailes 4 Waterfall vs. Agile Project Management Waterfall Disadvantages 9 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Waterfall Disadvantages â⬠¢Ã¢â¬ ¯ Sometimes is more about the Process than the Product â⬠¢Ã¢â¬ ¯ Keeps the customer at bay ââ¬â by the time they see the end results it may be too late â⬠¢Ã¢â¬ ¯ Project teams often become rigid and resistant to change: ââ¬Å"Those darn users keep changing their minds.â⬠â⬠¢Ã¢â¬ ¯ Long product development time 10 à ©Lisa Sieverts Phil Ailes 5 Waterfall vs. Agile Project Management Agile Project Management â⬠¢Ã¢â¬ ¯ The Agile Way ââ¬ââ⬠¯ Experiments in the 1990s ââ¬ââ⬠¯ Values self-organizing teams ââ¬ââ⬠¯ No formal ââ¬Å"project managementâ⬠ââ¬ââ⬠¯ Iterative approach ââ¬ââ⬠¯ Flexible à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Manifesto â⬠¢ The Agile Manifesto for Software Development ââ¬ââ⬠¯ ââ¬Å"We are uncovering better ways of developing software by doing it and helping others do it. Through this work we have come to value: â⬠¢Ã¢â¬ ¯ Individuals and interactions over processes and tools â⬠¢Ã¢â¬ ¯ Working software over comprehensive documentation â⬠¢Ã¢â¬ ¯ Customer collaboration over contract negotiation â⬠¢Ã¢â¬ ¯ Responding to change over following a plan ââ¬ââ⬠¯ That is, while there is value in the items on the right, we value the items on the left more.â⬠12 à ©Lisa Sieverts Phil Ailes 6 Waterfall vs. Agile Project Management The Agile Way Sprints ââ¬â High Priority Features Integrate Test Sprints ââ¬â Low Priority Features Integrate Test Integrate Test Design Test Test Develop Integrate Test Demo Feedback Develop Requirements Test Test Develop Sprints ââ¬â Optional Priority Features Demo Feedback Requirements Design Test Design Test Demo Feedback Develop Requirements Test Demo Feedback Requirements Design Test Sprints ââ¬â Medium Priority Features 13 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Agile Advantages 14 à ©Lisa Sieverts Phil Ailes 7 Waterfall vs. Agile Project Management Agile Advantages â⬠¢Ã¢â¬ ¯ Shorter development cycles â⬠¢Ã¢â¬ ¯ Customer participates, providing direct feedback â⬠¢Ã¢â¬ ¯ Team-ownership ââ¬â developers, testers, analysts and customers work together â⬠¢Ã¢â¬ ¯ Process encourages and easily adapts to change â⬠¢Ã¢â¬ ¯ Improved quality because testing is continuous 15 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Agile Disadvantages 16 à ©Lisa Sieverts Phil Ailes 8 Waterfall vs. Agile Project Management Agile Disadvantages â⬠¢Ã¢â¬ ¯ Lack of established processes â⬠¢Ã¢â¬ ¯ Management resistance to change â⬠¢Ã¢â¬ ¯ Reduced (apparent) predictability â⬠¢Ã¢â¬ ¯ Requires culture change â⬠¢Ã¢â¬ ¯ Itââ¬â¢s new ââ¬â there isnââ¬â¢t a lot to draw upon 17 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Project Life Cycle â⬠¢Ã¢â¬ ¯ Traditional: waterfall ââ¬ââ⬠¯Initiate ââ¬ââ⬠¯Plan ââ¬ââ⬠¯Define ââ¬ââ⬠¯Design ââ¬ââ⬠¯Build ââ¬ââ⬠¯Test â⬠¢Ã¢â¬ ¯ Agile Projects: iterative ââ¬ââ⬠¯Envision ââ¬ââ⬠¯Speculate ââ¬ââ⬠¯Explore ââ¬ââ⬠¯Adapt ââ¬ââ⬠¯Close ââ¬ââ⬠¯Repeat as necessary 18 à ©Lisa Sieverts Phil Ailes 9 Waterfall vs. Agile Project Management The Team â⬠¢Ã¢â¬ ¯ Waterfall ââ¬ââ⬠¯Sponsor ââ¬ââ⬠¯Product Manager ââ¬ââ⬠¯Project Manager ââ¬ââ⬠¯The Team ââ¬â defined roles â⬠¢Ã¢â¬ ¯ Agile ââ¬ââ⬠¯Sponsor ââ¬ââ⬠¯Product Owner ââ¬ââ⬠¯Scrum Master ââ¬ââ⬠¯The Team ââ¬â variable roles 19 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management The Requirements â⬠¢Ã¢â¬ ¯ Waterfall ââ¬ââ⬠¯ Large Document ââ¬ââ⬠¯ Formal, based on analysis ââ¬ââ⬠¯ Performed by Business Analyst ââ¬ââ⬠¯ Completed before any development begins â⬠¢Ã¢â¬ ¯ Agile ââ¬ââ⬠¯ Small Index Cards ââ¬ââ⬠¯ User Stories, based on conversation ââ¬ââ⬠¯ Performed by the Product Owner ââ¬ââ⬠¯ Completed ââ¬Å"just in timeâ⬠20 à ©Lisa Sieverts Phil Ailes 10 Waterfall vs. Agile Project Management The Foundation Documents â⬠¢ Waterfall ââ¬ââ⬠¯ Work Breakdown Structure 100 % of Scope 21 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management The Foundation Documents â⬠¢ Agile ââ¬ââ⬠¯ The Product Backlog Roman Pichler, Agile Product Management 22 à ©Lisa Sieverts Phil Ailes 11 Waterfall vs. Agile Project Management The Schedule â⬠¢Ã¢â¬ ¯ Waterfall ââ¬ââ⬠¯ Built before work begins ââ¬ââ⬠¯ End date is often â⬠¢Ã¢â¬ ¯ Agile ââ¬ââ⬠¯ Rebuilt every sprint ââ¬ââ⬠¯ End date evolves based on team velocity ââ¬ââ⬠¯ Focused on nearterm accuracy ââ¬ââ⬠¯ Emphasizes regular delivery of working features predetermined ââ¬ââ⬠¯ Strives to predict the future ââ¬ââ⬠¯ Emphasizes delivery of the entire product 23 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Risk â⬠¢Ã¢â¬ ¯ Waterfall ââ¬ââ⬠¯ Inherently high-risk based on long product cycles ââ¬ââ⬠¯ Emphasizes the ability to predict the future ââ¬ââ⬠¯ Risk Register â⬠¢Ã¢â¬ ¯ Agile ââ¬ââ⬠¯ Inherently low-risk based on customer feedback ââ¬ââ⬠¯ Emphasizes adaptation to changing environment ââ¬ââ⬠¯ Risk Register 24 à ©Lisa Sieverts Phil Ailes 12 Waterfall vs. Agile Project Management Quality â⬠¢Ã¢â¬ ¯ Waterfall ââ¬ââ⬠¯ Testing is at the end â⬠¢Ã¢â¬ ¯ Agile ââ¬ââ⬠¯ Testing begins before development of the project ââ¬ââ⬠¯ Testers work separately from developers ââ¬ââ⬠¯ User Acceptance occurs at the end of the project ââ¬ââ⬠¯ Testers and developers work together simultaneously ââ¬ââ⬠¯ User Acceptance occurs at end of every sprint 25 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Whatââ¬â¢s Different? â⬠¢Ã¢â¬ ¯ Waterfall ââ¬ââ⬠¯ Plan all in advance ââ¬ââ⬠¯ Work Breakdown Structure ââ¬ââ⬠¯ Functional specs ââ¬ââ⬠¯ Gantt chart ââ¬ââ⬠¯ Status reports ââ¬ââ⬠¯ Deliver at the end ââ¬ââ⬠¯ Learn at the end ââ¬ââ⬠¯ Follow the plan ââ¬ââ⬠¯ Manage tasks â⬠¢Ã¢â¬ ¯ Agile ââ¬ââ⬠¯ Plan as you go ââ¬ââ⬠¯ Product Backlog ââ¬ââ⬠¯ User stories ââ¬ââ⬠¯ Release plan ââ¬ââ⬠¯ Story boards ââ¬ââ⬠¯ Deliver as you go ââ¬ââ⬠¯ Learn every sprint ââ¬ââ⬠¯ Adapt everything ââ¬ââ⬠¯ Team ownership 26 à ©Lisa Sieverts Phil Ailes 13 Waterfall vs. Agile Project Management Summary â⬠¢Ã¢â¬ ¯ Both Waterfall and Agile have the same goals: ââ¬ââ⬠¯ Delivering a well- tested product that satisfies the customer within an efficient time frame that doesnââ¬â¢t leave the team worn out 27 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Questions 28 à ©Lisa Sieverts Phil Ailes 14 Waterfall vs. Agile Project Management Thank You 29 à ©Lisa Sieverts Phil Ailes Waterfall vs. Agile Project Management Contact Us â⬠¢Ã¢â¬ ¯ Lisa Sieverts ââ¬ââ⬠¯ Facilitated Change ââ¬ââ⬠¯ www.lisasieverts.com ââ¬ââ⬠¯ 603.762.0235 â⬠¢Ã¢â¬ ¯ Phil Ailes ââ¬ââ⬠¯ Ailes Consulting ââ¬ââ⬠¯ www.ailes-consulting.com ââ¬ââ⬠¯ 603.903.7051 30 à ©Lisa Sieverts Phil Ailes 15
Monday, August 5, 2019
Advertising Through Social Networking Websites Marketing Essay
Advertising Through Social Networking Websites Marketing Essay The purpose of this paper to study the effectiveness of advertisements through SNS amongst Post Graduate Students in Indore City. This paper studies factors which make advertisements attractive also identifies whether the advertisements are only till viewing or does it leads to purchase also. Design/methodology/approach- The survey was conducted in Post Graduate College of Indore City, MP. This research can be considered as the basis for a more extensive research, covering other geographical areas, which will produce results allowing more specific and accurate predictions regarding the effectiveness of advertising through Social Networking Websites. Implications- The findings reveal a number of issues that are important for companies eager to explore the potential of promotions through Social Networking Websites. Also the study will help the organizations understand the consumer behavior of evolving commercial cities like Indore. Humans in all cultures at all times form complex social networks; the term social network here means ongoing relations among people that matter to those engaged in the group, either for specific reasons (like blood donation camps, fashion communities) or for more general expressions of mutual solidarity (like families, friends etc). Social networks among individuals who may not be related can be validated maintained by agreement on objectives, social values, or even by choice of entertainment. Social Media presents potentially seductive opportunities for new forms of communication commerce between marketers consumers. As advertisers typically want to find some way to follow their target audiences, many new media opportunities are presented to advertisers. (Miller, Lammas). Advertisers are always in search of new ideas technologies that often promise great potential. In this century, when the media is fragmenting advertisers are skeptical about the cost effectiveness of ubiquitous media, particularly among young demographics, the facts present a strong platform as to why Social Media can become a life saver. Social Networking a place where people can use networks of online friends group memberships to keep in touch with current friends, reconnect with old friends or create real-life friendships through similar interests or groups share their social experiences. Social network advertising is a term that is used to describe a form of Online Advertising that focuses on social networking sites. Some responses showed light to this direction with a different perspective. Indeed social medias influence promises some sort of marketing communications revolution: for instance, global brand Pepsi will not be advertising during the Super Bowl, instead opting for a digital social media campaign they say will help their customers better understand what pepsi stands for(WARC, 2010b). Consumers searching online for information about a product, or brands, not only gain access to corporate marketing materials, they now also have access to product reviews, opinions commentary from other consumers (Smith, 2010). It was observed that a majority of consumers surveyed relied on various types of social media websites as much as company websites for product brand information that nearly half of those made a purchase decision based on what they gathered. However, although social media applications are controlled by users, trend data is not yet conclusive with respect to who is generating, and accessing information (Thackerey et. al. 2008, p. 341). The interaction of the consumers with SNS has also become a very crucial aspect. One stream of research suggests the existence of a loyalty ladder in social networking communities that splits users into categories such as: lurkers (those who are reticent to contribute to sites); tourists (those post comments but demonstrate no commitment to a network); minglers (those who post with no regularity of frequency); evangilists/insiders (those who are enthusiastic, expert regular their contributions)(Harridge-March Quinton 2009, p. 176). Other researchers split users into slightly different categories, for example: social clickers (users who communicate with friends create content on message boards review sites); online insiders (avid online shoppers who vocalize product preferences); and content kings (young men addicted to online entertainment) (Riegner 2007, pp.439-440). These bifurcations show the complexity lack of uniform measurements for marketers targeting social media users . 1.1 Social Networking Sites (SNSs) Social Networking Sites can be defined as web based services that allow individuals to construct a public profile within a bounded system, articulate a list of other users with whom they share a connection, view traverse their list of connections those made by others within the systems. Some networking can also help members find a job or establish business contacts. SNS include Facebook, Twitter, LinkedIn, Orkut so on. Most SNS also offer additional features. In addition to blogs forums, members can express themselves by designing their profile page to reflect their personality. The most poplar extra features include music video sections. While SNSs are often designed to be widely accessible, many attract homogeneous populations initially, so it is very common to find groups using sites to segregate themselves by nationality, age, education or other factors that typically segment society. 1.2 Advertising on Social Networking Sites Social Networking advertising can be used to describe a form of online advertising that focuses on social networking sites. The advantage this advertising has is the benefit of the users demographic information target their advertisements appropriately. It continues to add variety on a continuous basis. Organizations can also utilize this feature to make it up to the target audience in diverse ways. SNS are changing the way advertisers reach consumers, that these changes are transforming online advertising all together (Gangadharbatla). Few instances can be taken into consideration like in Facebook, when users log on, they get News feed, where they can easily access all the ads videos they like. The study has taken into account the fact that knowledge of the network is limited. The success of social networks marks a dynamic shift in how are using net. 1.3 Things to be kept in mind From various researches it has been experienced that marketers have now become risk adverse is reluctant towards consumer- generated media due to their inability to control message. In one instance, pharmaceutical manufacturer Johnson Johnson released an online marketing campaign via an online video about pain relief for women who carry their babies in a sling. Within hours, Twitter exploded with negative commentary about the videos perceived deprecation of motherhood. To air it further, the online discussions would also be communicated off-line sometimes reach tradition media. Thus, over a single weekend, the volume sentiment of the consumer-generated media brought down a well planned advertising campaign (Baker 2009, p.2). Another obstacle for marketers is that viewers will consider information if it is both useful believable, but will react badly to sales-push messages that are violating social networkings intrinsic qualities of socialization trust (Angel Sexsmith 2009, p.4). Making social networking sites entirely commercial is risky, as users might turn away from the site if they feel their interests are being subjugated to those of advertisers; a warning issued by analysts to News Corp when it acquired MySpace, shifting it to a mass market advertising platform giving brands the opportunities to both advertise interact with the web users (Carter 2008, p.16). Creating fake blog entries is another example of how the misuse of social media can irritate consumers harm brands. The now infamous Walmarting across America fake blog (or flog as it became known), came under severe criticism online after the ethical breach was exposed (Burns 2008, p.16). Also poor execution of the ads or poor display sometimes irritates the users which lead to poor results and negative remarks. One of the major criteria can be the size of online communities as well. It becomes a major factor which limits in generating a massive Word of Mouth. For online groups to be effective, there needs to be a finite size to each community (Phillips 2008, p.82). For social media campaigns to be effective, the new commercial imperative dictates marketers needs to belong to a large number of groups or communities, rather than merely rely on broadcasts to an online group with a large number of members.This becomes the evidence for the fat that both the cultural emotional relationships are paramount (Phillips 2008, p.84), reflecting the surge to simultaneously monitor than to only be the users. 1.4 Need for using Social Media To generate a sense of group mind-set shared interests, online brand communities should include a wide range of interests that have a direct, but nonintrusive, connection with the brand (Brown, Broderick Lee 2007, p.15). Conceptual models have been developed to guide the process of cocreation with online consumers. One example is the DART model which comprises: dialogue (fostering something tangible to the online consumer), Access (providing a companys customers access to each other), risk return relationship (offering something tangible to the online consumer) transparency (creating an environment to share valuable information) (Ramaswamy, 2008, p.3). Real dialogue with consumers led to Unilevers ground breaking online viral campaign Dove Campaign for Real Beauty. Unilever was able to send the most relevant messages to consumers based on precisely what they were seeking /or conversing about. Another area of opportunity for social marketing is brand building connecting enthusiastic online brand advocates with the companys product development cycle (Ferguson 2008, p.181). 1.5 Effectiveness of Social Marketing Many marketers feel the need to tick the social media box demonstrate how cutting edge they are, while the primary drivers of their campaign remain embedded in traditional media. There is a need to effect a paradigm shift from a traditional more is better approach. While many social marketers fixate on volume metrics (website traffic, hit rates, click-through, time spent on-line, postings etc), successful social marketing often depends more on qualitative metrics for desirable signs of tone, quality customer benefit of the interaction (Angel, Sexsmith Sexsmith 2009, p.6). These may include: unique visitors, interaction rates, relevant actions taken, conversation size, conversation density, author credibility, content freshness relevance, audience profiles, unique user reach so on (Fisher 2009, p.191). Such metrics not only measure whether people are engaged, but how they are engaging. However, such metrics often need to be customized for individual campaigns need to be considered in the pre launch phase, ideally incorporated in message testing. OBJECTIVE The study aims to fulfill the following objectives: To know whether social network advertising is effective in sales or not To know the most preferred Social Network advertising approach To know the level of exposure a customer gets when he is being approaches on SNS To study the effectiveness of advertising through Social Networking Websites in Post Graduate Students with special reference to Indore City DATA ANALYSIS: Following factors were considered for preparing questionnaire: Contact {Number of times, durations} Intention Customizability Experience FINDINGS 40 percent of the social networking comes from high school secondary school students 40 percent tarrif generators are the graduate post graduate students. The highest number of active users is from 19-25 age groups but LinkedIn Twitter has a different age group of active users i.e. 25-40 age groups. Facebook delivery service is to about 75 percent of the users. 60 percent of the post graduate students who are looking for jobs have their profiles in LinkedIn. Only 30 percent of the population said that they purchase any product after searching or viewing it on website. 15 percent of the population accepted that they look the pop ups or click on the ads whereas 75 percent said they ignore the ads. Out of five SNS given in choice viz Facebook, Orkut, LinkedIn, G- plus Twitter; 60 percent said Facebook is the most used site by them. 20 percent said they used LinkedIn the most. 30 percent of the population said that they dont have any qualms regarding the quality of the product they see online. 46 percent confirmed that they would like to filter the ads from their profile page whereas 38 percent said they dont have any troubles by the placement of ads on their profile page. 78 percent confirmed that they are attached to Twitter because of the glamour quotient; 14 percent said they like twitter as a networking site; rest logged on for otherwise reasons. 82 percent of the respondents agreed that advertising through websites is a better medium whereas 18 percent said it has no effect on target audience. CONCLUSION SUGGESTIONS Any organization will not be able to make profits if its product introduction doesnt attracts the audience or if it does not reach to them. As the time has increased its momentum the consumers now-a-days do not consider anything worth watching if it is not of value tom them as far as traditional ads are considered. So to reach these kinds of targets Websites can become a very effective tool. If following points kept in mind, the advertisers can succeed in gaining interest of the audiences: Trust must be established subsequently reinforced in order to overcome any reluctance on the part of the would-be consumer. This means moving beyond old school approaches to website advertising to embrace the principles of relationship marketing- building virtual environments in which customers can connect with each other to share insights relevant information. Social media marketers can influence a brand community potentially influence consumer behavior.
Eindhoven Model Of Incident Causation Nursing Essay
Eindhoven Model Of Incident Causation Nursing Essay Patient safety is the foundation stone and one of the central concerns in quality improvement for the health care institution. Keeping our patients safe is a challenging issue because errors and mistakes can and do occur any time. Human error is inevitable, reducing error and minimizing the consequences of error is best achieved by learning from mistake, rather than blaming attitude. Over the years, nurses have assumed roles in various quality improvement and health care risk management activities. Learning from errors and near misses helps to provide opportunities to overcome system gaps, design solutions and modify management systems can reduce the chances of future errors and prevent disaster. According to U.S Agency report (2001) patient safety practice is a type of process or structure whose application reduces the probability of adverse events resulting from exposure to the health care system across a range of diseases and procedures. The Institute of Medicine (IOM) reported that between 44,000 and 98,000 patients die in hospitals setting in 1997 in the United State of America (USA) each year as a result of health care errors which includes, transfusion of incompatible blood products, medication errors, foreign objects left in bodies, equipment failures, mistaken identities of patients or body parts. These errors occurred at any phase of the health care delivery system, errors with serious consequences were observed in most vulnerable clinical settings. Department of health (2001) An Australian study reported adverse event rates of 16.6% of which 13.7% resulted in permanent disability (Wilson, 1995). The Institute of Medicine (IOM) released (2001) a report on To Err Is Human: Building a Safer Health System On the basis of two research studies: one conducted in Colorado and Utah found that 6.6 percent of adverse events led to death, as compared with another study conducted at New York, found that adverse events occurred in 13.6 percent in New York hospitals. In both of these studies over half of these adverse events resulted from medical errors and could have been prevented. When extrapolated to the over 33.6 million admissions to U.S. hospitals in 1997, the results of the study in Colorado and Utah imply that at least 44,000 Americans die each year as a result of medical errors. The results of the New York Study concluded that deaths due to medical errors exceed the number attributable to the 8th leading cause of death. Scenario During my clinical experience, I encountered a situation where I received call from hospital incharge and reporting one sentinel event, series of e-mail exchanged and on call administrator requested me to terminate assigned staff who did an error. I have utilized my leadership knowledge and skills to the best of my understanding. The scenario was an 11 years old boy (Patient A) presented to hospital with the complaint of fever, headache and vomiting. 40 years obstetrics (Patient B) was admitted through emergency department for induction of labour. Both Patients blood was arranged and both have different blood groups. At night physician order to transfused blood to Patient A. Assigned nursing staff went to the laboratory with correct transfusion request slip and blood releasing form but unfortunately Patient B blood pack was picked instead of Patient A from the blood refrigerator at laboratory. Blood checked by same nurse with on call assigned physician before transfusion but again fa iled to check for correct identification at the bed side. Transfusion started to Patient A at 0700 hours. Shift changed at 0800 hours, over taken from night staff with blood transfusion but again verification was not done as a result unrecognized transfusion reaction occurred and ultimately Patient A expired at 13:00 hrs. I have investigated the case and requested respective assigned team and stake holders for root cause analysis. The situation was very painful and challenging as an eleven years old child died due to error but it gave me lots of opportunity to identify the system gaps in order to prevent from re-occurrence in future. As a management position, I requested multidisciplinary team to do the root cause analysis. Root cause analysis is a process for identifying the factors that underlie variation in performance, including the occurrence or possible occurrence of a sentinel event. A root cause analysis focuses primarily on systems and processes, not on individual performance. The analysis progresses from special causes, clinical processes, organizational processes and systems, identify potential improvements in these processes or systems. After did a root cause analysis the incidence was categorized as sentinel event. A sentinel event is an unexpected occurrence involving death or serious physical or psychological injury, or the risk thereof. Serious injury specifically includes loss of limb or function. Such events are called sentinel because they signal the need for immediate investigation and response. Sentinel events are identified under the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) and emphasized those policies helps organization to develop preventative measures. (The Joint Commission, 2011). The Joint Commission on Accreditation of Healthcare Organizations (JCAHO) has placed considerable emphasis on promoting patient safety through a variety of mechanisms, including the reporting and analysis of sentinel events that can lead to modifications and improvements in policy and practice within health care settings. We must apply the same principles learnt from our experiences. When a sentinel event occurs in a health care organization, it is necessary that appropriate individuals within the organization be aware of the event, investigate, understand the causes that underlie the event, and make changes in the organizations systems and processes to reduce the probability of such an event in the future. As a key management position it is my prime responsibility to work as a team with multidisciplinary approach, take as an opportunity to improve the system and ensure the compliances of the institution policies and procedure by nursing division. An organized approach for identification, analysis and evaluation of risks and the devising a plan to decrease the occurrence of accidents, incidents and injuries (Sullivan Decker, 2000). The Institute of Medicine has designed six aims for improving the delivery of care in the United States which includes; Safe, effective, efficient, timely provision, equitable and Patient centered approach in order to provide safe and quality health care services. (Institute of Medicine, 2001). According to Pelletier and Beaudin (2004) The Institute of Medicine defines healthcare quality as the extent to which health services provided to individuals and patient populations improve desired health outcomes. The care should be based on the strongest clinical evidence and provided in a technically and culturally competent manner with good communication and shared decision making. During root cause analysis I came across lots of areas which was identified for areas of improvement that, leadership needs to provide resources in order to provide quality services as evidence by provision of resources was absent in laboratory which resulted that in night shift staff went to receive blood by herself and no check and balance of patient identification was done. However, it is not clearly defined in the policy that what will be the mechanism of check and balance at laboratory end. At secondary hospital laboratory services timing is from 0800 hours to 2300 hours, but what if need arises after wards. It was taken as a granted that services will not require in night timings. In addition, it was not clearly defined in the blood transfusion policy which defines the first steps of checking blood for correct identification at laboratory level. According to Daniel (2004) Clinical Management refers to diagnosis, treatment planning and delivery and ensuring the correct identific ation of each patient and procedure. As a nursing departmental heads the need was identified to review the policies and procedure, structured quality assurance program and Total Quality Management system (TQM) is required in order to prevent from reoccurrence. TQM is a management philosophy that emphasizes a commitment to excellence throughout the organization (Sullivan Decker, 2000). Total Quality Management (TQM) is a sub-discipline of management science which deals with the issue of standardization and enhancement of organizational performance. According to Khan (personal communication November 20, 2012) research was carried out in 2006-2009 by for critical analysis of TQM implementation in Pakistani organizations located on geographical basis. This study explores the factors influencing the success and failure of the TQM program in the organizations. It particularly explores how these programs work within the context of various organizational profiles, dynamics and culture. The study found that TQM implementation is heavily dependent on various factors related to organizational context and culture. It also identified that the end results and changes expected by organizations from TQM implementation are not only dependent on its own framework but on many other cultural related intermediate impacts. These intermediate impacts are mostly related to organizational dynamics and culture and are ignored in most of the firms, resulting in early failure of TQM. Based on the findings of this research and the practical experience of implementing TQM in different organizations, the author also proposes a new framework of TQM implementation named as MSAC cycle i.e. Mobilization (trial phase), Standardization (Short term phase), Acclimatization (mid-term phase) and Culturization (long term phase). This study and the proposed TQM implementation framework is quite valuable for the organization who are presently implementing or desirous to implement TQM more effectively and successfully. The Aga Khan University Hospital started its operation in 1985. Basic quality assurance methodologies were introduced and from 1994 onwards, the continuous quality improvement (CQI) model of AKUH fostered a positive culture of change by establishing lots of core quality activities across the clinical and managerial disciplines; which includes, quality circles, basic quality control tools, education and training in quality, monitoring of quality indicators, health care professionals credentialing, Patient complaints, Patient satisfaction, morbidity and mortality reviews, nursing quality assurance program and quality grand rounds. Finally in 2006, AKUH acquired the gold seal of international accreditation in health care by the Joint Commission International Accreditation (JCIA) with the unique distinction of being the first hospital in Pakistan and among few universities based hospitals in the world to get the quality recognition. AKUH is now on the expansion and integration phase of i ts quality journey, the central driving force towards its quality vision is improvement of processes and outcomes and achieving a strong customer orientation towards both external and internal customers. This will be achieved through concentrating on the goals and strategies of the hospital and all its departments to these three major themes that is improvement in quality of care, services and cost-effectiveness. It is widely recognized that quality indicators or performance indicators can give a valuable insight into the quality of care being provided to patients. Performance indicators are best way to learn and improve, but to instill ownership in the heart of every individual is the key to having meaningful indicators. Thus making performance indicators a part of a physicians and nursing performance evaluation not only ensure that they actively participate in improving their own performance, but also ensure that, quality of care provided to the patients is always and continuously improving. In this clinical situation I also participated in developing the policies with multidisciplinary team and tool in order to control quality system and to evaluate the compliances of practice for sustainability. Fostering a culture of safety requires more than introducing new policies and procedures. Developing a culture of safety requires critical thinking, problem solving, risk identification management and human factor training. The relevant literature and websites on patient safety program has suggested many safety related performance indicators and sy stems of check and balances which can ensure patients safety during patients stay at hospital. A systematic and multidisciplinary approach is, therefore, very imperative to pick-up medical errors and devise strategies to reduce them as it defiantly plays an important part in patient safety. Literature Review The literature review will address overall concept of patient safety and its related issues and concerns, international perspective of error occurrences, safety related performance indicators and measures to create positive safety culture. Several studies are carried out on measuring and evaluating patient safety and outcomes at several health care institutions (Baker 2003; Arah, 2004; Colla, 2005; Karsh, 2006). According to Colla (2005) Achievement of a culture conducive to patient safety may be an admirable goal in its own right, but more effort should be expended on understanding the relationship between measures of safety climate and patient outcomes. The Luxembourg Declaration on Patient Safety (2005) has observed that the health sector is a high-risk area because adverse events, arising from treatment rather than disease, can lead to death, serious damage, complications and patient suffering. Although many hospitals and healthcare settings have procedures in place to ensure patient safety, the health care sector still lags behind other industries and services that have introduced systematic safety processes. Almost fifty percent of joint commission standards are directly related to safety, addressing such issues as medication usage, infection control, surgery and anesthesia, blood transfusions reactions, staff credentialing, fire safety, medical equipment, disaster management, risk identification and management, sentinel event monitoring, safety and security structures. These standards address a number of significant patient safety issues, including the implementation of patient safety programs; the response to adverse events when they occur; the prevention of accidental harm through the prospective analysis and redesigning of vulnerable patient systems and its the organizations responsibility to transparent and take ownership and accountability. Agency for Health Research and Quality (AHRQ) reports (2001) has suggested the same that to review best practices from scientific literature, Redesign care based on best practices through collaboration of multiple departments, Evaluate technology solutions, Implement performance measurements and Monitor selected measurements and present summary reports to senior leadership. Moreover, the Advisory Board Research document supports the type of error mentioned in the AHRQ 2000 reports that the most common errors per 1,000 visits are: 65 incidents per due to adverse drug events, 60 incidents due to hospital acquired infections, 51 incidents related to procedural complications and 15 incidents related to falls. Besides analyzing the common errors in terms of patient safety, Mrayyan and Huber (2003) discussed three aspects of patient safety issues. First is the fear that is whenever any unfortunate incident happens and it is publicized; it creates fear and apprehension among team members. Second issue is errors as a system problem, which involves repetition of same type of error that requires close and immediate interventions. Third is the link between errors and inadequate resources that means inadequate number of staffs or inadequate trained staff that can jeopardize patient safety. The medical error and harm to patient safety does not only let the patient suffer but brings an impact on society at large. The Danish Society for Patient Safety (2005) discussed the effects that adverse events can have on patients; health care personnel and society at large are significant. Patients may suffer both physically and psychologically from sufferings created by the injury itself, but also by the way the incident is handled. Health care personnel on the other hand may experience shame, guilt and depression, with litigations and complaints imposing an additional burden. Society at large suffers from a lower quality of life of its members, with associated extra health care costs but also costs caused by a lower productivity of the society. After root cause analysis I also felt that it is necessary to have interaction one is to one basis to relevant health care personal who did an error in order to sensitized them and mentored through education path rather than terminating the employee, give them insight that the will be the future ambassador for patient safety because, I personally believe that quality reflect when person itself willing to do so, it should be our constant commitment towards organization that patient safety should be our top priority, which infuses the entire organization, for that it is mandatory that first we should acknowledge the error then promote blame-free environment where individuals are empowered to report errors without any fear and punishment so they can willingly address safety concerns. Daniel (2004) explains that, what can be done today to improve patient safety while we are waiting for evidence on effective interventions. First, we need leaders those at the top of organizational charts as well as leaders at all level, second, we need to focus on comprehensive systems of safety rather than attempting to address safety one problem at a time. Three elements comprise comprehensive patient safety: active case finding, methodical analysis, and system redesign. Patient safety initiatives and programs vary from institution to institution but the aim remains the same that is reducing errors and promote safety. Klazinga and Arah (2004) said it is evident that current efforts focus too narrowly on the patient with little explicit linkage to wider aspects of health system safety. Risks management entails reducing harm not just to patients but also to staff, visitors and the environment including society. Some of the patient safety alternatives and solutions proposed by Mrayyan and Hubber (2003) are emphasizing on strengthening system of error reporting and correction that is error detection and reporting system within organization to reduce medical error, patient education in all aspects of care and applying risk management skills by healthcare personnel. In addition, creating an information system and building evidence base for patient safety, analyzing the impact of various management practices like staffing, increasing of medical errors and high risk population and monitoring error rates with necessary actions can reduce medical errors and also use of information technology can work towards enhancing patient safety. Besides all this, commitment of the healthcare professional to reduce errors and promote safety in any organization enhances safety not only for patients but also for the healthcare staff and society in general. This position paper related to sentinel event also gives me insight to do a self-reflection of my job related competencies as a key management representative. I personally believe that, Knowledge can be achieve by reading literature but the art of utilizing that knowledge and skills will give confidence to fulfill job in an effective way. According to (Barker, Sullivian Emery 2006). describe three key roles organized in to three categories called interpersonal roles, informational roles and decisional roles. In interpersonal roles manager has lots of job responsibilities in order to full fill organizational goals, informational roles comprises of monitor and disseminator as that manager is the focal person and considered an as nerve center. Third category is decisional roles which consist of entrepreneur, disturbance handler, resource allocator and negotiator. The first two categories are related to day to day operation However, the third category need that how manager use his/her c ompetency in clear direction which meet the organization vision and mission. Integration of Model There are number of the clinical theories and models regarding the human error are discussed in management. Among which I have selected the Eindhoven model of incident causation. Eindhoven Model of Incident Causation: This model was originally developed to identify root causes of safety related incidents in the Netherlands and has since been tested in industrial and health care settings. The Eindhoven Model of incident causation identifies three main causes of error: human operator, organizational and technical failure. These failures, alone or in combination, are through responsible for reinitiating a chain of events that may ultimately lead to an adverse patient outcome. In performance improvement terminology, such a failure would be considered the root cause of an incident. According to this model, high risk situations will develop into incidents if inadequate system defenses are available to remediate the problem. The Eindhoven Model of Incident Causation served as the theoretical basis for developing the Eindhoven Classification Model, which has since been adapted for the health care domain (Jacob Cherry 2011). This classification model claims that errors occur either because of active failu res or latent conditions. Human Operator Error: (Active failure): Human operator errors are those made by individuals at the sharp end by health care workers. They are also referred to as active failures or active errors. Active failures fall into three major categories; skill based, rule-based or knowledge-based. Skill based error occur when an individual makes an error during the performance of a routine task that requires little conscious effort as evidence by its routine practice of nurses to bring blood from laboratory or its routine to take daily over from upcoming shift but in different intervals but nurse fails to check for correct identification with patient name and medical record number. An example of a skill based error would be a nurse forgetting to push the start button on an IV pump after priming the tubing. A rule based error occurs when an individual fails to perform a procedure or protocol correctly or chooses the wrong procedure as in this sentinel event nurse and physician fails to compliance with policies and procedure as a res ult wrong blood was transfused. An example of a fuel-based error is a phlebotomist failing to check the patients identification before obtaining a blood specimen. A knowledge based error refers to the conscious but incorrect application of existing knowledge to a new situation. An example of a knowledge-based error would be when first patient develop fever or sign of reaction she took as an granted and stop blood for time being neither nurse or physician utilized their knowledge and integrated theory in to practice or critically analyze that what would be the possible reasons for fever. Human errors have typically been the focus of traditional incident report monitoring because they are more obvious that latent conditions. Although some of the factors leading to human error are amenable such as knowledge deficit, staffing shortages, work over load etc. Technical or organizational error (Latent Condition/ Latent error): Technical and organizational errors are referred to as latent condition or latent errors. Latent conditions result from sanctions or decisions made by administrators or others in leadership positions that affect technical issues, organizational policy or the allocation of resources. These errors are called latent because of the delayed and unintended consequences that may affect patient safety at a later point. Technical error occurs when there are problems with equipment, forms, labels, etc. (e.g. a computer does not print out patient identification labels in a timely manner). Organizational error can be related to various, often complex issues involving management priorities and organizational culture. An Example of a latent error would be an organizational decision not to use a computerized provider order entry system which results in a high number of medication errors related to illegible handwriting. Other Error (Unclassified): A third category in the Einhoven Classification Model accounts for errors that cannot be classified as active or latent. In health care, such errors are generally due to patient-related factors that contribute to error, for instance, if patient gave the history of allergy and this can lead to potential medication error. An error whose cause cannot be placed in any category (i.e. latent, active, or patient-related) is termed unclassifiable. In order to continuous quality improvement and promote patient safety culture it is necessary to promote culture of reporting of errors is the first step along with a constructive process towards understanding that what factors within a system enable an error to take place. This systems approach is gaining ground and many hospital administrators are becoming well versed in its theory and practice. To promote a culture of safety the leadership of an organization promulgates an atmosphere in which the reporting of errors is welcomed, so that others may benefit from knowledge of the situation and can develop strategies based on the data. A major element of this framework is a non-punitive stance towards the individual who reports or who has involved in an incident. In a just culture an organization lets its employee know that they will not be disciplined for making mistakes and that the leaders value the importance of learning from mishaps and seek to improve the system that allowed the m to occur. Recommendation Based on sentinel event which I address in my position paper and in light of literature, I would like to recommend few suggestions/ recommendations to strengthen our quality system. First in order to promote in healthcare organization, major emphasis required in order to create non-punitive environment where health care workers can report events, errors and near misses without fear of reprisal or disciplinary action. Next, the risk management forum should be structured at organizational level where relevant multidisciplinary key stake holders should identified in order to take ownership and facilitate clinicians and organizational managers at all levels, the in order to create such an atmosphere which promotes patient safety culture in an organizations. Needs to develop and implement a reporting system that encourages and enhances reporting by all department and staff. Educate all clinicians, staff, and management personnel on the nature and importance of the event reporting process, including disclosure and discovery issue. Needs to do timely and accurate documentation of sentinel events help organizations improve their safety and quality of care and learn from other organizations unexpected outcomes, which allow other health care organizations to be aware of the possibility of certain sentinel events, thus giving staff the time and knowledge to develop strategies to avoid these events before they actually occur. Utilization of event report data to trend and analyzes organizational risks and distributes this information to appropriate staff of the organization so that risk-prevention measures can be developed and implemented. Last but not least provide clinicians and staff ongoing feedback on their risk-reduction efforts, results of event reporting should be discussed at the departmental level, and input on corrective actions/process improvements should be solicited. Conclusion: In conclusion, I must say that errors can occur at any point in the health care delivery system. Acknowledging that errors, learning from those errors, and working to prevent future errors represents a major change in the culture of health care, a paradigm shift from blame and punishment to analysis of the root causes of errors and strategies to improve systems and processes by implementing patient safety measures which provide an objective, validated measure for identifying Potential Safety Issues. Management should make an effort to break down barriers by adopting non-punitive cultures based on industry best practices. This will sheds new light on traditional methods for removing reporting barriers, develop employee commitment to recognize and report errors or incident occurrences. When the staff proactively participates in reporting, the reporting process becomes a vehicle for making practices improvements in the delivery of patient health care and management receives information that otherwise would not be available. As one manager said, if nobody reports it, you dont know. When some occurrences are not reported, management receives limited information on which to base their decision. It goes without saying that better data mean better decisions. According to Daniel (2004) the goal should be not only to increase the number and quality of reports but also to increase their usefulness as rich sources of information for the generation of strategies tactics aimed toward medical-error reduction (p. 27). According to Minesota Alliance for Patient Safety (2005) safety culture is not blame-free approach; it is an approach that balances the need to promote open reporting and the need to hold practitioners accountable for their behavioral choices. Hospitals should identify potential safety issues, having proactive approach, measure baseline performance, and set priorities for process improvement efforts. Using this methodology, hospitals can implement patient safety program with minimal investment on their part. Informational reports can be generated and disseminated to proactively identify safety issues and drive improvements for the better health care outcomes.
Sunday, August 4, 2019
Iacocca :: Essays Papers
Iacocca The book Iacocca is an autobiography of Mr. Lee Iacocca. The first couple of sections of his book were about family. Starting with his mother and father, coming over from Italy and his childhood. His father always taught him something that when he was going to do something that he had to be the best. Which is to be believed, where he got his strength in competition later in his business career. Then after his parents came his wife and children, whom he loved. The next few sections were about his job and how it was changed through out the years. Even when his job was still with the same company his position is that company changed many times in his career before he even traded companies. Mr. Iacocca had a very loving and understanding family as told in this book. His parents were always a major part in his life even after he got married and they were a large part of his life up until their deaths. His father was always interested in cars and so in a way Mr. Iacocca grew up around cars and the knowledge of them. His father taught him many valuable lessons about how to deal with himself and others which also may have helped him in his future career in the business world. When he married, his parents were proud but in a small way they were pushed to the side to make room for his new wife, Mary. After Mary and He were married they had some children. These children became his pride and joy. When this family grew, they all grew together in turn and they also grew closer together. This family was extremely close. Even though the family was close, his job did seem to have a slight impact on them. When Mr. Iacocca first started working for Ford, he was a low ranking engineer, fresh out of college like many of his co-workers. He tried the engineering job for a few months until he decided that he didnââ¬â¢t want to work in that department but he wanted to work in the sales department. After this major change in his life, he took control and went to his boss and said ââ¬Å"there is no point in me finishing the training course and that my masters degree from Princeton was equivalent to the second nine-months of training.
Saturday, August 3, 2019
Outline of Marriage in the Victorian Era Essay -- Victorian Era
Outline of Marriage in the Victorian Era In the Victorian era, marriage was not as romanticized or fairytale-like as depicted in many novels of the time. On the contrary, love actually played a very minor role in the majority of matrimonies that took place. An engagement was entered into as one would approach a business deal, and there were some generally accepted rules and guidelines to follow. The Rules * It was illegal to marry your deceased wifeââ¬â¢s sister. You could marry first cousins, but attitudes changed towards the end of the 19th century, and this became frowned upon. * Victorians were encouraged to marry within the same class (remember the views on social mobility!). They could marry up, but to marry down meant marrying beneath yourself (Soames). * A woman entering into the institute of marriage had to be equipped with a dowry. The husband-to-be had to prove that he could support his new bride in the lifestyle she was accustomed to. * An unmarried woman could inherit money and property after she reached the age of 21, but once married, all control would revert to her husband. A woman could not have a will for her own personal possessions; since the control was in her husbandââ¬â¢s power, he could distribute her property in any way he likes, even to his illegitimate children (if he has any). * Women married because they had a lack of options; they were not formerly educated, and were only instructed in domestic duties. They needed someone to support them, and were encouraged to marry and have children ("The Rules of Marriage"). The Courtship * Marriage was a carefully contemplated subject for a woman; since she would lose control over any possessions once married, it was not somethin... ...and helped to strengthen the family line, divorce was neither economically or socially practical. It would guarantee the family losing some of its strength and influence by giving up property and wealth. Works Cited ââ¬Å"Marriage and Divorce in Victorian England.â⬠Charlotte's Web: A Hypertext on Charlotte Bronte's Jane Eyre. . "The Rules of Marriage in the Victorian Era.â⬠. Soames, Enoch. ââ¬Å"Marriage in the Victorian Era.â⬠The Charlockââ¬â¢s Shade. 18 February 2004. Wells, Richard A. ââ¬Å"Manners Culture and Dress of the Best American Society.â⬠King, Richardson, & Co. Publishers. Springfield, MA. 1893. .
Friday, August 2, 2019
Capital Budgeting Case Essay
In the two capital budgeting cases corporations (A and B) have different revenues values and expenses as well as variable depreciation expenses, tax rates and discount rates. The members of our team had to compute both corporate cases NVP, IRR, PI, Payback Period, DPP, and project a 5-year income statement and cash flow in a Microsoft Excel spreadsheet. The future cash flows of the project and discounts them into present value amounts using a discount rate that represents the projectââ¬â¢s cost of capital and its risk is whatââ¬â¢s needs to forecast the investment. Next, all of the assetââ¬â¢s future positive cash flows are reduced into one current value number. Subtracting this number from the original cash expense required for the investment provides the net present value (NPV) of the investment. Using the internal rate of return (IRR) and net present value (NPV) measurements to evaluate projects often results in the same findings. Relationship between Net Present Value and IRR Net present value of an investment is equal to the ââ¬Å"present value of its annual free cash flow less the investments initial outlayâ⬠(Kewon 2013 pg 310). Whenever the NPV is greater or equal to zero we should accept the project, whenever the NPV is negative the project should be rejected. Internal rate of return answers the question of what ââ¬Å"rate of return will the project earnâ⬠(Kewon 2013 pg 316). IRR is the ââ¬Å"discount rate that equates the present value of the projectââ¬â¢s free cash flows with the projectââ¬â¢s initial cash outlayâ⬠(Kewon 2013 pg 316). The discount rate is the rate that is used within capital budgeting that allows for the net present value of cash flow within a project to equal zero. The higher the IRR theà more desirable the project is versus the lower the IRR the less desirable the project is. In consequence, the NPV method indirectly assumes that cash flows over the life of the project can be invested at the projectââ¬â¢s required rate of return, whereas the use of the IRR method suggests that these cash flows could be invested at the IRR. The better statement is the one made by the NPV that the cash flows can be reinvested at the required rate of return because they can either be returned in the form of dividends to shareholders, who demand the required rate of return on their investments, or invested in a new investment project. (Keown, 2013). The NPV shows that Company B is worth more than Company A. After expenses, taxes and depreciation the company has a value that is better to acquire Corporation B because of a higher IRR of 16.94% and NPV of $40,252.02 than Corporation A whom has an IRR of 13.05% and a NPV of $20,979.41. Net Present Value Corporation A $20,979.41 Corporation B $40,252.02 However, with the NPV that Corporation B have it will be give the corporation, over 5 years, a current value cash return of about $40K above the 11% required rate of return. In other words, this plan will not only meet the 11% required rate, but it will give the company an additional $40. Internal Rate of Return When a project is reviewed with the hurdle rate in viewpoint, then the greater the IRR is above the hurdle rate, the greater the NVP, and on the contrary, the more the IRR is below the hurdle rate , the lower the NVP. When using the IRR, the decision rules are as follows: If IRR > hurdle rate, accept the project If IRR< hurdle rate, reject the project. In order for a project to be accepted, the IRR must be greater than or equal to the hurdle rate. If the company is deciding between projects, then the project with the highest IRR is the project to be accepted. As we look at the IRR for both corporations we see that Corporation B is higher than Corporation A and this is why we as a team choose Corporation B. Corporation A 13.05% Corporation B 16.94% Profitability Index, Payback Period and Discount Payback Period The Profitability Index (PI) is just a number and anything 1.0 or higher is confirmation for the project that is being evaluated. The PI is a type of ratio that gives the higher NVP per dollar on an investment. It is better used when you have more than one project comparing. When making decision making measures for the PI methods the best project should be the one that pays off the initial cost outlay. The PB is the less method used in doing a capital budgeting because it does not consider the time value of the money earned in the project. Looking at Corporation B is shows that it will take 3.31 years to payback the cash inflow to the original cash outflow or the cost of the project. So when making a decision on which corporation to use in PB it is best to take the project that pays off the initial cost outlay in less time. If we look at the PI and PB for Corporation A and Corporation B we will see that Corporation B is much better project than Corporation A. Profitability Index Payback Period Corporation A 1.08 Corporation B 1.16 Corporation A 3.64 yrs. Corporation B 3.31 yrs. The Discount Payback Period (DPP) does consider the time value of money. It is computed somewhat like the PB method and the only difference is that DPP method uses the discounted cash flow. As we look at the DPP for Corporation A and Corporation B we see that again Corporation B is less time to pay back the cash flow: Corporation A 4.6 yrs. References Keown, A. J., Martin, J. D., & Petty, J. W. (2013). Foundations of Finance, 8th Edition. [VitalSource Bookshelf version]. Retrieved from http://online.vitalsource.com/books/9781269882194/id/ch10lev2sec2 Keown, A. J., Martin, J. D., & Petty, J. W. (2013). Foundations of Finance, 8th Edition. [VitalSource Bookshelf version]. Retrieved from http://online.vitalsource.com/books/9781269882194/id/ch10lev2sec5
Thursday, August 1, 2019
Three Essays
Equal pay and rights for women Women constitute about 50% of global population. Without equal pay and rights for women, they lag behind and that means entire human kind is losing about 50% growth potential. Bring child mortality rate to near zero Mortality rate for under 5-year old children in some under developed countries could run as high as 162 per 1000 according to World Bank data. This rate is quite alarming and shocking in twenty first century. UN should work with NAGS, WHO, UNESCO, respective governments to bring down this rate.UN should take strict measures against countries that discourages proper immunization such as Afghanistan, Pakistan and Nigeria. Sadly, all here of these countries recently reported outbreak of polio. Ensure proper access to and preservation of Every living human being needs to drink safe pure drinking water and pure drinking water. There is no doubt among experts that water would become priciest mineral 20 to 30 years down the road. According to LINE reports, 783 million people don't have access to safe drinking water. Also, there are reports that indicate drinking water storage is shrinking due to climate change.UN should work with all member states, Nags to educate the importance of pure drinking water to general public and take proper measures to ensure everyone's access to pure drinking water. Stop wars and genocide One of the founding charters of GIN is to stop wars. Unfortunately, UN has very limited success here. Recent annexation of Crimea to Russia is a stellar example of how UN failed to do its job in this regard. Genocides in CAR and Syria also remind us how complicated today's political world is, and limited authority GIN has over its member states.UN should be working harder to stop wars and genocides. Ensure democratic free and fair elections in all There are plenty of examples when many member states dictators win over 99% of votes in national elections. Those elections are never held in free and fair manner and w ithout any international election monitoring. These dictators repress against its own citizens, violate basic human rights, and engage wars with neighbors. UN should be strengthening its election monitoring capabilities and sections against states that don't hold free and fair elections.Conclusion: As a global citizen, I think each of the six demands have profound impact on today's world, and world population. UN has some level of successes in many sectors, however, there is more needs to be done for this planet earth and its residents. C. Describe a time when you took a great risk. What was the outcome? Time to take a great risk: I strongly believe life is all about taking calculated risks, insightful planning, smart execution and reaping benefits at the end. Many of my family members have settled in various western countries in pursuit of higher post graduate studies.There is no way I could wait that long to go overseas for higher studies. Since I was 4 or 5 year old, I used to li sten to BBC Bengali service which intrigued me about other cultures, different life styles, languages, and politics. It wasn't matter of if but when. When I was in 9th grade, I decided it was the time to this take this risk and start proper planning. Knew it would be a big sacrifice -living without parents, siblings, relatives, living in an unknown territory and not to mention forking over large sum of tuition fees.Per plan, I applied and got admitted into Notre Dame College (for 10 through 1 2 grade studies), attended few courses at a private university modeled after US colleges etc. It was August 1 998 when I finally got university acceptance letter and visa to go abroad. Sweet outcome: Outcome has been great In a nutshell, to get here had to work hard. I knew how to adapt to a country and culture as I was born and bought up in a Hindu family but Muslim majority county Bangladesh.I have consistently taken double fulfillment course load to lower tuition fee/course, have taken inter nships, on/off campus jobs to earn extra $ to provide for schooling and living expenses. Now I have over ten years of professional experience now in US and have been dealing with world renowned clients like Microsoft, Amazon, Google, and Apple, British telecoms, Swiss railways in my daily routine, and working and selling solutions access the globe. Most of the mimes, can do all these things from my home office. Sometimes, I feel like I have gained more than I bargained for!And theses when I tend to raise the bar and work smarter to reach new goals. Conclusion: In summary, when risky decisions are taken, we would need to make sure we have proper plans [plan A, plan B, even plan C] in place, we need to be flexible and pour our heart and soul to be successful. Have already made my mind to take next risk- to set up boutique IT consulting firms' across the globe in socially and financially challenged parts of the world. I strongly believe entrepreneurial spirit of II global program, vent ure lube and classmates would be extremely helpful in achieving my next big goal!F. You have just participated in an important meeting with your superior. How will you ensure that every part of the instructions you received will properly reach all subordinates, suppliers and clients, located in different parts of the world? During my meeting with my supervisor Mr. ââ¬Å"Xâ⬠, he informed me that our product license reinitialize rate year over year has gone down by 10% during last fiscal year. He instructed me following: ; Work with account managers to identify clients where license renewal could be at risk
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