Competing Vision of Health Care Administration among Stakeholders Literature review

Competing Vision of Health Care Administration among Stakeholders - Literature review Example Health care entails the provision of health services to human beings (Edwards, 2010). Having quality health care services is important for patients and in raising the reputation of hospitals. That is, this subject is highly essential in ensuring that patients get access to the best services (Edwards, 2010). However, as clarified earlier, for the hospitals to achieve this goal, its leaders have to play a huge role in the daily operations of hospitals. It is worth noting that different health care stakeholders in hospital administration share different competing visions, which bring in a subject of great concern in the standards at different hospitals (Edwards, 2010). One of the subjects that the administrators have varied sets of views about is on health care insurance reforms particularly. These reforms are very important in reducing the amount of charity care and Medicaid expenses. The president of the Center for Studying Health System Change, Mr. Ginsburg indicates that there is variable uncertainty on the expected hospital reforms. That is, it is unfeasible to have a simple and fast reform on insurance of health care. Additionally, he says that the aforementioned reforms will vary from state to state and that there are great chances of hospitals experiencing high growth in the number of patients that go for Medicaid (Edwards, 2010). However, Ginsburg goes ahead to point out that, sooner rather than later, hospitals are going to face significant changes in the delivery of care. Precisely, he warns that, with better coordination of care, then, there is a very good chance for hospital care to undergo a decline in the near future.

Cultural Factors of Euro Disneyland In Terms Of American and French Essay

Cultural Factors of Euro Disneyland In Terms Of American and French Practices and Behaviours - Essay Example This paper tells that Euro Disneyland has become one of the major tourist attractions for Europe and France. There are various elements of the theme park which are now subject to discussion in this paper. These elements refer to cultural factors, mostly in terms of American and French practices and behaviors. This essay shall answer four questions. The first shall use Hofstede four cultural dimensions as a point of reference and discuss the key cultural differences between the United States and France. It will also discuss how Trompenaars’ research helped explain the cultural differences between the US and France. This essay will also discuss the three mistakes made in the management of Euro Disneyland. Finally, it will present three lessons which the company should have learned on how to deal with diversity. These questions are being discussed in an attempt to re-assess the cultural elements involved in the management of Euro Disneyland, in the hope of making eventual suggest ions on the management of the current resort or other companies seeking to secure their businesses abroad. Americans and French perceive each other differently. The Americans perceive the French to be arrogant, flamboyant, and emotional. They are also perceived to be hierarchical in their power structures in organizations. On the other hand, the French perceive Americans to be aggressive and unprincipled, immorally liberal, as well as highly stressed workaholics. Power distance refers to the understanding within organizations of the extent to which power is distributed within the institution. Within the American and French cultures, power is hardly distributed evenly.   It is founded on management positions within the organizational culture and based on the power distance relationship.  

Trend in Hr Outsourcing Essay Example for Free

Trend in Hr Outsourcing Essay In business world today, the main focus is delivering company’s core competency as to generate sustainable competitive advantage. The core competency is being described as what company does the best and in the same time, generates profit for the company. As the company focusing on their core competency, other components of the company require as much attention as the core to keep the company stable. However, it difficult for company to maintain all the aspect of their business at top level and even by that will cost them fortune. That’s when Outsourcing concept come into the picture. Outsourcing is the alternatives for company to hired external company to be their part of function. The execution of specific function for the company will enable the company to focus on their core competency. One of the most commonly function of management to be outsources today is the human resources department. Delmotte, J and Sles, L. (2008) stated that their researches on outsourcing of Human Resources lead to better time management as well as resources that support both tactical and strategic contribution. These factors later on enable stable and longer focus on supporting the core competency of the company. In other words, once company enable their human resource to be handled by the expert of the fields, the company now can focus more on their main competency. As the expert of the field charge on the HR, better result is shown which coming back in enabling company to perform better on the overall view. Extending the view from another point, the trends of outsourcing not just imply to company function that they are not well managed only. (Kosnik Hoover, 2006) The situation lead to outsourcing might be caused by lack of expert on that field. Kosnik, T. and Hoover, K. (2006) find in their research that outsourcing in term of staffing firm enable a company to obtain more expert into the workforce. In a way, instead of hiring single personal that course higher, outsourcing for a team of expert to be combined with current staff will returned more than it should. This staffing firm method can lead the form to better manage their expenses to better portion of the company where it is needed. For example, Telekom Malaysia in their Unifi consumer service development has outsource their customer interface system to Accenture Sdn. Bhd. by joining force their programmer and system analyst to work side by side in completing the system. Focusing on the outsourcing human resource of company, it leads to a chance for Host Company to have knowledge transfer from the external expert to the internal expert. Previously, considering staffing firm of expert to be part of the team, the host company can now develop their staff to be more expert. Schlosser, F., Templer, A., and Ghanam, D. (2006) discover in their research that organizational knowledge learning process can be enhance from the outsourcing of staff. Ads explained, the logic apply that to ensure everyone perform at the same level, internal training by the outsource expert will be done. This is to ensure after the contract done, the maintenance can be continue by the host company team force. There are several trends that change the nature of human resource outsourcing in today’s world. According to Rosenthal (2010), the first one is by shifting adoption patterns in order to take much more focused approach. Current outsourcing clients have become more critical when evaluating the benefits that they gain from outsourcing their HR functions. They would likely to focus on outsourcing on one specific area at time instead of outsourcing a broad function of the organization. Rosenthal explained that the clients are more likely to compare their investment in outsourcing cost with the returns and benefits that they gain from it thus, lead them to only outsource one defined area. Another trend stated by Rosenthal is integrating the benefits area and administrations together and outsource them. By doing so, the clients are able to ensure that every roles of the department can operates smoothly and efficiently. With that, any cost related to the employees’ benefits process can be kept at minimal thus, allowing the organization to provide more benefits for their people. For example, a more efficient off-boarding process can ensure that the people get paid no longer than it should moreover organization can minimize their healthcare costs with a wellness program to change behavior. Outsourcing enables the organization to hire another company to perform and operates certain functionalities for them like Human Resources. There are several factors that lead organizations to choose outsourcing their HR functions such as to focus more on their core competency, the lack of expert on that field and to promote knowledge transfer from the external expert to the internal expert. In today’s world, there several trends in HR outsourcing for example shifting adoption patterns in order to take much more focused approach and integrating the benefits area and administrations. Works Cited DELMOTTE, J., SELS, L. (2008). HR outsourcing: threat or opportunity? Belgium: EmeraldInsight. KOSNIK, T., HOOVER, K. (2006). Outsourcing vs insourcing in the human resource supply. United State : Emerald Insight. ROSENTHAL, B. E. (2010, January 1). Four Trends That are Changing Human Resources Outsourcing Article. Retrieved October 10, 2012, from Outsourcing Center: http://www.outsourcing-center.com/2010-01-four-trends-that-are-changing-human-resources-outsourcing-article-37457.html SCHLOSSER, F., TEMPLER, A., GHANAM, D. (2006). How Human Resource Outsourcing Affects Organizational Learning in the Knowledge Economy. Canada: JOURNAL OF LABOR RESEARCH.

Desktop Computer vs. Laptop Computers :: Compare Contrast Technology Essays Papers

Desktop Computer vs. Laptop Computers The invention of computers has made a huge change in human civilization and society, by changing the way people think. Computers replaced jobs and tedious repetitive thoughts that were done by human originally. People became more and more reliant on computers, and thus, computers became essential to our lives. Computers can manufacture products quickly, and eliminate possible human errors. As technology progresses, new ideas have been brought into computer to make them perform more efficiently. Also, scientists and engineers tend to make things â€Å"smaller†, so we can enjoy the benefits from electronic devices anywhere and anytime. Therefore, size and efficiency are two main points for consumers. Desktop computer and laptop computer are representatives for each of these concepts. Although desktops and laptops come from the same origin, they are different in many ways. The history of computers is an amazing story filled with interesting statistics. â€Å"The first computer was invented by a man named Konrad Zuse. He was a German construction engineer, and he used the machine mainly for mathematic calculations and repetition† (Bellis, Inventors of Modern Computer). The invention shocked the world; it inspired people to start the development of computers. Soon after, â€Å"In 1946, John Mauchly and J Presper Eckert developed the fastest computer at that time, the ENIAC I. It was built under the assistance of the US army, and it was used on military researches. The ENIAC I contained 17468 vacuum tubes, along with 70000 resistors, 10000 capacitors, 1500 relays, 6000 manual switches and 5 million soldered joints. It covered 1800 square feet of floor space, weighed 3 tons, consumed 160 kilowatts of electrical power.†(Bellis, Inventors of Modern Computer) These statistics are amazing, but even more amazing is the development of computers. Now in 2005, in this short 68-year period, computer technology has changed its entire look; now, we use computer chips instead of vacuum tubes and circuit board instead of wires. The changes in size and speed are probably the biggest. When we look at computers today, it is very hard to imagine computers 60 years ago were such big, heavy monsters. Desktop computers were commonly used since the late 90’s. The increasing number of applications on desktop computers allowed us to do all kinds of different activities like games, music, video, document editing and so on. In comparison with laptop computers, desktop computers have more stable performance, greater capacities, and throughout history, they have proven themselves more reliable to handle every job they have been assigned.

Alliance Bank Essay

1. Introduction Alliance Bank is one of the leading banks in Kazakhstan, and it is the tenth largest bank in terms of assets in Kazakhstan. Headquartered of the bank are located in Almaty. Bank is developing as a universal financial institution in all lines of business, with a primary focus on retail banking and lending to SMEs.JSC Alliance Bank, has been operating for over 15 years. Recently bank has been shadowed by number of scandals, which had a negative effect on its reputation. In February, 2009 the government appointed a new management team after its key shareholder, SAFC, rejected to support the bank in long-term. During the financial crisis Alliance Bank was the first bank to default. By 2010 its debts were restructured and government had to inject 24 billion KZT on its deposit account in order to save the bank. Since the restructuring, state-owned National Wellbeing fund Samruk-Kazyna is holding 67% of the bank’s shares. In 2012 Alliance was judged to be stable with a Standard and P oor’s rating of â€Å"B-†. Today Alliance’s long-term credit rating by Standard and Poor’s is stated at â€Å"D†, together with short-term rating. In 2011 bank considered talks with European Bank for Reconstruction and Development regarding the potential sale of its shares. In February 2014 bank has suffered from technical default. Later in February, the bank’s reputation suffered even more after SMS-attack on three banks about their default. Alliance Bank’s mission is to be a reliable partner for each  customer and meet the best banking practice. The basis for this statement is bank’s philosophy of meeting the needs of society as quality financial services. Main principles of bank’s corporate culture include classical principles of fairness, trust and apolitical relation. These principles work as the basis for existence of commercial bank as a social institution, which aims to combine and unite interests of different groups of people – shareholders, employees, customers and partners. The vision of the bank is â€Å"Look at things in a new way!† The Bank’s primary business is related to commercial banking activities, granting of loans and guarantees, accepting deposits, exchanging foreign currencies, dealing with securities, transferring cash payments, as well as providing other banking services in the Republic of Kazakhstan. The main goal of the bank’s activity is to earn income through the provision of banking services, for legal and physical entities, residents and non-residents of Kazakhstan, establishment of direct contact with international institutions for the development of External Relations, improvement and strengthening of business cooperation with foreign organizations. 2. External analysis PESTLE analysis PESTLE analysis or PEST stands for auditing the Alliance Bank’s current environment and assessing its potential changes by looking at the organization from different angles in order to be better placed than its competitors and make plans for future events in terms of responding to the rapid changes in the macro-environment. It contains the factors such as political-legal, economic, socio-cultural, and technological. Considering and understanding all these factors that influence the business, the information about the risks associated with the situation in the market will be clarified. Moreover, using the PESTLE analysis, it is possible to maximize opportunities and minimize threats for the Alliance Bank. Political-legal forces provide information about the political situation in the country and current legislations that regulate the industry. Businesses can be affected by many aspects of government policy. In particular, all businesses must comply with the law. They must also consider the impact of any forthcoming legislation on their operations. This may require taking action before the legislation comes into effect. Today a political factor,  which would affect Kazakhstani banks, and in particular Alliance Bank, is the Ukrainian political instabilities. Russia and Ukraine have bad political relations, and it leads to trade barriers as well. As Kazakhstan is a member of Custom Union, of course, any instability in Russia could influence Kazakhstani market as well. As an example, recent devaluation of Russian Ruble will bring very negative effects in both Kazakhstan and Belarus Republic. This instability might lead to declining on the foreign investments to Alliance Bank that they were recently asking from London creditors. Also on the 26th of December 2012 the President of the Republic of Kazakhstan signed the Law â€Å"About Modification and Additions in Some Acts of the Republic of Kazakhstan concerning the Taxation†. One of the amendments to the law says that from the January 1st, 2014 the conscientious taxpayers may postpone paying the accrued tax liability for not more than 3 years w ithout having any collateral or fund for restricted cash. It will help the Alliance Bank to save the amount of money in the current period in order to invest it if needed in some other activities. Economic forces focus on the prevalent economic factors. Evaluating one of them which is the average monthly wage in Kazakhstan, the Agency of the Republic of Kazakhstan’s Statistics provides the following data: in March 2010 the average monthly wage is equal to 72 000 KZT, in March 2011 the amount is 87 000 KZT, in February 2012 it is presented as 92 000 KZT, and in February 2013 it has increased to 98 736 KZT. Such a picture of the wage growth is very positive and beneficial for the Alliance bank because the bigger amount of clients is willing deposit their money to bank accounts. Another not less important economic factor to consider is the inflation rates. According to the Agency of the Republic of Kazakhstan’s Statistics, in 2011 the inflation rate in Kazakhstan was 7.4%, in 2012 it was 6%, and in 2013 it decreased to 4.6%. Due to recent devaluation of Kazakh Tenge, the forecast of inflation in 2014 is going to increase. The increase of inflation rates will lead to increase in interest rates, which will decrease the number of clients of the bank. Another important economic factor is GDP per capita in Kazakhstan. Kazakhstan government is putting a huge afford to improve the lifestyle and living conditions of its people. The government set two crucial strategies; Strategy2030 and Strategy2050. According to these strategies, Kazakhstan must be listed among the developed countries of the  world. One of the requirements of these strategies is raising GDP per capita. According to Dosayev, the GDP per capita will reach to $14,600 and it is expected to rea ch to $24,000 in 2018. Accordingly, the products of the bank will become more popular among the population. Social forces are the next. In this case they may be presented as demographic trends. Population of Kazakhstan for the 1st of March 2013 has increased by 1.4%, according to the report of the Agency of the Republic of Kazakhstan’s Statistics. Nowadays it is more than 17 million people who are living in the territory of Kazakhstan. Actually, the new migration policy for oralmans (people whose historical place to live was Kazakhstan), and people who arrive to the cities from urban areas is a good advantage for the bank. The President of the Agency of the Republic of Kazakhstan’s Statistics Alikhan Smailov noted that the average life expectancy in 2014 will be at the age of 70. According to the data for 2012 it was less and the actual number of years was 69 per person. Technology is another very important role in bank’s internal control mechanisms as well as services offered by them. Through the use of technology new products and services are introduced. It includes technological aspects such as R&D activity, automation, technology incentives and the rate of technological change. Some of the technological changes which brought radical changes in banking industry in Kazakhstan, and especial in Alliance Bank are described below: Automated Teller Machine (ATM) The latest developments in terms of technology in computer and telecommunication have encouraged the bank to change the concept of branch banking to anywhere banking. The use of ATM and Internet banking has allowed anytime, anywhere banking facilities. IT Services & Mobile Banking Today banks of Kazakhstan are also using SMS and Internet as a major tool of promotion and giving great utility to its customers. For example, SMS functions through simple text messages sent from your mobile phone. Technology advancement has changed the face of traditional banking systems, it is even offering 24/7 banking even faster and secured service. Alliance bank definitely should look after all technological changes in banking industry both within Kazakhstan and on International level, because it really matters, and differentiate service of the bank. Porter’s Five Forces The Kazakhstan banking system has experienced many difficulties in recent years, as well as huge growth. Last year was marked by the successful completion of the restructuring of debts of the three largest banks in the Republic of Kazakhstan: BTA Bank, Temirbank and Alliance Bank, which defaulted in 2009. Nevertheless, Kazakhstan’s banks currently operate in a very challenging external and internal environment which of course could reflect their financial stability, way of development in future years and their ability to find new appropriate business models. Kazakhstan’s banking system suffered due to a liquidity crisis less than its peers (e.g. Ukraine, Kyrgyzstan). Measures of the Government of the Republic of Kazakhstan to maintain stability of the banking system and the infusion of funds into the capital’s largest banks, had its effect – not one bank in Kazakhstan has not been declared bankrupt, the investors could easily withdraw their funds, there we re no signs of the banking panic among the population. So, the main current advantage of Kazakhstan’s banking system is the stability which is a very serious and necessary feature at the Commonwealth of Independent States. Threat of New Entrants: Banking industry deals with other people’s money and financial information new banks find it difficult to start up. Due to the nature of the industry, people are more willing to place their trust in big name, well known, major banks who they consider to be trustworthy. The banking industry has undergone a consolidation in which major banks seek to serve all of customers’ financial needs under their roof. This consolidation furthers the role of trust as a barrier to entry for new banks looking to compete with major banks, as consumer are more likely to allow one bank to hold all their accounts and service their financial needs. Ultimately the barriers to entry are relatively low for the banking industry. While it is nearly impossible for new banks to enter the industry offering the trust and full range of services as a major bank, it is fairly easy to open up a smaller bank operating on the regional level. Large financial resources are needed in order to open own bank an d enter on the financial market. Authorized capital  must be 5 billion Tenge, except other expenses (advertising campaigns, open own office, purchasing equipment and software etc.) Power of Suppliers: Capital is the primary resource on any bank and there are four major suppliers (various other suppliers like fees contribute to a lesser degree) of capital in the industry. Customer deposits Mortgages and loans Mortgage-baked securities Loans from other financial institutions By utilizing these four major suppliers, Alliance bank can be sure that they have the necessary resources required to service their customers’ borrowing needs while maintaining enough capital to meet withdrawal expectations. The power of the suppliers is largely based on the market, their power is often considered to fluctuate between medium to high. Suppliers for Bank are depositors and shareholders. Alliance Bank is interested in attracting outstanding depositors and principal shareholder. The main purposes are: correct invest invested funds; to ensure payments under the deposits and the shares; to make up owner’s operating expenses; to get a certain profit Power of Buyers: The individual doesn’t pose much of a threat to the banking industry, but one major factor affecting the power of buyers is relatively high switching costs. If a person has one bank that services their banking needs, mortgage, savings, checking, etc, it can be a huge hassle for that person to switch to another bank. Alliance Bank has 2 million customers who have a bargaining power and can switch to any other bank due to bank’s current situation. Availability of Substitutes: Some of the banking industry’s largest threats of substitution are not from rival banks but from non-financial competitors. The industry does not suffer any real threat of substitutes as far as deposits or withdrawals, however insurances, mutual funds, and fixed income securities are some of the many  banking services that are also offered by non-banking companies. As Alliance bank primarily offers commercial banking services, it does not suffer any threat of substitutes. Competitive Rivalry: The banking industry is considered highly competitive. The financial services industry has been around for hundreds of years, and just about everyone who needs banking services already has them. Because of this, banks must attempt to lure clients away from competitor banks. They do this by offering lower financing, higher rates, investment services, and greater conveniences than their rivals. There are two giant banks in Kazakhstan, Kazkommertsbank and Halyk Bank, which hold 18% and 19% of total asset of Kazakhstani market, whereas Alliance bank holds only 4%. Therefore, the above mentioned banks are the competitive rivalry of the Alliance bank’s services. 3. Internal analysis SWOT analysis The key factor in the bank’s strategic planning is SWOT-analysis. SWOT-analysis methodology suggests: first, to identify the internal strengths and weaknesses of the company as well as the external opportunities and threats, and secondly, to establish connections between them. The SWOT-analysis of Alliance Bank is described below. Strengths Weaknesses Support of Samruk-Kazyna Years of experience Extensive branch network Extensive acquiring network (ATMs, cash-in ATMs, POS-terminals) Innovative technologies Professional bank management Brand name recognition (recent rumors about bank default) Low-speed service with a large flow of clients Low-level promotion of banking products Shrinking loan portfolio Opportunities Threats The tenth largest bank in terms of assets in Kazakhstan Development of technology (Online banking, fingerprints) Geographic expansion Long-term partnerships with major companies Cover new demands of current customers Expand the customer base Publicly traded on KASE Customer dissatisfaction with new banking products Increased competition Unstable economy of the country (possibility of a financial crisis, devaluation of the local currency, inflation) Changing legal and tax provisions The possibility of clients default Change in oil prices Increased regulation of capital requirements Strengths of Alliance bank are the characteristics of the business that give it an advantage over the competitors. These characteristics may include personnel, finance, and manufacturing capabilities and so on. Weaknesses are the attributes resources that work against a successful outcome. Strengths and weaknesses are internal attributes and the company can use its strengths to liquidate the weaknesses. For instance, Alliance Bank JSC has an extensive branch network including 19 branches and 106 cash offices in 51 cities and rural settlements of the Republic of Kazakhstan. They can use their extensive branch and acquiring network to increase the level of promotion of banking products in cities and rural areas. Another example is to use the innovative technology to deal with low-speed service when there is a large flow of clients. The bank could automatize its operations. Opportunities are the external factors the business can capitalize on or use to its advantage. Alliance bank has a n opportunity to expand geographically to new markets. For instance, Kazkommertsbank has branches in different countries of Central Asian region, which allows them to expand their customer base and increase their profits. Threats are the external factors that could jeopardize the business. External factors may include  macro-economic factors, technological changes, legislation and socio-cultural changes as well as changes in the market place or in competitive position. For example, due to the recent devaluation of KZT in February, 2014 Alliance Bank customers withdrew 55 billion KZT in two weeks from the moment of the announcement of the devaluation. As explained to the bankers, since the beginning of the National Bank’s announcement of the devaluation in the period from 11 to 17 February, investors withdrew 25 billion KZT from their accounts. And after the SMS-attack, in the period from 18 to 21 February, another 30 billion were withdrawn from the bank. This amounted to one third of the deposit base. Conducted SWOT analysis helps to analyze how our Company proceeds and what kind of opportunities and strengths we have, additionally, it helps to identify what threats and weaknesses we have. One of the basic strength of our company is experience that we have in banking industry. Alliance Bank is supported by SamrukKazyna fund, which is trust-worthy fund. Another strength is extensive branch network, which allows bank to operate in 51 cities and rural areas of Kazakhstan. Due to recent financial problems, bank is trying its best to deal with these kinds of strengths in order to overcome financial distress and possibility of new technological default. Recapitalization of bank by the government resulted in injection of 24 billion KZT. SamrukKazyna owns today 67% of shares of the bank, and bank is looking for opportunities of finding capital investors in order to buy shares of the bank. VRIO analysis The VRIO Analysis is an analytical technique which for each type of resource considers the following questions (evaluation dimension) for an organization as well as for its competitors. In practice, the VRIO analysis is also used in combination with other analytical techniques to help organizational management evaluate business resources in a more detailed view. For financial resources, there are many detailed financial indicators that evaluate the financial condition or performance of the business from different perspectives. Likewise, humanresources, property or information are other detailed indicators of their performance, efficiency or quality. The advantage of a VRIO analysis is its simplicity and clarity. Value Chain Product Development Alliance Bank has two primary product offerings: personal banking and commercial banking. Commercial banking is the largest of these, comprising more than half of the bank’s portfolio. Commercial blends are segmented by business size and feature a combination of accounts, credit cards, lines of credit, merchant services and cash/investment management services. Personal banking blends are segmented by customer age and include services such as checking and savings accounts and credit cards. Product Support Suppliers Alliance Bank leverages and backs up its products with hedging instruments in order to maintain a stable financial base. This involves in-house development of a diversified portfolio, market analysis of deposit versus lending activities as well as the purchase of risk-hedging tools to back its  lending products. However they have to increase the efficiency of their product development. Marketing Alliance Bank has differentiated itself within the crowded field of commercial banking through its marketing and brand-building efforts, steadfastly emphasizing customer service andalso reframing theirs as a retail organization. Alliance Bank has established a brand strongly. Over the past years, Alliance Bank has invested heavily in rebuilding a brand image which was negatively affected during the financial crisis on 2009. Alliance promotes itself as an â€Å"innovative, customer friendly retailer of financial products and services† whose aim is â€Å"to connect with the public on an individual level†. They have pursued this strategy through more traditional (TV, radio, brochures, newspapers and billboard) campaigns. Sales and Service Service is a critical differentiator for a community bank because most financial products are homogeneous. It therefore makes sense that Alliance has made unsurpassed service a key strategy company-wide. Much like Alliance’s efforts at creating a community atmosphere, this strategy could be easily replicated by other banks. Here Allianceis afforded at least a competitive parity. Information Technology and Human Resources Human Resource Development and Information Technology are two underlying segments of Alliance’s value chain that support all their other lines of business. For its part, IT’s strategic relevance is limited by the simple fact that most banking platforms are acquired from third-parties due to their huge development and support costs. These platforms tend to constrain service because they are geared more towards security and stability—for obvious reasons—than flexibility. IT is therefore generally a threat to Alliance’s quest to provide innovative banking solutions. HR, on the other hand, is a strategic asset that Alliance continually employs to support their unique service culture. HR has successfully managed the organization’s culture via a variety of methods: ongoing employee development/training programs, astute hiring practices, etc. 4. Recommendation (Corporate Strategy) Before making the recommendation concerning the Corporate Strategy, the profound analysis of the Company overview was made. Because of devaluation in Kazakhstan, the company is on the stage of technical default. Meantime, the financial sector in Kazakhstan is very vulnerable and some of the banks’ situation is becoming even worse. Alliance Bank is looking for new opportunities to get out of this situation. According to Madina Abdina, the head of Almaty branch of Alliance Bank, the bank is looking for investors to do restructure. This activity will save the bank from the bankruptcy. According to Banking Report of the Republic of Kazakhstan, Alliance Bank holds only 4% of total asset of Kazakhstani market. It means that Alliance Bank is not as big as â€Å"Halyk Bank† or â€Å"Kazkommertsbank†. Nevertheless, the company managers and employees doing their best to save their bank. One of the most optimal recommendations during this period would be to restructure the bank. When the bank returns the previous position, then it could look at other opportunities, which we will offer. We will recommend the bank to apply growth strategies. First is, through concentration strategy. The company can launch new services within the business or expand its business through expanding its geographic locations. We will talk about this issue later in this part. The first recommendation is that Alliance Bank should sign a Strategic Alliance with market’s giants; â€Å"Kazkommertsbank† or â€Å"Halyk Bank†. According to Banking Report of the Republic of Kazakhstan, â€Å"Kazkommertsbank† and â€Å"Halyk Bank† hold 18% and 19% respectively. This would be a good chance for Alliance bank to expand its business and to have new customers, but they should offer a good proposal to those banks. Another recommendation is offering new service as a product development. According to Forbes, Insurance is one of the most profitable businesses. Of course, there are many insurance companies in Kazakhstan, but according to the World Bank, life insurance still has not developed in Kazakhstan. Therefore, Alliance Bank can open an insurance company under the financial sector. The next recommendation relates to concentration strategy. The purpose of a concentration strategy is to provide a singular focus to the product line, and the market in which the company chooses to compete. The concentration strategy may be approached through market development or product development. In the case of Alliance bank, we recommend to concentrate on  market development through geographic expansion. In today’s rapidly globalizing economy, a well-planned and properly managed geographic expansion can help a business reduce costs, gain access to new markets and fuel the company’s future growth. In his article â€Å"The Effects of Geographic Expansion on Bank Efficiency†, Berger and DeYoung note that geographic expansion may allow scale or scope efficiencies that reduce costs or enhance revenues. Linking branches, ATMs, and back-office facilities over a larger geographic area may yield network economies. A more geographically broad institution may also be better able to serve business customers that have many locations, and may have a broader menu of potential new investment opportunities outside its home market. As we can see, there are numerous advantages of geographic expansion. In case of Alliance bank, it can open its branches in neighboring Central Asian countries, like Tajikistan and Kyrgyzstan. Known to all, those countries are the least developed countries in the region and Alliance bank is able to introduce many new things to these markets. The products and services that are not highly accepted in Kazakhstan due to a big number of good banks in this region can have a greater success in Tajikistan and Kyrgyzstan. The main reason is that the banking system is not highly developed in those countries and there is a lack of good banks there. The example of a Kazakhstani bank that expanded geographically is Kazkommertsbank. It already has its successfully operating branches in Kyrgyzstan, Tajikistan and the Russian Federation. Alliance bank has the same potential to succeed by geographic expansion. In the long term, Alliance Bank can expand to other regions of the world, access new markets and grow in the future. 5. Recommendation (Business Strategy) Due to rapid development of technology, Alliance bank can use an opportunity of creating a more developed SMS-banking system. SMS-banking is type of mobile banking, which allows customers to operate selected banking services over their mobile phones using SMS-messaging. Alliance Bank already had implemented internet banking. Still, it is not widely used among its customers due to inconvenience of usage. Bank has to promote its online banking system and SMS-banking very actively so that customers get to know the services of bank. By developing the SMS-banking, Alliance Bank will have a chance to compete with its rivals, differentiate its services from other  banks, which do not have internet-banking and SMS-banking yet. SMS-banking is well developed in international banks, as well as in Kazakhstan. One of the banks that use this system is Kazkommertsbank. Thus, Alliance Bank can differentiate its services by using one more feature to its customers. SMS-banking is very trustful, safe application that allows doing following operations: Balance enquiry Statement request Fund transfer to account number Fund transfer to mobile number Current exchange rates information; deposit interest rates Bank could spread new offerings, i.e. do mobile marketing through the SMS-banking, which allows decreasing the amount of funds spent for marketing. Bank could also use one of the latest tools against cyber-fraud – One-time password. OTPs are requested each time customer wants to perform transactions. Once password is used, it expires. Most of SMS-banking solutions are add-on products, which work on bank’s existing platform. Today, however, some companies develop independent applications that allow using SMS-banking. For instance, Alliance bank has access to â€Å"SMS banking† application for Apple products. The problem with this application is that it is only available for Apple products and also it is not easy to use. Ratings of users remain very low. There is one more application available for android system, called â€Å"Handpay†. This application, however, is also not easy to use, requires high speed of internet. Payment is only withdrawn for SMS-requi ries sent to the bank. However, customers do not find it useful. Therefore, we suggest developing a new platform for the bank. Firstly, it will increase the safety of operations for customers. Secondly, it will allow bank to charge customers with monthly fee (200 KZT for example), which is additional source of income. Thirdly, it will allow bank to spread information about new products without spending money for advertisement (through pull messages). Another business strategy recommendation for Alliance Bank is to introduce a new service – pension accounts. This is very convenient service for Alliance Bank subscribes because their long term clients will stay with their bank even during pension period. This service gives an opportunity for pensioners to get their pensions and make other  transactions with the same account. Alliance Bank should think about new activities which differentiate them from their competitors. One of such activities is launching pension cards for free. Another activity which our team recommends to Alliance Bank is that the bank should offer pensioners to buy or order Internet transactions with lowest possible rate. Pension accounts will give Alliance Bank and additional opportunity to expand its network. 6. Recommendation (Functional strategy) The functional strategy of the bank should be based on both recommendations on corporate and business strategies that our team offered. Different departments in the bank, such as Human Resource, R&D, Marketing and Accounting/Finance realize functional strategy. The main aim of functional strategy is to assure that corporate and business strategies implemented by the bank are successful. Alliance Bank should implement following activities for each of the above-mentioned departments: Corporate Strategy Business Strategy Strategy/ Department Strategic alliance Insurance Company Geographic expansion SMS Banking Pension account Marketing Think of appropriate way to deliver this message to customers Calculate efficiency of these alliance Use Push marketing Think of appropriate way to enter insurance market Use Pull marketing Contact local advertising agency to plan their marketing campaign for entering new market Use Pull marketing Think of appropriate way to deliver this message to customers Use Push marketing Think of appropriate way to deliver this message to existing clients Use Push marketing H&R Select new manager for executive position Hire new personnel for new company Select and send their specialist to the new market Hire new local people for different positions Train the local personnel Hire appropriate IT specialist Teach marketing team the usage of the technology Assign a team from existing staff R&D Make research before the implementation of alliance Monitoring the efficiency of alliance Technological leader Research about current market on insurance industry Technological follower Research on the situation of the banking industry in Tajikistan & Kyrgyzstan Technological leader Research sms-banking application and find the most appropriate and easy to use Technological follower Technological follower Accounting/Finance Create pro-forma statement Find the most appropriate investors Find the ways to minimize the costs of opening the new business Calculate the future profits of the company Consider the opportunity of debt financing versus equity financing Find the ways to minimize the costs of opening the new business Calculate the future profits of the company Create pro-forma statement Create pro-forma statement 7. Implementation According to our recommendations, Alliance Bank should introduce; 1) Strategic alliance with Kazkomertsbank and Halyk Bank, 2) Introducing insurance company, 3) Geographic expansion under corporate strategy. Additionally, there were some more recommendations under the business strategy such as: SMS banking and pension account. Accordingly these new activities and businesses will change organizational structure of Alliance Bank and may introduce new management strategy. For signing Strategic Alliance, the bank itself will be responsible for all documentations. As for introducing insurance company, the company will have another division with responsible management. This would be the example of divisional type of organizational structure. In case of opening Alliance Bank’s branches in Tajikistan or Kyrgyzstan, the company should have a new managerial position with all functional areas in both countries. Here, Alliance Bank showing the geographic type of organizational structure. General Manager of both country branches will rapport to CEO of company in Kazakhstan. As about introducing SMS banking, the Engineering Manager and R&D Manager will be responsible for launching this service. When this service starts operating, a new manager should coordinate this service. In case of pension account, a new manager under the CEO of Alliance Bank will be assigned. In last two activities Alliance Bank will have the combination of functional and matrix types of organizational structure. It shows that implementing our recommendations will change the organizational structure of Alliance Bank significantly. 8. Conclusion The current situation of Alliance Bank makes the managers to think about new strategic plans in order to survive further. The company’s external and internal analyses show that company can introduce new activities and businesses which would be profitable for Alliance Bank. Our recommendations are based on analyses of SWOT, VRIO, Value Chain and PESTLE. Alliance Bank should introduce corporate strategies as Strategic Alliance with Kazkommertsbank and Halyk Bank, establishing a new Insurance Company and expanding geographically. Implementation of Strategic Alliance would take 3-5 months; establishing an insurance company would take 3-4 years; and geographic expansion would take much longer – 4-5 years. Alliance bank should introduce business strategies as SMS-banking and pension accounts.  Development of the SMS-banking would take 1 year and the development of pension accounts would take 3-4 years. To successfully implement the corporate and business strategies, Allianc e bank should involve all the departments of its company. Therefore, Alliance bank should have a good functional strategy. This would include involvement of Marketing, Human Resource, Research and Development, and Finance and Accounting departments. Overall, by summing up all those strategies we developed recommendations for Alliance bank which includes usage of corporate and business strategies in different situations as this would help a company to recover from the technical default and improve its current financial situation. 9. References Berger, A. N. & DeYong, R. (n.d.). The Effects of Geographic Expansion on Bank Efficiency. Journal of Financial Services Research. Retrieved from http://www.federalreserve.gov/pubs/feds/2001/200103/200103pap.pdf Biery , M. E. (2013). The Most Profitable Businesses to Start. Forbes. Retrieved from http://www.forbes.com/sites/sageworks/2013/04/28/the-most-profitable-businesses-to-start/ Clardy, A. (2013). Strengths vs. Strong Position: Rethinking the Nature of SWOT Analysis. Modern Management Science & Engineering, 1(1). Kazakhstan commercial banking report. (2012). Business Monitor International. Kazakhstan Overview. The World Bank, (2014). Retrieved from http://www.worldbank.org/en/country/kazakhstan/overview Tatum, M. (2014). What Is a Concentration Strategy? Retrieved from http://www.wisegeek.com/what-is-a-concentration-strategy.htm Toktabayev, K. (2013). Internet Banking. Business Review. Retrieved from http://profit.kz/articles/2019/Internet-banking-2013-ili-Odin-v-banke-dnem-she st-let-spustya/ Vidyanova, A. (2014). Alliance Bank Faced Technical Default.Capital Finance. Retrieved from http://kapital.kz/finance/26763/v-alyans-banke-proizoshel-tehnicheskij-defolt.html Yertayev, Z. (2013). Position of Kazakhstani banking system today – Review. Forbes journal. Retrieved from http://forbes.kz/life/opinion/v_kakoy_zone_nahoditsya_bankovskaya_sistema_kazahstana

Early Childhood Education Essay - 1573 Words

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The Theory Behind The Efficient Market Hypothesis Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2542 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? If an investor his money in the stock market, he wants to achieve a good return on invested capital. Nowadays, many business people are trying to market their money to beat, because they aim to achieve not only a profit. However, market efficiency the efficient market hypothesis (EMH) formulated by Eugene Fama in 1970, sat down, suggests that market at any given time, prices fully reflect all available information about a particular stock and / or. Don’t waste time! Our writers will create an original "The Theory Behind The Efficient Market Hypothesis Finance Essay" essay for you Create order Thus, according to the EMH, no investor has an advantage in predicting a return on the stock price, because no one has access to information not already available for everyone else. The influence of efficiency: non-predictability: Is (information on economic events, political and social impact on investors, because the information is not limited to research and financial news, it depends on the investor, as he perceives this information, this message is reflected in its share price. Reports for theory efficient markets are markets that all members have the same information about the prices, and they respond to this information, and no one has the ability to profit from anyone Goth Prices in the market are random and are not predictable, so that the procedure to invest money can be recognized, then you can not plan its investment and that is why he can not be successful. EMH has this hike in prices, which caused the goal to beat the market consistently causes of failure to invest in the market. In fact, it is profitable to invest in index funds for an investor to make profits. Anomalies: The challenge for the efficiency: There are some arguments have EMH in this world of investments and the market from investors such as Warren Buffet, whose strategy is to stock that is undervalued, who provides an example for followers to beat by a great deal of money. There are managers who get the better results as compared to others, and compare with others than when we try to invest in areas, then there exists renowned research analysis, so if you to hit the market and then profit, as the performance can be random. There are arguments that states that EMH are present, and here are some examples of how effects of the weekend, she recommends the purchase on Monday morning and Friday afternoon, the prices are different on weekends versus weekdays. The prices are higher in January for the start of the new year and show a higher return. Funding of studies on the psychology of investors on the prices defined so that it can be some procedures in the stock market. Investors are happy to review, which is undervalued, and they tend, the overvaluation of the market participants and the result is yours to buy, is efficient. Investors or short-term shareholder move into and out of the hottest and newest stock proposed because of the mass mentality of the trendy, through economic MIT professor Paul Krugman. The result is then on the prices in a bad shape and the market will not result in the air. The prices are not the information available on the market. Rather than be manipulated for profit-seekers to understand the prices. The EMH answer: The EMH does not dismiss the possibility of anomalies in the market, which is in the production of the highest profit. In fact, market efficiency is not required, the prices equal to fair value all the time. The prices may be overvalued or undervalued is only in random events, so they eventual ly returned to their means. As such, because the deviations from the fair price of a stock at random to investment strategies that can not be beaten in the market in accordance phenomena. Moreover, the hypothesis makes that does not do an investor who outperforms the market from this fate, but no luck. EMH supporters say this is by the laws of probability at a given time in a market with a large number of investors, some will excel, while others remain average. How does a market become more efficient? In order to become more efficient market, the investor must recognize that a market is not efficient, and propose possible. Ironically, investment strategies should take advantage of inefficiencies in fact the fuel that keeps a market efficiently. A market must be large and liquid. Information must be generally available and released in terms of accessibility and cost, and investors in more or less the same time. Transaction costs have to be cheaper than the expected profit s of the investment strategy. Investors also need sufficient resources to the advantage of inefficiency, until it disappears, as stated in the EMH, it again. Above all, an investor has to believe that she or he can surpass the market. Degree of efficiency: Accepting the EMH in its purest form can be difficult, but there are three identified classifications of the EMH, which have at or to which it can be applied to the markets to target. 1. Strong performance This is the strongest version, which states that all information is in a market, whether public or private, accounted for a share. Not even insider information could allow an investor an advantage. 2. Semi-strong efficiency This form of the EMH implies that all public information in the current share price a stocks price is calculated. Neither fundamental nor technical analysis can be used to achieve superior returns. 3. Poor performance this type of EMH asserts that all previous prices are for one shares down on todays stock price. Therefore, the technical analysis can not be used to predict and beat a market. Executive Summary: The markets are not perfect, but pretty hard! Research and the idea of market efficiency have come a long way in the past 30 years. Many of the irregularities could take the result of measurement errors and lack of time to different risks and returns and the cost of information.   Ãƒâ€šÃƒâ€š Basic idea of market efficiency is that the competition all the information in the price drive fast. This idea has its start, at least in part by the ball and in 1968 Browns discussion paper in earnings announcements. The authors found that 80% of the market was news before the announcement and the projected 3 a.m. to 6 p.m.-month returns following the announcement of nearly zero. Of course, following Fama, French, Jensen and Roll 1969 dividend divided paper (FFJR), the first real event was study, the researchers found a regular market very efficiently. These papers helped to remove the generally prevailing opinion that the market prices were estimated not to be trusted completely as a means of scientific research used. The more theoretical models of Modigliani and Miller, Sharpe and Lintner (CAPM) and Black and Scholes (1973) contributed to the idea that the markets were efficient support to win. (The other models are more credibility to the event-study results.) Fama first defines the term efficient market in financial literature in 1965, maximized as a market with a large number of profit , with each trying to predict future market values and information is almost freely available. Ball in 1969 FFJR paper describes the introduction of event time as the event that even the most important breakthrough in our understanding of how stock prices react to new information may have been. Ball without support while the efficiency of the market to recognize several limitations, streamed into the day as a researcher in search of anomalies were detected. Ball shares the research into three overlapping groups Empirical Anomalies: Problems with the installation of the theory to the data price overreactions (eg Debont and Thaler 1985), excess volatility (Shiller 1981), In response to good earning potential announcements, CAPM, seasonal patterns Errors in the efficiency as a model of exchange. (This is perhaps the strongest part of the paper) The basic idea is that we have information on the funding to zero when they are in fact positive. Everyone recognizes that these costs should be included in any efficiency of search, but we do not know these costs, we assume it equal to zero. Further, even if it publish discrepancies found that the researchers, why? If this is true, no data anomalies and quirks, then why not trade on the information? Publishing ie, the usefulness of this information is not large. What we really need to know is the expected profits from production and trade on private information. Ball also makes the humorous remark that a trading strategy modeled (on past data, but with the help of modern computer and statistical methods) is similar to using a modern war, acquire technology, simulated gains in the Middle Ages. (Note: For those of you not sure about it, I suggest you to read a Connecticut Yankee in King Arthurs Court by Mark Twain). The fact that no researcher can know, abnormal profits is not surpri sing. Suppose marginal utility equals marginal cost, the marginal utility of the analyst is quite small. Ball outlines an example where the cost is for a given forecast of $ 2000. This is only a per thousand of 2 billion U.S. dollars firm. Ball also points out the obvious: certain investors (like Warren Buffet) have access to better information, and then possibly lower returns required. Ball also notes that analysts play an important role in reducing the uncertainty by reporting on what other investors are able to do and how they play on the company. Problems in Testing Efficiency as a model of the stock market This section deals with problems in assessing market efficiency Joint hypothesis problem: to study the efficiency and the model of the market Changes in risk-free interest rate and risk premiums: serial correlation can be the result of the time different prices and premiums. Changes in risk (even though the companies usually predictable seasonal or major events on Monday in December, etc.) geben. As a result, we can not say much definitive. The final section (before the conclusion) asks Is behavioral finance is the answer? Ball answered his own question with a negative. He holds that position, because (as Fama) he believes that the school has its own Behavorialist anomalies and grossly inconsistent with competitive markets. Ball concludes his paper with the words the theory of efficient markets, like all theories, an imperfect and limited view of equity markets. The issue is not resolved conclusively, while there are so many mandatory restrictions on the asset pricing models are based on empirical tests of market efficiency. Further, he says that he by the transformation of the form has advantages EMH considers lived securities markets, and [he] is still responding, how good the prices to information to what impressed thirty years ago to be expected. Theory: Innovation and growth are the only ways to company survival and prosperity. Consistently meet and exceed customer expectations requires intensive efforts to minimize process variation promoted through creative thinking. It must be remembered that creative thinking involves risk of errors, as do all methods of experimentation cry for freedom from the accepted way of things. Reverse engineering to identify redundancy Roots: On the same implementation of Six Sigma techniques that are so successful, have the potential to lead to his dismissal. The normal tendency of a newcomer to Six Sigma implementation will be the Six Sigma principles to reduce everything and anything for the variability, but adds the additional unproductive to waste because of unplanned activities. The techniques involved in the implementation are the places to look for the causes of errors. Although this is a typical range for Six Sigma with several trials and failures for many years in a company, it can throw some insight into the root of error generators. The foll owing is a partial list of areas that you must pay attention to: Project selection Statistical Process Control Assessment of the measuring system Analysis of variance using ANOVA Failure modes and effects analysis (FMEA) The need to provide documentation in the reaction with the same approach and reiterated zeal can no longer emphasized. We may not get the impression that redundancy analysis is a kind of test of Six Sigma. But the fact of the matter is that checks and balances will be treated as an integrated DMAIC phases or DMADV. Redundancy by resistance to change: Resistance to change is considered one of the most important areas of analysis for redundancy factor. A black belt does not need to construct these changes as a notional resistance, as most modern organizations have efficient ways of producing desired results with appropriate inputs. The mere suggestion of process changes were a risk, considered as contrary to their long-established paths. Second , the departments such as finance and materials management are not in a position, results of Six Sigma deployment as quickly as the other departments within the company to see how the production. Means of redundancy analysis: There are no special tools for the analysis of redundant) implementation of Six Sigma, although some practitioners recite TRIZ (Russian acronym for Theory of Inventive Problem Solving to identify redundancies. However, just as a rule, the same tools used to implement useful, even in this case. The procedure, carried out after the instruments error generators prior to the implementation should be repeated to expose this error. Analytical and statistical tools in marked contrast pre-and post-data with extreme precision. The mindset of redundancy Analyst: It helps an in-house man for the analysis of layoffs. An experienced person with a long inside the organization has some advantages, which start with. It is important to understand that resistance to change is mainly due to the inertia and what it takes to the ice with a heavy reliance on formal mechanisms of cutting through the right display the entire image. One must be careful to fall victim to when redoing frustrations with statistical analysis to avoid facing. The only thing the redundancy analyst must keep in mind, above all, that kills any wastage of profitability. Conclusion: EMH propagandists will find that profit-seekers to use in practice, which is unusual so far, until it disappears. In cases such as the January effect (a predictable pattern) of a price movement, large transactions costs are likely to take advantage of attempting to outweigh the advantage of such a trend is increasing. In the real world, markets can not be efficiently or inefficiently. It might make sense, the markets are essentially a mixture of both to see where daily decisions and events are not always immediately in a market-expression. When all participants were to believe that the mark et is efficient, would anyone looking for extraordinary profits, which holds the power to the wheels of the market is turning. In this age of information technology (IT), but markets around the world gain greater efficiency. It allows a more effective, faster means to disseminate information, and electronic trade can be to adjust the prices to go faster on news in the market. However, while the pace at which information we receive and accelerated execution of transactions, IT reduces the time it uses the information to validate a trade. It may inadvertently result in less efficiency if the quality of the information that we no longer use, it allows us to profit-generating decisions. Literature: Article (Managerial Finance (1994 Volume 30 Issue 2 / 3)) Accounting and Finance by Peter Atrill and Eddie McLaney (fourth edition) www-resources: https://www.financeprofessor.com/ https://www.streetdirectory.com