Strat-Management Essay Example | Topics and Well Written Essays - 1500 words

Strat-Management - Essay Example DP world is amongst the world’s largest port operating entities that has an established business base and considerable potential with the ventures expanded over different major ports of the world that are hub to the services, containers and shipping. Company specialization: It specializes in the ports and terminal operations. The company has enjoyed control over three major cargo terminals in this area and has recently decided to sell as high as 60 percent of its terminal stakes (portstrategy 2012). It facilities the functions of performing cargo terminal services across the major docks and primarily on the Belgian docks as in this particular case. This move of selling the shares comes as a result of agreement and settlement with a locally operated company in the name of Zuidnatie, which aims to overtake and purchase as many as 60 percent of the overall shares of the company that were owned by it previously. This decision has various repercussions ranging from business view po int, to economic and strategic since the brand name is already established and also the services delivery infrastructure has been in place as well. Therefore understanding its long term, short term impacts is vital along with the possible angles and dimensions under which this move may have been initiated. Core idea: The idea behind selling its break bulk terminal is trigged by the move and motive to focus on the core services which is that of deep water container facility. This move is accompanied by that of expansion of its services and facilities usage in the Delwaide Dock terminal, which again is a front line terminal and would enable better focus on the core stream. The overall sales are worth around 60 million dollars. Repercussions: Since the decision is of major significance, it has both internal impacts and external, each of these need to be evaluated in terms of the possible impacts on DP world, this will be looked into with reference to the internal variables, internal fa cilities, the workers response, and on external front, it would be gauged against the supply chain factor, the market competition, the rivals response, the possible loss of customers and clients by giving up the terminal that has long been associated with DP world and other factors. All these need to be critically evaluated and observed in order to assess the impacts and determine whether this decision would augur any positives for the company or possibly lead to the negative impacts on the overall organization. It is potentially amongst the top three largest stevedores in the Port of Antwerp and its decision to abandon and sell its services will have impacts both on DP world itself and the overall terminal’s environment since it is an established entity and has been around and has earned the clients trust for considerable time (Barnard 2012). Under the law and rules and regulation of the porting industry, 70 jobs have to be cut off in lieu of this decision which would includ e 40 white collar jobs, and 30 blue collar jobs (Nobx 2012). The trend: DP world has exhibited similar behavior in recent times, and this is not the only and unique function being performed, the selling of its 20 percent shares to the Russian giants was one similar example. Another similar event came to forth in form of DP world’

The Group Conflict Essay Example | Topics and Well Written Essays - 1750 words

The Group Conflict - Essay Example The author of the essay "The Group Conflict" makes an interesting conclusion and gives his recommendations. He answers the question: "How to manage bullying in the workplace"? Develop and implement a plan to reduce the risk of workplace bullying, which should include the following steps: 1. Develop a culture of support for employees by: †¢ Improving the quality of performance feedback, including informal development oriented feedback as well as corrective feedback †¢ Improving the availability of flexible working arrangements, and ensuring fair and reasonable treatment of staff †¢ Communicating openly at all levels, fostering a more engaging work environment through involvement of staff in decision-making processes that impact on their work †¢ Increasing accountability of management by setting targets/goals and ensuring effective reporting structures. 2. Write a policy or code of conduct, in consultation with employees 3. Provide training on the organization’s policies and procedures, and ensure that supervisors and managers have the skills to recognize and deal with inappropriate behavior. Create awareness about what bullying is, the warning signals and effects, why it is not tolerated and include this information during induction of new employees. 4. Develop complaint handling and investigation procedures and treat all complaints seriously. 5. Appoint a contact person for informal inquiries, concerns or complaints, so that actions can be taken early in the process to avoid unacceptable behavior escalating into workplace bullying.

Artificial Intelligence in the Near Future Essay Example for Free

Artificial Intelligence in the Near Future Essay Have you ever wondered what it would be like to have a bunch of robots do everything for you? Cook, clean, run errands, maybe even take care of the children and animals. That sounds like a pretty easy life. What would you do though if they all turned on you; suddenly your easy life was made more difficult than before. There are two sides to Artificial Intelligence, much like there are two sides to every person. There is a lot to take in when talking about Artificial Intelligence, such as what it means, how it started, advantages, disadvantages, things that use artificial Intelligence, how do other people feel about it, how do you feel about it, and many other questions. So what is Artificial Intelligence? Artificial Intelligence is considered the development of machines such as robots and security systems that do the jobs of humans. They are also able to understand human speech. With this being said in the future robots will be able to do everything humans can, if not better. Things that use Artificial Intelligence will be programmed to response to voices, either any voice that speak to it, or only certain ones. Systems that can only open to a certain voice are most likely going to be used for government work, while ones that open to any can be used for everyday things. In 1963 Konrad Zuse invented the Z1 computer. This computer was the first computer that was freely programmable. 1942 John Atanasoff and Clifford Berry Created the ABC Computer, twenty years later Steve Russell and MIT invent the Spacewar computer game, which was the first computer game on record. By 1973 Robert Metcalfe and Xerox were able to come up with computer networking. Eleven years after that in 1984 Apple invented the Macintosh Computer, which was the first affordable desktop computer to be in homes. In 1949, between the ABC Computer and the first computer networking advancement in computer theory lead to computer science, and eventually Artificial Intelligence. After networking came about AI (Artificial Intelligence) became possible. Norbert Wiener was the first American to make the observation between human intelligence and machine, this happened back in 1950. Even though Norbert made the connection John McCarthy was consider the father of AI, because he put together many conferences to get AI up and working. This took seven years. Finally the Thermostat was consider the first AI because it could control the temperature in the room, it was able to notice if the room was to hot or too cold, and adjust it to your liking. Then in 1955 The Logic Theorist was developed by Newell and Simon, and consider to be the first AI computer program. BY 1960 it was predicted that by 1985 AI would be doing the job of humans (Kurweil 69) Fast forwarding to the present AI has skyrocketed. There are vacuums that all you have to do is press the power button and it does everything on its own there is no need for you to do any of the work. GPS are also a great invention, put one in your car, or type on your phone and it can tell you how to get where you need to be, as well as find shorter routes, non toll roads, as well as avoiding accidents or back up traffic, you can even put in if you are walking or riding a bike. Smart phones have made lives easier as well. There is so much you can do with them, from checking bank account to putting in reminders, and some things are even voice activated. ATT Bell Laboratories may be the single most active telecommunications body working in Artificial Intelligence. Now if you want to have some fun with an AI, Cleverbot is the way to go. Cleverbot is a computer system that you can talk to, it’s doesn’t always have the nicest things to say, or even make sense but it is fun to play around with. The most recent thing to come of age is a car that drives itself, and is able to tell the difference between people who are walking and those on bikes. In 2004 the Company named Topix was founded by Sun Microsystems and Netscape engineers Tom Markson, Bryan Dole, and Bob Truel. This company created artificial intelligence algorithms to monitor news from more than 50,000 sources. They later added user-generated capabilities allowing site visitors to share, edit, and discuss news. Having an item that is an AI has its advantages. For starters it would make for safer work places. Some work places have jobs with low oxygen, radioactive elements or even poor weather conditions, if we have robot working in those environment instead of human, many lives could be saved. Even jobs that keep families apart would be at an all time low. NASA and the Military would also have more advance weapons. They would be able to notice and destroy other countries harmful weapons and keep us safer. Also if we had robots and other types of machines that do not need to rest or eat, they could work around the clock on finding a cure for cancer, and ending world hunger. Instead of sending our men and woman to foreign countries were they are bombed and shot at, we could send AI machines. Most of all there would be less error in the work place. Many places already use machine to do things because they can better measure out the right amount of equipment. There is a downside to using AI as well. With the rise of robots taking over jobs it means people will be replaced. The unemployment rate will go up, less people will get the help they need because too many people will need assistants, and laziness in humans will reach an all time high. Without having to go anywhere or do anything that will leave people to sit and watch TV all day. With jobs being taken away, younger generations will be at a disadvantage because they will not know what it is like to â€Å"earn a buck†. As AI grows they will be collecting all kinds of information, too much knowledge for one being is not a good thing, they might end up thinking they are smarter than us, and go haywire causing more problems. Not to mention if the wrong people get their hands on it they could misuse it. Most of all though it will be pricey. Meaning the people will have higher taxes to pay, and with robots doing all the work with money we just don’t have. When it comes to artificial intelligence my thoughts on it are 50/50. While I think it would be great to have extra help in work places or around the home, as well as not having to put so many people in danger just to get a job done I myself would not want to lose my job. I feel that if we use artificial intelligence for the good of others and not just to make things easier then we should do fine, but we must be careful that it does not fall into the wrong hands. After taking a survey of ten men and ten woman ranging from the ages twenty to forty, asking them if they think artificial intelligence would be a good use for the future, the result were as followed: five said yes, five said no, 3 were unsure, and seven think it would be both good and bad. In the twenty age group most were unsure though those who chose both were close behind, yes and no’s were equal. In the age group of thirty there were no yes’s or unsure, those who chose no were beaten out by those who chose both. In the forty age rang there were no unsure, those who chose both and no’s were equal as the yes’s beat them out. So it would seem the younger you are the more you are not sure, and the older you are the more you would like it to happen. I asked the people that I surveyed why they picked the answer they did. For those who said No, most of them said it was because they wouldn’t want to lose their job, while other worry about the system outsmarting us and causing a lot of damage and problems, pulse they have no moral judgment, compassion or other human emotions. Those who said yes were looking forward to work being easier, decision making would be easier and not put as much pressure on the person in charge. One of the people who said yes had this to say â€Å"Yes they could rescue a child from a burning building without getting hurt†¦83 Firefighters died last year while attempting to stop fires. That number would be zero if we had AI in the sense of I, Robot. Thats just one example but the implications are innumerable. Would you rather have a robot that never fatigues or gets distracted do surgery on your brain or a surgeon that may have had a late night or may have a difficult personal issue on his mind, like a divorce? (J.s).Those who choose both thought that it should be allowed, but with limits. Everyone has questions when it comes to AI. The one that seems to be worried about the most though is â€Å"will laws change, or will there be different laws for AI? People are worried that they will have to learn a new set of laws. If by chance there are different laws for AI beings will they be just as fair as ours? Or will they have more privileges? There is so much information out there when it comes to AI that it can be hard to keep up with. Now that you know what AI is, how it started, things that use it, advantages and disadvantages, my thoughts, other peoples thoughts and questions that are asked you have a good head start on learning more. What you find may surprise you and enlighten you, but nevertheless it is very interesting. One last piece of advice I would give to anyone, is since AI can be used for good or bad, watch whose hands it falls into.

Its Time to Move Beyound Race Essay -- essays research papers

In Michael Omi and Howard Winant’s essay â€Å"Racial Formation†, we see how the tendency to assign each individual a specific race as misleading. This essay suggests that race is not merely biological, but rather lays more in sociology and historical perspective. Once we look at someone and say, â€Å"They’re white†, it brings forth all the stereotype’s that go along with that â€Å"race†, and once the race is assigned, it is assumed that we can know something about the person. Indeed, if we were to accept that people do fall nicely into specific races, it would seem to ascribe a sort of universality to the group. In other words, if a black man from Kenya was raised in Chicago, IL, rather than Kenya, due to his biological race, it could be assumed the way this man would act. This is far from the truth and much where the paper hinges. It would be safer to say, much in line with the â€Å"nurture vs. nature† argument that the society in which this black man from Kenya entered would affect him greater and adjust his attitudes than some sort of genetic clock-work. There would not be some sort of ancestral memory of how this man should act: his religion would be removed if he had no one reinforcing it in his life. This may seem to be an obvious example, as there are certainly some compelling arguments that may attribute certain specific biological facts to a certain group of people. For example, people of African decent are more likely to come down with sickle-cell anemia, directly related to gen... It's Time to Move Beyound Race Essay -- essays research papers In Michael Omi and Howard Winant’s essay â€Å"Racial Formation†, we see how the tendency to assign each individual a specific race as misleading. This essay suggests that race is not merely biological, but rather lays more in sociology and historical perspective. Once we look at someone and say, â€Å"They’re white†, it brings forth all the stereotype’s that go along with that â€Å"race†, and once the race is assigned, it is assumed that we can know something about the person. Indeed, if we were to accept that people do fall nicely into specific races, it would seem to ascribe a sort of universality to the group. In other words, if a black man from Kenya was raised in Chicago, IL, rather than Kenya, due to his biological race, it could be assumed the way this man would act. This is far from the truth and much where the paper hinges. It would be safer to say, much in line with the â€Å"nurture vs. nature† argument that the society in which this black man from Kenya entered would affect him greater and adjust his attitudes than some sort of genetic clock-work. There would not be some sort of ancestral memory of how this man should act: his religion would be removed if he had no one reinforcing it in his life. This may seem to be an obvious example, as there are certainly some compelling arguments that may attribute certain specific biological facts to a certain group of people. For example, people of African decent are more likely to come down with sickle-cell anemia, directly related to gen...

Interpreting Laws and Court Decisions Essay

Interpreting Laws and Court Decisions Interpreting labor and employment laws, as well as court decisions, can be a tedious task at best. The laws set in place are constantly changing and use language that is not easily deciphered by the average working American. The United States Labor laws cover the binding legal connection between the employers, their employees and the employee labor unions. Within the borders of the United States; it is generally know that employers and labor unions do not see eye to eye on most issues regarding labor and employment laws. Labor laws can address one of three different situations: â€Å"A union attempts to organize the employees of an employer and to get the employer to recognize it as the employees’ bargaining representative; (2) a union seeks to negotiate a collective bargaining agreement with an employer; or (3) a union and employer disagree on the interpretation and application of an existing contract between the two. Within these three situations, specific rules have been c reated to deal with rights of employees and employers.† (Labor Law, 2005) The third situation is often seen more times than not; thus creating an everlasting rift between the two parties. In the case study 1-1 of our text, Reinstatement and Back Pay Remedy for Illegal Discharge, it seemed like a common sense; open and shut scenario. My initial thoughts without any research had me thinking there was no way an employer would need to reinstate an unlawfully terminated employee, since the person in question is an illegal alien. Recent events in the United States Court of Appeals for the Second Circuit showed that my thoughts were way off base and wrong. The Second Circuit Court of Appeals decided on a case, Palma v NLRB, on July 10, 2013 that an employer could be required to reinstate illegal aliens previously terminated in violation of the NRLA; or National Labor Relations Act. (Palma v NRLB, 2013) This particular case was on appeal from a National Labor Relations Board (NLRB) decision that was Hoffman Plastics Compounds, Inc v. National Labor Relations Board, which found the employer unlawfully terminated the aliens for engaging n concerted protected activity under the NRLA, but the aliens were not entitled to an  award of back pay. (Hoffman Plastics v. NLRB, 2001) On appeal, the Second Circuit reaffirmed the Hoffman Plastics ruling prohibiting back pay to undocumented aliens, however the bare bones of the final ruling states than an employer that fires employees in violation of the NLRA essentially could be required to reinstate ex-employees it knows to be illegal aliens pending these workers can show proof of work authorization and present it to the employers (Palma v. NRLB, 2013). The next question for this particular case study is if it’s possible for the court to enforce the voluntary settlement agreement between the employer and NRLB without violating any immigration laws? I believe the answer is yes on account of the Palma ruling, as long as the â€Å"illegal aliens† can provide proof of work authorization, they’re sitting in the driver’s seat with minimal worries. Case Study 3-3 within our text book, titled â€Å"NLRB Jurisdiction over a Private Charter School†, we’re being asked if the Charter Schools Professional Management Inc (CSPMI) â€Å"meets the definition of an employer, as stated n Section 2 (2), LMRA and therefore, the board may assert jurisdiction and conduct a representation election?† (Holley, Jennings, Wolters, 2012). The case study tells us that: To be exempt from NLRB jurisdiction as a political subdivision of a state, the employer must either (1) be created directly by the state so as to constitute a department or administrative arm of the government, or (2) administered by individuals who are responsible to public officials or to the general electorate (pgs. 114-115) CSPMI was not created by the state or any government entity, rather is a private, for-profit organization and the board is elected by the ownership of the corporation. This right here shows me that they are not exempt from NLRB jurisdiction. An interesting case, Chicago Mathematics & Science Academy Charter School, Inc., Employer and Chicago Alliance of Charter Teachers & Staff, F, AFT, AFL-CIO, Petitioner, was discussing the issue on whether a private, nonprofit corporation that established and operates a public charter school in Chicago, Illinois, is exempt from our jurisdiction because it’s a political subdivision of the State of Illinois within the meaning of section 2(2) of the NLRA (Chicago, 2012). The summary  of this particular case state: While CMSA is not a political subdivision of the State of Illinois or the City of Chicago, I would decline jurisdiction because it is so closely intertwined with and defined by those governmental entities in providing services of a peculiarly public and local nature. I am also noting that declining jurisdiction would not leave CMSA’s employees without the possibility of collective-bargaini ng representation. It would only subject them to the same labor relations laws as are applicable to others who, like them, are defined by statute as public employees in a public educational system. Accordingly, I would dismiss the petition. (Chicago, 2012) REFERENCES: Chicago Mathematics & Science Academy Charter School, Inc., Employer and Chicago Alliance of Charter Teachers & Staff, F, AFT, AFL-CIO, Petitioner. Case 13-RM-001768, 2012 Holley Jr, W., Jennings, K, & Wolters, R (2012) The Labor Relations Process 10th edition. South-Western CENAGE Learning; United States â€Å"Labor Law.† West’s Encyclopedia of American Law. 2005. Retrieved from Encyclopedia.com: http://www.encyclopedia.com/doc/1G2-3437702567.HTML Palma v. NLRB, 12-1199 (2d Cir. 2013)

Silic Case

Accy 510 Silic Case Homework Assignment Name: Yue (Josie) Deng Date: June 11, 2012 #1 On 01/01/2003, Silic should record the one-off, fair-value revaluation as result of its adoption of SIIC tax regime. Because the building was appraised at â‚ ¬12,500 and originally bought at â‚ ¬10,000, the firm needs to make a journal entry to account for this increase in value 01/01/2003 Buildings & Landâ‚ ¬2,500 Revaluation Surplusâ‚ ¬2,500 * Land & Building = â‚ ¬12,500 – â‚ ¬10,000 = â‚ ¬2,500 * As we learned in class from reading Silic’s financial statements, 82. % of the unrealized gains from revaluation will flow to the Revaluation Surplus account and 17. 1% will flow to the Other Creditors account. * â‚ ¬2,500 * 82. 9% = â‚ ¬2,072 * â‚ ¬2,500 * 17. 1% = â‚ ¬428 * However, in this particular case, we combine the two accounts for simplicity purposes. On 12/31/2003, Silic need to record a depreciation expense on the building. 12/31/2003 Charge to Depreciationâ‚ ¬500 Depreciation & Provisions â‚ ¬500 Revaluation Surplus â‚ ¬100 Consolidated Reservesâ‚ ¬100 * As given in the question, the depreciation expense is â‚ ¬500.Silic depreciates its office and buildings on a straight-line basis. We can deduce the useful life of this particular building is 25 years (â‚ ¬12,500/â‚ ¬500 = 25 years). * The company also needs to amortize the revaluation surplus it originally recorded in response to the fair value revaluation based on the useful life of the building. â‚ ¬2,500/25 years = â‚ ¬100. The amortized amount moved to consolidated reserves (retained earnings). On 01/01/2004, Silic sold the building at â‚ ¬12,000 in cash. 01/01/2004 Cash â‚ ¬12,000 Depreciation & Provisions â‚ ¬2,900 Building & Land â‚ ¬12,500Gains on Disposal â‚ ¬2,400 Revaluation Surplusâ‚ ¬2,400 Consolidated Reserves â‚ ¬2,400 * The firm received â‚ ¬12,000 in cash by disposing the asset. The net value of the buil ding was â‚ ¬9,600 (â‚ ¬12,500 – â‚ ¬2,900 = â‚ ¬9,600). Thus, the firm sold the building at a gain of â‚ ¬2,400. * In addition, the firm needs to clear the revaluation surplus of this building to zero, and move the amount to consolidated reserves. #2 a) On 12/31/2012, Silic demolishes a fully-depreciated building. It needs to make the journal entry: 12/31/2012 Charge to Depreciation Depreciation and ProvisionDepreciation & Provision â‚ ¬64,000 Buildings & Landâ‚ ¬64,000 * The firm needs to first record the depreciation expense for the last year of the asset’s useful life. The amount cannot be determined by the given information provided in the question. * We also need to clear this particular building from the balance sheet by debiting Depreciation & Provision (contra-asset account) and crediting Building & Land. b) No, this would not produce a faithful representation of Silic’s activities for the building. We still need to amortize the rev aluation surplus for the last year.It would not be representational faithful if the remaining value of fair-value mark-up still sits in the Revaluation Surplus account, because the gain is already realized through the depreciation of the asset. We need to amortize the remaining surplus to consolidated reserves to show the event. Although this journal entry may not necessarily affect the value of total liabilities and equities, we still need to make sure to record this entry to provide investors with most representational faithful information. #3 01/01/2005 Buildings & Landâ‚ ¬93,863 Unrealized Gains on Land and Buildingsâ‚ ¬93,863 The number is calculated by subtracting the historical cost of land and buildings on exhibit 4 from the fair value of these assets on exhibit 4b. * â‚ ¬1,681,493 – (â‚ ¬1,139,063 + â‚ ¬448,567) = â‚ ¬93,863 #4 (a) From my point of view, cost accounting method provides more relevant information to investors. According to FAC No. 8 O bjectives of Financial Reporting, â€Å"relevant financial information is capable of making a difference in the decision made by users†. The two most important characteristics are the information’s predictive value and confirmatory value.As indicated in the case, Silic primarily competes in the French commercial-property market, which 72% (2004 data) of its earnings was derived from rental properties. As a result, its ordinary course of business centers around its leasing activities, and the fair market value of the properties is not a significant indicator of the company’s performance. Thus, the fluctuation in the value of properties should not materially affect investors’ decision making. Since the 1980s, the commercial property market of Paris and its surrounding region had experienced substantial upward and downward movements in the values of properties.If we incorporate the change in the fair market value into the computation of net income, Silicâ₠¬â„¢s bottom line would fluctuate significantly each year. However, the truth is â€Å"the French real estate and property management industry had been growing steadily at an average rate of 2. 8% per year. † The industry and the company have been on a steady growth trend. Investors would not be able capture the real picture of the operating performance of the company if it switched to fair market accounting of properties.Therefore, I support the company’s decision of measuring investment property using the cost model. This election provides more relevant information to investors with regards to the company’s operating performance. (b) I think historical cost accounting would present Silic in the most favorable light over time. As I discussed in part (a), the adoption of IAS no. 40 would require Silic to mark its investment properties to fair value during each reporting period, and report the gains and losses on its income statement.As indicated in the case, Fre nch real estate market had experienced substantial upward and downward movements in the value of properties. Thus, a probable outcome of fair value accounting would be a significant fluctuation in the firm’s bottom line during each reporting period. Fluctuations in net income signals great risk of the financial performance of an entity. A normal risk averse investors would not invest in an company that poses significant risk. Therefore, I believe historical cost accounting would present Silic in the most favorable light over time.

History of Management

History of Management Introduction Management is a profession as well as an art that has developed for a long period. Management has a long history that can be traced back to over a hundred years ago. It is important for any manager to understand the history of management to be able to steer an organization forward.Advertising We will write a custom essay sample on History of Management specifically for you for only $16.05 $11/page Learn More Managers need to understand where management started and how it has developed to reach where it is today. It is said that a country should have a memory; otherwise such a country is better referred to as ‘a nation of mad people’. Applying this to the management profession, it can be said that management that does not have memories is a management for ‘mad people’ (Smith, 2007). Not many scholars are interested in history. Most students are just interested in knowing how to manage, with only a few being interested in knowing where management came from and how it developed. This creates managers who do not have deep knowledge in management (Daft Marcic, 2013). In addition, most training institutions today do not give much emphasis on the history of management. It is still important to understand the origin of management, despite the fact that management is not a new term. The purpose of this essay is to explain why managers and management students should understand the history of management. Managers and management students need to study the history of management critically so that they can know where the profession is headed to in the future. Importance of studying history of management One of the major challenges that trainers face in teaching their managements students is taking them through the journey of the past management practices. Modern students seem not to understand much beyond their timeframe. It, therefore, becomes a mountain task for managers to explain anything that is outside w hat students have come to know as reality (Waddell, Jones George, 2011). As a result, too much of the context that management students require to understand the art of management is non-existent. Students fail to understand the contemporary importance of past theory and practice. It is important to note that the current theory has evolved from past theories. Therefore, managers and students might not understand the real context of theories and their applications if they have no idea of how the theories evolved. Understanding past theories would enable managers to compare the current practices in the organization with past theories.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This would make managers and management students understand where they go wrong and when they go wrong. The past theories have been constantly improved as the economic environment changes to make them rem ain relevant. Therefore, if managers understand these theories they are able to avoid practices that are contrary to the theories. As a result, managers are in a position to execute their duties in a manner that would take the organization forward (Wren, 1987). According to Smith (2007), understanding the history of management has the ability to add value to the curriculum of management. If management trainers and students spend more time exploring and studying the history of management, it will have a number of benefits to their practice. Most students often dismiss the importance of the history of management thought, and they claim that the events of yesteryears cannot be applied in today’s practice. Smith (2007) writes that educators need to ask themselves how students would fair if they were asked to explain the history of their profession. As a matter of fact, many of these students and to some extent even the educators would not be in a position to explain that history. There is an important point that is missed by dismissing management theory. The missed point is that, â€Å"development of any theory must be viewed in the context of its time† (Smith, 2007: 12). As a result, management students are likely to miss a lot because they fail to have a grip on historical events. If students cannot learn management right, then it means that they will not be able to execute their roles in the right way once they take up management roles. Managers are likely to lead the organization in the wrong direction. Decision making might become a problem to such managers since they are not able to set the right strategies for the organization. The value of their management will be low since they are likely to achieve little success. Understanding the history of management is like acquiring wisdom. It is only when one has wisdom that they are able to improve on their knowledge. The growth of knowledge is related to the attainment of knowledge. Therefore, it is only when one understands the history of management that they are able to improve their knowledge and learning of the same. When one has the history, it acts as the cornerstone on which they can expand their knowledge. Consequently, one is able to develop their judgement, and decision making ability improves significantly. For instance, the contributions by Frederick Winslow Taylor on ‘The Principles of Scientific Management’ have remained relevant to date. Taylor is today referred to as the father of modern management. He made his contributions in the early 20th century, but these contributions have remained effective to date.Advertising We will write a custom essay sample on History of Management specifically for you for only $16.05 $11/page Learn More Therefore, any manager or management student who does not understand the principles of management as contributed by Taylor is likely to lack the idea of current management practices. According to Giannantonio and Hurley-Hanson (2011), the ideas of Taylor have continued to dominate the management literature in the current management thought. The arguments that Taylor made in the year 1911 in his book, ‘The Principles of Scientific Management’ remain relevant even today. It is not possible for one to debate an issue that they do not know its origin. One cannot contribute to a debate that they do not know where the topic came from. It is also not possible to join a debate in the middle and make a relevant contribution. If a manager is to make any relevant contribution to the issues raised by Taylor, then they must understand how these principles have developed since 1911 when they were first brought forward. This further highlights the importance of managers and management students to critically learn and understand the history of management (Giannantonio Hurley- Hanson, 2011). If managers spend more time studying about the history of management and the contri butions that were made by economists and managers who lived many years ago, they would get a positive effect on management in the future (Waddell, Jones George, 2011). There is historical knowledge that students are likely to acquire in the study, and can be highly relevant in today’s business. A good example of this is Fordism. The theory of Fordism has remained effective in the motor industry since it was first described by Henry Ford in the year 1914 (Shioni, 1995). Students are less likely to acquire some of these skills if they fail to study the history of management. Students who study history of management are able to understand the mistakes that were made in the past and avoid them in the future. Such students and managers are also able to come up with ideas on how to improve on those mistakes. Once the students understand how the art of management has changed over time, they are able to think and understand how the current management practices work. For example, the contribution by Max Weber about the issue of bureaucracies in organizations did not bring much success to organizations since it was not motivating most employees. If a student understands the contributions by Max Weber, they are able to rectify bureaucratic procedures in the organization and achieve the success that was not achieved by bureaucratic managers in the past. The student is also able to develop more innovative ways of managing the organization. Failure to teach the history of management cannot be wholly blamed on lack of teachers to teach, but also on the lack of quality teaching materials that can help teachers (Cummings Bridgman, 2011).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Another issue that makes the history of management worth studying is that the definition of the term has its roots deep in history. The term management was yet to be defined at the beginning of the 20th century. No one had an idea of what management really is. It is interesting to note that management in practise existed long before the 20th century. However, no one had defined management until a French man known as Henri Fayol, an engineer who lived between the year 1841 and 1925, defined the term for the first time. The definition by Fayol has endured until today, and the current definition is heavily borrowed from Fayol’s definition. A student who has studied Fayol’s contribution is better positioned to define management and understand what the whole idea of management entails (Crainer, 2003). It is Fayol who suggested that a manager’s role is to ‘organize, to plan and to coordinate’ all the activities that take place in the organization. The def inition of the term management states that it management is all about â€Å"planning, controlling, coordinating, organization and staffing†. Everything that exists today comes for what was there in the past. In other words, it is not possible for organizations and the world in general to be where it is today there was no past. According to Bedeian (2004), lack of institutions to teach the history of management has led to production of managers who have doctorates, but are very illiterate. Bedeian (2004) further suggests that all the theories, models and methodologies that are applied today in management have been inherited from the past. Management students today fail in their practice since they do not appreciate a dictum by Isaac Newton in the year 1676: â€Å"that each succeeding generation stands on the shoulders of the giants that have gone before it† (Bedeian, 2004: 21). This means that it is not possible to start from nowhere and succeed in anything. One has to reflect on the works of the people who were there before and then build his or her success from there. This is a call for the current students and managers to critically understand the history of management. Managers will not succeed in their profession unless they have an idea of how the past management practices were and what mistakes were made. This way, managers will be able to correct on those mistakes and capitalize on the strengths of past theories. A manager who understands history is able to know the current position of the organization they are managing.They will then determine whether the events currently in the organization have any relation with the past events in the history of management. That way, managers will be able to understand the reason for the failures that occur in the organization and then rectify them. Generally, studying the history of management helps students and managers to integrate management with the current knowledge and consequently make very effe ctive managers who have the ability to move organizations forward (Wren, 1987). Conclusion Management is an art and a science that has evolved over time. The past management is strongly linked to the current management. As a result, for one to have a clear understanding of management it is important that they first study the history of management. This will give them a foundation on which they can build and develop their knowledge. Some of the theories and thoughts that were developed in the past are still applicable today, either directly or indirectly. In addition, the current management theories are developed from past theories. Therefore, it is important for managers and management students to study the history of management from a critical perspective. Reference List Bedeian, AG 2004 ‘The gift of professional maturity’, Academy of Management Learning Education, vol. 3, no. 1, pp. 92-98 Crainer, C 2003 ‘One hundred years of management’, Business Strate gy Review, vol. 14, issue 2, pp. 41-49 Cummings, S Bridgman, T 2011 ‘The relevant past: Why the history of management should be critical for our future’, Academy of Management Learning Education, vol. 10, no. 1, pp. 77-93. Daft, RL Marcic, D 2013 Understanding management, Australia: South-Western Cengage Learning. Giannantonio, CM Hurley-Hanson, AE 2011 ‘Frederick Winslow Taylor: Reflections on the relevance of the principles of scientific management 100 years later’, Journal of Business and Management, vol. 17, no. 1, pp. 7-10. Shioni, H 1995, Fordism transformed: The development of production: Methods in the automobile industry, New York: Oxford Univ. Press. Smith, GE 2007 ‘Management history and historical context: Potential benefits of its inclusion in the management curriculum’, Academy of Management Learning Education, vol. 6, no. 4, pp. 522-533. Waddell, D, Jones, GR, George, JM 2011 Contemporary management, 2ndedn, McGraw-Hill Aust ralia Pty Limited, Sydney Wren, DA 1987 ‘Management history: Issues and ideas for teaching and research’, Journal of Management, vol. 13, no. 2, pp. 339-350.