The relevance of the International Financial Crisis - Free Essay Example

Sample details Pages: 5 Words: 1633 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The financial disasters of the late 2008 and the period since can be attributed to a false understanding of risk by the institutions because they forgot to apply it. Management of risk is one of the canons of their business but rather than apply it in their dealings, they allowed greed for more profit to becloud their judgement. Banks and other financial institutions are indeed in business to make profit and add to shareholders value. Don’t waste time! Our writers will create an original "The relevance of the International Financial Crisis" essay for you Create order By so doing, they confront all manner of potential risks all firms must face in order to achieve the goal of profit maximization and shareholders added value. It is in the pursuit of these twin objectives, that banks and other financial institutions ignored risks inherent in the various transactions that took place during the financial crisis of 2008. There were so many risk factors the financial institutions failed to take into consideration in their quest for profit maximisation. Outlined below are some of the relevant risk issues associated with the financial crises which they failed to consider and apply. 1] Concentration risk 2] Portfolio risk 3] Default risk 4] Liquidity risk 5] Systematic risk Concentration risk Most of the banks and other financial institutions in that period failed to diversify their loan portfolio. They became heavily involved in mortgage lending because of its high yielding returns and because they were fully secured by the underlying tangible asset. It is well known that concentration in one product market is dangerous hence, the massive downward adjustment in global real estate market prices that led to massive losses. Had the institutions diversified their portfolio, the losses would have drastically reduced. Portfolio risk Asset Based Lending During the period, most of the financial institutions were encouraged to be involved in mortgage lending and other complex collateralised debt obligations forgetting that collateralised assets do not pay debts except cash flow and the ability of the debtor customers to pay their debt obligations when they fall due. Moreover, in a period of crisis and defaults, collateral values tend to decline and that calls for lenders to seek additional collateral with a view to correcting the collateral deficiency of the debt or demand to be repaid or seize and sell the collateral pledged. During the crisis, wave of foreclosures forced down prices of all manners of collaterals. The repercussion was that, the foreclosure of the properties drove down liquidity. According to Davis (2008 p.15) in his explanation in his DIIS working paper, unsecured lenders saw that money was being lost by secured lenders (when their properties were put on sale) and began to withdraw their often short-term funding too thereby creating liquidity problem. Another was the Collateralised Debt Obligations: Banks involvement with CDO raised so many questions as to if the CDOs were what caused the crisis, although it served as a good reason for the banks to keep on lending along with investors who also saw a positive way of increasing returns in events of a drop in interest rates (Marinescu, 2010 p.1). These CDOs were categorised under three segments which were; Junior, Mezzanine and Senior. The Junior level involved high risks and returns, along with mezzanine which stood in the middle, while the Senior level was regarded as the safest with low risks and returns. This however did not stop the investors from wanting to gain higher returns especially in the year, 2002 and 2003, which made banks create what Tett (2009 p. 110) referred to as a CDO of CDOs (meaning) instead of the company purchasing a bundle of loans, it would possess pieces of debt issued by other CDOs and then issue new CDO notes, all with the main purpose of making bigger profits. Liquidity Risk Liquidity was another major risk that the banks and other institutions faced which later became a critical issue in 2008. They took it for granted and were attracted by the fees available in a high-churn business of extending new loans, selling them on and lending again. They also presumed continually that rising asset values would protect them against any borrower difficulties. With what was known as the Structured Investment Vehicles (SIVs) not being able to sell their commercial notes, in addition to the leverage of the banks, default of payments on the part of the customers, investors being too afraid to invest anymore in what they were not sure of and a bank-run on the part of the customers, all if not more contributed to a decrease in liquidity in the process. Also the Collateralised mortgage obligations contributed to this because they were assets and generally not cash at hand which made them somewhat difficult to be sold on a quicker pace and led to the problem of liqui dity which pushed the unfortunate banks to insolvency. Default Risk This risk later became a reality when the customers defaulted in payment which may have come about because of a crash in house prices and not wanting to end up paying back the loans they took, or as a result of the unemployment and the increase in interest rates, the average rate on an adjustable mortgage rose from 3.5% in late 2005 to 5% by autumn of 2007 (Tett 2009, p. 226). Tett (2009) also mentions the unkempt nature in which some of the houses were left by the defaulters who moved out, making it difficult for the institutions to sell them for a good price- which was also impossible because of the fall in prices as mentioned above. Systematic Risk The Financial Institutions were interested in moving assets from their portfolios by spreading them out that they failed to look at what might happen in the future concerning those risks. They were focused solely on idiosyncratic risk and were blind to the record build up of systematic risk that had happened right in front of their eyes, partly with their permission (Kapoor, 2010 p.31) CONCLUDING REMARKS Operational risk played a major role in showing how some of the Financial Institutions took the coming of a crisis for granted. Majority of the banks were not prepared for the shock, which brings us to the question of asking if no careful attention was put in place to reduce these levels of risk. At first, the banks felt they were diversifying their risks by embarking on projects they considered safe which were indeed not, although some rating agencies declared them safe, it was later observed that there was no transparency on the part of these agencies which meant there was a high rate of information asymmetry which served as a disaster to Lehman Brothers who invested in these bad assets (Stiglitz, 2009). The Mortgage assets held by Lehman Brothers and their involvement in sub-prime mortgage lending, along with the belief that they could earn high returns on investment with the continuous rise in house prices, took a turn-about when the prices fell and they were highly leverage d. In an attempt to move assets off its balance sheet, Lehman brothers before its collapse transferred assets worth 5 billion dollars (Merced and Sorkin, 2010 p.1). Never the less, no one was able to come to its rescue, mainly because institutions didnt trust each other anymore. Another risk which was misunderstood was the default risk. The diversification of the risks were held under the notion that because they were being spread out, the risk of one defaulting would not affect the others, but the diversification was not going as planned in the sub-prime mortgage sector, and since these asset backed securities (ABS) were somewhat grouped together even though spread around, a default in one simultaneously led to a default in the other. SIVs were believed to be safe, but the Institutions did not take into consideration that since SIVs were completely off the rules of the regulators, the central banks were in no position to bail them out in the event of a crisis which eventually ar ose when SIVs were no longer able to sell their commercial notes. The leverage of Financial Institutions and the dependence on ABS, particularly mortgage backed securities caused so much havoc which pushed some of them on the verge of bankruptcy, For example; Bear Stearns the company was involved in mortgage backed securities, paid for by debts with short maturities and these mortgage backed securities were difficult for them to sell at a fast pace (Tett 2009, pp. 203- 236). Roles of Regulators There have been several debates as to whether the bank regulators could have contributed more in terms of monitoring the banks, supervising and scrutinizing these financial institutions in order to detect any illegal devices. Epstein (2008) commented on the fact that supervisors should have gone the extra mile in monitoring the risk of banks. He further went on to point that majority of the problems associated with the financial crisis originated from not paying full attention to the operational risk. The lackadaisical attitude in the financial system arose as a result of how the system regained balance after the Internet bubble and the collapse of Enron and Amaranth in 2006. By 2007, the dominant creed at the Washington Federal and US Treasury was that credit risk had been so widely dispersed via credit derivatives and CDOs, that any blows would be absorbed (Tett, 2009, p. 179). Again the regulators relied solely on the risk assessment techniques of the financial institution s which were not exactly error free. The banks on the other hand, felt they were doing a good job at managing their risks through rating agencies, diversification and many more, so also, risk assessment models and these mathematical models approved to be safe were indeed not because they failed to look at all other underlying factors associated with risk and could not clearly see the implications of excessive leverage, default risk on the part of the customers, the risk of sub-prime mortgage loans, the general misguided opinion of a constant rise in the house prices and the greed to earn higher returns on investment.

Why I Am A Physician - 894 Words

My desire to become a physician started at the same time that I was frequently visiting one. During high school, I experienced a new medical problem that required the help of a specialized physician. Being from a small town in Northern Wisconsin and a pediatric patient at the time, that specialized physician was not only an hour drive, but they also had a three month waiting list. As I waited those long three months to be seen, I began to understand how important health really is. My health was something that I had always taken for granted, but it was at this time that I realized that if you lose your health, you lose many things with it. Enjoyment, involvement, and experiences in multiple aspects of my life were gone. My sickness was miniscule compared to the impact that worst disease states could have on quality of life. It was also during that long wait that I noticed how underserved my small community was with specialists and physicians in general. 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Marketing And Customer Value And Marketing - 1556 Words

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How Is The Great Gatsby Film Analysis Of The Movie

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Data Structures, Arrays, and Modularizing Free Essays

In a computer, â€Å"the data structure becomes an object that includes data and functions† (Robertson, 2007). It stores and organizes the data in a computer. Data structures make it possible to sort through large databases and internet indexing services. We will write a custom essay sample on Data Structures, Arrays, and Modularizing or any similar topic only for you Order Now These would include online libraries, such EBSCOhost through universities, and search websites, such as Google. These would also include member profiles such as Facebook.Arrays â€Å"provide the programmer with a way of organising a collection of homogeneous data items (that is, items that have the same type and the same length) into a single data structure. An array, then, is a data structure that is made up of a number of variables all of which have the same data type† (Robertson, 2007). For example, there are 40 students in the first grade. A single variable name such as ‘first’ can be used with all 40 first grade students. â€Å"The individual data items that make up the array are referred to as the elements of the array.Elements in the array are distinguished from one another by the use of an index or subscript, enclosed in parentheses, following the array name† (Robertson, 2007), such as ‘first (8)’. This subscript refers to the eighth student in the first grade. The smallest element of an array must also be the size of the largest element, so in using the months of the year as an example, the names of the shorter months must be padded with blank spaces. The month of May must be as long as the month of September. Modularization breaks down the complexity of programming.That means that the complex problem gets divided into smaller parts, thus creating subtasks or functions from the major tasks. The subtasks can then be further divided into smaller subtasks, as long as each task or subtask is independent of all others. â€Å"There are a number of benefits from using modular design. †¢ Ease of understanding: each module should perform just one function. †¢ Reusable code: modules used in one program can also be used in other programs. †¢ Elimination of redundancy: using modules can help to avoid the repetition of writing out the same segment of code more than once. Efficiency of maintenance: each module should be self-contained and have little or no effect on other modules within the program† (Robertson, 2007). For the â€Å"ease of understanding, each module should perform one function† (Robertson, 2007). An example is when a computer prompts for the number of drinks from the coffee bar, sorts them by type of drink, and then displays a chart to a screen or output. This task may repeat itself throughout the morning rush hour and can be created as a subtask. For â€Å"reusable code, the modules used in one program can also be used in other programs† (Robertson, 2007). Once a module has completed testing and is essentially error-free, it can be used in other programs instead of rewriting or creating new code. For an example, a second coffee bar may use the code for afternoon business hours. For â€Å"elimination of redundancy, using modules can help to avoid the repetition of writing out the same segment† (Robertson, 2007). Using a module shortens the length of code when many portions may actually be repetitious.For example, the library may need to monitor how many books on science are checked out during the month of the science fair. Naturally, other books would be checked out during that same time and those need to be monitored as well. Instead of writing the whole code to ask if a book was on science or something else, a module would shorten the code. For â€Å"efficiency of maintenance, each module should be self-contained and have little or no effect on other modules within the program† (Robertson, 2007). The modules should only perform one task and not be dependent on another module.If a module is modified or removed, it will not have a potentially damaging effect on other modules in the software. Programming can range from something simple like maintaining a log of exercise hours completed during the week or as complex as operating the space shuttle where lives are dependent upon perfect code. These are some of the steps taken to ease the process.Reference Robertson, L. A. (2007). Simple Program Design. A Step by Step Approach, Fifth Edition. cGraw-Hill.. Retrieved from University of Phoenix eBook Collection database. How to cite Data Structures, Arrays, and Modularizing, Papers

Data Structures, Arrays, and Modularizing Free Essays

In a computer, â€Å"the data structure becomes an object that includes data and functions† (Robertson, 2007). It stores and organizes the data in a computer. Data structures make it possible to sort through large databases and internet indexing services. We will write a custom essay sample on Data Structures, Arrays, and Modularizing or any similar topic only for you Order Now These would include online libraries, such EBSCOhost through universities, and search websites, such as Google. These would also include member profiles such as Facebook.Arrays â€Å"provide the programmer with a way of organising a collection of homogeneous data items (that is, items that have the same type and the same length) into a single data structure. An array, then, is a data structure that is made up of a number of variables all of which have the same data type† (Robertson, 2007). For example, there are 40 students in the first grade. A single variable name such as ‘first’ can be used with all 40 first grade students. â€Å"The individual data items that make up the array are referred to as the elements of the array.Elements in the array are distinguished from one another by the use of an index or subscript, enclosed in parentheses, following the array name† (Robertson, 2007), such as ‘first (8)’. This subscript refers to the eighth student in the first grade. The smallest element of an array must also be the size of the largest element, so in using the months of the year as an example, the names of the shorter months must be padded with blank spaces. The month of May must be as long as the month of September. Modularization breaks down the complexity of programming.That means that the complex problem gets divided into smaller parts, thus creating subtasks or functions from the major tasks. The subtasks can then be further divided into smaller subtasks, as long as each task or subtask is independent of all others. â€Å"There are a number of benefits from using modular design. †¢ Ease of understanding: each module should perform just one function. †¢ Reusable code: modules used in one program can also be used in other programs. †¢ Elimination of redundancy: using modules can help to avoid the repetition of writing out the same segment of code more than once. Efficiency of maintenance: each module should be self-contained and have little or no effect on other modules within the program† (Robertson, 2007). For the â€Å"ease of understanding, each module should perform one function† (Robertson, 2007). An example is when a computer prompts for the number of drinks from the coffee bar, sorts them by type of drink, and then displays a chart to a screen or output. This task may repeat itself throughout the morning rush hour and can be created as a subtask. For â€Å"reusable code, the modules used in one program can also be used in other programs† (Robertson, 2007). Once a module has completed testing and is essentially error-free, it can be used in other programs instead of rewriting or creating new code. For an example, a second coffee bar may use the code for afternoon business hours. For â€Å"elimination of redundancy, using modules can help to avoid the repetition of writing out the same segment† (Robertson, 2007). Using a module shortens the length of code when many portions may actually be repetitious.For example, the library may need to monitor how many books on science are checked out during the month of the science fair. Naturally, other books would be checked out during that same time and those need to be monitored as well. Instead of writing the whole code to ask if a book was on science or something else, a module would shorten the code. For â€Å"efficiency of maintenance, each module should be self-contained and have little or no effect on other modules within the program† (Robertson, 2007). The modules should only perform one task and not be dependent on another module.If a module is modified or removed, it will not have a potentially damaging effect on other modules in the software. Programming can range from something simple like maintaining a log of exercise hours completed during the week or as complex as operating the space shuttle where lives are dependent upon perfect code. These are some of the steps taken to ease the process.Reference Robertson, L. A. (2007). Simple Program Design. A Step by Step Approach, Fifth Edition. cGraw-Hill.. Retrieved from University of Phoenix eBook Collection database. How to cite Data Structures, Arrays, and Modularizing, Papers

E-Business Strategies Samples for Students †MyAssignmenthelp.com

Question: Discuss about the E-Business Strategies American Well. Answer: Introduction E-business strategy is conceptualized as the iterative process for creating and modifying the business model of the organization. The e-business strategy often pays the initial focus on the business. Later, the focus shifts towards the integration of the emerging technologies (Agaku et al. 2014). The e-business strategy is generally formulated for boosting the brand awareness. The study focuses on the e-business strategies undertaken by American Well. The previous discussion shed lights on the formulation of the specific strategy. It has been observed that the company is focusing on expanding the business by establishing the e-business strategy. The current study will focus on the organizational position in this business scenario. Reviewing the current strategy, the study will provide the overview of the new strategy development. The roadmap of e-business strategy will be used as the strategic tool that can lead the company towards success. Based on the result of the new strategy dev elopment, the study would present some of the preferable recommendations for the future prospects. The application of these recommendations will be much beneficial to ensure the sustainable business growth and achievement of the competitive advantage. Current Strategies of American Well The analysis report derived from the previous study determines that the e-commerce business strategy is much beneficial to expand the business worldwide. People have been using the internet, browsing different online sites and making profits from the e-businesses. Internet is the useful source of spreading brand awareness among the customers worldwide (Grajales et al. 2014). The company has undertaken the internet and digitalization process to improve the healthcare services for the users. The company has been using the video conferencing process to communicate with the customers and provide them the necessary health treatments. The company is also focusing widely on establishing the telecommunication process as a form of health care. However, it has been observed that the current strategies are not efficient enough to ensure the long term sustainability. Even in this advanced world, people face difficulties to trust the online sources. They mostly prefer the face to face conversatio n for treating the bad health. Moreover, in case of the health services, people usually prefer the direct dealing process (Prestin, Vieux and Chou 2015). In addition to this, the current telecommunication world in US has become much advanced and competitive. Therefore, it can be much risky for the company to depend on the telecommunication procedure to strengthen the customer base. Hence, the strategies used by the company are somewhat limited. It is necessary for the company to develop the proper strategies that can lead the company towards long term sustainability (Jovarauskien? and Pilinkien? 2015). Moreover, it is even essential to keep the focus on the customers preferences to achieve the competitive advantage. According to strategic analysis, it has been noted that American Well has four major competencies to achieve growth. First, the knowledge of the medical professional is much commendable. The knowledgeable health care practitioners are involved to provide the health care services to the customers through online video conferencing. Another most specific competency is accessibility. The company ensures that the customers get the proper access to the healthcare services through online sources whenever they need it. The frequent availability of the internet is much helpful for the customers (Barrett et al. 2015). The use of the digitalization process by the company is much commendable. The company has been using the innovative form of digitalization that can be effective enough in reducing time and costs. Customers can get the help easily through this digitalization process (Malecki 2014). The use of internet is much in trend in todays world. Most of the people are taking the help of inte rnet to derive knowledge regarding any particular subject. The digital process is much helpful to demonstrate the health care services to the target customers. Another major competency skill of the company is the user-friendly services. The company is concerned about the use of the services by the customers with proper ease. The e-business services are quite user-friendly for the customers (Westerman, Bonnet and McAfee 2014). Hence, the company has the proper online care services that are effective enough to gather the customers attention. However, despite of all such competency skills, it has been noticed that the strategies have some of the limitations. Even though the customers are much advanced these days, it has been seen that they believe more in reality than the virtual explanation (Fitzgerald et al. 2014). The customers sometimes fear of security breaches while dealing through online sources. It is necessary to undertake the modified strategies that can reduce such risks of data breaching (Martins, Rindova and Greenbaum 2015). Moreover, the development of the new strategies even can be helpful to ensure the reliability among the target customers (Fairburn and Patel 2014). The further section of the study will be analyzing the development of the new strategy by providing the guidance through strategic roadmap. Development of New Strategies The current dynamic business world requires the closer review of the business activities. The managers need to take the responsibility of reviewing the progress report. It has been observed that sometimes, the strategies undertaken by the firms are not sufficient to achieve the proposed goals. The limitation in the strategy can lead the organizations towards losing the customer base (Khanna and Palepu 2013). Therefore, it is necessary to undertake the preferable strategy that can draw the attention of the customers and make the expected profits. The previous digitalization and telecommunication process undertaken by American Well was not impressive to the customers since they face difficulties to trust the virtual world. Therefore, the company needs to undertake the relevant solution by undertaking the fruitful strategy development. The company needs to pay focus on investing more capital resource to improve the technologies and online promotional process. It is necessary for the com pany to generate reliability among the target customers (Farhangi 2014). The involvement of the expertise doctors and the advanced technological equipment would be beneficial to generate trust among the customers. During the online payment, the customers would receive an invoice message as the proof for their transaction. The maintenance of the flexibility will also be ensured. The development of the more informative webpage is essential. When the customers will be able to get access to the necessary information, it will be beneficial for them to trust the source for the healthcare treatment. The company even needs to develop the proper strategic decisions to eliminate the risks related to the security breaches (Martins, Rindova and Greenbaum 2015). There is the high probability of losing the customer data. Hence, it is necessary for the company to develop the effective IT security system to protect the customer data. The involvement of the professional IT technician would be much b eneficial in developing such security system. The Strategic Road Map will guide the vision, objective, value proposition, and the related segmentations of the strategy development process (Snihur et al. 2014). The following strategic road map will provide the insightful ideas about the necessity of undertaking this IT security based software implementation. Strategic Road Map Figure 1: Strategic Road Map (Source: Spieth, Schneckenberg and Ricart 2014) The above figure provides the clear ideas about the strategic implementation process that can increase the business benefits. The structured method of the strategic implementation will be aligned with the previous strategy. The company would even establish the value proposition through the extra IT security. The customers will receive the necessary information and their data will also be secured. The company even will pay attention towards the privacy concerns of the target customers (Veit et al. 2014). The company will maintain the proper ethical parameter to provide the secure services to the customers worldwide. However, it is essential to keep the focus on the continuous review and monitoring process (Martins, Rindova and Greenbaum 2015). The continuous improvement of the e-business strategies will ensure the long-term sustainability. Considering such requirements, the further section of the study will provide some of the specific and preferable recommendations that will facilita te the purpose in a significant way. Recommendation The strategic road map provides the insightful ideas about the strategic implementation that can increase the business profitability and generate the trust among the target customers. However, in order to ensure the strengthened strategic position, it is essential for the company to pay attention towards some of the significant and essential recommendations. It is necessary for the company to develop the proper communication process with the customers. When the customers can frequently communicate with the company, it will generate the sense of reliability among them. Moreover, it will be much beneficial to mitigate the emerging risks as well. The concentration on the severity of the risks is necessary. Accordingly, it is essential to pay attention towards the alternative solutions to minimize the risks. However, the first preference would be to address the risks among the associated stakeholders. The review and monitoring process is essential for the company to measure the progress report. The management department of the e-business process need to monitor the process much frequently. The company needs to provide the online training process to the customers in order to use the advanced technological equipment. The virtual instruction is needed to be understandable to the customers. Accordingly, it will be much helpful to generate the proper faith and strengthen the potential customer base. The company even needs to be attentive towards the basic needs and demands of the customers. Fulfilling the customers expectation will be much beneficial in accomplishing the pre-determined objectives. Conclusion American Well provides the featured and beneficial online health care services to the customers worldwide. The company has undertaken this strategic decision to expand the business and ensure the sustainable growth for the future prospects. However, it has been noted that due to some of the significant limitations, the company requires modifying the e-business strategy. It is essential to generate the sense of reliability among the customers. The implementation of the IT security will thus be beneficial to protect the information of the target customers. The formulated strategy road map even provides the specific considerations to implement such business strategy. Accordingly, the company needs to keep the focus on the continuous review and monitoring process to mitigate the emerging risks and improve the e-business activities. References Agaku, I.T., Adisa, A.O., Ayo-Yusuf, O.A. and Connolly, G.N., 2014. Concern about security and privacy, and perceived control over collection and use of health information are related to withholding of health information from healthcare providers.Journal of the American Medical Informatics Association,21(2), pp.374-378. Barrett, M., Davidson, E., Prabhu, J. and Vargo, S.L., 2015. Service innovation in the digital age: key contributions and future directions.MIS quarterly,39(1), pp.135-154. Fairburn, C.G. and Patel, V., 2014. The global dissemination of psychological treatments: a road map for research and practice.American Journal of Psychiatry,171(5), pp.495-498. Farhangi, H., 2014. A road map to integration: Perspectives on smart grid development.IEEE Power and Energy Magazine,12(3), pp.52-66. Fitzgerald, M., Kruschwitz, N., Bonnet, D. and Welch, M., 2014. Embracing digital technology: A new strategic imperative.MIT sloan management review,55(2), p.1. Grajales III, F.J., Sheps, S., Ho, K., Novak-Lauscher, H. and Eysenbach, G., 2014. Social media: a review and tutorial of applications in medicine and health care.Journal of medical Internet research,16(2), p.e13. Jovarauskien?, D. and Pilinkien?, V., 2015. E-Business or E-technology?.Engineering Economics,61(1). Khanna, T. and Palepu, K., 2013.Winning in emerging markets: A road map for strategy and execution. Harvard Business Press. Malecki, E.J., 2014. Global Information Society: Technology, Knowledge, and Mobility. Martins, L.L., Rindova, V.P. and Greenbaum, B.E., 2015. Unlocking the hidden value of concepts: a cognitive approach to business model innovation.Strategic Entrepreneurship Journal,9(1), pp.99-117. Prestin, A., Vieux, S.N. and Chou, W.Y.S., 2015. Is online health activity alive and well or flatlining? Findings from 10 years of the Health Information National Trends Survey.Journal of health communication,20(7), pp.790-798. Snihur, Y., Pasquier, E., Scharovsky, G. and Andre, N., 2014. Metronomics: Potential Social Impact and New Business Models to Improve Availability of Cancer Treatments. InMetronomic Chemotherapy(pp. 247-261). Springer Berlin Heidelberg. Spieth, P., Schneckenberg, D. and Ricart, J.E., 2014. Business model innovationstate of the art and future challenges for the field.RD Management,44(3), pp.237-247. Veit, D., Clemons, E., Benlian, A., Buxmann, P., Hess, T., Kundisch, D., Leimeister, J.M., Loos, P. and Spann, M., 2014. Business models.Business Information Systems Engineering,6(1), pp.45-53. Westerman, G., Bonnet, D. and McAfee, A., 2014.Leading digital: Turning technology into business transformation. Harvard Business Press.

Organisational Dialogue Theory and Practice

Question: Discuss about the Organisational Dialogue for Theory and Practice. Answer: Introduction In nearly all aspects of life, communication has proven to be momentous as a conduit to success and happiness (Shrivastava, 2012). The quality of an organizations internal communication can say a lot about business. This means that if an organization is characterized by poor communication, then the organization is likely to fall. Effective verbal and nonverbal communication skills are significant in any workplace. Many organization spent a lot in training their employees in effective communication (Hol, 2012). My thinking about business communication has evolved since I am able to denote that effective communication skills go beyond conversation, but it is important that those in business should know how to communicate in written reports. This paper focuses on the issues and the significance related to communication, especially in the workplace. Describe an experience or critical incident you have experienced or witnessed in a work- based setting, involving an aspect of poor communication. You may draw on experiences you have had as an employee, as a customer or simply as an observer of organisational life. How did you feel about the incident? Given your insights from the subjects learning materials why was the communication so poor and how could it have been improved? One major experience about poor communication in an organization was during my holiday where I volunteered as part of a project management team in a construction company. I witness a manager who came up with new plans and asked the architectural team to design a structural model that would attract large customers. The plan was devoid of any consultation with the concerned departments. After few weeks, the manager realized the project was not financially viable and canceled the plan while still underway. The manager used a subordinate to communicate the message to the architects who were working on the project. With an adequate knowledge of communication, this incident made me feel frustrated as I would see the confusion that the receivers of the message portrayed. The communication was poor because of the ambiguity. The manager did not give any reasons whatsoever why the project had to be canceled. Besides, the project did not have clear goals it had come from the manger without going through the proper channels which could have helped in formulating goals. Listening is a very important virtue in communication skills (Dutta, 2013). The use of a subordinate to communicate such as a momentous information was a poor sign of communication. This is because the team would have a hard time to believe whether the communication is authentic since it is not a formal way of communication. The communication was poor because the manager did not consult any department so as to have an overview of what to expect from the project. The canceling of the project due to poor communication led to a wastage of resources and employees valuable time. The communication could have been improved by the manager consulting different departments on his project. This could have helped to have an expert analysis the viability of the project. The use of formal means of communication would have helped. The employees needed a letter to inform them that the project has been canceled so as to avoid confusion. Leaders should create a favorable and open environment that will encourage the employees to air their views (Sehgal, 2008). Week 3 Relevance to business How does dialogic communication differ from what you have experienced in the past, for example in previous or current workplaces, university, social life, your home country, etc.? Drawing from the subjects learning materials, reflect on why it may be important to promote dialogue in an organisational context from a business perspective. Globalization has made the business and social environment to consist of people with different cultural and ethnic backgrounds. For this reason, communication becomes an extremely important aspect that can enable people to understand each other better without any party feeling assumed. Dialogic communication is a theory that was developed so as to ensure that an environment that exists where peoples perspectives are considered during communication (Eremeeva, and Baranova, 2016). Dialogic communication is a combination of two words, dialogue, and logic. This implies that it is a communication that involves two or more parties. Consequently, it also means that it is a communication that is inclusive of logic. This means that during communication one must think clearly what one is talking about. Dialogic communication is a communication that is considerate of the party feelings and how the communication would affect another party. However, the fact that Dialogic communication is important in the way people interact with others, it is not practiced in day to day communication (Paula Matos, and Esposito, 2014). Case in point, in my experience in the workplace, employees are usually selfish, and they would not like their fellow employees to be accorded special treatment even if it is regarding communication. An employee who comes from an Arab country would not be spared with any filter of words as fellow employees can suggest that people from the background of such an employee are extremists. In the social context, dialogic communication holds no importance as people are not aware how much communication is important to people. Very few individual in the social sphere are aware the importance of considering the point of view of a receiver of a message Managing todays diversity in business remains a challenge to many organizations (Dwyer, 2012). Since there is increasingly international labor markets, organizations are now faced with the problem of having a growing number of multicultural teams (Gibson, 2002). Organizations work in teams to ensure that the desired outcomes are achieved. However, the deep cultural and human differences that constitute the makeup of teams in an organization, need an effective communication mechanism such as dialogic communication. With dialogic communication, it is possible for members of an organization to acknowledge that both the speaker and listener have different point of views and that it is imperative to engage in a logical discussion to reach an equilibrium. When logic is applied in communication among members of an organization, differences in age, cultural, ethnicity, educational background and marital status become a normal thing which will help in improvement of a performance of an organi zation. Week 5 Your business communication skills In engaging with the subjects learning materials, what insights did you gain for the development of your own intercultural communication skills in work-based settings? How can these insights inform the way you communicate with people from different cultures in the future? Intercultural communication is important in todays globalized environment. It is a culture that anyone in the business sector needs to learn since business activities have shifted to operate from country to country (Griffith, and Harvey, 2001). From the insights, I have been able to gain a lot regarding developing my skills in intercultural communication. I have been able to respect peoples way of doing things because different countries have different cultures. This has helped in breaking the assumption that I had regarding different communities. I also learned that the use of technology in communicating with people from different cultures is imperative since technology create a sense of unity. Though cultures can never be the same, it is important to ensure that people are treated equality at the workplace regales of ones culture (Morrison, 2008). For instance, promotion and delegation of tasks should be fair regardless of ones culture. I learned that maturity is important when com municating with people of different cultures in the workplace. Maturity in communication is important as one can analyze one body languages and also nonverbal cues when communicating with people. These insights have helped me ensuring that I get rid of insensitive behavior when communicating with people from different cultures in future. The insensitive behavior ranges from language and also use some nonverbal cues that might have a negative effect on an individual with a different culture from mine. The insights have ensured that am equipped with the knowledge of empathizing with individuals from different cultures during communication in future. This means it is important that I put myself in the position of the people of other cultures while communicating and try to think in their way. When has the knowledge of another culture in mind, it is easy for a person to be able to make comparisons and also identify the things can create a discourse during communication. Consequently, when one puts oneself in the shoes of another person, it is possible to understand and know where to change especially in communication. Conclusion In conclusion, communication in the workplace ranges from verbal and non-verbal exchange such through emails and text messages. To establish a strong business relationship, it is important to ensure that proper communication practices are established. Good relationship among members of an organization will assist in improving work output of the employees whereas poor communication will lead to poor relationship thus poor work out put. With the knowledge from insights, my future professional practice will be characterized by acknowledging the importance of different people with different cultures. Moreover, my improved intercultural communication skills will assist me in having a serene relationship will all my workmates. References Dutta, S. (2013).Business Communication. 1st ed. PHI Learning Pvt. Ltd, p.227. Dwyer, J. (2012).Communication for Business and the Professions: Strategie s and Skills. 1st ed. Pearson Higher Education AU, p.206. Eremeeva, G.R. Baranova, A.R. 2016, "Dialogization Of Professional Communication Between Students And Lecturers",Journal of Organizational Culture, Communications and Conflict,vol. 20, pp. 129. Gibson, R. (2002).Intercultural Business Communication: An Introduction to the Theory and Practice of Intercultural Business Communication for Teachers, Language Trainers, and Business People.. 1st ed. OUP Oxford, p.3. Griffith, D.A. Harvey, M.G. 2001, "Executive insights: An intercultural communication model for use in global interorganizational networks",Journal of International Marketing,vol. 9, no. 3, pp. 89. Hol, J. 2012, "Internal Communication In The Small And Medium Sized Enterprises",E+M Ekonomie a Management, no. 3, pp. 32. Morrison, J. (2008).International Business: Challenges in a Changing World. 1st ed. Palgrave Macmillan, p.151. Paula Matos, M.S. Esposito, M. 2014, "Improving change management: how communication nature influences resistance to change", The Journal of Management Development, vol. 33, no. 4, pp. 330. Sehgal, M. (2008).Business Communication. 1st ed. Excel Books India, p.34. Shrivastava, S. 2012, "Identifying the Major Components of Business Communication and Their Relevance: A Conceptual Framework",IUP Journal of Soft Skills,vol. 6, no. 4, pp. 55.