Change is a consistent issue for the modern organisation. Discuss the various ways in which the employee may offer effective resistance to this change.

Abstract Modern organisations are consistently prone to organisational change. Change reflects business growth and represents the needs of society. Hence, businesses often make changes in accordance with societal needs by focusing on the customer and marketing as opposed to focusing purely on production (The Times, 2012: 1). Whilst change is often viewed positively, this is not always the case and change is sometimes resisted by employees. This happens for a number of different reasons with one of the main ones being surprise. Employees generally don’t appreciate changes being made unexpectedly as it provides them with a â€Å"threatening sense of imbalance in the workplace† (Kreitner, 2008: 434). A lack of understanding and a lack of skills are further reasons why employees may want to resist change and unless effective training on change is provided, employees will most likely view positive changes negatively (Kreitner, 2008: 434). The various ways in which the employee may of fer resistance to change will be discussed in this essay by analysing a range of models and frameworks that help to establish the effectiveness of change. Introduction Employee resistance to change can be undesirable as it places an obstacle in the way of business development and organisational change. However, there are certain circumstances where employee resistance to change is viewed in a positive light. By resisting change and demonstrating their reasons for doing so, employees may actually be encouraging change by offering alternative solutions and options. As pointed out by de Jager; â€Å"the idea that anyone who questions the need for change has an attitude problem is simply wrong, not only because it discounts past achievements, but also because it makes us vulnerable to indiscriminate and ill-advised change† (de Jager, 2001: 25). Therefore, whilst some may consider employee resistance to change disrespectful and unfounded (Piderit, 2000: 26), others may be consider it to be â€Å"very effective, very powerful† and a â€Å"very useful survival mechanism† (de Jager, 2001: 25). An employer may want to instigate organisa tional change that is inappropriate or wrong and â€Å"just as conflict can sometimes be used constructively for change, legitimate resistance might bring about additional organizational change† (Folger and Skarlicki, 1999: 37). This essay will demonstrate how employees can offer legitimate resistance to change by suggesting alternative organisational change structures that will help to promote sustainability and assist in business development. This will be done by looking at various organisational change models and frameworks that will provide employees with the ability to resist change by offering additional options, which they believe will be in the best interests of the organisation. Employee resistance may lead to proposed change initiatives being revaluated by management who may then consider the most appropriate change for the business, as recommended by the employee. The process of change within an organisation isn’t just about creating a change that individuals will be able to resist, but rather the transition that will accommodate the change (Bridges, 1991: 3). Unless transition occurs, it is unlikely that the change will be effective. It is thus important that employees are capable of resis ting change so that they can offer alternative solutions that may be better suited to organisational needs. Consequently, employee resistance to change is an important contributor to implementing effective change within an organisation. Main Body Burke-Litwin Model (1992) The Organisational Transformation Process, developed by Burke and Litwin (1992: 1), is one of the main models that can be used to implement change within an organisation. Employees can use this model to offer resistance to change by offering alternative solutions that would be better suited to the organisation. Employees can use this model to show the various drivers of change by ranking them in terms of importance (Jex, 2002: 442). The most important factors are featured at the top, with the lower layers becoming progressively less important. By using this model, an employee will be able to demonstrate that all of the factors for change are interrelated and that a change in one factor will affect a change in all of the other factors. Organisations therefore have to consider whether the impact a change will have upon the other factors will help the business to remain sustainable (Hertwich, 2006: 10). As the external environment is at the top of the model, this is the main factor that is likely to influence change. An employee can resist change by offering an alternative solution that takes into account the needs of the external environment (World Commission on Environment and Development, 2011: 1).Porras and Robertson’s Model (1992)Porras and Robertson’s Model of Organisational Change was developed in 1992 to help individuals understand how to approach organisational change. This model is similar to the Burke-Litwin model in that it suggests that the external environment is the main influencer of organisational change. However, this model also suggests that the objectives of the organisation are the main drivers of change and that organisational arrangement, physical setting, social factors and technology all contribute to the changing environment of any organisation. In effect, an employee will be able to rely on this model to effectively resist change by signifying how the change is not in accordance with the overall objectives of the business. Instead they can offer an alternative change solution that is more akin to the organisational arrangement and physical setting of the business as well as social factors and technology. A change can be offered that improves the performance of the organisation, whilst also seeking to advance individual development. Hence, as has been established; â€Å"behaviour change is the key mediating variable in organisational change† (Jex, 2002: 444). If an employee can demonstrate that individual behaviour will be modified in accordance with the needs of the external environment, organisational change will most likely occur. As this model focuses on individual behaviour, desired work behaviours will be better achieved, which will affect the disposition of the organisation overall. This theory does not, however, focus on modern ways of thinking and subsequently fails to adapt to take into account the changing environment.Lewin’s Force Field Ana lysisThe Force Field Analysis model, developed by Lewin in 1951 will help an employee to resist change by providing a framework which looks at the restraining factors (forces) to change. In this analysis, there are two different types of forces, which are forces for change (driving forces) and forces against change (resisting forces). An employee can use the resisting forces to prevent a particular change from happening and use the driving forces to offer an alternative change. These forces can help the employee to alleviate any problems that are likely to arise with change management by helping the organisation to understand the effects a change will have upon the organisation. In demonstrating why a particular change should not take place, the employee will be required to show that the restraining forces exceed the driving forces. If this can be ascertained then the organisation change should not take effect. If the employees want to propose an alternative change, they will be req uired to show that driving forces of the new proposed change exceed the restraining forces. If they can establish this, then the new change should take place as it would be considered beneficial to the organisation. This model is useful to frame a process of change as it is easy to understand, though it seems as though each stage could in fact be expanded so that individuals can understand the process of change a lot more easily.Porter’s Generic Value Chain Analysis The Value Chain Theory, developed by Michael Porter, helps organisations to decide whether changes to the structure of the organisation are required (Porter et al; 2007: 706). An employee can use this model to demonstrate how the organisation does not need the change it wants to resist. The employee can do this by analysing the activities of the organisation, and the costs associated with them, to decide whether the proposed activity is profitable or not. The value chain activities consist of primary and support a ctivities. Whilst the primary activities consist of inbound logistics, operations, outbound logistics, marketing and sales and service, the support activities consist of procurement, infrastructure, human resource management and technological development (Porter et al; 2007: 706). The aim of reviewing these activities is to consider whether the customer can be offered a level of value that exceeds the costs of the activities, resulting in a profit. This will also depend upon whether the organisations activities can be performed efficiently. By using this concept, the employee will be able to demonstrate that the customer cannot be offered a level of value that exceeds the cost of the activities and that no profit can be obtained from the change as a result. This is an effective way an employee will be able to resist change as it provides the employee with the chance to demonstrate how the proposed change does not have any profitable value. Nonetheless, it is likely to prove extremel y difficult for an employee to implement this model due to the fact that employees will not have access to certain information about the organisation and the change.Change Analysis Process Because of how important it is for organisational changes to be properly analysed before they are implemented in order to minimise any associated risks, an employee could employ the change analysis process to deny the changes they wish to resist. Because an organisation needs to be able to adapt to change (Brier et al, 2011: 1) the identification and codification of change scenarios is necessary for the change process to take effect. The process of change requires organisations to adapt to current situations, as opposed to the creation of solutions (Brier et al, 2011: 1). The change analysis process can therefore be used analyse the change by considering the impact the change is likely to have and then subsequently considering whether it should be approved or denied. In resisting change, employees can use this analysis process to put forward their reasons why the change ought to be denied. Whether an employer will take into account the views of the employee is another matter and it seems as though the employee will still be required to overcome many obstacles when putting forward its views and opinions.Realistic Evaluation Model The Realistic Evaluation Model could also be used to demonstrate the ineffectiveness of the proposed change. This will provide the employee with the ability to demonstrate the impact the change will have upon the organisation through proper evaluation. This model is suitable for employees to offer effective resistance to change as the evidence will be based upon realistic ideas and concepts about the change. A proper assessment can then be made about the ineffectiveness of the change so that it can be resisted (Rycroft-Malone et al, 2010: 38). This model is quite similar to Lewin’s Force Field Analysis in that it will enable the employee to re view what is expected from the change, whilst also identifying any problems. The employee will also be able to put forward any associated risks with the change, which will most likely ensure that their resistance is effective. This approach provides a useful framework for helping employees to develop explanations about why the change should be resisted, which it will then be able to present in a coherent way† (Rycroft-Malone et al, 2010: 38). Summary/Conclusions Given the impact organisational change has upon employees, it is unsurprising that resistance to change will often occur. Whilst such resistance to change can have a negative impact upon the organisation, it can also be considered positive on the basis that employees may be encouraging further change by offering alternative solutions and options. In resisting change employees may consequently be able to demonstrate alternative options for change, which may generate better ideas that are more suited to organisational needs. Not only do organisations need to be able to satisfy the needs of its consumers, but they will also be required to satisfy the needs of their employees. This will not only promote the success of the business but it will also lead to economic growth. Employees need to be able to identify and develop change strategies which help to meet organisational objectives and prevent undesirable changes from being made. Any risks that are associated with change will be capable of being overcome by the adoption of alternative change structures. In order to effectively resist change, employees will thus be required to adopt various change management models and frameworks so that they can offer appropriate solutions to the proposed changes. Not only will this prevent undesirable changes from being implemented, but additional strategies will also be developed. In resisting change, employees will be able to demonstrate that the possible risks associated with the particular change outweigh any benefits. Once this can be established, it is unlikely that the organisation will implement the change and any alternative suggestions will most likely be welcomed. It is important that organisations listen to the views of employees as they may be able to offer solutions that are more applicable and better suited to the needs of the organisation. References Bridges, W. (1991). Managing transitions: making the most of change. Reading, MA: Wesley Publishing Company. Brier, J. Rapanotti, L. and Hall, J. G. (2011) Problem Based Analysis of Organisational Change: A Real World Example, [Online] Available: mcs.open.ac.uk/jb9242/jbwebpapers/submittediwaapf06paper.pdf [18 August 2014]. Burke, W. W. and Litwin, G. H. (1992) Transformational Change and Transactional Change. Explanation of the Casual Model of Organisational Performance and Change, [Online] Available: http://www.12manage.com/methods_burke_litwin_model.html [18 August 2014]. de Jager, P. (2001). Resistance to change: a new view of an old problem. The Futurist, 24-27. Folger, R. & Skarlicki, D. (1999). Unfairness and resistance to change: hardship as mistreatment, Journal of Organizational Change Management, 35-50. Jex, S. M. (2002) Organisational Psychology: A Scientist-Practitioner Approach London: John Wiley & Sons. Kreitner, R. (2008) Principles of Management, London: Cengage Learning, 11th Edition, London: Business & Economics. Lewin, K. (1951) Field Theory in Social Science, New York: Harper and Row. Piderit, S.K. (2000). Rethinking resistance and recognizing ambivalence: a multidimensional view of attitudes toward an organizational change. Academy of Management -794. A, 783. Porter, M. E., Marciano, S., and Warhurst, S. (2007) De Beers: Addressing the New Competitiveness Challenges, Harvard Business School Case 0-706-501. The Times. (2012) The Organisation and Change, Operations Theory, [Online] Available: http://businesscasestudies.co.uk/business-theory/operations/the-organisation-and-change.html#axzz2H6FILJP6 [18 August 2014]. Walonick, D. S. (1993) General Systems Theory, [Online] Available: http://www.statpac.org/walonick/systems-theory.htm [18 August 2014]. Wendell, F. and Bell, C. (1999) Organisation Development, New Jersey; Prentice Hall.

Gothic art and architecture Essay

The thirteenth, fourteenth and fifteenth centuries, spanned by what we term the Gothic period, saw a revolution in the social and economic life of Europe. As princes created fixed capitals for themselves instead of the earlier uncomfortable peripatetic courts, so the earlier agricultural system gave way before a more modern money economy. The movements brought great changes in their train and were to have a profound effect upon the arts. For the first, the building of castles, palaces and town residences not only gave a new importance to the visual effect of surroundings but also to the ideas of comfort and luxury. The court of Burgundy led the way and life came to be dominated by intricate ceremonial inherited in part from antiquity, Byzantium and the orient, and elaborated into an obligatory etiquette destined to reach its most exaggerated expression in baroque Spain. At the end of the period this court culture flowered into what was an almost decadent magnificence. Gothic sculpture, like Gothic architecture, originated in France, and it, too, spread rapidly throughout Europe, varying in each country (Frankl 21). Gothic art had become common to all of Europe, and its national variants did not develop in isolation, although they always remained distinct within the framework of the style. There was a good deal of practical exchange, and German holy images were ordered from and sent to Italy, French ivory caskets and small altars were exported to England and Germany and English alabasters were exported throughout Europe (Frankl 25). In its transition from the Romanesque, Gothic architecture was characterized by an open stone framework supporting a stone vaulting (Frankl 3). As this development reached its peak, painting and sculpture were almost completely subjected to architecture, though all three arts were ultimately to gain. It was inevitable that large-scale mural painting should give way as the walls of Gothic churches were increasingly devoted to ever-larger windows. However, these new transparent walls of glass were quickly claimed by the painters and at the very moment when they were most dependent upon the good will of the architect, they achieved their greatest triumphs; for this new painting with colour and light on enormous areas of glass amounted to the conquest of a new artistic field. Glass painting, from being a pleasant accessory of the old order of architecture, had gradually become an indispensable feature of Gothic interior decoration. Its greatest successes were achieved, as were those of the Gothic style as a whole, primarily north of the Alps, and its decline accompanied that of the style as a whole (West 104-05). In appropriating sculpture, Gothic cathedral architecture presented it with such gigantic new problems that it was taxed almost beyond its strength. The figures that had previously been sparingly applied to doorways and towers multiplied and became immense crowds nestling in groups round doorways and towers. As a result of this dependence on architecture, more sculpture was commissioned in the Gothic period than at any other time between antiquity and the baroque era; indeed the sculptor has probably never been so much in demand as he was then (West 137-39). At the end of the Gothic period, when architecture tired, when cathedrals, started at the peak of the period, remained unfinished despite increasingly extended building periods; when towers, planned on a gigantic scale, were left incomplete; when niches on pillars and portals still remained empty, sculpture was still strong enough to leave the sinking ship, alert enough to recapture part of its former territory. It was altar-decoration which gave new life to the dying art of monumental sculpture. Here sculptors and wood carvers gradually developed the simplicity of the early retable into an architectural structure worthy to carry their figures. The Gothic winged altar grew from the mensa, until, high under the distant vaulting, multitudinous groups of figures were gathered into its forest-like branches, both over centrepiece and over wings. At the close of the Gothic period a true Kleinplastik developed-Kleinplastik is an untranslatable word which applies to small, delicate carvings, sometimes only a few inches high, which were later to become the passion of the lay collector with his delight in elaborate material and craftsmanship. The ideals of the thirteenth century were still those that had inspired the crusades and which, towards the end of the eleventh century, had fired the western Christian world with a zeal to free the Holy Land from the Mohammedan infidels. In the space of a few generations, religious fervour and love of adventure moved hundreds of thousands from every country to do battle with the dangerously advancing forces of Islam. Great victories awaited them, but also shameful defeats; fame and riches, but imprisonment and miserable death as well. An important after-effect of the period of the crusades, which really ended at the close of the thirteenth century, was the growing prosperity, not only at the courts but also amongst the lesser nobility and the burghers. It was accompanied by a taste for luxury, a desire for a less simple mode of life, which in turn generated the forces needed to satisfy the new demands. The world had become, in contemporary eyes,-not only bigger and wider, but also more beautiful and interesting. Thus poetry and the arts, as well as the crafts, which had worked almost solely for the honour of God and the glory of his Church, were now called upon to glorify the everyday world (West 210-11). Commerce and the crafts, in all their colourful diversity, gained respect. As they grew in importance, guilds and merchant companies came into being, and succeeded in getting a voice in the administration of the cities, until the cities finally obtained freedom from the feudal overlord, owed allegiance only to the emperor, and were able to form political alliances with other cities. There was no more bondage for the burgher. The main roads met in the cities, which were the centres for travellers and pilgrims and for the trade of goods from far and near. The great building organizations were situated within their walls and they sheltered the artists and craftsmen; new wealth accumulated in the cities and with it a new civic pride appeared. All these developments offered the Gothic sculptor and carver many opportunities and, moreover, each generation had an insatiable desire to express its own artistic feeling. This was only made possible, over the years, by making room, by repeatedly clearing away or destroying the â€Å"outmoded† work of previous generations. Furthermore, the changing and often more elaborate liturgical customs and rites of the high and late Middle Ages demanded new equipment, new furnishings, and these afforded new subjects for the artist. For example, the appearance of the Rosary brotherhoods of the late Middle Ages produced a flood of Gothic Madonnas. The fast-spreading cult of St Anne led to the creation of charming groups showing her with the Virgin and Child (Branner 47). The number of altars increased considerably during the Gothic period in the cathedrals and collegiate churches especially, but also in the parish churches. The spacious churches of this era often had dozens of altars, sometimes more than fifty. The burgher, noble, or even ecclesiastic donors of these altars made themselves responsible for the material needs of the priest who served at their altar as well as for the provision of an artistically conceived altar with furnishings of admirable craftsmanship (Frankl 95). For such an altarpiece tradition demanded a representation of the patron saint, a cross, candelabra, an altar cloth, and robes. The buttresses of the new churches favoured the construction of subsidiary chapels and thereby increased the potential space for additional altars, which meant more commissions for the artists. The altarpiece which, as the chief domain of art, combined painting and sculpture in a common effort, has become the classic expression of late Gothic art for the world at large. In these altarpieces, the central section was generally reserved for three-dimensional figures. The insides of the wings were often given to the carvers for their reliefs, if they had not already been allotted to the painters–for whom the outsides of the wings were always reserved. Such an altar complex was indeed imposing; its changing face-different on weekdays, Sundays and feast days-served as a kind of three-dimensional picture book of the church year for a pious world which could as yet neither read nor write, and so readily sought these vivid illustrations of the scriptures. The Western world found, in Gothic art, a means of symbolizing the Christian capacity to experience life and religion as conceived within the framework of medieval piety. Although each nation added something of its own national peculiarities the style retained its validity as a common artistic expression of Western Christianity and was universally recognized. Works Cited Branner, Robert. Burgundian Gothic Architecture. A. Zwemmer, 1960. Frankl, Paul. Gothic Architecture. Penguin Books, 1962. West, George Herbert. Gothic Architecture in England and France. G. Bell & Sons, 1911.

Influence of Optimist and Pessimist for Success Essay

For example, an optimist will look at a sunset and think, â€Å"Look how beautiful nature is, thank god, life is a wonderful present,† where a pessimist will look at the same one and think, â€Å"The sunset means another day of life passed over and I have one day closer to death. † It is just like an optimist seeing a half-water filled bottle as half full when the pessimist sees half empty. Scientists believe that people with an optimistic attitude towards life can be more successful than pessimists. It is no doubt about that, but people need pessimistic thinking to triumph. Despite everyone knowing optimists are more likely successful, too much optimism or over confidence will lead to negative consequences, even disaster. For example, in ancient times there were three most undoubtedly powerful and prosperous dynasties: Ancient China, Ancient Babylon and Ancient Egypt. Once Ancient China ruled the world. Over a period of 5,000 years the Chinese people developed a unique, self-contained and self-centered society at the extreme eastern end of the Eurasian landmass. The Chinese complacently thought that they did not want what modern science offered—greater technology, power over the natural world, and an improved standard of living. Unlike Westerners, the over-optimistic Chinese felt no need to develop modern science to conquer the natural world. Eventually, as a consequence, Chinese people had been suffering from catastrophic warfare for more than hundreds of years, and there had been not less than one hundred million dead. The only reason why it happened was just because of an unintelligent decision that secluded China from the outside world made by an over-confident and over-optimistic empire. A perfect piece of art or invention, as I have observed, cannot be made simply by those are without pessimistic thinking or critical thinking. Steve Jobs (February 24, 1955-October 5, 2011) was a co-founder, chairman and CEO of Apple Inc. He had such an active professional life that it would not be easy to list all his incredible achievements in one article, but many people knew he had been a over-optimistic loser when the Apple III model came to the public. Jobs thought everything would be going well as he wanted, but truthfully it was not. The over optimism got him fired from the Apple company for eleven years before he finally returned to the Apple company that he established. After that, Jobs became a revolutionary inventor of the digital world. He made legends; he amazingly changed the world. What made Jobs success was that he turned from an optimist to a critical thinker during a low tide of his life. He no longer thought what he invented was perfection and began to criticize his work thousands of times before publishing. Having pessimistic think or called critical thinking makes it possible for people to be as successful as Jobs. However, the information above does not imply that it is wrong for us to be optimists. Optimists succeed more easily in all areas of life. Recent studies show that optimists excel in school, have a better love life, make more money, have better health and live longer. Optimists also do better in the face of stress. Even though optimists bite off more than they can chew, they still end up healthier and happier than pessimists. So the answer of which perspective is correct is neither. What is really important is not which way of thinking is correct but which is more beneficial. You can make a case for each side of the situation. Information about China history from I have learned in history class Information about Steve Jobs from Youtube Steve Jobs speeches The following list from http://www. centreforconfidence. co. uk/pp/overview. php? p=c2lkPTQmdGlkPTAmaWQ9NTY= The benefits of being optimistic include: * Better health * Longer life A happier life * Less stress and anxiety * Successful careers * Better educational qualifications * Better relationships * Better at problem-solving * More resilient in the face of adversity * Cope better with failure The costs of being pessimistic include: * Depression * Dying younger * Inertia in the face of adversity * Having a lower immune system * Suffering increased ill-health, both physical and mental * Not performing well at work * Failure when faced with crucial situa tions * Poorer relationships Even when things turn out badly, pessimists don’t feel good about making the * More fun and worthwhile. People’s Attitude towards Life Outline Thesis: It is no doubt that optimists are more likely to succeed, but success cannot be without pessimists. Opinion 1: the overoptimistic attitude will lead negative consequence. For example ancient China Opinion 2: the pessimistic thinking or called critical thinking can help you succeed. For example Steve Jobs Conclusion: we cannot totally deny the benefit brought by optimistic attitude.

Personality Approach Paper Research Example | Topics and Well Written Essays - 1000 words

Personality Approach - Research Paper Example Symptoms of schizophrenia as per the DSM IV include: delusions, hallucinations, disorganized speech, catatonic behavior and negative symptoms like affective flattening (DSM IV). Schizophrenia is a complex disorder. Patients suffering from schizophrenia lead chaotic lives, with little or no contact with reality. The biological approach The biological approach to psychology believes that behavior has some biological roots and part of human behavior is predetermined biologically. The supporters of biological approach claim that the functioning of a living organism can be explained and treated on basis of its biological structure and bio chemical composition (Weiten, 2007). Nature versus nurture has been an ancient debate among psychologists. The biological approach suggests that nature has a stronger role than nurture; which implies that behavior is determined by genes. With the decline of behaviorism, the belief that our environment can change us into anything is dying out and the biol ogical approach is meeting greater acceptance. The biological approach offers a threefold explanation of personality. First is the one by Eysenck, which maintains that individual differences in behavior of humans are based on physiological variations. Second explanation of personality as per the biological approach is that of temperaments. ... According to this view point, humans inherit behavioral traits from their ancestors and therefore react to situations like their ancestors did (Burger, 2008). Biological approach to schizophrenia Several twin and adoption studies have revealed genetic ties of schizophrenia. Twin studies are common in biopsychology since in case of twins who are not separated, the environment is usually the same, therefore any discrepancy among behavior of twins (especially monozygotic ones) can be attributed to genes (Burger, 2008). According to Gottesman (1991), cited in Myers (1992), adoption studies have confirmed a genetic link in schizophrenia. This is in accordance with Eysenck’s idea that the genetic makeup of humans actually determines the behavior. Etiology of schizophrenia other than ‘genetic’ includes hormonal imbalances in the brain and structural and biochemical abnormalities of brain. The Dopamine hypothesis has gained quite a lot of popularity in this regard. It pos its that schizophrenia is related to excess activity of neurotransmitter dopamine in the brain. According to Andreasen and colleagues (1994), patients with schizophrenia have larger Cerebrospinal Fluid volumes as compared to healthy persons. The same findings were also confirmed by Staal and colleagues (2000). Schizophrenia runs in families and can be inherited (Alloy & Jacobson, 1999). This is in line with the evolutionary theory of personality as discussed in the previous section. Treating schizophrenia: the biological approach The biological approach offers various ways of treating Schizophrenia. Each one is discussed as follows: Anti Psychotic Drugs The most common and basic treatment for schizophrenia is via anti psychotic drugs. These are medications from a psycho active group and

Final Essay Example | Topics and Well Written Essays - 750 words - 6

Final - Essay Example Firstly, with regards to an identification of the argument, it must be understood that the author’s primary approach is focusing upon the argument that bio-enhancement and the development of humans to manage and change the realities of chromosomal DNA exists, these should not always be used. Moreover, the claim and reason that exists within this article is with respect to an understanding that even though the possibility to create and alter human biology from a laboratory standpoint most certainly exists, a level of bioethics and moral concern for the future fate of this particular industry has thus far constrained individuals that might otherwise be interested in turning a profit via utilizing such an approach. Although the structure and organization of this particular article is above standard, a key concern that can be noted is with regards him to the overall exhibition of evidence and discussion of fact that exist within the article. Firstly, even though data is represente d and sources are cited effectively, the type and extent of this data does not specifically help to corroborate the initial argument that was stated within the preceding paragraph. Moreover, the article itself ultimately collapses into a mere discussion of the technology that exists and a broader understanding of the process of biological engineering. Although this discussion is of course interesting, it does not coincide with the analysis and promise of engaging the reader in the argument that was initially presented. Instead, these statistics and data that are represented do not help the reader to draw any level of inference with regards to the original argument nor are they particularly helpful in understanding the issue to a greater degree. Although it is true that statistics and data are represented, as well as relevant citations, none of these serve the ultimate purpose and appeared to be somewhat gratuitous; only existing to the fact that they are somehow required. Finally, w ith respect to reviewing the argument in terms of its purpose and audience, it can be definitively stated that the purpose of the argument was to shed a further level of discussion with regards to bioethics and bioengineering. However, in order to engage with the audience, as with any form of print journalism, a type of controversy and fear had to be engaged with regards to the way in which runaway/rogue scientists could impact upon the future fate of the human race, biological development, and/or nouveau eugenics. A further question comes with regards to what group this particular article was developed to appeal to. The readership of whatever source this particular piece was intended for was most certainly primarily engaged with entertainment and the means through which time can be passed at work from one article to the next. In such a way, rather than coming down too hard on this particular article and slamming it as having no logic or development of facts whatsoever, it must be u nderstood that the same level of comparison cannot be expected of wired.com as

Building of Pyramids of Giza Essay Example | Topics and Well Written Essays - 250 words - 45

Building of Pyramids of Giza - Essay Example It is evidently clear from the discussion that modified external ramp theory explains that the Pyramid was created with the use of an external ramp. This ramp was believed to be raised during construction. It is believed that the ramp is corkscrewed or spiraled to the top of the Pyramid. That was the only way to explain how an external ramp was used since there was no way a single long ramp was built in the area.  Another theory, a more recent theory, was presented by Jeanne-Pierre Houdin (Brier, 2007; George, 2008). He was a French architect who believed that the Pyramid was built using an internal ramp. He explained that the bottom of the Pyramids was built using an external ramp and the higher parts were built using an internal ramp. He proposed this theory after seeing the spiral-like structure within the Pyramid. I believe that the more recent theory of the internal ramp can answer how the Pyramids were built. Although it is possible that humans can haul the heavy stones on to p of each other to build the pyramid, I find it hard to believe that it is only done outside of the Pyramid. There is evidence showing there is a structure within the Pyramid. And there are holes at turning points to help the worker haul the heavy stones up. I find Houdin’s theory more realistic because of the many pieces of evidence that point towards its possibility.

Crisis and Expansion Essay Example | Topics and Well Written Essays - 1000 words

Crisis and Expansion - Essay Example Critics have argued that the Manifest Destiny was a disputed concept that many famous Americans such as Ulysses S. Grant, Abraham Lincoln, as well as a majority of the Whigs rebuffed it. American expansionism did not signify an American consensus, but it aggravated bitter dispute in the national polity. Countrywide, perhaps most Democrats, people endorsed the Manifest Destiny, but a majority of the Whigs strongly rejected it. Manifest Destiny offered the rhetorical tone for the biggest acquisition of United States territory (Adams 35). It was utilized by Democrats in the mid-1800s to defend the Mexican war, and it was also applied to split the Oregon with Britain. However, the Manifest Destiny always crawled along due to its internal restrictions, as well as the issue of slavery. It never turned into a nationwide priority (Adams 35). By 1843, John Quincy Adams, formerly a key ally, had changed his view and rejected the Manifest Destiny since it meant the extension of slavery in Texas (Greenberg 97). From the onset of the Manifest Destiny—huge in the plan, in its sense of continentalism—is had a small number of supporters (Greenberg 98). It missed sectional, national or party following proportionate with its size. The basis was it did not echo the nationwide spirit (Greenberg 98). The idea that it reflected nationalism is supported by little evidence. The Manifest Destiny was, at all times, a very general idea instead of a precise policy (Adams 35). There was never any principle describing the manifest destiny. Nonspecific but intensely felt, the manifest destiny was a feeling of certainty in the decency and value of imperialism, which complemented other accepted thoughts of that period, including Romantic nationalism and American exceptionalism (Greenberg 98). Andrew Jackson, who talked of expanding the field of freedom, characterized the conflation of Americas likely greatness, the country’s

You can make the topic by yourself Essay Example | Topics and Well Written Essays - 1250 words

You can make the topic by yourself - Essay Example to two kinds of people in this regard, the winners who like to change and adapt themselves to new things while the losers are those who cling to the past. Progress is mostly cumulative as each level builds on the past achievements and improves on it. One such unique period in the history of human progress when changes were rapid was during the Industrial Revolution which started in the mid-eighteenth century in England and then spread rapidly into Western Europe and later on into the United States of America. It was a period of exciting changes in almost all spheres of life; old norms, traditions, and customs were cast aside in favor of newer ones. One result of the Industrial Revolution was the rise of Modernism which was a philosophical movement in the late nineteenth and early twentieth centuries as a reaction or response to widespread changes in Western societies. Profound social changes altered the way of life for everybody. This period was the best time of times and paradoxically, also the worst of times, when people have to cope with so many changes going on simultaneously. Some people embrace change while others cling to old habits and cannot adapt to change and found it both terrifying and confusing. Modernism created outcasts out of the people who cannot cope or deal with the changes. The Industrial Revolution started around 1760 and lasted up to 1870 or thereabouts. It was indeed a major turning point in human history as society embraced new ideas, inventions, and innovations in the fields of science, technology, commerce, and in virtually every field of human endeavor. Perhaps the most profound of the changes occurring at this period was the rise of the modern free-market capitalism in which a new wealthy class of capitalists came into being and replaced the old class of feudalistic land owners as capitalist groups put up factories that produced profits for them and increased their wealth holdings. This was a watershed period in history as society

The Economics of Education & Financing Education Adequately - Case Essay

The Economics of Education & Financing Education Adequately - Case Study 6 - Essay Example On the other hand, individuals with Bachelors Degree was reported to increase from 6.6% in 1990 census to 9.3% based on 2005-2009 survey (TACIR, 2012a, p. 13). Furthermore, the fact that the rate of drop out decreased from 13.4% between 1998-1999 to 1.3% between 2008-2009 shows a good sign of educational improvement (p. 16). To improve the education system in Fentress County, its local government officials allocated US$12,000 for K-12 new school construction, US$7,125 on school system-wide need, US$5,000 for non K-12 education, US$2,925 for existing school improvements, and US$400 for librairies, museums, and historical sites (TACIR, 2012a, p. 12). Putnam County had 9.7% unemployment rate as of June 2011 (TACIR, 2012b, p. 8). As of fiscal year 2010, the total revenue received by the Putnam County is US$144,086. Coming from the State government, Putnam County received US$39,451 (27.4%) for public schools and US$6,044 (4.2%) for other necessities. Aside from receiving US$14,367 from the Federal revenue, Putnam County collected US$35,426 (24.6%) from property tax, US$29,445 (20.4%) from local sales tax, and US$19,352 (13.4%) from other local taxes (p. 11). Based on 2005-2009 survey, individuals with high school diploma is composed of 79.0% of its total population as compared to 63.2% based on 1990 census. On the other hand, individuals with Bachelors Degree was reported to increase from 16.8% in 1990 census to 21.7% based on 2005-2009 survey (TACIR, 2012b, p. 13). Furthermore, the fact that the rate of drop out decreased from 15.8% between 1998-1999 to 10.8% between 2008-2009 shows a good sign of educational improvement (p. 16). To improve the education system in Putnam County, its local government officials allocated US$47,400 for K-12 new school construction, US$153,560 for non K-12 education, US$43,828 for existing school improvements, and US$871 for

Organizational Behavior Essay Example | Topics and Well Written Essays - 250 words - 2

Organizational Behavior - Essay Example Everyone on the team was very responsible. As the team leader I assigned my teammates different tasks each with a specific timeline for delivery. All the deliverables of my teammates were completed on time. Completing tasks on time is extremely important to ensure a project does not fall behind. This team was very effective and creative. One of the reasons that the team had so many good ideas was due to the diverse composition of the team. Whenever any member of the team had trouble with their assignment the other team members would provide assistance. There was great teamwork among the members of the team. During the two weeks that the team worked together the members of the team never argued with each other and there was never any friction. Arguments among team members are typically counterproductive. The team was able to achieve synergy. Synergy occurs when the whole is greater than the sum of its

College Life Essay Example for Free

College Life Essay I knew when I graduated from high school a new beginning was ahead of me. College was the only thing that was important to me because I knew that I would have to get a good education to get a good job to start a great career. I would have never expected myself to bounce from a community college to a vocational school back to a community college. There are so many choices of colleges and how their short term programs can really help the potential student. The truth of the matter is that there aren’t any short cuts in life, but how are these schools still standing. I was accepted into 3 universities to continue my post secondary education. I made my finally decision as to which one I was planning on attending, Norfolk State University in Norfolk Virginia. There was only one small problem; I was raised by a single mother so there wasn’t any money set aside for my college education. When this was brought to my attention it was too late to apply for scholarships and grants. However I did apply for financial aid but I didn’t qualify because according to the government my mother made to much money for me to get free money. So I did what any other determined person would do, enroll in community college, and work part-time for one year and then go away to school for the rest of my education. When I went to enroll in my first community college, Daley, I took a placement test to see what level I would be at for my general courses like English, Math and so forth. Once I received my results I was instructed to see a counselor and register for fall classes. The counselor that I saw wasn’t even a real counselor; she was a remedial English teacher who barley new the course catalog, but I trusted her input and enrolled in the recommended courses that I wouldn’t even need for my major at the time. When I finished my first semester at Daley my GPA was good for a freshman, but I didn’t save enough money to continue my education there. That’s when I moved to the south suburbs and started at South Suburban College. I attended South Suburban for a total of two semesters maintaining a GPA of 3. 2. I saved some money from the two jobs that I worked but that was barely enough for me to attend 1 semester at NSU. My mother was willing to help me out but she still had my little brother to raise. That was when I kept seeing ads for ITT Technical Institute. The ads simple said that I can graduate with an Associate’s Degree within two years or a Bachelor’s in three years. The commercial also stated that they will find employment for me and I can come back as an alumnus to take any course refreshers if needed to. I thought to myself, that is where I need to be attending as soon as the next semester starts. When I went to enroll I just knew that I would qualify for financial aid because I have been living on my own for almost two years, but once again I was declined and the school suggested that I take out a student loan, the school also said that I will need a co-signer since I don’t have any credit established. My mind was made up and I was going to attend this school, so I asked my mom of course to co-sign for me. She really didn’t trust this schools credibility, but she saw how important it meant to me so she applied along with my husband now, boyfriend at the time. I got my loans for school, totaling 60k for two years, enrolled and started in the fall of 2004. I went through my program for 2 years and received an Associate’s in Computer Electronics and Engineering Technology. When I graduated the school had jobs waiting for me but they had nothing to do with what I just spent the last two years of my life studying for.

Racial and Ethnic Identity and the feelings of Acceptance and Belongingness Essay Example for Free

Racial and Ethnic Identity and the feelings of Acceptance and Belongingness Essay Ethnicity generally refers to a person’s affiliation with a particular ethnic group, or to their sharing qualities, characteristics or customs of that ethnic group. Ethnic identity, on the other hand, has been linked to the sense of belongingness and identification of an individual within a cultural group. The first use of ethnic identity in 1896 by French nationalist and scientist, George Vacher de la Pouge, was synonymous with racial identity which means the â€Å"natural and counterfeit cultural, psychological and social characteristics of a population. † (Timble) According to Smith, â€Å"Ethnic identity is the sum total of group member feelings about those values, symbols, and common histories that identify them as a distinct groupâ€Å" (Smith, 1991) Charlesworth (2000) maintained ethnic identity development to be an essential human need that provided a sense of belonging and historical continuity and created a foundation on which to build a concept of self. On the other hand, Tajfel (1981) described ethnic identity as part of an individual’s self-concept developed from knowledge of membership in a cultural group and the value or emotional significance attached to that membership. However, moving to another community with different culture and ethnicity, like in the case of migration, compromises the maintenance or preservation of ethnicity in relation to the individual’s belongingness to the majority. Parents of the next generation strengthen ethnic identity development of their children by ethnic socialization. Ethnic socialization consists of three themes: 1) understanding ones own culture, 2) getting along in mainstream society, and 3) dealing with racism. (Steinberg, 1996) Racism and racial discrimination has long been a concern of the immigrants and their descendants. The inherent characteristics like skin color, language, religion are parameters in racial identity which sometimes lead to racial discrimination. Belongingness sometimes adapts the adage â€Å"When in Rome, do as the Romans do† which lose their own self-identity and ethnic identity. Maintenance and preservation of ethnicity and original culture is subjected to a strong pressure of the host country’s culture. For example, language is an important issue for the immigrants. The influence of the communication speeds up to learn the host language that previously, the adaptation of language is in the third generation, now the trend is in the children of immigrants. The growing population and influx of immigrants face debates regarding complex issues which dictate acceptance and belongingness of the immigrants to the host country. Prejudice and discrimination may be directed toward an immigrant’s status as a newcomer as well as against his or her ethnicity or race. In Europe, there is a growing concern on how the immigrants affect their culture and national identity which comes with common language, heritage and ethnicity. (Cohen, 2000) Further queries have been raised whether or not to absorb the immigrants and allow them to participate in their national activities or to allow them to become their citizen without the thorough knowledge of their culture and heritage. During elections, opposition to immigration is always an issue in some countries like Britain, Switzerland, Denmark, Italy and Sweden. (Cohen, 2000) Immigrants in some countries are also subjects of distrusts and fear. Opposition to immigrants often claims that immigrants have something to do with crimes and unemployment, if not low-wage jobs. Racial discrimination tends to set in which affects the acceptance of immigrants to the host country and if not properly addressed to by the government will give negative effect to both the immigrants and the host country. Ethnic discrimination was identified by Garbarino (1999) to be one of the risk factors that contributed to youth violence. Rejection and estrangement from the macroculture experienced by many children significantly contributes to acts of violence. Consequently, immigration issues become the central topic for studies of different researchers and sociologists to minimize conflicts. (Garbarino, 1999) There have been clamor that immigrants are linked with social crimes in the host countries. This was contradicted by some researchers who conducted related studies. Based on the studies in Little Village conducted by the Harvard sociologist Robert J. Sampson, having high number of immigrants does not mean high number of crime. Though Little Village is poor, a relatively low incidence of violence is recorded. (Eval Press, 2006) At least, inacceptance and prejudices to immigrants and their children will lessen a bit by the findings of the researchers done by these sociologists.

Business overview of Deloitte Consulting

Business overview of Deloitte Consulting Deloitte Consulting is one of the worlds largest consulting firms, with 12,000 consultants serving more than one-third of the Fortune Global 500 in more than 30 countries. Its a powerful firm that incorporates all types of services in its business from research through implementation. More importantly through the eyes of its employees it is seen as a humane, balanced, and enjoyable place to work, where talent can rise quickly. The firm which started out as Deloitte Touche Tohmatsu (DTT) was initially an international accounting firm, founded in 1845 by former bankruptcy clerk William Welch Deloitte. As the firm began to grow there was increased pressure on the business to separate from their parent accounting firms, and a new strategy had to be put in motion. In March of 2003, the firm announced it had ended discussions to separate its consulting practice from the parent accounting firm, reasons included a tight credit market and poor economic conditions. Deloitte Consulting, is now fully merged back into its parent company, which is now known simply as Deloitte. The company today competes with other large and mid-size consulting firms for the business of companies that do more than $500 million in sales. Its known primarily for its one stop shop designs that deliver executable strategies that it will help implement for clients of all sizes. Some of these clients include Boeing, GM, Chevron Texaco, and ret ailer The Gap amongst other. One of the ways Deloitte stands out form its competitors is by providing clients with a more personalized contract which takes into mind their short and long term goals as well as other factors. By have well trained consultants and project staff the firm is able to initiate strong conversation and detailed research. They are able to collaborate better and are more responsive to their needs. Deloitte has services in five service areas. The firm integrates process capabilities and service lines into each service area. Deloitte consultants work with eight industry groups in three geographic regions. When new people are hired into one of the regional offices they generally work in a particular geographic region. When starting your career with Deloitte, as you become more familiar with the processes ways of doing things youll gradually specialize in a service line and industry group. However as with any small or large organization you will initially work within different areas and on different project types. The four key business areas the company operates in include : Audit Financial advisory, Tax Consulting Market Position Deloitte Consulting is seen as one of the leaders in the industry competing with other large and midsize consulting firms. Since its had a reputation of quality service and commitment to its clients they have been able to provide a wide range of general management and information technology consulting services all around the world. One of the main strengths the firm has is in operations consulting, as well as strategic planning, financial management, and productivity. Deloitte Consulting is in the top 3 consulting firms in the world with other firms such as, IBM and Accenture. based on Consultants News estimates, which include revenue from both Deloitte Consulting and DTT. On the other hand, some research firms have listed Deloitte Consultings revenue the highest amongst its competitors; this would rank Deloitte Consulting (independent of DTT) at number six on the following list. In 2009 Deloitte as the worldwide leader in the consulting marketplace based on aggregate revenue, growth and market share for 2009. http://www.deloitte.com/assets/Dcom-global/Local%20Assets/Documents/Press/deloitte_vol2_article3.pdf *This picture indicates the revenue growth for the top 10 consulting firms* In a recent report Deloitte has been able to be the leader in the industry for the following reasons. These are seen as attributes of successful firms who compete in the industry. Ability to scale their business and IT consulting services to various providers who span across several geographical regions and domains. There is a chance for buyers on a global scale to have the ability to offer a broad array of consulting services addressing these initiatives which is broad in scope but tailored to their clients needs which is often seen as critically important. Having the right type of consultants with the right mix of skills, incorporating such qualities as multicultural and multi domain change management, while at the same time offering a deep business process understanding for a large number of industries. There is the concept of stability. The company year after year has had a solid balance sheet and financial growth within the business and IT consulting service provider are critical because buying organizations must mitigate the risk of failing to complete a project or initiative. Lastly is Strategy. Consulting service providers continually evolve their business strategy through reorganizing, reskilling of their resources and redefining service outcome. This is the differentiating proposition fort Deloitte. Deloittes consulting practices have outpaced growth of the consulting market for the past five years, and we believe this recognition is a testament to Deloittes successful execution of a broad services strategy delivered through a focused, collaborative approach. Client executives have faced exceptional challenges in the past two-plus years, and we are proud of the way Deloitte teams have worked with them in innovative ways to help meet those challenges. As the recovery takes hold, that same commitment to responsible innovation will support Deloitte clients in capitalizing on new opportunities. http://www.deloitte.com/view/en_UA/ua/press/ua-pressreleases-en/42ea841c3adf8210VgnVCM100000ba42f00aRCRD.htm ACG service offering http://www.deloitte.com/view/en_LU/lu/industries/ims/invest-hedge-funds/im-service-offering/advisory-consulting/index.htm Consulting Services Deloitte operates a wide range of consulting services allowing each client to be fully taken care of. They operate in three regions,(east. central, west). Deloitte is headquartered in New York, but is divided into three regions with individual offices in each. In addition they are organized into eight industry groups. The company has expertise in a wide array of functional areas and serves most big-ticket industries: à ¢Ã¢â€š ¬Ã‚ ¢ Energy, à ¢Ã¢â€š ¬Ã‚ ¢ Financial services à ¢Ã¢â€š ¬Ã‚ ¢ Health care à ¢Ã¢â€š ¬Ã‚ ¢ Manufacturing à ¢Ã¢â€š ¬Ã‚ ¢ Public sector à ¢Ã¢â€š ¬Ã‚ ¢ Communications and media, à ¢Ã¢â€š ¬Ã‚ ¢ Consumer business à ¢Ã¢â€š ¬Ã‚ ¢ Real estate Five Service Areas To service the above, Deloitte is broken into five service areas, each of which integrates process capabilities. They include: à ¢Ã¢â€š ¬Ã‚ ¢ Enterprise applications à ¢Ã¢â€š ¬Ã‚ ¢ Human capital, à ¢Ã¢â€š ¬Ã‚ ¢ Outsourcing à ¢Ã¢â€š ¬Ã‚ ¢ Strategy and operations à ¢Ã¢â€š ¬Ã‚ ¢ Technology which has many service lines Each area of the consulting services has associated service and sub service lines, which are numerous and constantly changing based on client demand. Some of them, such as financial management or change leadership, may even cut across several industries, complicating the organization. à ¢Ã¢â€š ¬Ã‚ ¢ Enterprise applications: PeopleSoft, Oracle, SAP. à ¢Ã¢â€š ¬Ã‚ ¢ Information technology services: CRM, SAP à ¢Ã¢â€š ¬Ã‚ ¢ Infrastructure: information strategies, systems integration à ¢Ã¢â€š ¬Ã‚ ¢ Outsourcing: information technology outsourcing, business process outsourcing à ¢Ã¢â€š ¬Ã‚ ¢ People: change leadership, educational services à ¢Ã¢â€š ¬Ã‚ ¢ Process: mergers and acquisitions, program leadership, reengineering, shared services, supply chain results à ¢Ã¢â€š ¬Ã‚ ¢ Strategy and financial management: strategy, strategy enterprise management, reorganization services à ¢Ã¢â€š ¬Ã‚ ¢ Cross-service-line initiatives: BRPR initiative, ERPs second wave, e-business, Career Progression Working at Deloitte can be a great place to work. If your ambition is to have a long term career in consulting and provide the highest value to clients at the end of the day this is the place to work. Compensation, Vacation, and Perks Since the economy hit a standstill a few years ago the salaries while still competitive offered by Deloitte have taken a hit. Although insiders say things are looking up. New analyst salaries are in the $55,000 to $70,000 range. MBA starting salaries will be $95,000 to $120,000. Because Deloitte recruits at more business schools than many of its competitors, salaries may vary. New Deloitte employees get 23 days of personal time off (PTO) each year.PTO includes vacation, sick, and personal time. Taking 1 or 2 weeks off in a row is usually allowed, but taking all 4 weeks in one shot will depend on your team and office. Assuming its scheduled in advance, vacation is generally considered sacred, even if your client suffers an unforeseen matter-antimatter reaction. New employees can take advantage of the 401(k) plan; Uncle Deloitte will benevolently match a portion of your contributions-up to 25 percent of the first 6 percent you put in. On a less fiscal note, a program called third Friday fly back encourages consultants to get back to the ranch for the third Friday of every month for schmoozing and continuing education of general or special interest. The company has a philosophy which states its its your career, where do you want to take it? They stress the fact of extensive and continued training. Career progression is based on ability. On average people are promoted every two to four years as they develop their skills and capabilities, and have worked on different projects.. On the job skills or required skills To be successful at Deloitte Consulting, a person must demonstrate the competencies and attributes that they look for in a future candidate. These include: à ¢Ã¢â€š ¬Ã‚ ¢ The ability to think clearly, logically, and with insight à ¢Ã¢â€š ¬Ã‚ ¢ A quick mind and a high level of energy à ¢Ã¢â€š ¬Ã‚ ¢ Common sense and judgment à ¢Ã¢â€š ¬Ã‚ ¢ Skill and sensitivity in dealing with people à ¢Ã¢â€š ¬Ã‚ ¢ The ability to secure the cooperation of others and persuade them to act à ¢Ã¢â€š ¬Ã‚ ¢ Flexibility and a sense of humor à ¢Ã¢â€š ¬Ã‚ ¢ The desire to broaden ones career focus beyond a specific technical or functional skill à ¢Ã¢â€š ¬Ã‚ ¢ The self-confidence to work effectively with people at all management levels à ¢Ã¢â€š ¬Ã‚ ¢ Initiative, drive, and persistence The company sees unfulfilled potential as a waste of time and tries to keep it to a minimum. Because of this a tailored program of continuous personal and career development features strongly within everyones individual Deloitte experience, irrespective of their seniority. We provide a fantastic array of formal, informal and web-based learning options. Generally speaking, you can expect, as an experienced professional, to have between six and ten days of allocated training every year, typically including technical training, skills development, industry knowledge building and computer-based training. As a result youll acquire and develop a significant array of professional and personal skills thatll equip you to meet the many and varied challenges However, development isnt just about attending courses. Youll learn most by working on challenging projects with outstanding people. Weve invested in building the coaching capability of our staff so these real-time learning opportunities can be fully realized. So, rest assured, we make sure every ounce of your potential is recognized and exploited to everyones advantage, especially yours. The Recruiting Process The recruiting process is very structured and competitive. Deloitte recruits at many of the top undergraduate and B-schools to acquire the best and brightest to tackle their most complex business problems. To be considered for an initial interview, candidates must post their resumes on Deloittes website through their schools career center. It is a detailed application process which tells Deloitte about your background, skills and if you are a suitable candidate. If a undergraduate school isnt on the Deloitte site, it is a good idea to locate a recruiter at another institution. Expect the selection process to take one to two rounds, with one to three interviews in each round. Reportedly, candidates from prestigious schools often have their pick of regional offices. Not from Harvard? If you want to work in a different region, seek advice on doing so from your campus recruiter. Transferring an offer to another office is not easy or swift, although insiders say the firm has tried to accommodate new hires or their spouses. Undergraduates Students looking to apply should keep in mind that A strong GPA is important to Deloitte, although not as important as intelligence, poise, business savvy, relevant experience, and internships. Recruiters like well-rounded, self-motivated types with communication and leadership skills. All majors, from economics and business to liberal arts, have a shot at business analyst positions. For systems analyst positions, engineering, mathematics, and computer-science majors have an advantage over techy novices, who are often viewed as requiring a great deal of catch-up. For project analyst positions, economics or business majors with budgeting experience are preferred.36 Getting Hired MBAs MBA recruiting is conducted centrally. Recruits from Harvard, Wharton, Kellogg, University of Chicago, UCLA, and some regional schools feed all U.S. Deloitte offices. While the on-campus recruiting process is the best way to get on the interview list, company recruiters say theyre willing to interview any motivated, qualified applicant. Unlike other big firms that base interviews on resume screening, Deloitte is more interested in what you exhibit in person. Team-as in team player-is the magic word. Professionalism, flexibility, and humor go a long way. Expect a mix of behavior and case questions thatll probe your analytical strengths and work accomplishments and determine your ability to fit in. Experienced Candidates- Deloitte is always looking for people with experience outside of consulting. They arent above occasionally luring staff away from competitors, either. Although MBA programs are the primary source of general management consultants, many health-care practitioners come from industry. Experienced hire recruiting is done first on a regional basis, then on a more detailed industry level. Experienced hires must have very well-defined experience in our service line, says one recruiter. The challenging work and long hours are paired with what Deloitte believes is a unique consulting industry characteristic: a workable lifestyle. Its consultants spend fewer hours away from home than its rivals (a 3-4-5 standard-a maximum of 3 nights in a hotel and 4 days at the client in a 5-day week. The firm also promotes a down-to-earth company culture that includes title-less business cards, mandatory use of first names from the CEO on down, and a strong emphasis on fitting in. The latter refers to having a Deloitte personality, which apparently trumps both GPA and raw intellectual horsepower early in the university recruiting process. Ideally, arrogant types are expunged in the first interview; hopefully only nice guys and gals get in. Training Every new hire goes through what many current employees call consulting boot camp. Both undergrads and MBAs attend similar intensive, 2-week training programs. For undergrads, the first week is devoted mostly to developing fundamental consulting skills and includes local office procedures and logistical information. The second week focuses more on a specific area. At that time, managers themselves may lead the training for some industries. The same progression of general to specific is true with MBA training; the technical services are separated from the business services. Although training is intensive, much bonding goes on during the downtime. In the meantime, you are also working like a lunatic to prepare to take on the job. In addition, new systems analysts may participate in an additional 3 to 8 weeks of training, depending on their service line assignment. Insiders say that all training programs are much more relevant than they were a few years ago. One of the important points about Deloittes career path is that they offer a reasonably clear career path all the way up to the title of partner. There is a notion of up or out isnt unheard of, and its a rarity that people stay frozen at one level. Undergrads hired as business analysts or systems analysts receive significant continuing education and typically stay for 2 or 3 years. Next they often attend B-school and return wiser and richer-once theyre back on salary (and their loan has been forgiven if theyre a business analyst). Business analysts chosen to stay on for the third year are promoted to consultant. Systems analysts typically work 2 years until promotion to consultant. Those who stay 2 to 3 years could earn a promotion to senior consultant. Deloitte reimburses you for any further education you may wish to do including graduate school. Undergrads can also be hired into a project controllers program. Starting as project analysts, they are slowly promoted to project controller, senior project controller, and finally project controller manager. Project controllers may leave the program to join the consulting side, and they may be promoted as a systems analyst or consultant. First-year MBAs from top business schools who get hired as summer interns are usually offered full-time positions as senior consultants, often including tuition reimbursement for their last school year. Senior consultants are promoted to manager in 2 or 3 years. Some hard-working managers are rewarded with a 18-month tour of duty in another country-from Argentina to Hong Kong to New Zealand-through the Global Careers Development Program. This program, which includes language training, is considered more important as the company integrates international affiliates. After 3 years, managers have typically gained an industry specialization and move up to senior manager. After 4 years, MBAs can choose from two tracks: partner or director the director position was designed to retain bright individuals who seek to focus on a technological career without the responsibilities of leading major projects or bringing in new business. New industry hires come in at every level, from consultant to partner, commensurate with previous experience. Alas, a few misguided souls do leave the firm (turnover is between 12 and 16 percent). Insiders report that alumni generally do not seek greener pastures at other consulting firms, suggesting that leaving Deloitte is more a rejection of the lifestyle than of the firm. Many go to work for clients, and others find opportunities in small start-up businesses. On the Job Roles Analyst The responsibilities of analysts dont differ fundamentally from those of senior consultants or even more senior people. At first you might be asked to do some backstage work, with little chance of harming a multimillion-dollar relationship, but the goal is to get you out in front of the client early on, where youll be adding value left and right. Often, analysts produce deliverables (the real-world analog of homework assignments), which managers and partners review and revise. Insiders say this is where you can prove yourself: This method allows superlative performers to really shine, since their first drafts may actually become final or close-to-final drafts for clients. Once you excel at these assignments, the scope of your responsibilities increases. Analysts have been known to run sizable chunks of a project and even entire small projects, with responsibility for five or more team members. In my experience, the degree of independence given to an analyst is directly proportional to your ability to handle the workload, says one insider. Here are some typical duties: à ¢Ã¢â€š ¬Ã‚ ¢ Gather data through client interviews, research, and observation à ¢Ã¢â€š ¬Ã‚ ¢ Conduct operational and financial analysis of data à ¢Ã¢â€š ¬Ã‚ ¢ Present findings to team members à ¢Ã¢â€š ¬Ã‚ ¢ Persuade managers to adopt your recommendations à ¢Ã¢â€š ¬Ã‚ ¢ Research and prepare sales proposals à ¢Ã¢â€š ¬Ã‚ ¢ Recruit more analysts à ¢Ã¢â€š ¬Ã‚ ¢ Systems analysts: design and test program modules Project Controller The project controller program-which contributes to the consulting program but is distinct from it-was started in 1995 in Orange County and subsequently went national. Project controllers work with project teams to measure progress and maintain budgets. They also coordinate with clients to ensure efficient use of the project teams resources. Heres a general overview of a project controllers tasks: à ¢Ã¢â€š ¬Ã‚ ¢ Manage finances for the project, including budget à ¢Ã¢â€š ¬Ã‚ ¢ Develop and maintain a work plan à ¢Ã¢â€š ¬Ã‚ ¢ Analyze profitability and time utilization, ensuring optimal resource usage à ¢Ã¢â€š ¬Ã‚ ¢ Document and organize project progress à ¢Ã¢â€š ¬Ã‚ ¢ Report project status à ¢Ã¢â€š ¬Ã‚ ¢ Ensure that the team is communicating properly and maintain team morale à ¢Ã¢â€š ¬Ã‚ ¢ Work on human resource management-for example, develop project support processes and human resource orientation processes à ¢Ã¢â€š ¬Ã‚ ¢ Prepare client presentation materials 18 Senior Consultant Senior consultants are expected to exercise their management skills and use a lot of other gadgets from that MBA toolbox. You will often have primary responsibility for a small project team or a small part of a larger team that includes clients and analysts. One senior consultant estimates that over the course of a day you will spend 20 percent of your time with Deloitte teammates, 30 percent working independently, and 50 percent with clients. Specifically, you will à ¢Ã¢â€š ¬Ã‚ ¢ Determine and evaluate the appropriate analysis to be done. à ¢Ã¢â€š ¬Ã‚ ¢ Manage and guide analysis in progress. à ¢Ã¢â€š ¬Ã‚ ¢ Interpret the results of the teams analysis. à ¢Ã¢â€š ¬Ã‚ ¢ Prepare and deliver presentations to Deloitte Consulting and client management. à ¢Ã¢â€š ¬Ã‚ ¢ Lead visioning and brainstorming sessions. à ¢Ã¢â€š ¬Ã‚ ¢ Woo MBA candidates during recruiting season. à ¢Ã¢â€š ¬Ã‚ ¢ Participate in office initiatives such as the development of new divisions. à ¢Ã¢â€š ¬Ã‚ ¢ IT practitioners: manage systems development through design, programming, testing, and implementation. Partner A partner is actually an owner of the business. Our partners are the primary shareholders of Deloitte. Part of their commitment is to grow the business and sell our services to clients. To become a partner within our firm, it takes experience, leadership, a strong work ethic, and a passion for quality and client service Conclusion Deloitte Consulting is one of the worlds largest consulting firms, with 12,000 consultants serving more than one-third of the Fortune Global 500 in more than 30 countries. Its a powerful firm that incorporates all types of services in its business from research through implementation. More importantly through the eyes of its employees it is seen as a humane, balanced, and enjoyable place to work, where talent can rise quickly. The firm which started out as Deloitte Touche Tohmatsu (DTT) was initially an international accounting firm, founded in 1845 by former bankruptcy clerk William Welch Deloitte. As the firm began to grow there was increased pressure on the business to separate from their parent accounting firms, and a new strategy had to be put in motion. In March of 2003, the firm announced it had ended discussions to separate its consulting practice from the parent accounting firm, reasons included a tight credit market and poor economic conditions. Deloitte Consulting, is now fully merged back into its parent company, which is now known simply as Deloitte. The company today competes with other large and mid-size consulting firms for the business of companies that do more than $500 million in sales. Its known primarily for its one stop shop designs that deliver executable strategies that it will help implement for clients of all sizes. Some of these clients include Boeing, GM, Chevron Texaco, and ret ailer The Gap amongst other. One of the ways Deloitte stands out form its competitors is by providing clients with a more personalized contract which takes into mind their short and long term goals as well as other factors. By have well trained consultants and project staff the firm is able to initiate strong conversation and detailed research. They are able to collaborate better and are more responsive to their needs. Deloitte has services in five service areas. The firm integrates process capabilities and service lines into each service area. Deloitte consultants work with eight industry groups in three geographic regions. When new people are hired into one of the regional offices they generally work in a particular geographic region. When starting your career with Deloitte, as you become more familiar with the processes ways of doing things youll gradually specialize in a service line and industry group. However as with any small or large organization you will initially work within different areas and on different project types. Bibliography PUT IN APA FORMAT http://www.wellesley.edu/Activities/homepage/consultingclub/wetfeet%20-%20deloitte_consulting.pdf http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_consulting_2010annual401kbenchmarkingsurvey_121510.pdf https://community.bus.emory.edu/club/GCA/Shared%20Documents/deloitte.pdf https://www.deloitte.com/assets/Dcom-Cyprus/Local%20Assets/Documents/Recruitment%20Services.pdf The Almanac of American Employers 2007 By Jack W. Plunkett Write up the corporate ladder: successful writers reveal the techniques that By Kevin Ryan Likely Contents: Personal Positioning Statement (for guidance, take a look at http://www.csom.umn.edu/page2343.aspx )

Austins Ditch: The Political Necessity and Impossibility of :: Austin Politics Essays

Austin's Ditch: The Political Necessity and Impossibility of "Non-Serious" Speech ABSTRACT: This essay seeks to show that there are political implications in Jacques Derrida’s critique of J.L. Austin’s notion of performative speech. If, as Derrida claims and Austin denies, performative utterances are necessarily "contaminated" by that which Austin refuses to consider (the speech of the poet and the actor in which literal force is never intended), then what are the implications for the speech acts of the state? Austin considers the speech acts of the poet and the actor to be "parasites" or "ordinary language," "non-serious," and would relegate such speech to a region beyond his consideration, to a "ditch" outside the border of meaning for the performative. Derrida argues that the "contamination" Austin fears for language is necessary for its very performativity. If Derrida is correct, then the performative utterances of the state (e.g. the decree of the judge, "I sentence you...") from the biases of racial or sexual identity is also based upon an impo ssible desire, a desire that goes against the manner in which language functions. I argue that this desire for a just state cannot be satisfied unless racial and sexual identity is viewed not as "parasitic" and "poetic," but as necessary to the performativity of the state’s liberal power. "One will not be able to exclude, as Austin wishes, the 'non-serious', the oratio obliqua from 'ordinary language'." Jacques Derrida (1) In his lectures included in How to Do Things With Words J.L. Austin seeks to exclude from his analysis of performative speech all utterances that do not fall under his notion of "ordinary speech".(2) Ordinary speech that is performative, according to Austin, effects a circumstance by means of the speaking, e.g. a sailor names a ship or a judge says, "I sentence you to six months' probation." Often, the desired effect is not produced because of what Austin calls "extenuating circumstances". But Austin's main concern is for what he refers to as instances of "relative purity" in which there is less a chance of failure or "infelicity" (his term) to spoil the intentions of the speech. Also to be excluded from his considerations are instances of citations of performative speech, as in a play: ...a performative will be in a peculiar way hollow or void if said by an actor on the stage, or if introduced in a poem, or spoken in a soliloquy....Language in such circumstances is in special ways—intelligibly—used not seriously, but in ways parasitic upon its normal use—ways which fall under the doctrine of the etiolations of language.

The Life of Black Maids in The 1960s Essays -- African American Women,

Harsh, cruel, and stressful are three words to describe the life of African American women domestic workers during the Civil Rights Movement. During the Civil Rights Movement in the 1960s, there were many contributions other than just the typical marches, speeches, and violence that everybody hears about. One of the many topics that have not been heard about frequently is the life of the colored maids during this time period. What were black domestic workers? These women worked for many white families usually in the south for practically their whole lives taking care of their employer’s children and working their houses cleaning and doing many other tasks. The life of a black maid had many responsibilities and difficulties that challenged these women on a daily basis. When discussing the background of the many women who became maids, it is often questioned where they came from and when they started working. In almost every black town there were many ladies all over who were maids. As early as 10 years old, these ladies had worked for many white families all over southern states. They started off by just doing simple tasks such as answering doorbells and sweeping the yard. When they start to become older, they learn to become cooks and then eventually are suited to be a maid to white families in the south (History Matters). Firstly, an African American maid raised white children and had many chores while doing so. An experienced black maid quoted on â€Å"History Matters† refers to the amount of work she had to do by saying, â€Å"It’s â€Å"Mammy, do this, â€Å"or â€Å"Mammy, do that,† or â€Å"Mammy do the other,† from my mistress, all the time.† The maids were required to wash, dress, and feed the children more than three times a day. Somet... ...were that they had. Even though they were dealt with many issues, they learned to stick up for themselves knowing the consequences that they would get. Not only did they have many responsibilities, but they had several hardships to deal with. Even later on in the years there was still problems between domestic workers and white employers during the Civil Rights movement and even after it. Even today, discrimination are still going on between different races, genders, etc. To this day, people all over are still willing to fight for their rights. Works Cited History Matters. n.d. 21 April 2014 . Kilen, Mike. The Desmoines Register. 8 October 2012. 25 April 2014 . Sharpless, Vanessa May and Rebecca. UNC Press Blog. n.d. 21 April 2014 . Stockett, Kathrynn. The Help. New York: Penguin Group, 2009.

Identity in Gertrude Steins The Making of Americans Essay -- Gertrude

Identity in Gertrude Stein's The Making of Americans Throughout her career, Gertrude Stein was fascinated by the possibility of revolution in the sense of "a complete or drastic change," especially in relation to her ideas of identity and agency. But critics disagree about her conclusions. For example, Bruce Goebel sees her early texts as "embrac[ing a] deterministic attitude about the formation of identity" (238) that conceives of identity as locked within historical and biological contexts. At the other extreme, many critics such as Caren Kaplan locate Stein's work within the context of expatriate modernism and so see it within the discourses which "celebrat[e] the rootless traveler" (7), cut loose from nation and history and thus free to create a self of her own choosing. I believe this contradiction arises because Stein's texts are themselves often contradictory, with one passage exploring the inescapable weight of history and heredity on her characters, while the next admires her characters' capacity to resist cultural prescriptio ns, to exercise agency, to transform themselves, to be "singular." Identity in many Stein texts, especially in The Making of Americans, is, then, a negotiation between cultural prescriptions, biological and historical determinants on the one hand and self-definition, change and agency on the other. In this sense, Stein's work anticipates Foucault's later theories of identity in which he explores possibilities for "freedom" or agency. In "The Ethic of Care for the Self as a Practice of Freedom" Foucault begins to define what he calls "the practices of the self": I am interested . . . in the way in which the subject constitutes himself in an active fashion, by the practices of the self, these ... ...ad to Die': The Problem of Mortality in Gertrude Stein's The Geographical History of America." Philological Quarterly 70.2 (1991): 237-252. Hovey, Jaime. "Sapphic Primitivism in Gertrude Stein's Q.E.D." Modern Fiction Studies 42.3 (1996): 547-568. Kaplan, Caren. Questions of Travel: Postmodern Discourses of Displacement. Durham: Duke UP, 1996. Spencer, Benjamin. "Gertrude Stein: Non-Expatriate." Literature and Ideas in America. Robert Falk, ed., Ohio UP, 1975. Stein, Gertrude. "The Gradual Making of The Making of Americans." Selected Writings of Gertrude Stein. New York: Vintage, 1990. -----. The Making of Americans: Being a History of a Family's Progress. Normal: Dalkey Archive Press, 1995. -----. Narration. Chicago: U of Chicago P, 1935. Wald, Patricia. Constituting Americans: Cultural Anxiety and Narrative Form. Durham: Duke UP, 1995.

Master Tag Case

The key benefit to the revised approach is that the tags are being sent directly to the customer that needs them, the growers. The growers are then able to order another batch of tags once the plants have grown if they have a surplus in plants. Thus the reasoning for the revised approach is fulfilled by not having an abundance of un needed tags being shipped to the grower from the seed companies.The pros of the revised approach is the seeds will be planted with the tags and the tag wont leave the seed all the way from plantation until it reaches the retail customer. Also, if the grower is able to clone plants they would have the accessibility of ordering any new tags directly from MasterTag. The pro for the seed company is that they don’t have to sort tags to send off their order to the growers.Another pro is the seed companies wont have a surplus of tags in their warehouse, however, if the plant doesn’t survive from the growth of the seed the grower may build up a surp lus of tags. Although still, the grower would be better to utilize the process of order from MasterTag because they would know what plants survived from the seed. The cons of the plan is that it adds an extra step to the Growers manufacturing process. They now have to do forecasting and planning with two companies MasterTag and the seed companies, rather than just with the seed companies.

Sport Should Be Compulsory at School

Sport Should Be Compulsory At School Imagine a school without sport, just school work the whole day, every week, every month and every year. How boring would that be and how will the students look? They would be obese, unhealthy and they tend to get weary and bored of school routine, and studies become a drag. Now, what will happen if sport was compulsory at every school? If sport was compulsory at every school, students would be healthy, active and have more concentration at school. They wouldn’t be sitting down doing work the whole day, but they would go out and play sport.They will have a break from work and have fun running around and playing sport. Then everybody would be healthy and fit. An obesity graph for children and adults has been growing in the past few years. Students may not know this but if you’re not fit and healthy when you’re young, you will be even worse health when you get older. Students would also learn to work as a team and cooperate with each other when playing sport. They can then also cooperate in class as well. A research showed that students participating in sports will have better academic performance than the ones who were not exposed to physical sports.Sport also seemed to give a boost in character building and preparing the children for student leadership boards. Outdoor sport allows students to breath in fresh air, which they might not get at home because they are expose to the television or the computer. Playing sport does not only give you better health and body, it also allows you to learn more skills and develop better coordination for the eye. Another benefit when you play sport is that you can experience both defeat and victory and accepting both as a part of life so that they are prepared for the real world.When your applying for a job, they would rather choose a fit person whose slightly less smarter than the obese one because when your obese people will think that you aren’t active and somet imes you will have to run around in the office for whatever reason and if you aren’t active then you won’t last very long running around. One the other hand the fit person can run around much longer because he is fit and much more active. Now that I’ve given all my reasons, I strongly recommend that you agree with me because those students are the future generation of this world.

Faiza Bawumi Sayed Ahmad Essay

Faiza Bawumi Sayed Ahmad, which is the Chief Executive Director of Faiza Sdn Bhd, which is synonymous with local private television reality program in the form of charity â€Å"Bersamamu† because the company is the main sponsor of the plan, said the intention now is to set up a foundation to help the poor. â€Å"Bersamamu† TV3, is a reality TV program which focused on the life of the poorer, helpless and misfortune Malaysian’s in their survival, whereas at the same time this TV programme, endeavoured to gain charity to the plight who’s aired on the show under the tag line â€Å"Hulurkan tangan ringankan beban†. As one of Corporate Social Resposibility, SYKT FAIZA takes this opportunity to be one of the sponsors for this TV programme since it started. In conjuction with that, consumers who purchase SYKT FAIZA’s products will also contribute to â€Å"Tabung Bersamamu TV3†. Quotes from Faiza Bawumi Sayed Ahmad, â€Å"Experience life on the ground approached the needy and single mother makes me desire to establish the Foundation Faiza one day to manage the welfare and contribution to the public. My intention is only one, that is not my intention to trade wealth for herself, but to help others, especially the poor and single mothers enjoy a good life â€Å". The sentence expressed her personality who likes to help others. Hajah Faiza involved in business not only because just to get rich but to give charity to the community. Even though, she is busy with his company but she has arrange her time to involve in commitment to corporate social responsibility. Each sale of product are been given to Tabung Bersamamu TV3 Picture of poor community with Faiza and television programme Bersamamu TV3 Despite her busy schedule, Hajah Faiza always spared time for charity work and heads a number of associations like Pemborong Beras Bumiputera Malaysia, Pertubuhan Kebajikan Islam Malaysia (Perkim) Batu Pahat, Batu Pahat Umno Division (Head of Welfare Bureau) and sits on the Batu Pahat Board and trustee of the Batu Pahat orphanage.

Tata Corus

CONSOLIDATED FINANCIAL STATEMENT PROJECT TATA- CORUS ACQUISITION SUBMITTED TO: Dean Dr. Badrinath Prof. K. Govindarajan SUBMITTED BY BADRI NARAYANAN – 112071013 TABLE OF CONTENTS SR NO 1. PARTICULARS PART 1 †¢ Global steel industry †¢ About TATA Steel †¢ About Corus PART 2 †¢ Legal form †¢ Mergers and Acquisition †¢ Method †¢ Terms of transaction †¢ Valuation Matters 2. 3. PART -3 †¢ Reasons for the merger †¢ Objectives for a merger †¢ Culture differences †¢ Post – Acquisition 4. PART 4 †¢ Outcome of the merger – success or failure †¢ Financial indicators †¢ Milestones of the TATA Corus deal 5.CONCLUSION 6. BIBLIOGRAPHY PART – 1 GLOBAL STEEL INDUSTRY Steel was an alloy of iron and carbon containing less than 2 per cent carbon and 1per cent manganese and small amounts of silicon, phosphorus, sulphur and oxygen. Steel was the most important engineering and construction material in the world. It was used in every aspect of our lives, from automotive manufacture to construction products, from steel toecaps for protective footwear to refrigerators and washing machines and from cargo ships to the finest scalpel for hospital surgery. Most steel was made via one of two basic routes: 1.Integrated (blast furnace and basic oxygen furnace). 2. Electric arc furnace (EAF). The integrated route used raw materials (that is, iron ore, limestone and coke) and scrap to create steel. The EAF method used scrap as its principal input. The EAF method was much easier and faster since it only required scrap steel. Recycled steel was introduced into a furnace and re-melted along with some other additions to produce the end product. Steel could be produced by other methods such as open hearth. However, the amount of steel produced by these methods decreased every year.Of the steel produced in 2005, 65. 4per cent was produced via the integrated route, 31. 7percent via EAF and 2. 9 percen t via the open hearth and other methods. At a steel mill, the crude steel production process turned molten steel into ingots, blooms, billets or slabs. These were called semi-finished products. Semi-finished products were solid blocks of steel, usually with a square or rectangular cross section. A flat steel product was typically made by rolling steel through sets of rollers to produce the final thickness. There were two types of flat steel products- Plate products and Strip products.Supply of raw materials was a key issue for the world steel industry. IISI managed projects which looked at the availability of raw materials such as iron ore, coking coal, freight and scrap. Scrap iron was mainly used in electric arc furnace steelmaking. Apart from scrap arising in the making and using of steel, obsolete scrap from demolished structures and end-of life vehicles and machinery was recycled to make new steel. About 500 million tons of scrap was melted each year. Iron ore and coking coal w ere used mainly in the blast furnace process of iron making. For this process, coking coal was turned into coke, an lmost pure form of carbon which was used as the main fuel and reductant in a blast furnace. Typically, it took 1. 5 tons of iron ore and about 450kg of coke to produce a ton of pig iron, the raw iron that came out of a blast furnace. Some of the coke could be replaced by injecting pulverized coal into the blast furnace. Iron was a common mineral on the earth‘s surface. Most iron ore was extracted in opencast mines in Australia and Brazil, carried to dedicated ports by rail, and then shipped to steel plants in Asia and Europe. Iron ore and coking coal were primarily shipped in capsize essels, huge bulk carriers that could hold a cargo of 140,000 ton or more. Since the World War II, the steel industry had experienced three distinct phases- growth (195073), stagnation (1974-2001) and boom (2002-2006)3. The demand for steel grew at an annual rate of 5. 8per cent duri ng 1950-73 as the industrializing nations were building their civil infrastructure. The oil shocks of 1973 through 1979 slowed consumption in the second phase. The production of crude steel grew at 0. 6per cent p. a. over the entire period. Steel prices declined by 2-3 per cent p. a.During 1999-2001 the industry‘s overcapacity hovered near 25per cent globally. Only a few companies were able to sustain. Since 2002 the annual steel production had grown at 7-8per cent driven almost entirely by the double digit growth in China. The huge demand from China had caused a commensurate leap in steel prices. The industry had experienced a drop in the over capacity from 23per cent in 2001 to about 17per cent from 2003-2005. But the demand from China had also witnessed a structural change. From 2002-2004 China‘s capacity for producing crude steel increased on average by 55per cent. By 2005 China became a net exporter of steel.In the first half of 2006 China overtook Japan, Russia and the EU 25 to become the world‘s largest steel exporting country. In June 2006 that winning companies in the steel industry would have somewhere between 150m-200m tons of annual capacity by 2015 and that scale was crucial in the pursuit of value. Shanghai Baosteel, which, although founded in 1998, had already become the world‘s fifth largest steel maker producing 22. 7 m tons in 2005. The potential acquisition of Corus by Tata Steel would create a new entity with a production volume close to Baosteel‘s. CONTRIBUTION OF COUNTRIES TO GLOBAL STEEL INDUSTRYThe countries like China, Japan, India and South Korea are in the top of the above in steel production in Asian countries. China accounts for one third of total production i. e. 419m ton, Japan accounts for 9% i. e. 118m ton, India accounts for 53m ton and South Korea is accounted for 49m ton, which all totally becomes more than 50% of global production. Apart from this USA, BRAZIL, UK accounts for the major chunk of the whole growth. The steel industry has been witnessing robust growth in both domestic as well as international markets. In this article, let us have a look at how has the steel industry performed globally in 2007.ABOUT TATA & CORUS â€Å"Tata Steel has always believed that the principle of mutual benefit – between countries, corporations, customers, employees and communities – is the most effective route to profitable and sustainable growth. † Tata Steel Limited is a multinational steel company headquartered in Mumbai. It was established by Jamsetji Tata in year 1907 and changed its name TISCO to Tata Steel in 2005. It is the tenth-largest steel producing company in the world and the largest private-sector steel company in India measured by domestic production with an annual crude steel capacity of over 28 million tonnes per annum.It is now one of the world's most geographically-diversified steel producers, with operations in 26 countries and a commercial pre sence in over 50 countries. They were world's 56th largest and India's 2nd largest steel company with an annual crude steel capacity of 3. 8 million tonnes. Based in Jamshedpur, India, it was part of the Tata group of companies. Tata Steel’s larger production facilities include those in India, the UK, the Netherlands, Thailand, Singapore, China and Australia.Operating companies within the Group include Tata Steel Limited (India), Tata Steel Europe Limited (formerly Corus), NatSteel, and Tata Steel Thailand (formerly Millennium Steel). Tata Steel’s vision is to be the world’s steel industry benchmark through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. Corus Group is a multinational steel-making company headquartered in London.It is the world's seventh largest and seco nd-largest steel-maker in Europe and now a subsidiary of Tata Steel. Corus Group was formed through the merger of Koninklijke Hoogovens and British Steel in 1999 forming the third largest producer of steel behind POSCO of South Korea and Nippon Steel of Japan and was a constituent of the FTSE 100 Index until it was acquired by Tata in 2007. In 2010 Corus announced it was changing its name to Tata Steel Europe and adopting the Tata corporate identity. British Steel Corporation was a large British steel producer, consisting of the assets of former private companies which had been nationalized.In 1988 the company was privatized as a result of the British Steel. Koninklijke Hoogovens was a Dutch steel producer founded in 1918, located in Ijmuiden. The Corus was having leading market position in construction and packaging in Europe with leading R&D. The Corus was the 9th largest steel producer in the world. PART 2 LEGAL FORM Generally, there are many forms of combination of two companies , such as acquisition, merger, takeover and hostile takeover etc.. They are different terminologies used under different situations.Though there is a thin line difference between them but the impact of each kind are completely different. Merger: A merger is when two companies which are about the same size or strength come together to form a single company. They combine their respective resources for mutual gains or to reduce competition. In such a case, the deal gets finalized on a friendly terms and both the companies share equal profits in the newly created entity. Acquisition: When one company acquires the other and rules all its business operations, it is known as acquisitions. In this process of restructuring, one company overpowers the other company.Among the two companies, the one that is financially stronger and bigger in all ways establishes it power. Then we can know that acquisition is usually happen when the company is different in size, and both the acquiring company an d subsidiary want the combination in the meantime, in another word, the subsidiary company is not resisted to the combination. It is frequently used to describe more friendly acquisition, or used in conjunction with the word merger, where the both companies are willing to join together. Takeover: Takeover also occurs when one company purchases another, it is the similar with acquisition, but takeover enerally happens when a company buys another company which is not doing well or has gone bankrupt, and when the transaction is done in an unfriendly manner in more or less a forceful way in which the company being acquired is resisting. The acquiring company usually initials the combination. Accounting Method: Pooling of interests: This is generally accomplished by a common stock swap at a specified ratio. For example: When M&I Bank merged with National City Bank Corporation, the common stock of the two companies were swapped at a ratio between . 55 and . 5363 shares of M&I for every sh are of National City. Such mergers are only allowed if they meet certain legal requirements. Purchase acquisition: This involves one company (the acquirer) purchasing the common stock or assets of the target company. The acquiring company offers to purchase the target company‘s stock at a given price in cash, securities or both. This offer is called a tender offer because the acquiring company offers to pay a certain price if the target‘s shareholders will surrender or tender their shares of stock.Generally, this offer is higher than the stock‘s current price to encourage the shareholders to tender their stocks. The difference between the share price and the tender offer is called the acquisition premium. Consolidation: The existing companies are dissolved and a new company is formed to combine the assets of the existing companies. Both companies’ stocks are surrendered and new stock is issued in its place. E. g. both Daimler-Benz and Chrysler ceased to exis t when the two firms merged and a new firm DaimlerChrysler was created. Some other related terms are horizontal, vertical and conglomerate mergers.Horizontal mergers happen when a company merges with another company which is a direct competitor in the same product lines and markets. A vertical merger occurs when the company merges with the suppliers or customers. Conglomerate mergers occur when the companies combined have no relationship to one another. It’s a friendly takeover and 100% acquisition was done by TATA steel. For the consolidation, TATA used acquisition method. TERMS: Following are some key terms of the transaction: 1. Tata Steel purchased a 100% stake in the Corus Group at 608 pence per share in an all cash deal cumulatively valued at $12. 4 billion. The deal was the largest Indian takeover of a foreign company and made Tata Steel the world’s fifth-largest steel group. And a wholly owned subsidiary, called Tata Steel UK would be set up by Tata Steel. 2. T ATA financed its acquisition not only through its own equity contribution but a package of market securities: a) Equity Capital from Tata Steel Ltd USD4. 10 billion. b) The non-recourse debt from a consortium of banks USD6. 14 billion from. c) Quasi–Equity funding at Tata Steel Asia Singapore USD1. 25 billion. d) Long term Capital funding at Tata Steel Asia Singapore USD1. 1 billion. 3. A new board for the new entity after acquisition: This consists Ratan N. Tata, chairman of Tata Steel, Jim Leng of the Corus group, Muthuraman, Managing Director of Tata Steel, Ishaat Hussain and Arun Gandhi, directors of Tata Sons was formulated to develop and execute the integration and further growth plans. It is the group of top managers from both companies; it can help the new entity fit in much quickly with different culture. Investors in a company that is aiming to take over another one must determine whether the purchase will be beneficial to them.In order to do so, they must ask thems elves how much the company being acquired is really worth. Naturally, both sides of an M&A deal will have different ideas about the worth of a target company: its seller will tend to value the company at as high of a price as possible, while the buyer will try to get the lowest price that he can. There are, however, many legitimate ways to value companies. The most common method is to look at comparable companies in an industry, but deal makers employ a variety of other methods and tools when assessing a target company. Here are just a few of them: 1.Comparative Ratios – The following are two examples of the many comparative metrics on which acquiring companies may base their offers: Price-Earnings Ratio (P/E Ratio) – With the use of this ratio, an acquiring company makes an offer that is a multiple of the earnings of the target company. Looking at the P/E for all the stocks within the same industry group will give the acquiring company good guidance for what the targe t's P/E multiple should be. ? Enterprise-Value-to-Sales Ratio (EV/Sales) – With this ratio, the acquiring company makes an offer as a multiple of the revenues, again, while being aware of the price-to-sales ratio of other ompanies in the industry. ? 2. Replacement Cost In a few cases, acquisitions are based on the cost of replacing the target company. For simplicity's sake, suppose the value of a company is simply the sum of all its equipment and staffing costs. The acquiring company can literally order the target to sell at that price, or it will create a competitor for the same cost. Naturally, it takes a long time to assemble good management, acquire property and get the right equipment.This method of establishing a price certainly wouldn't make much sense in a service industry where the key assets – people and ideas – are hard to value and develop. 3. Discounted Cash Flow (DCF) A key valuation tool in M, discounted cash flow analysis determines a company's c urrent value according to its estimated future cash flows. Forecasted free cash flows (operating profit + depreciation + amortization of goodwill – capital expenditures – cash taxes – change in working capital) are discounted to a present value using the company's weighted average costs of capital (WACC).Admittedly, DCF is tricky to get right, but few tools can rival this valuation method. Synergy: The Premium for Potential Success For the most part, acquiring companies nearly always pay a substantial premium on the stock market value of the companies they buy. The justification for doing so nearly always boils down to the notion of synergy; a merger benefits shareholders when a company's post-merger share price increases by the value of potential synergy. Let's face it, it would be highly unlikely for rational owners to sell if they would benefit more by not selling.That means buyers will need to pay a premium if they hope to acquire the company, regardless of what pre-merger valuation tells them. For sellers, that premium represents their company's future prospects. For buyers, the premium represents part of the post-merger synergy they expect can be achieved. The equation solves for the minimum required synergy: In other words, the success of a merger is measured by whether the value of the buyer is enhanced by the action. However, the practical constraints of mergers, which discussed often, prevent the expected benefits from being fully achieved.Alas, the synergy promised by deal makers might just fall short. PART 3 REASONS FOR MERGER Synergies from the TATA-CORUS Deal I. Tata Steel would get an access to the European market. Corus has already a welldefined network in European Market. If Tata Steel had independently entered the European market, it would have taken a considerable time to develop a wellestablished network. In the post deal scenario it will become a global player with the balanced presence in developed European market and fast growing Asian Market. II.Tata Steel will have a strong position in construction, automotive and packaging market sector. III. It will have a low cost position in Europe and South East Asia. IV. It can double the size and profitability V. The deal has expanded scale from 7 MTPA to 25 MTPA and reaps significant economies of scale. VI. The merged entity would become world’s 6th largest steel company with 25. 6 MTPA of crude steel production. VII. The combined entity will have more efficient operations through enhanced optionality to optimize asset base and material flow, including sourcing of raw materials, and semi-finished steel.VIII. Better equipped to race intensifying competition arising from consolidation in the industry globally. IX. Both Tata Steel and Corus are a strong cultural fit. X. Tata Steel would benefit from Corus’s pan-European distribution network. XI. The acquisition gets with Tata Steel’s stated objective of having a global distribution n etwork. XII. There a strong cultural fit both the two companies. Both Tata Steel and Corus have strong commercial relationship. OBJECTIVES OF THE MERGER Tata’s objectives for buying Corus 1. Tata is looking to manufacture finished products in mature markets of Europe. . At present manufactures low value long and flat steel products while Corus produces high value stripped products 3. A diversified product mix will reduce risks while higher end products will add to bottom line. 4. Corus holds a number of patents and R & D facility. 5. Cost of acquisition is lower than setting up a green field plant and marketing and distribution channels 6. Tata is known for efficient handling of labour and it aims at reducing employee cost and improving productivity at Corus 7. It had already expanded its capacities in India. . It will move from 55th in world to 5th in production of steel globally. 9. Corus, being the second largest steelmaker in Europe, would provide Tata Steel access to som e of the largest steel buyers open new markets and product segments for Tata Steel, which would help the company to de-risk its businesses through wider geographical reach. 10. A presence in mature markets would also provide Tata Steel an opportunity to go further up the value chain as demand for specialized and high value-added products in these markets is high. 11.Corus is also very strong in research and technology development, which would add to the competitive strength for Tata Steel in future. 12. As stated by Tata, the initial motive behind the completion of the deal was not Corus’ revenue size, but rather its market value. Even though Corus is larger in size compared to Tata, the company was valued less than Tata (at approximately $6 billion) at the time when the deal negotiations started. Corus’ objectives for selling 1. Corus needs supply of raw material at lower cost 2. Total debt of Corus is 1. 6bn GBP 3.Though Corus has revenues of $18. 06bn, its profit wa s just $626mn (Tata’s revenue was $4. 84 bn & profit $ 824mn) 4. Corus facilities were relatively old with high cost of production 5. Employee cost is 15 %( Tata steel- 9%) 6. From Corus’ point of view, the basic reason for supporting this deal were the expected synergies between the two entities. Corus has supported the Tata acquisition due to different motives. With the Tata acquisition Corus has gained a great and profitable opportunity to make an exit as the company has been looking out for a potential buyer for quite some time.Benefit for the Tata’s stakeholders: Any advantage and profits from this deal will merge only when Tata Steel would be in a position to export low-cost slabs toCorus. †¢ There may be restraints to exports as Tata Steel will need to heed the requirements of its other acquired companies in South East Asia of NatSteel and Millennium Steel. †¢ This effect may change if the Tatas can acquire businesses in the low-cost regions suc h as Latin America, opening up an assured source of slab-making that can be exported to Corus’s plants in the UK. †¢ Iron ore policy in India undergoes a major change in the coming years. If global consolidation becomes possible with the merger of Thyssen Krupp with Nucor or Severstal with Gerdau or any the top five players. The possibility of pricing stability may ease the performance pressures on Tata-Corus and moderate the risks of restructuring at high cost plants in UK. †¢ If Tata considers global listing say in London it may help the group commands a much higher price-earning multiple and give it more flexibility in managing its finances. Objectives – Achieved or not: Going by the stock market reaction initially, the acquisition was a big blunder.The stock tanked 10. 5 per cent after the deal was announced and another 1. 6 per cent. Investors were worried about the financial risks of such a costly deal. But after successfully acquiring Corus, Tata Steel became the fifth largest producer of steel in the world, up from fifty-sixth position. There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe.Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets. Managing the obstacles: Coping with a merger can create many problems, some of which are, i. Can make top managers spread their time too thinly and neglect their core business, spelling doom. ii. Potential difficulties seem trivial to managers caught up in the thrill of the big deal. iii. The chances for success are further hampered if the corporate cultures of the companies are very different. iv.The companies often focus too intently on cutting costs following mergers, while revenues, and ultimately, profits, suffer. Merging companies can focus on integration and cost-cutting so much that they neglect day-to-day business, thereby prompting nervous customers to flee. In view of the Tata- Corus acquisition, the main obstacles were, 1. The acquisition was not cheap for Tata. The price that they paid represents a very high 49% premium over the closing mid market share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share price over the twelve month period.Moreover, since the deal was paid for in cash automatically makes it more expensive, implying a cash outflow from Tata Steel in the amount of ? 1. 84 billion. 2. Tata has reportedly financed only $4 billion of the Corus purchase from internal company resources, meaning that more than two – thirds of the deal has had to be financed through loans from major banks. 3. The day after the acquisition was officially announced, Tata Steel’s share fell by 10. 7 percen t on the Bombay stock market. 4.Tata’s new debt amounting to $8 billion due to the acquisition, financed with Corus’ cash flows, is expected to generate up to $640 million in annual interest charges (8% annual interest cost). 5. Corus had existing interest debt charges of $400 million on an annual basis which implies that the combined entity’s interest obligation will amount to approximately $725 million after the acquisition. 6. Corus, being the second largest steelmaker in Europe, would provide Tata Steel access to some of the largest steel buyers. The acquisition would open new arkets and product segments for Tata Steel, which would help the company to de-risk its businesses through wider geographical reach. CULTURAL DIFFERENCES There has been a great deal of suspicion on how well the two entities, Tata Steel and Corus would integrate post acquisition. This concern has been expressed since the culture and perspectives of the two companies and the people are s eemingly very different from each other. Ratan Tata however, has been confident that the post-acquisition management will not be too difficult as the two organizational cultures will be effectively integrated.Ratan Tata has said he is confident the two companies will have â€Å"a cultural fit and similar work practices. † Tata Corus has made developed some management structure to deal with the smooth operation of the two entities. It has also adopted several system integrations in both the entities to smoothen the transactions between the two entities. Tata Steel has formed a seven- member integration committee to spearhead its union with Corus group. While Ratan Tata, chairman of the Tata group, heads the committee, three of the members are from Tata Steel and the other three are from Corus group.Members of the integration committee from Tata Steel include Managing Director B Muthuraman, Deputy Managing Director (steel) T Mukherjee, and chief financial officer Kaushik Chatte rjee. The Corus group is represented in the committee by CEO Phillipe Varin, executive director(finance) David Lloyd, and division director (strip products) Rauke Henstra. The company has also created several Taskforce Teams to ensure integration of specific set of activities in the two entities for smoother transaction. For instance, the company has created a task force to integrate the UK/EU model in construction to the Indian market.To achieve, a taskforce comprising of following executives from both the entities was formed. Members from Corus Mr. Matthew Poole (Director Strategy Long Products Corus) Mr. Colin Ostler (GM Corus Construction Centre) Mr. Darayus Shroff (Corus International) Members from Tata Steel: Mr. Sangeeta Prasad (CSM South, Flat Products) Mr. Pritish Kumar Sen (Market Research Group) Mr. Rajeev Sahay (Head Planning & Scheduling, TGS) The scope of the taskforce will be to: 1. Ensure smooth market knowledge exchange between Tata Corus and Tata Bluescope and iden tify Knowledge gaps. . Complete mapping of construction sector for Indian market using external resource if necessary. 3. Understand key drivers for construction through knowledge gained from stakeholders of the construction community. 4. Map key competencies of Tata Corus against market drivers/ requirements. 5. Develop a five- year strategy. The reasons why cultural integration is a huge challenge are: 1. Corporate culture is an amalgamation of: National culture, Religious culture, and professional culture. These cultural dimensions are often invisible – but ever present & relevant. 2.Need to balance the local needs and the global needs during the post-acquisition period. These needs may be the local community demands, business demands, investor’s demands etc. 3. Need to meet the high expectations of the shareholders post-acquisition. Often times these acquisitions are financed through LBO or debt, and this needs good cash flows to sustain. In addition, the managemen t will be under pressure to show the benefits of acquisition as promised before the acquisition 4. Lack of Experience in dealing with a different culture. This applies equally to Indian & foreign company managers.Most managers lack the cross-cultural skills needed during the post-acquisition integration. POST ACQUISITION TATA †¢ Tata Steel has formed a seven-member integration committee to spearhead its union with Corus group. While Ratan Tata, chairman of the Tata group, heads the committee, three of the members are from Tata Steel and the other three are from Corus group. The acquisition by Tata amounted to a total of 608 pence per ordinary share or ? 6. 2 billion (US $12 billion) which was paid in cash. First of all, the general assumption is that the acquisition was not cheap for Tata.The price that they paid represents a very high 49% premium over the closing midmarket share price of Corus on 4 October, 2006 and a premium of over 68% over the average closing market share p rice over the twelve month period. Moreover, since the deal was paid for in cash automatically makes it more expensive, implying a cash outflow from Tata Steel in the amount of ? 1. 84 billion. Tata has reportedly financed only $4 billion of the Corus purchase from internal company resources, meaning that more than two-thirds of the deal has had to be financed through loans from major banks.The day after the acquisition was officially announced, Tata Steel’s share fell by 10. 7% on the Bombay stock market. Despite its four times smaller size and smaller capacity, Tata Steel’s operating profit for 2006, earning $840 million on sales of 5. 3 million tonnes, were very close in amount to those generated by Corus ($860 million in profits on sales of 18. 6 million tons). Tata’s new debt amounting to $8 billion due to the acquisition, financed with Corus’ cash flows, is expected to generate up to $640 million in annual interest charges (8% †¢ †¢ †¢ †¢ †¢ †¢ annual interest cost). This amount combined with Corus’ existing interest debt charges of $400 million on an annual basis implies that the combined entity’s interest obligation will amount to approximately $725 million after the acquisition. The debate whether Tata Steel has overpaid for acquiring Corus is most likely to be certain, since just based on the numbers alone it turns out that at the end of the bidding conflict with CSN Tata ended up paying approximately 68% above the average price of Corus’ shares.Another pressing issue resulting for this deal that has created a dilemma between experts and analysts opinions is whether this acquisition for the right move for Tata Steel in the first place. The fact that Tata has managed to acquire a British steel maker that has been a symbol of Britain’s industrial power and at the same time its dominion over India has been perceived as quite ironic. Only time will show whether Tata wil l be able to truly benefit from the many expected synergies for the deal and not make the typical mistakes made in many large M&A deal during this beginning period.PART 4 OUTCOME OF THE MERGER – SUCCESS OR FAILURE Many financial analysts felt that Tata Steel overpaid for the Corus acquisition. Immediately after the acquisition announcement, Tata Steel‘s share price fell by 10. 7 percent to Rs. 463. 95 on the Bombay Stock Exchange. According to Martin Stanley, London based head of spread betting at the brokerage firm of GFT Global Markets, ? The consensus view seems to be that Tata have probably overpaid, but if further consolidation in this sector occurs going forward then this will look like very fair value? International Herald Tribune, 1/30/07). Additional concerns were raised about the debt liability of Tata Steel which borrowed more money to fund the acquisition. According to Standard & Poor‘s analyst Anushkant Taneja, ? The size of the Tata acquisition and t he potential cash outflow in Tata Steel‘s offer for Corus could have an adverse impact on its financial risk profile. Standard & Poor‘s rating service in India, Crisil, placed Tata Steel on the ? negative implications watch list after its Corus acquisition.The contention was that Tata Steel had overstretched itself due to execution risk and lack of experience by Indian companies in acquiring international businesses (Range, 2007, April 26). Moody‘s Investor Services downgraded Tata Steel‘s rating from Baa2 (investment grade) to Ba1 (speculative grade). The primary reason cited was Tata Steel‘s weakened balance sheet liquidity and financial profile resulting from its largely debt-funded acquisition of Corus. Moody‘s Senior V. P. Alan Greene stated Tata Steel‘s current high leverage constrains its financial strength and flexibility and ? he main challenge facing management is to de-risk the large capital structure while not neglecting existing operations and opportunities for rapid growth in Asia.? He further stated that ? Tata Steel‘s ambitious capacity expansion plan will lead to higher project execution risk over several years and materially elevate financial leverage unless it is deferred.? (Businessline, 2007, July 7). According to Sreesankar, head of research at Il&Fs investments in Mumbai, ? They (Tata Steel) wanted the company and they have got it. But we have to see how the finding happens and how the integration progresses.One distinction is that EBITDA (earning before income taxes and depreciation allowance) margins for Tatas are about 40 percent and for Corus is about 7 percent.? Clearly, the financial industry analysts were skeptical about the long-term financial viability of this acquisition. According to Shriram Iyer, head of research at Edelweiss in mumbai, ? †¦the time horizons of investors and of the company may not be aligned MANAGEMENT’S POINT OF VIEW This proposed acquisition repres ents a defining moment for Tata Steel and is entirely consistent with our strategy of growth through international expansion.This creates a well balanced company, strategically well placed to compete in an increasingly competitive global environment. (Ratan Tata quoted in Financial Express; 2007, February 13) The Tata Steel board of directors approved the project to acquire Corus, as it was consistent with stated objectives of growth and globalization. Although Tata Steel ended up paying more for Corus than its original bid, its management felt that there were many favorable strategic and financial outcomes to be realized. To begin with, this acquisition would position the combined group as the fifth largest steel company in the world by production output.The new entity would have a meaningful market presence in both Europe (where Corus was a well established brand name) and Asia (where Tata was a well established brand name). Combining the low cost upstream production in India FINA NCIAL INDICATORS: KEY MILESTONES OF THE TATA CORUS DEAL September 20, 2006:-Corus Steel has decided to acquire a strategic partnership with a Company that is a low cost producer October 5, 2006:- The Indian steel giant, Tata Steel wants to fulfill its ambition to Expand its business further. October 6, 2006:- The initial offer from Tata Steel is considered to be too low both by Corus and analysts.October 17, 2006:- Tata Steel has kept its offer to 455p per share. October 18, 2006:- Tata still doesn’t react to Corus and its bid price remains the same. October 20, 2006:- Corus accepts terms of ? 4. 3 billion takeover bid from Tata Steel. October 23, 2006:- The Brazilian Steel Group CSN recruits a leading investment bank to offer advice on possible counter- offer to Tata Steel’s bid. October 27, 2006:- Corus is criticized by the chairman of JCB, Sir Anthony Bamford, for its decision to accept an offer from Tata. November 3, 2006:- The Russian steel giant Severstal announc es officially that it will not make a bid for Corus.November 18, 2006:- The battle over Corus intensifies when Brazilian group CSN approached the board of the company with a bid of 475p per share. November 27, 2006:- The board of Corus decides that it is in the best interest of its will shareholders to give more time to CSN to satisfy the pre- conditions and decide whether it issue forward a formal offer December 18, 2006:- Within hours of Tata Steel increasing its original bid for Corus to500 pence per share, Brazil's CSN made its formal counter bid for Corus at 515 pence per share in cash, 3% more than Tata Steel's Offer.January 31, 2007:- Britain's Takeover Panel announces in an e- mailed statement that after an auction Tata Steel had agreed to offer Corus investors 608 pence per share in cash April 2, 2007:- Tata Steel manages to win the acquisition to CSN and has the full voting support form Corus’ shareholders CONCLUSION Steel prices, raw material supplies and interest costs on the $8-billion debt have been raised to fund the deal. Soon they may also have to deal with the sensitive issue of possible job There is no doubt that Tata has pulled off a coup — Corus makes nearly four times more steel than Tata Steel.Together, the combine becomes the fifth largest producer in the world and the second in Europe. But to make the most of the deal, Tata has to manage several variables including cuts in Corus’s manufacturing plants. There are also the usual sets of integration challenges that come with such large buyouts. The deal may be done, but the hard work is just beginning. In the run up to the auction, Tata had maintained a low profile despite CSN’s aggressive stance. They underestimated our firepower,† says Gandhi, who admits that even bankers to the transaction — ABN Amro and Deutsche Bank — were in the dark as to how far Ratan Tata was willing to go. The only blip, though, was the way the stock markets reacte d. Tata Steel has lost a billion dollars in market capitalization since it first announced its intention to buy Corus in October last year. (The BSE Sensex rose 18 per cent during the same period. ) The market perception is that the Tata Group paid too much for this acquisition.Several brokerage houses have pointed out that the deal implies a high enterprise value/ earnings before interest, taxes, depreciation and amortization (EV/EBITDA) multiple of 9 for Corus versus 4. 6 for Tata Steel. (L. N. Mittal paid 5. 8 times EBITDA for Arcelor. ) Ratan Tata disagrees: â€Å"We believe that, looking back in time, the price today will prove to be one that was worthwhile because the price of steel companies is likely to be even higher in the coming year. † But tying up the funding is the immediate priority. The Corus acquisition is being routed through a special purpose vehicle (SPV) called Tata Steel, UK. A similar structure was used for the Tetley buy in 2000. ) So far, the Tatas ha ve indicated that group holding company Tata Sons will pump in $4. 1 billion as equity into the SPV. The balance $8 billion will be raised by junk bonds and senior term loans (part of it has been tied up with banks like ABN Amro, Deutsche Bank and CSFB). These loans will be serviced out of Corus’s profits; Tata Steel need not repay this. This has effectively ring-fenced Tata Steel shareholders. Few will disagree. The Tata Steel managing director is likely to look for more acquisitions as he aims to increase the company’s total capacity to 100 mt by 2015.To reach that destination, a lot will depend on whether the group can make Corus fly. BIBILIOGRAPHY http://www. worldsteel. org/? action=programs=53 http://www. bseindia. com/bseplus/StockReach/AdvanceStockReach. aspx? scripcode=500470 http://www. motilaloswal. com/Research/ http://74. 125. 155. 132/scholar? q=cache:1p4SLlOZDcQJ:scholar. google. com/ +tata+corus+acquisition=en=2000 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=1358681 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=1431588 http://papers. ssrn. com/sol3/papers. cfm? abstract_id=1118306 http://www. nvestopedia. com/university/mergers/mergers1. asp#axzz1zwZQv0dz http://www. mergersandacquisitions. in/index. htm http://www. tatasteel. com/default. asp . http://www. equitymaster. com/detail. asp? date=11/13/2006=1=Tata-Steel-Corus-AWin-Win-Situation http://tejas-iimb. org/articles/04. php? print=true http://arunkottolli. blogspot. ca/2007/11/cultural-integration-post-m. html http://www. scribd. com/doc/22947163/Merger-of-Tata-Steel-and-Corus http://bcgindia. com http://www. worldsteel. org/ http://www. tatasteel. co. in http://www. tatasteel. com http://www. bseindia. com