Histories of Cambridgeshire Moat House and Menzies Free Essay Example, 16250 words

The authors propose a best practice framework that can guide executives who want to launch takeovers, reiterated that whatever the integration strategy, the human side is crucial, and suggested ways to facilitate post-merger integration. Rovit, Harding, and Lemire (2004) suggest what they call a simple M A model for all seasons, based on practice and experience. The authors, consultants of Bain and Company, conducted a 15-year longitudinal study of over 1,600 global companies doing over 11,000 deals. Their analysis showed that companies who succeed in deal-making and integration maintain a constant program of transactions, regardless of general economic conditions. The knowledge from each deal is captured and used for arranging the next one. Hansen (1999) discusses how small companies are rolled up into larger ones through acquisitions, in effect changing the face of entire industries and generating huge profits for the companies involved. He gave examples of waste management and convenience stores. Gadiesh and Ormiston (2003) show that several well-structured studies prove that more than half of acquisitions actually destroy shareholder value instead of achieving cost or revenues benefits. They cite several causes of failures: overpayment for overestimated value, inadequate integration planning, the lack of communication, and cultural mismatch, to name a few. But topping the list is poor strategic rationale. They point out that a strategic rationale for an acquisition is critical, but as over half of acquisitions destroy shareholder value, having the correct rationale helps identify the right target, inform the preparation and valuation of the merger, leadership and communication styles, and set negotiation boundaries. The most important key to success is integration, the hard work of bringing two company cultures together, building upon the strategic rationale that should include forecast goals for combined market share and cost reduction, planning th e steps to achieve them, and creating the measures of performance improvement. We will write a custom essay sample on Histories of Cambridgeshire Moat House and Menzies or any topic specifically for you Only $17.96 $11.86/pageorder now

Essay about Accuracy of the Film The Battle of the Somme

Accuracy of the Film The Battle of the Somme The film The Battle of the Somme was a documentary made by the British government. It was released during to the World War I to give an insight of what was happening on the battlefields in France. It was purposely designed to raise the spirits within Britain and reassure those concerned about there loved ones out on the battlefield. However, It would appear form the evidence studied that the film was not completely accurate or truthful. This essay will review the evidence studied and prove or disapprove this view. The film is split up into three sections; Preparations for battle, morning of the attack and after the attack. The film shows pictures of†¦show more content†¦In some of the pictures taken during the film it is hard to see how the cameramen manages to get his equipment ready so quickly, or why he is not shot at. It all points towards the fact that some of the film was likely to have been staged. The way the film portrays the British armys equipment and supplies is supported by many of the sources. Articles from Newspapers strongly support the films views. For example, one article says The British bombarded the Germans with strong weapons, destroying trenches. Photographs also support the films claims with many pictures of huge ammunition stores. Letters in addition support the film, with letters home saying things like, We ate a huge breakfast with bacon and eggs. and generally saying how the conditions were not unbearable and actually quite fine. However, some sources challenge the films views. Diaries generally disagree with the film with some soldiers saying in their diaries, Food was often stolen from us and we went hungry for days on end. Cartoons in magazines also disagree with the government with many captions of hungry British soldiers. Overall the evidence suggests that the film provides a relatively realistic overview of the Britishs equipment and supplies. Thi s is because although more sources support the governments claims, those sources that supportShow MoreRelatedOrganisational Theory230255 Words   |  922 Pageswhich these learning outcomes provide challenges to the organization in the twenty-first century. Annotated further reading Each chapter concludes with an indication of further reading. We have also included, wherever possible, indications of films and other media that provide insights into the issues covered in the chapter. Discussion questions Finally, each chapter concludes with a number of questions that have been developed for use in seminar discussions or would be suitable as the basis

Organizational Culture and Performance †Free Samples to Students

Question: Discuss about the Organizational Culture and Performance. Answer: Introduction Human resource management is one of the most essential activities for any business organization. The effectiveness of the various HRM activities such as recruitment and selection, performance appraisal, career management, staff induction, occupational health and safety determines the effectiveness of the organizational activities. However, the organizational culture has a strong impact on the various HRM activities and the effectiveness varies widely with the differences in the organizational culture. This assignment highlights the two most essential HRM activities namely performance appraisal and recruitment and selection and highlights the effects of organizational culture, on these activities. The organization culture includes the foundation beliefs of the organization on which the values and beliefs on the organizations lie. The shared values include the way people work, dress, behave as well as perform their jobs successfully. It is essential that the organizational culture be i n coordination with the HRM activities, such as the performance appraisal and recruitment and selection. The importance of the organizational culture is highlighted, along with its impact on the performance appraisal and recruitment and selection of the personnel. Performance appraisal The performance appraisal activities refer to the activity that identifies the good performance of the employees and ensures the increase in the pay or recognition of the efforts of the employees (Alvesson Sveningsson, 2015). The performance appraisal program is directed towards motivating the high performances of the employees, along with encouraging the other employees to enhance their performances (Dusterhoff, Cunningham MacGregor, 2014). Performance appraisal has a key role to play in encouraging the employees to work diligently, towards the fulfillment of the organizational goals. The organizational culture has a major impact on the performance appraisal of the employees (Breaugh, 2017). Each organization has a different way of performance appraisal. In some organization, the performance appraisal is done through recognitions and rewards given to the employees. However, in some other organizations, the performance appraisal is done through given bonus and financial benefits to the employees. Performance appraisal might be in form of additional benefits given to the employees, or extended leaves that the employees get as a benefit of performance appraisal (Deepa, Palaniswamy Kuppusamy, 2014). Promotions and consideration into the next career level are also some of the forms of performance appraisal. The form of the performance appraisals that is prevalent in any business organization depends on the organizational culture (Alvesson Sveningsson, 2015). The organizational culture that recognises the good work of the employees and appreciates the efforts being given by the employees results in achievement of employee satisfaction and employee retention (Hogan Coote, 2014). However, if the organizational culture is not positive enough to recognize the performance of the employees, then the employees might not be motivated to work diligently (Dusterhoff, Cunningham MacGregor, 2014). Lack of encouragement from the senior officials might result in lack of eff ective work and lack of enhancement of the performances (Cummings Worley, 2014). Thus, the organizational culture has a strong influence on the performance appraisal. Many of the business organizations, with a weak foundation and lacking positive organization culture, might never engage themselves in the performance appraisal activities, thus resulting in de-motivated employees and a negative work place culture (Dusterhoff, Cunningham MacGregor, 2014). Thus, the organizational culture provides a strong platform of recognizing the employees and their efforts, thus resulting in the encouragement and motivation in the employees. Recognizing the performance of the employees and awarding them effectively is an essential HRM activity that reflects the positivity and encouragement in the culture of the organization (Alvesson Sveningsson, 2015). Thus, the organizational culture has a key role to play in the performance appraisal of the employees, along with providing adequate encouragement to them, to continue the good work (Gordon, 2017). Moreover, the performance appraisal program also encourages the weak performing employees to compete with the high performers, thus encouraging healthy competition among the employees. The motivation provided to the employees through the performance appraisal programs helps them to retain the high performance and thus enhances the business activities. Organization culture and performance appraisal shares a strong dependency on each other (Dusterhoff, Cunningham MacGregor, 2014). The activity of performance appraisal being executed highlights the positivity in the organization al culture. However, an encouraging organizational culture includes the HRM activity of performance appraisal. Recruitment and Selection One of the major HRM activities that have a key role to play in the business organization is the recruitment and selection of the personnel for the successful achievement of the organizational goals (Alvesson Sveningsson, 2015). The process of recruitment is a critical one, as the success of the organization depends on the personnel being selected. The organizational culture effects the recruitment and the selection process positively (DeNisi Smith, 2014). Large organizations, with an enriched organizational culture, includes a huge amount of investments for the recruitment and selection process, thus ensuring that a pool of candidates are selected and interviewed, in order to select the best employees from the shortlisted pool (Alvesson Sveningsson, 2015). Moreover, the cultural richness of the business organizations also ensures that the employees with the best skills could be recruited (Florea Mihai, 2014). Rich organizational culture is also helpful in aligning the newly recr uited candidates with the organizational work culture (Dusterhoff, Cunningham MacGregor, 2014). A rich and positive organizational culture incorporates openness and flexibility, thus ensuring flexibility in the recruitment process (Alvesson Sveningsson, 2015). However, if the organizational culture is narrow-minded and negative, then the newly recruited employees will find it difficult to adjust in the organization. A culturally enriched business organization ensures job stability of the employees, along with achievement of employee satisfaction. Such organizations refrain from engaging in discrimination of any form (Burke, 2017). Discrimination based on sex, race, age, genders are not practiced in such business organizations, thus ensuring a positive and effective recruitment and selection process. Thus, the recruitment and the selection process are more transparent if the organizational culture is enriched (OReilly et al., 2014). However, if the organizational culture is not based on a strong foundation, then the recruitment and selection process might be manipulative (Dusterhoff, Cunningham MacGregor, 2014). Thus, the success and the effectiveness of the organizational recruitment process, lies in the strength of the foundation of the organizational culture. Thus, the organizational culture has a key role to play in enhancing the recruitment and selection process of any business organization . The cultural stability of a business organization will attract more potential candidates, thus enhancing the human resource of the business organization. Thus, organizational culture has a key role to play in the process of recruitment and selection. Conclusion The organizational culture is an important for the business organization and the HRM activities. The HRM activities such as recruitment and selection and performance appraisal are significantly impacted by the organizational culture. The positivity in organizational culture enhances the employee performance appraisal as well as the recruitment and selection process, such that these HRM process could be effectively executed. The relation between the performance appraisals and organizational culture is strong as a positive organizational culture ensures performance appraisal process. However, lack of ineffective organizational culture will result in lack of performance appraisal activities. Moreover, the recruitment and the selection process is also much more transparent, if the organizational culture is strong and invincible. Thus, the organizational culture shares a strong and positive relation with the performance appraisal of the employees as well as the recruitment and selection p rocess. Thus, the organizational culture has to be developed effectively, to provide a positive platform to the employees for the successful achievement of the organizational goals. The success of a business organization lies on the organizational culture, along with other factors, so that the employee satisfaction and employee retention could be done effectively. References Alvesson, M., Sveningsson, S. (2015).Changing organizational culture: Cultural change work in progress. Routledge. Breaugh, J. A. (2017). To Recruitment.The Wiley Blackwell Handbook of the Psychology of Recruitment, Selection and Employee Retention, 12. Burke, W. W. (2017).Organization change: Theory and practice. Sage Publications. Cummings, T. G., Worley, C. G. (2014).Organization development and change. Cengage learning. Deepa, E., Palaniswamy, R., Kuppusamy, S. (2014). Effect of performance appraisal system in organizational commitment, job satisfaction and productivity.Journal of Contemporary Management Research,8(1), 72. DeNisi, A., Smith, C. E. (2014). Performance appraisal, performance management, and firm-level performance: a review, a proposed model, and new directions for future research.Academy of Management Annals,8(1), 127-179. Dusterhoff, C., Cunningham, J. B., MacGregor, J. N. (2014). The effects of performance rating, leadermember exchange, perceived utility, and organizational justice on performance appraisal satisfaction: Applying a moral judgment perspective.Journal of Business Ethics,119(2), 265-273. Florea, N. V., Mihai, D. C. (2014). Analyzing the influence of IE factors on recruitment and selection performance using Kalman filter.Journal of Science and Arts,14(4), 299. Gordon, G. (2017). Guiding Organizational Culture. InLeadership through Trust(pp. 53-62). Springer International Publishing. Hogan, S. J., Coote, L. V. (2014). Organizational culture, innovation, and performance: A test of Schein's model.Journal of Business Research,67(8), 1609-1621. OReilly III, C. A., Caldwell, D. F., Chatman, J. A., Doerr, B. (2014). The promise and problems of organizational culture: CEO personality, culture, and firm performance.Group Organization Management,39(6), 595-625.

Impact of Audit Committee Characteristics

Question: Discuss about the Impact of Audit Committee Characteristics. Answer: Introduction: With the consideration of the several risks for the companies, the involvement of the insurance business helps in the creation of the study of the business risks that causes the failure of the company. The exposures are presented for the entire risks that are offered with the creation of the insurance policies. The insurance firms can also handle the risks easily with the creation of the coverage of the policies and henceforth in this undertaken case study of HIH insurance company; it is observed that the policies are gathered as per the risks proved for the company (Emmerich, Racz and Unger, 2006). Besides this the great elevation of the compensation are made for the insurance workers in the market of the California which seemed to be a most important part of the risk. With this, the company has faced a lot amount of the losses that are proved to be exposures for the high risk prone zones and thereby the exposures are made for the company. The inherent risk helps in the creation of the possibilities of misleading and the incorrect information within an accounting statement provides the outcomes from something other than the unsuccessful management of the managerial accounting. With the consideration of the examples regarding the inherent risks, it is perceived to utilize the amount of the judgement for the approximation with the involvement of the financial tools are made. In this given case study of HIH limited Company, the shares are perceived with the creation of dropping of the share prices and thereby the poor financial outcomes as well as the improvement of financial outcomes are claimed for the fund insurance. Henceforth the outcome throughout the year 2000 for HIH insurance company has paid $1.7 million to the auditors for the services. As per the given case study of the HIH private limited, the financial performance seemed to be mismanaged by the seniors managers of the organisation and thereby the company halted with the creation of the fall of the performance. The share price of the company had fallen sharply that impacted the shareholders. For the improvement of this position, the appropriate auditing of the balance sheet is made with the remuneration of the huge quantity of the auditing services. The auditor also helps in gaining the negative performance for the company HIH and thereby the creditors and clients face the worst conditions of the company (Ianniello, 2011). Therefore as per the rules and the regulations, auditor is responsible for the downfall of the company and thereby the company and the auditor are responsible for paying all the debts of the clients and the creditors. The condition depicts the act of the intelligence which seems to be described in this case and thereby this act describes the breaching of the duty of care with the harming of the person. In this case of the HIH, the facts and the findings determine the harms that provide the ways of the harm. The solicitor Bruce Dennis fought the case against Andersen. Thus it also helps in providing justice with the detection of the wrong information that is provided for the case study. For this reason, the plaintiffs are still suing the justice which helps in determining the breaching of the contract of duty. The breaching also shows the injury that must be recovered with the violation of the acts and thereby the case provides the appropriate ways with mentioning the justification of the case. The negligence of the damages also helps in overlooking the provision of the plaintiffs in this case. Three previous partners of Arthur Andersen, an audit firm were appointed by HIH as a part of their audit team. For the last ten years the people of Artur Andersen audit firm had made a lot of money through HIH by being a part of their auditors and thereby there is an established relationship present between the two firms. Andersen had earned about $8 million by auditing the books of HIH and along with that also provide different types of services to it for which made about $7 million. The fact that the two firms have been able to maintain a 10 year long professional relationship proves that they have been able to develop a strong relationship between each other. Having known personnel to handle the auditing process of a company proves to be very beneficial as they tend to give a report in favor of the company (Krenn, 2015). Therefore in this case, the personal relationship shared between the two firms can be considered as the reason for HIH taking the people of Andersens as part of t heir auditing team. Since Andersens have a very strong professional and personal relationship with HIH, they are bound to give a good report for it. The work of an auditing organisation offers and unbiased report of all the financial transactions that are made by the company and the consultancy firm is also expected to recommend in the different ways with the creation of concern for the company. Thereby the expectations also help in the increment of the high tax rates and also help in maximising the profitability of the organisation. The benefits also seemed to be holding the audition consultancy and the offering of the services that are seemed to creating and biasness towards the company. It also helps in the creation of the services that are seemed to be crucial for the organisation and henceforth it maintains the image of the company. The circumstances of this case presented in the case indicate that the company is not sticking to the basic ethical practices. The crucial reason behind this is the external auditing team which is needed to be unbiased towards he company and thereby it also helps in the creation of the impartial financial report for the company. With hiring the firm in an unethical manner, the company proved that the actual financial reports are made fake with the creation of the transactions which raise problems in the company and also created hurdles for the company (Madi, Ishak and Manaf, 2014). It is proved to a part of the violation of the ethical conducts and henceforth the demand of the independent investigation is made. In this case the crucial breakdown of HIH company takes place with the consideration of the future claims and thereby the main rationale of the Ramsays report represents the creation of the appropriate suggestion that are seemed to be requisite for the alterations. Henceforth the responsibility of the auditor is created for showing the actual position of the company in the market environment. The impact of the changes determines the rescheduling of the programs with adding values to the financial report of the organisation. it is made for the appropriate consideration of the capital and thereby the enhancement of the values are made in order to strengthen the credibility of the capital market. This also provides the recognition of the acts that are seemed to be helpful for accessing the credibility and the reliability of the report provided by the auditor. References Emmerich, A., Racz, G. and Unger, J. (2006). Audit committee membership: The interplay with general corporate law.International Journal of Disclosure and Governance, 3(1), pp.16-26. Ianniello, G. (2011). Audit policy in Europe: 2011 The year of reform?.International Journal of Disclosure and Governance, 8(3), pp.209-212. Krenn, M. (2015). The role of codetermination in shareholder oriented corporate governance reform: the case of executive remuneration disclosure.International Journal of Corporate Governance, 6(2/3/4), p.178. Madi, H., Ishak, Z. and Manaf, N. (2014). The Impact of Audit Committee Characteristics on Corporate Voluntary Disclosure.Procedia - Social and Behavioral Sciences, 164, pp.486-492.

UAE after Islam an Example by

UAE after Islam One of the main features of United Arab Emirates is its possession of a very strategic location which helps facilitate its trade and commerce. Within the country, the people are engaged in several occupations such as trading, transportation, fishing and hunting. This an important part of their civil life which, aside from certain developments, remained more and less as the same occupations the people in the country are engaged with through the years. However, unlike occupation which remained relatively stable through the years, there is an important aspect of UAEs culture that underwent radical changes through time. This is in the area of religion. Such changes may be divided between UAE before Islam and UAE under Islamic religion. Need essay sample on "UAE after Islam" topic? We will write a custom essay sample specifically for you Proceed Even before the arrival of Islam, the people in UAE have a developed religion. It may be what people at present consider as primitive, but it is nonetheless a developed and organized religion. They have a deity in the form of a snake. A temple is built for the worship. This is a good evidence of the degree of civilization of these snake worshippers as regards their religion. They were able to create a sacred location where worship of their deity will be performed. Moreover, the existence such temple implies the existence of established rites, customs and traditions of a religious nature that are observed by them. Temples are also usually used to communicate to the deity, thus implying some form of prayer method among the people. Aside from the temple and worship, they also have other established norms and traditions such as in burials. This brings us to the second level of analysis, which is the examination of the status of UAE after the arrival Islam. Islam replaced the old religion practiced by people in UAE. It was facilitated by one of the major features that have characterized UAE for a very long time, its advantages as regards trade and commerce. At that time, the Gulf, in which UAE is a part of, became one of the important commercial centres as well as the industry of the ships. This facilitated the spreading of Islam through the help of Gulf merchants. The inculcation of Muslim faith is characterized not by a peaceful integration of people to the religion. Instead, the birth of Islam in the country is facilitated by blood and loss. The road to Islam that UAE and other countries in the region had to track was paved with battles and conquests. Even from the beginning, Islam was first brought within the country by Amer bin el Aass by fighting all the invaders from the region of Arabian Gulf after the death of prophet Mohammed (PBUH). In the Gulf, this was followed by other battles, some of which are characterized by victories, the others, by losses. Examples of the victories include the victory of the Ottoman sultan, Mohammed Al-Fatih (the Conqueror) to conquest "Constantinople", while examples of the losses include the end of the kingdom of Granada in Andalusia in 1492 and end of the Arabian marine control over the Arabian Gulf, Oman Sea, and a part of the Indian Ocean during the 15th Century. Many of these battles resulted in many d eaths and great loss of properties. Among the enemies against whom the need to defend arose were Portugal, Holland, France, and Britain. The political climate after the introduction of Islam was also affected by the formation of alliances and tribal organizations that are often formed by ruling families. Moreover, the policies of government and people have changed. One important consequence of the developments in the Arab region, including UAE, is their effects on the issues people hold dear. Progress and liberation have become major calls for Arab citizens and attention was given to the desire to achieve modern education, social modernisation and media openness. The Arab development, especially after Islam, has considerable effects on its different parts. An important discussion as regards these effects will be the development of Dubai Emirates, which is an integral part of United Arab Emirates. It is considered as the main portion of the Gulf and like UAE, has achieved a considerable position in trade due to its strategic location. It has also become a main trading in the Gulf owing partly to the success of its pearl-making business. However, as discussed above, UAE has become witness to the crossing of cultures due to its strategic location beside bodies of water used for trade and transportation, and so have its parts. The result is the commingling of the arts and culture of its parts, including the Dubai Emirates thus losing their distinction among each other. Reference David C King 'United Arab Emirates' New York : Marshall Cavendish Benchmark, 2008. Sultan ibn Muhammad al-Qasimi, Ruler of ShaI riqah'Selected speeches' Sharjah, United Arab Emirates : Al Qasimi Publications, 2016.

Maximum Likelihood Estimation Examples

Maximum Likelihood Estimation Examples Suppose that we have a random sample from a population of interest.  We may have a theoretical model for the way that the population is distributed.  However, there may be several population parameters of which we do not know the values.  Maximum likelihood estimation is one way to determine these unknown parameters.   The basic idea behind maximum likelihood estimation is that we determine the values of these unknown parameters.  We do this in such a way to maximize an associated joint probability density function or probability mass function.  We will see this in more detail in what follows.  Then we will calculate some examples of maximum likelihood estimation. Steps for Maximum Likelihood Estimation The above discussion can be summarized by the following steps: Start with a sample of independent random variables X1, X2, . . . Xn from a common distribution each with probability density function f(x;ÃŽ ¸1, . . .ÃŽ ¸k).  The thetas are unknown parameters.Since our sample is independent, the probability of obtaining the specific sample that we observe is found by multiplying our probabilities together.  This gives us a likelihood function L(ÃŽ ¸1, . . .ÃŽ ¸k)   f( x1 ;ÃŽ ¸1, . . .ÃŽ ¸k) f( x2 ;ÃŽ ¸1, . . .ÃŽ ¸k) . . .  f( xn ;ÃŽ ¸1, . . .ÃŽ ¸k) ÃŽ   f( xi ;ÃŽ ¸1, . . .ÃŽ ¸k).Next, we use Calculus to find the values of theta that maximize our likelihood function L.  More specifically, we differentiate the likelihood function L with respect to ÃŽ ¸ if there is a single parameter.  If there are multiple parameters we calculate partial derivatives of L with respect to each of the theta parameters.To continue the process of maximization, set the derivative of L (or partial derivatives) equal to zero and solve for theta.We can then use o ther techniques (such as a second derivative test) to verify that we have found a maximum for our likelihood function. Example Suppose we have a package of seeds, each of which has a constant probability p of success of germination.  We plant n of these and count the number of those that sprout.  Assume that each seed sprouts independently of the others.  How do we determine the maximum likelihood estimator of the parameter p? We begin by noting that each seed is modeled by a Bernoulli distribution with a success of p. We let X be either 0 or 1, and the probability mass function for a single seed is f( x ; p ) px (1 - p)1 - x.   Our sample consists of n  Ã‚  different Xi, each of with has a Bernoulli distribution.  The  seeds that sprout have Xi 1 and the seeds that fail to sprout have Xi 0.   The likelihood function is given by: L ( p ) ÃŽ   pxi (1 - p)1 - xi We see that it is possible to rewrite the likelihood function by using the laws of exponents.   L ( p )   pÃŽ £ xi (1 - p)n - ÃŽ £ xi Next we differentiate this function with respect to p.  We assume that the values for all of the Xi are known, and hence are constant.  To differentiate the likelihood function we need to use the product rule along with the power rule: L ( p )   ÃŽ £ xip-1 ÃŽ £ xi (1 - p)n - ÃŽ £ xi - (n - ÃŽ £ xi )pÃŽ £ xi (1 - p)n-1 - ÃŽ £ xi We rewrite some of the negative exponents and have: L ( p ) (1/p) ÃŽ £ xipÃŽ £ xi (1 - p)n - ÃŽ £ xi - 1/(1 - p) (n - ÃŽ £ xi )pÃŽ £ xi (1 - p)n - ÃŽ £ xi [(1/p) ÃŽ £ xi  - 1/(1 - p) (n - ÃŽ £ xi)]ipÃŽ £ xi (1 - p)n - ÃŽ £ xi Now, in order to continue the process of maximization, we set this derivative equal to zero and solve for p: 0 [(1/p) ÃŽ £ xi  - 1/(1 - p) (n - ÃŽ £ xi)]ipÃŽ £ xi (1 - p)n - ÃŽ £ xi Since p and (1- p) are nonzero we have that 0 (1/p) ÃŽ £ xi  - 1/(1 - p) (n - ÃŽ £ xi). Multiplying both sides of the equation by p(1- p) gives us: 0 (1 - p) ÃŽ £ xi  - p (n - ÃŽ £ xi). We expand the right hand side and see: 0   ÃŽ £ xi  - p ÃŽ £ xi  - p n pÃŽ £ xi   ÃŽ £ xi - p n. Thus ÃŽ £ xi p n and (1/n)ÃŽ £ xi   p.  This means that the maximum likelihood estimator of p is a sample mean.  More specifically this is the sample proportion of the seeds that germinated.  This is perfectly in line with what intuition would tell us.  In order to determine the proportion of seeds that will germinate, first consider a sample from the population of interest. Modifications to the Steps There are some modifications to the above list of steps.  For example, as we have seen above, is typically worthwhile to spend some time using some algebra to simplify the expression of the likelihood function.  The reason for this is to make the differentiation easier to carry out. Another change to the above list of steps is to consider natural logarithms. The maximum for the function L will occur at the same point as it will for the natural logarithm of L.  Thus maximizing ln L is equivalent to maximizing the function L. Many times, due to the presence of exponential functions in L, taking the natural logarithm of L will greatly simplify some of our work. Example We see how to use the natural logarithm by revisiting the example from above.  We begin with the likelihood function: L ( p )   pÃŽ £ xi (1 - p)n - ÃŽ £ xi . We then use our logarithm laws and see that: R( p ) ln L( p ) ÃŽ £ xi ln p (n - ÃŽ £ xi) ln(1 - p). We already see that the derivative is much easier to calculate: R( p ) (1/p)ÃŽ £ xi - 1/(1 - p)(n - ÃŽ £ xi) . Now, as before, we set this derivative equal to zero and multiply both sides by p (1 - p): 0 (1- p ) ÃŽ £ xi -  p(n - ÃŽ £ xi) . We solve for p and find the same result as before. The use of the natural logarithm of L(p) is helpful in another way.  It is much easier to calculate a second derivative of R(p) to verify that we truly do have a maximum at the point (1/n)ÃŽ £ xi   p. Example For another example, suppose that we have a random sample X1, X2, . . . Xn from a population that we are modelling with an exponential distribution.  The probability density function for one random variable is of the form f( x ) ÃŽ ¸-1 e -x/ÃŽ ¸ The likelihood function is given by the joint probability density function. This is a product of several of these density functions: L(ÃŽ ¸) ÃŽ   ÃŽ ¸-1 e -xi/ÃŽ ¸   ÃŽ ¸-n e -ÃŽ £ xi/ÃŽ ¸    Once again it is helpful to consider the natural logarithm of the likelihood function.  Differentiating this will require less work than differentiating the likelihood function: R(ÃŽ ¸) ln L(ÃŽ ¸) ln [ÃŽ ¸-n e -ÃŽ £ xi/ÃŽ ¸] We use our laws of logarithms and obtain: R(ÃŽ ¸) ln L(ÃŽ ¸) - n ln ÃŽ ¸Ã‚   -ÃŽ £xi/ÃŽ ¸ We differentiate with respect to ÃŽ ¸ and have: R(ÃŽ ¸)   - n / ÃŽ ¸Ã‚   ÃŽ £xi/ÃŽ ¸2 Set this derivative equal to zero and we see that: 0 - n / ÃŽ ¸Ã‚   ÃŽ £xi/ÃŽ ¸2. Multiply both sides by ÃŽ ¸2 and the result is: 0 - n ÃŽ ¸Ã‚   ÃŽ £xi. Now use algebra to solve for ÃŽ ¸: ÃŽ ¸ (1/n)ÃŽ £xi. We see from this that the sample mean is what maximizes the likelihood function.  The parameter ÃŽ ¸ to fit our model should simply be the mean of all of our observations. Connections There are other types of estimators.  One alternate type of estimation is called an unbiased estimator.  For this type, we must calculate the expected value of our statistic and determine if it matches a corresponding parameter.

Issues faced by multinational companyies Essay Example | Topics and Well Written Essays - 1500 words

Issues faced by multinational companyies - Essay Example In this present day context, companies are eager to earn an extraordinary reputation for themselves in the global market, which further encourages them to diversify their respective business operations. The issues that face by the multi-national organisations might impose considerable impact upon the reputation along with the overall performance of their business in an unfavourable way. In recent years, multinational companies are dealing with critical issues while performing their respective operations throughout the globe. This can be owing to the reason of their wider operational network and prevalence of extreme business market competition among others. A few of the challenges that face by multi-national companies include incessant alteration of business environment, changing trends in the preferences of the customers and rising competition among others (Sabir , 2013; Elnaugh, 2008). Contextually, this paper intends to evaluate the present issues and challenges facing by multinat ional companies in the global business environment. The evaluation will be conducted through reviewing several noteworthy literatures and critically comparing different concepts or theories related to the subject matter. Critical Evaluation of Issues/Results As discussed above, multi-national organisations on the modern day environment often face several issues that impose unfavourable impacts upon their operational performance. With the advent of globalisation, the companies have to deal with stern competition, forcing them to adopt unconventional strategies for the purpose of overcoming the identified issues and attaining sustainability. Apart from this, companies also need to move parallel with the changing demands of the customers. Additionally, constant advancements in technology present another major challenge for companies in this present day context (Slideshare Inc., 2013). The challenges that are currently faced by the multi-national companies have been illustrated hereunde r with reference to the relevant theories. Comparing and Contrasting Different Theories, Concepts and Research Findings Multi-national companies are observed to remain continuously under immense pressure in order to perform effectively in an evenly poised competitive global market. According to the study conducted by McDonald & Burton (2013), there are certain major challenges that companies face when they perform their respective operations in several regions of the world, which can be explained with the assistance of the globalization and international theories. Emphasising the same context, Hennart (2000), affirmed that the foremost among them is the changing economic conditions that have been explained as ‘market imperfections’ in Hymer’s international theories. In this regard, the global financial conditions fluctuate quite frequently due to gaining momentum of globalisation and other crucial factors mainly owing to two driving forces, viz. ‘boundedly rational’ and ‘opportunistic’ forces, influencing companies to change their strategies on a constant basis in correspondence to their transaction costs (Hennart, 2000). Moreover, McDonald & Burton (2013) also affirmed that volatility in the political conditions of various nations also forced multi-national co