Project management is an organizational skill whereby a project manager communicates with the relevant and influential stakeholders and co-ordinates the work that is to be done, assigning resources and preempting risks according to a diligent process.
The three steps that are typically part of a project plan include:
1. Initial meetings with project sponsors and assigning of roles, responsibilities and stakeholder influence, along with risk assessment.
2. Drawing up the project plan and making estimations of the time, costs, and, quality objectives. In software projects and in engineering projects an approach that embraces quality assurance objectives at the outset is recommended, in software engineering practice this is known as test driven development (TDD). Training and research is part of the planning stage, and, this might be borne by the client or the project managing organization for novel projects, should the client accept the initial estimate, terms and conditions. A contract (and a statement of works) is usually signed and agreed upon by the project sponsor and the project managing organization.
3. The project needs to be implemented with the resources available and within the scope agreed, accommodating any changes according to careful evaluation of the different options and changes to the project. Quality assurance, audit, or end-user testing usually marks the end of the handover process as part of a managed change programme.
After the successful implementation of a project and at times during the course of the project - depending on the issues and risks at hand - lessons learnt reports (post-project), highlight reports which complement progress report and highlight priority issues (i.e. cup of coffee for the project manager) and investment appraisals (planning stage and post-project) are useful to evaluate the success of the project and gather learning points from points of project failure. Usually there is an expectation that projects have a start date and an end date, but nevertheless it is up to the smart organization skills of the project manager to see the progress through the planned milestones, and, to report any factors delaying the delivery communicating them with the project sponsors.
Formal project management methodologies used include PRINCE2, and, other project management methodologies specific to different industries and specializations. Project monitoring is based on matching expectations to actual results including financials, customer satisfaction, organizational learning and growth, along with quality and cost management criteria. Nevertheless, we have to appreciate that rationality is important when we take decisions that have an influence over others.
If you wish to engage me as a project manager you can contact Jon on camilleri.jon@gmail.com outlining your requirements in brief. We will revert initially with a tariff of charges and a request for a deposit that covers initial research costs. We may optionally give you a free initial meeting, however that is the discretion of the project manager.
Due to our open mentality towards innovative projects that might require novel technologies, we consider market factors and innovation as part of our projections and evaluate the risks of the project accordingly, based on academic knowledge.
Saturday, November 29, 2014
Saturday, November 22, 2014
The labour market of today and tomorrow...
The labour market can be envisaged as a global marketplace where talent is matched with demand, and, fluctuations in demand and supply, increased need for flexibility, and, the economic recessions have brought about instability where employment is no longer a long-term career but merely a matter of demand and supply. Yet, the lack of talent available on the market might hypothetically create the need for employers to train their employees, it is just that they have a different kind of attitude.
On one hand training improves job mobility (Crouch et. al, 1999) and therefore employers might fear that their employees will take a "free ride" as soon as they get training. On the other hand, the ability of a manager to retain his/her employees depends partly on his/her leadership skills and team-building abilities, and, therefore, everyone has to share a slice of cake when it comes to shouldering responsibility. Not training employees might de-motivate people, or else might motivate people who are comfortable with low-wages and routine jobs. The contingency of who will replace the low-wage earners as soon as they move up the ladder of an organization - usually as they gain more experience, become more productive and effective and either specialize or diversify into different specialization, depending on their motivations, education/training and the opportunities available.
It is not uncommon for employers to ask employees to maintain their professional development i.e. fund their own training, although to be fair enough companies which envisage a long-term career for their employees, do provide rewarding pay-scales and bonuses for qualifications, achievements and above-average productivity. Nevertheless, the post-recession has brought about a certain cliche triggered by real or perceived uncertainty in the future, and, employers - notably but not limited to the UK and Malta - have emphasized their reluctance to increase their costs, even though the margins calculated by the author seemed to be immaterial even for a small to medium enterprise, however, it is quite possible that this was only a sample. Others say that this cliche is only "fuss" and thus people who advocate employment rights and conditions tend to sense this kind of attitude that seeks total flexibility in favour of the employer as an unacceptable position. In Malta substandard employment conditions have been socially labelled as "precarious", and unfortunately the conditions of work do not seem to have shifted back to favour the good old days when trade unions seemed to instil enough confidence in the workforce to allow them to negotiate with employers en nom collectif. For one, the author prefers to negotiate first-hand with the manager, because, it is quite legitimate to state that a contract has to be signed at least by two parties, and, the employee is one of them. Only recently has Germany legalized a national minimum wage, at a rate that is considerably higher than that in Malta, UK, and, some states within the United States of America, yet national minimum wage seems to be the legislation of choice which is never seriously considered for harmonization.
Although it is now possible to standardize on-the-job training assigning them comparable NVQs and making the skills marketable within the job market, some employers are still unwilling to pay for the training of general workers' skills (Steedman, 1998), and they seem not to understand that this strategic ignorance of up-to-date knowledge can fire back as incidents can happen out of lack of knowledge or competence, that can put the firm's reputation at risk within the competitive marketplace. The impending skills deficit (Leitch 2006) needs to be quantified and monitored in aggregate. Unfortunately, there transpires to be a cultural issue that diffuses certain issues which are criminal which some members of society notably of a particular gender are leaving to triviality, and surveys as highlighted by articles written on the Times of Malta
indicate that some perceive a level of exagerration in claims, this type of reaction is also lacking of due diligence, however, we cannot understand the details just by reading the overview unfortunately transparency still has a long way to go within the digital economy. Although not the norm, project-based employment (or engagement through self-employment or sub-contracting) is still prevalent for example in the construction industry and the IT, both requiring different skill sets and requiring different frames of mind for understanding the psychology of employees and creating the right environment to motivate their productivity and ongoing development. Project based work or fixed-term duration contracts may appear to provide greater flexibility to the employer. One of the disadvantages is that it brings about a negative perceptions as executives have been quoted to admit that they tend to overlook people who appear as "job hoppers", and, discrimination law does not seem to be enforced strongly enough to change the attitudes.
In order for a firm to have a wide view of the labour market it can choose to advertise within the internal labour market (its own firm), local labour market, and the global labour market that is being facilitated through international diplomatic agreements signed and agreed by government officials to facilitate and regulate trade and business across the globe, and thus job-seekers are faced with a vague promise that their rights and liberties are to continue being protected.
Employees, particularly those working on low pay might feel discriminated because initially their working conditions are inferior compared to those given to their senior colleagues, as firms with a career structure offer entry level conditions of work when they join an organization. The segregation of employees on a fast track of the career and employees on a slower track of the career is also a known cliche and nowadays employers speak of meritocracy, although there is no harmonized or standardized view on how personnel performance management has to be carried out. The author noticed very trivial ways of making judgments in his last employment, and, it seemed quite funny that the motivation for determining a low performer seemed to originate merely from suspicion and lack of trust, a factor that has been confirmed by three members of an appointed disciplinary board.
For the next 100 years, I believe that managers need to attempt to forecast based on the long-term, if we are to provide a basis for knowledge on how to make plans which do not result in recessionary factors, and, lay-offs, and, therefore business sustainability is an important factor that needs economic re-assurance and detailed knowledge of the global marketplace upon which to make realistic estimates on the future. It is true that it is impossible to predict the future accurately, however, it is also true that history repeats itself, and, by making prudent assumptions we are able to plan better. It might be a business myth that a low labour cost per hour is an attractive business factor, and, this actually can meet several pages of critique:
1. Low wages tend to indicate a low level of skill and bargaining power available. Although low bargaining power or its perception might be attractive it might be hiding behind cultural factors that are like the "quiet before the storm of trouble", if we were to think in terms of warning signs, as experience indicates. Again this is forecasting it is partly made up of educated guesses and social sciences are not an exact science 20% of the time (Pareto principle). Employers promise "permanent jobs" and "career ladder based on achievement", this is mainly misleading advertising, the economy does not offer any long-term benefits intrinsically, at least I tend to believe so as I notice troughs and peaks of recession and fake booms, such as the dot-com boom.
2. It is quite possible to mark-up the costs and increase retail prices, although this would bring about an inflationary effect in theory, which has to be aggregated globally and broken down for further analysis. Retail price index is a function that measures consumer prices, and, although this is a general indicator of pricing, it is not necessarily a predictor of retail prices of the future, although we like to think that history repeats itself and we can observe trends of ebbs and flows of economic activity as aggregate revenues flow from boom to bust. The consumer has to pay the price when the calculations have been said and done, and, competition is still a barrier to major fluctuations so this might cause a perception that prices need to appear 'stable'. Stability does not necessarily mean that the prices are competitive or fair however, although it is quite easy to compare prices across the globe nowadays with the availability of electronic commerce shops in the large portion of the world where Internet is available.
From a career development perspective, human resources managers, might have to think about the following issues:
1. Will people who are under-employed be compensated over their career tenure?
2. What holistic criteria can we use as the basis for harmonizing performance management, for the firm, for teams and for individuals, and, how do we garner our learning abilities?
3. Do low-paying jobs "lock" people in a manner that they feel de-motivated to learn new transferable skills and thus be able to provide more services to their employer, in an economy that has confirmed the increasing risk of poverty as a major economic problem?
4. If we train people in skilled jobs or jobs that are "low pay" and they move to a higher career ladder, who is going to replace them, humans or robots, in the next 200 years or so and what are the risks of robotic technology?
This essay was written based on research available at the London School of Economics Online Research available online.
On one hand training improves job mobility (Crouch et. al, 1999) and therefore employers might fear that their employees will take a "free ride" as soon as they get training. On the other hand, the ability of a manager to retain his/her employees depends partly on his/her leadership skills and team-building abilities, and, therefore, everyone has to share a slice of cake when it comes to shouldering responsibility. Not training employees might de-motivate people, or else might motivate people who are comfortable with low-wages and routine jobs. The contingency of who will replace the low-wage earners as soon as they move up the ladder of an organization - usually as they gain more experience, become more productive and effective and either specialize or diversify into different specialization, depending on their motivations, education/training and the opportunities available.
It is not uncommon for employers to ask employees to maintain their professional development i.e. fund their own training, although to be fair enough companies which envisage a long-term career for their employees, do provide rewarding pay-scales and bonuses for qualifications, achievements and above-average productivity. Nevertheless, the post-recession has brought about a certain cliche triggered by real or perceived uncertainty in the future, and, employers - notably but not limited to the UK and Malta - have emphasized their reluctance to increase their costs, even though the margins calculated by the author seemed to be immaterial even for a small to medium enterprise, however, it is quite possible that this was only a sample. Others say that this cliche is only "fuss" and thus people who advocate employment rights and conditions tend to sense this kind of attitude that seeks total flexibility in favour of the employer as an unacceptable position. In Malta substandard employment conditions have been socially labelled as "precarious", and unfortunately the conditions of work do not seem to have shifted back to favour the good old days when trade unions seemed to instil enough confidence in the workforce to allow them to negotiate with employers en nom collectif. For one, the author prefers to negotiate first-hand with the manager, because, it is quite legitimate to state that a contract has to be signed at least by two parties, and, the employee is one of them. Only recently has Germany legalized a national minimum wage, at a rate that is considerably higher than that in Malta, UK, and, some states within the United States of America, yet national minimum wage seems to be the legislation of choice which is never seriously considered for harmonization.
Although it is now possible to standardize on-the-job training assigning them comparable NVQs and making the skills marketable within the job market, some employers are still unwilling to pay for the training of general workers' skills (Steedman, 1998), and they seem not to understand that this strategic ignorance of up-to-date knowledge can fire back as incidents can happen out of lack of knowledge or competence, that can put the firm's reputation at risk within the competitive marketplace. The impending skills deficit (Leitch 2006) needs to be quantified and monitored in aggregate. Unfortunately, there transpires to be a cultural issue that diffuses certain issues which are criminal which some members of society notably of a particular gender are leaving to triviality, and surveys as highlighted by articles written on the Times of Malta
indicate that some perceive a level of exagerration in claims, this type of reaction is also lacking of due diligence, however, we cannot understand the details just by reading the overview unfortunately transparency still has a long way to go within the digital economy. Although not the norm, project-based employment (or engagement through self-employment or sub-contracting) is still prevalent for example in the construction industry and the IT, both requiring different skill sets and requiring different frames of mind for understanding the psychology of employees and creating the right environment to motivate their productivity and ongoing development. Project based work or fixed-term duration contracts may appear to provide greater flexibility to the employer. One of the disadvantages is that it brings about a negative perceptions as executives have been quoted to admit that they tend to overlook people who appear as "job hoppers", and, discrimination law does not seem to be enforced strongly enough to change the attitudes.
In order for a firm to have a wide view of the labour market it can choose to advertise within the internal labour market (its own firm), local labour market, and the global labour market that is being facilitated through international diplomatic agreements signed and agreed by government officials to facilitate and regulate trade and business across the globe, and thus job-seekers are faced with a vague promise that their rights and liberties are to continue being protected.
Employees, particularly those working on low pay might feel discriminated because initially their working conditions are inferior compared to those given to their senior colleagues, as firms with a career structure offer entry level conditions of work when they join an organization. The segregation of employees on a fast track of the career and employees on a slower track of the career is also a known cliche and nowadays employers speak of meritocracy, although there is no harmonized or standardized view on how personnel performance management has to be carried out. The author noticed very trivial ways of making judgments in his last employment, and, it seemed quite funny that the motivation for determining a low performer seemed to originate merely from suspicion and lack of trust, a factor that has been confirmed by three members of an appointed disciplinary board.
For the next 100 years, I believe that managers need to attempt to forecast based on the long-term, if we are to provide a basis for knowledge on how to make plans which do not result in recessionary factors, and, lay-offs, and, therefore business sustainability is an important factor that needs economic re-assurance and detailed knowledge of the global marketplace upon which to make realistic estimates on the future. It is true that it is impossible to predict the future accurately, however, it is also true that history repeats itself, and, by making prudent assumptions we are able to plan better. It might be a business myth that a low labour cost per hour is an attractive business factor, and, this actually can meet several pages of critique:
1. Low wages tend to indicate a low level of skill and bargaining power available. Although low bargaining power or its perception might be attractive it might be hiding behind cultural factors that are like the "quiet before the storm of trouble", if we were to think in terms of warning signs, as experience indicates. Again this is forecasting it is partly made up of educated guesses and social sciences are not an exact science 20% of the time (Pareto principle). Employers promise "permanent jobs" and "career ladder based on achievement", this is mainly misleading advertising, the economy does not offer any long-term benefits intrinsically, at least I tend to believe so as I notice troughs and peaks of recession and fake booms, such as the dot-com boom.
2. It is quite possible to mark-up the costs and increase retail prices, although this would bring about an inflationary effect in theory, which has to be aggregated globally and broken down for further analysis. Retail price index is a function that measures consumer prices, and, although this is a general indicator of pricing, it is not necessarily a predictor of retail prices of the future, although we like to think that history repeats itself and we can observe trends of ebbs and flows of economic activity as aggregate revenues flow from boom to bust. The consumer has to pay the price when the calculations have been said and done, and, competition is still a barrier to major fluctuations so this might cause a perception that prices need to appear 'stable'. Stability does not necessarily mean that the prices are competitive or fair however, although it is quite easy to compare prices across the globe nowadays with the availability of electronic commerce shops in the large portion of the world where Internet is available.
From a career development perspective, human resources managers, might have to think about the following issues:
1. Will people who are under-employed be compensated over their career tenure?
2. What holistic criteria can we use as the basis for harmonizing performance management, for the firm, for teams and for individuals, and, how do we garner our learning abilities?
3. Do low-paying jobs "lock" people in a manner that they feel de-motivated to learn new transferable skills and thus be able to provide more services to their employer, in an economy that has confirmed the increasing risk of poverty as a major economic problem?
4. If we train people in skilled jobs or jobs that are "low pay" and they move to a higher career ladder, who is going to replace them, humans or robots, in the next 200 years or so and what are the risks of robotic technology?
This essay was written based on research available at the London School of Economics Online Research available online.
Thursday, November 20, 2014
How does the lending interest fluctuate in view of supply and demand?
Money supply or money stock, is the total amount of monetary assets available in an economy at a specific time. This is categorized into broad and narrow definitions of money from an academic perspective.
The European Central Bank lending rate as a last resort is at a historic low, yet, this does not quite give confidence to the private banking industry as the collector of savings of the many and the distribution of lending to the few, making record profits each year. There seems to be enough liquidity to allow the industry to remain unchanged, and totally uncaring of the repercussions it has caused during the economic recessions. But who blames the bankers, except for policy makers as they clearly and contractually informed you of their terms and conditions in advance?
This might leave opportunities for other financiers to venture into what the traditional bankers deem to be risky, as start-up businesses look to venture and seed capital, in an economy where money supply tends to be scarce and distributed sparingly to ensure the maximization of profits through the careful adjustment of interest rates so that the banking industry continues to make record profits, through discriminatory pricing of interest rates.
Yet there has been a move towards ethical banking that does not undermine its economic necessity to make a profit, and, by observing headlines we can clearly understand that the business model is healthy in profits and advanced in customer service. At least I am always treated with a high level of politeness and complete and objective information when I talk to a professional working for one of my preferred bankers, so I cannot quite complain that information is not available as a consumer.
The question of whether and how money supply can increase for start-ups, is one that we analyze through the lens of Keynesian economics, although this does not quite tell us whether money is the solution to all of our economic, and, our life problems. Even though the adage goes "money is power", there are more joys of life that most people might ignore if they become too greedy and obsessed about reaching higher levels of monetary gains.
First of all, deregulation and liberalization of markets can bring about increased flexibility available to the business, assuming that the economy is a fair level playing field, and, there again we have a huge stumbling block, as we might know that "the big fish is big enough to swallow the smaller fish", and, therefore businesses with more financial resources and negotiating power are not too shy of making use of information and economic resources as a way to improve its negotiation and lobbying.
As a case study one can mention a software provider who had at the time asked me to engage as a reseller, had started off with this kind of unethical approach by attempting to impose his company's terms and conditions upon me, and I simply refused to accept some of the conditions since they were unfavorable and not in the interests of my own smaller business venture, which brings about the common wisdom that not accepting recommendations and proposals prima facea is an effective executive thinking philosophy, whether you are a self-employed entrepreneur or whether you represent Microsoft Corporation. Larger companies have the same kind of problems and difficulties of negotiation and competition that you face, it is just that they might have more resources available to them, which at times can be an issue that imposes a slower way by which their bureaucratic procedures can react to external factors (e.g. politics, economics, law, the environment, and, social factors influencing its relevant, legitimate and possibly authoritative stakeholders including shareholders, senior management of connected companies, customers, employees, sub-contractors - whether they supply core or support activities, and the general public. This alone leaves the manager with a very busy schedule typically consisting of a lot of communication and a lot of other daily duties tied to their management responsibilities. Since corporates are typically banking customers as few people would dare to leave their cash unguarded as this would make for an irresponsible administrative management system, then the issues that corporates face are seen to influence the economic and marketing strategies of the banking industry and other influencing entities influencing money supply, assuming its demand is one that most people would accumulate the maximum amount that can be availed of or saved on their personal account or budget, and, this principle is seen to apply even to larger firms.
Global activity has broadly strengthened and is expected to improve further in 2014–15, according to the April 2014 WEO, with much of the impetus for growth coming from advanced economies. Although downside risks have diminished overall, lower-than-expected inflation poses risks for advanced economies, there is increased financial volatility in emerging market economies, and increases in the cost of capital will likely dampen investment and weigh on growth. Source:IMF.
Keynes had argued that fluctuations of fixed investment (i.e. probably from the global private industry) influence the savings available to banks for them to lend, who after deducting regulatory margins for solvency and other reserves that are beyond the scope of this discussion, but can be further analyzed in line with standards of the banking industry. Moreover, it was argued that savings does not fall as much as interest rates do (hence the decrease in savings is inelastic) and to my mind, this is observed and from what I can perceive as a social analyst, happens due to the fact that people won't just run to the bank and withdraw all their money unless there is a major news of bankruptcy. In any case, regulation has reached an advanced stage in the developed countries and consumers are made to feel protected by European consumer protection directives, although case studies indicate that negotiation and arbitration are still necessary to make ends meet when litigating parties are involved. Regulatory bodies tend to make a number of possibly incorrect and speculative validations before validating cases and more often than not researchers have felt that their rights are not sufficiently covered and protected by the regulations, so there is room for improvement from the consumers' point of view, and, this would be expected to bring about further skepticism as people might tend to avoid lending, with a view that banks are unfriendly, money-making "pigs" in an economy that is still left with perceptions of pessimistic outlook, as the Maltese Chamber of Commerce seemed to convey recently in its reactions and pre-budget discussions with the executive leaders of the Government of Malta.
Keynes argued that income and substitution go in opposite direction, therefore "if I was a wealthy man" I might not necessarily make the same consumption purchases that I make than if I was a person living in poverty. Would I choose to buy an expensive car just because my name is Mitt Romney (for the sake of illustration)? If I were to engage in conspicuous consumption, would I still have a net worth of a few millions less, that I would not really bother about for the rest of my life?
Perhaps if my name was Ebeneezer Scrooge (or I was a Maltese business man as this seems to be typical in certain social circles), would I still hoard massive amounts of money in the bank - which brings back the argument in favor of savings as a "safe haven for the rainy day" which is a compelling argument for banks to attract deposits, whether they can be withdrawn upon demand or are held on a fixed deposit basis.
Keynes argued that investment is based on long-term expectations, and, thus short-term needs for cash flow and revenue albeit being valid management principles and practices, are not the only factor that in theory would attract educated investors (or their educated investment managers) to a particular money market, not to mention that technology nowadays allows bank transfers to be carried out in matters of seconds, strictly from a technology point of view and if the market were not highly regulated to allow for verification to be carried out in the background that allow a legal transfer of funds between one account and another or between one country and another. Compliance, fraud and money laundering issues come to my mind through my experience of banking practice.
Keynes argued that savings and investment are not the main determinants of investment, especially in the short-term. For example, some traders buy and sell currency, and, allow customers to carry out such trade of currencies through deposits held with their trading platform, making profits from day to day fluctuations of exchange rates, money markets and stock prices, and, such traders seem to have made us go through pain and joy as we watched headlines of stock market crashes and economic recession. Secondly, investors do not simply invest because they want to earn a fixed interest rate, otherwise they would save their money in a bank which offers an interest rate in return for their money. Entrepreneurs aim to achieve their business objectives and reading the thoughts of investors, more often than not they are aware of the risk and take a plunge or a calculated risk in their venture. Generally, it is observed that banking employees are more risk adverse than business customers, at least from my own experience, as they protect different sides of the same coin.
Keynes argued that fear of capital losses might give rise to the tendency to short sell e.g. liquidate investments or fixed term deposits out of the stipulated contract period in times of crisis and fear. For example, if I have money saved up for a rainy day, and an emergency crops up that leads me to ask the bank manager to liquidate those funds, I would then have to negotiate with the bank and incur charges for the early withdrawal of such funds, as this has to be agreed again between myself and the legal representative of the bank.
It is also thought that digital (virtual) currencies might pose unregulated risks to the money supply within the banking industry and this is thought to influence the money available for lending (in aggregate) within the regulated and the unregulated economies.
Interest rates, alternatives between different forms of investment proposals and contemporary business practices all influence money markets and whether these are tightly or loosely regulated, a degree of regulation overhead still exists and might be a factor causing inertia that in itself inhibits the financing of business activities, which does not quite fall short of expectations of professional management of business operations, aiming to achieve not just profit, but social and ethical responsibilities, as these are the norm in today's professional marketing. Flexi Bundle
The European Central Bank lending rate as a last resort is at a historic low, yet, this does not quite give confidence to the private banking industry as the collector of savings of the many and the distribution of lending to the few, making record profits each year. There seems to be enough liquidity to allow the industry to remain unchanged, and totally uncaring of the repercussions it has caused during the economic recessions. But who blames the bankers, except for policy makers as they clearly and contractually informed you of their terms and conditions in advance?
This might leave opportunities for other financiers to venture into what the traditional bankers deem to be risky, as start-up businesses look to venture and seed capital, in an economy where money supply tends to be scarce and distributed sparingly to ensure the maximization of profits through the careful adjustment of interest rates so that the banking industry continues to make record profits, through discriminatory pricing of interest rates.
Yet there has been a move towards ethical banking that does not undermine its economic necessity to make a profit, and, by observing headlines we can clearly understand that the business model is healthy in profits and advanced in customer service. At least I am always treated with a high level of politeness and complete and objective information when I talk to a professional working for one of my preferred bankers, so I cannot quite complain that information is not available as a consumer.
The question of whether and how money supply can increase for start-ups, is one that we analyze through the lens of Keynesian economics, although this does not quite tell us whether money is the solution to all of our economic, and, our life problems. Even though the adage goes "money is power", there are more joys of life that most people might ignore if they become too greedy and obsessed about reaching higher levels of monetary gains.
First of all, deregulation and liberalization of markets can bring about increased flexibility available to the business, assuming that the economy is a fair level playing field, and, there again we have a huge stumbling block, as we might know that "the big fish is big enough to swallow the smaller fish", and, therefore businesses with more financial resources and negotiating power are not too shy of making use of information and economic resources as a way to improve its negotiation and lobbying.
As a case study one can mention a software provider who had at the time asked me to engage as a reseller, had started off with this kind of unethical approach by attempting to impose his company's terms and conditions upon me, and I simply refused to accept some of the conditions since they were unfavorable and not in the interests of my own smaller business venture, which brings about the common wisdom that not accepting recommendations and proposals prima facea is an effective executive thinking philosophy, whether you are a self-employed entrepreneur or whether you represent Microsoft Corporation. Larger companies have the same kind of problems and difficulties of negotiation and competition that you face, it is just that they might have more resources available to them, which at times can be an issue that imposes a slower way by which their bureaucratic procedures can react to external factors (e.g. politics, economics, law, the environment, and, social factors influencing its relevant, legitimate and possibly authoritative stakeholders including shareholders, senior management of connected companies, customers, employees, sub-contractors - whether they supply core or support activities, and the general public. This alone leaves the manager with a very busy schedule typically consisting of a lot of communication and a lot of other daily duties tied to their management responsibilities. Since corporates are typically banking customers as few people would dare to leave their cash unguarded as this would make for an irresponsible administrative management system, then the issues that corporates face are seen to influence the economic and marketing strategies of the banking industry and other influencing entities influencing money supply, assuming its demand is one that most people would accumulate the maximum amount that can be availed of or saved on their personal account or budget, and, this principle is seen to apply even to larger firms.
Global activity has broadly strengthened and is expected to improve further in 2014–15, according to the April 2014 WEO, with much of the impetus for growth coming from advanced economies. Although downside risks have diminished overall, lower-than-expected inflation poses risks for advanced economies, there is increased financial volatility in emerging market economies, and increases in the cost of capital will likely dampen investment and weigh on growth. Source:IMF.
Keynes had argued that fluctuations of fixed investment (i.e. probably from the global private industry) influence the savings available to banks for them to lend, who after deducting regulatory margins for solvency and other reserves that are beyond the scope of this discussion, but can be further analyzed in line with standards of the banking industry. Moreover, it was argued that savings does not fall as much as interest rates do (hence the decrease in savings is inelastic) and to my mind, this is observed and from what I can perceive as a social analyst, happens due to the fact that people won't just run to the bank and withdraw all their money unless there is a major news of bankruptcy. In any case, regulation has reached an advanced stage in the developed countries and consumers are made to feel protected by European consumer protection directives, although case studies indicate that negotiation and arbitration are still necessary to make ends meet when litigating parties are involved. Regulatory bodies tend to make a number of possibly incorrect and speculative validations before validating cases and more often than not researchers have felt that their rights are not sufficiently covered and protected by the regulations, so there is room for improvement from the consumers' point of view, and, this would be expected to bring about further skepticism as people might tend to avoid lending, with a view that banks are unfriendly, money-making "pigs" in an economy that is still left with perceptions of pessimistic outlook, as the Maltese Chamber of Commerce seemed to convey recently in its reactions and pre-budget discussions with the executive leaders of the Government of Malta.
Keynes argued that income and substitution go in opposite direction, therefore "if I was a wealthy man" I might not necessarily make the same consumption purchases that I make than if I was a person living in poverty. Would I choose to buy an expensive car just because my name is Mitt Romney (for the sake of illustration)? If I were to engage in conspicuous consumption, would I still have a net worth of a few millions less, that I would not really bother about for the rest of my life?
Perhaps if my name was Ebeneezer Scrooge (or I was a Maltese business man as this seems to be typical in certain social circles), would I still hoard massive amounts of money in the bank - which brings back the argument in favor of savings as a "safe haven for the rainy day" which is a compelling argument for banks to attract deposits, whether they can be withdrawn upon demand or are held on a fixed deposit basis. Keynes argued that investment is based on long-term expectations, and, thus short-term needs for cash flow and revenue albeit being valid management principles and practices, are not the only factor that in theory would attract educated investors (or their educated investment managers) to a particular money market, not to mention that technology nowadays allows bank transfers to be carried out in matters of seconds, strictly from a technology point of view and if the market were not highly regulated to allow for verification to be carried out in the background that allow a legal transfer of funds between one account and another or between one country and another. Compliance, fraud and money laundering issues come to my mind through my experience of banking practice.
Keynes argued that savings and investment are not the main determinants of investment, especially in the short-term. For example, some traders buy and sell currency, and, allow customers to carry out such trade of currencies through deposits held with their trading platform, making profits from day to day fluctuations of exchange rates, money markets and stock prices, and, such traders seem to have made us go through pain and joy as we watched headlines of stock market crashes and economic recession. Secondly, investors do not simply invest because they want to earn a fixed interest rate, otherwise they would save their money in a bank which offers an interest rate in return for their money. Entrepreneurs aim to achieve their business objectives and reading the thoughts of investors, more often than not they are aware of the risk and take a plunge or a calculated risk in their venture. Generally, it is observed that banking employees are more risk adverse than business customers, at least from my own experience, as they protect different sides of the same coin.
Keynes argued that fear of capital losses might give rise to the tendency to short sell e.g. liquidate investments or fixed term deposits out of the stipulated contract period in times of crisis and fear. For example, if I have money saved up for a rainy day, and an emergency crops up that leads me to ask the bank manager to liquidate those funds, I would then have to negotiate with the bank and incur charges for the early withdrawal of such funds, as this has to be agreed again between myself and the legal representative of the bank.
It is also thought that digital (virtual) currencies might pose unregulated risks to the money supply within the banking industry and this is thought to influence the money available for lending (in aggregate) within the regulated and the unregulated economies.
Interest rates, alternatives between different forms of investment proposals and contemporary business practices all influence money markets and whether these are tightly or loosely regulated, a degree of regulation overhead still exists and might be a factor causing inertia that in itself inhibits the financing of business activities, which does not quite fall short of expectations of professional management of business operations, aiming to achieve not just profit, but social and ethical responsibilities, as these are the norm in today's professional marketing. Flexi Bundle
Monday, November 17, 2014
Cost saving tips...for life...
Home economics (also known as family and consumer sciences, home ec., and in some cases, human ecology, home science) is the profession and field of study that deals with the economics and management of the home and community. This article aims to provide some practical day to day tips that we learnt as a family.
1. Make financial plans in advance, using either a spreadsheet or a notebook, or your mental notes. Budgeting helps you spread your monetary resources wisely, and, do make sure to keep a list of basic necessities. Try not to eat too much, it makes your diet unhealthy, and, it makes you grow fat and obese, which is against your interests.
2. Save on reusable products, including plastic/glass containers. Do not throw them away immediately, try to re-use containers. My grandfather used to prepare onion pickles by dipping onions in red vinegar, and, leaving them to ferment for a few weeks. My neighbors make wine out of grapes, and, a friend of mine who is a farmer makes vermouth and alcoholic beverages from wheat, potato, and, other vegetables which are bought for much less, and, can be sold for a little profit if you do not consumer all the delicacies yourself. You can also dedicate 15 minutes per day in writing up online blogs, offering services to people who might not have time to take care of their household and are willing to pay a fee for the service. One should not expect multiples of the minimum wage, therefore it is wise to know the basic rights allowed by the law.
The wage will be set at 8.50 euros (£6.80) per hour, which is higher than the equivalent in the US and UK.
Angela Merkel's Christian Democrats approved the new policy as part of a power-sharing deal with the Social Democratic Party (SPD), sourced from BBC.com.
3. If you are unemployed, seek training, seek jobs that you are qualified and skilled to start working, and, try not to be too greedy, as long as the budget meets your remuneration. Most employers provide basic services to their staff, including a kitchen, water, basic hygiene, and, family services are available for those families struggling to make ends meet trying to balance their work-life balance, including child care services at reasonable pricing. If you are seeking to setup a small business, many state-funded services are available to provide basic business training and mentoring, along with support to access business funding and thus you can make a reasonable balance between your personal life and your business life.
4. Use basic economic principles at your home, including a regular schedule for house duties (e.g. cleaning, shopping for basic necessities, visit to the doctor or health center), and, communicate when you need help or support. Many voluntary organizations are willing to support genuine requests for support. My father, a 60+ year old person, still works, helps with cooking meals and finds time to relax with his friends, and, he has only had primary education due to the dire economic times in the 1950s, with the education available nowadays, you can surely plan more efficiently.
5. Physical exercise helps, it is healthy. I am lazy so I tend to go out for a walk when I feel like it and consider running up and down the stairs a "good enough" exercise. My uncle goes out for an hour walking around the city, and, my sister got herself a threadmill for a good price.
6. Check for second hand items worth buying. You can buy off the Internet, checking for reasonable offers, or directly from a retail store. You can buy second hand furniture at good prices, it just requires careful maintenance, however some find antique furniture and items a good value for money. If you are buying new items, don't rely solely on your impressions, be aware of your consumer rights, check the product labels, and, make perky questions to the retailer. He knows much more than you think he does, and if he does not, you can teach him/her a new lesson. If you do not use Internet regularly, try changing habits, a search does provide more information than you need to make a buying decision, at least generally this is the case.
Other security matters, these are subrogative to your existential right to privacy where data related controls tend to focus and revolve on the theory of rememberance of candidate keys. IBM outlines remembrance of the iconic computer science online and three key issues we have in automated image processing are lookalikes, the consciousness of persons and their rights that have to balanced against corporate interests and policies, such as recruitment processes, and, the issue of stereotypes, personalities, prejudices, and, controversial arguments intended only to diver attention from the matter, for the reason we generally use forums, hoping they elicit the necessary deep thinking amongst executives, whilst it is observed that some automated bots are programmed to lead a human to feel discouraged from complaining based on a theory based on time and mood. You can contact the author, Jonathan Camilleri on camilleri.jon@gmail.com, as he can provide further business consultancy, and, information on making the right decisions, for a little fee. You may also wish to visit www.vintagemalta.com, and contact us with information about items that you want listed on auction.
Items must meet defined quality standards, and, have to be offered at good value for money. We charge a listing fee of 25 EUR per item, and, reserve the right to add additional charges to cover our costs, and, commission upon closing of the sale, along with providing additional insurance and shipping services to deliver to the door, or to the boat, if you are sailing.
Sources of information 1. International Federation of Home Economics, available online.
2. Healthy Living, available online.
3. Calorie Count, available online.
4. How to make quick-pickled red onions, available online.
5. Ebay, one of the largest auction websites, available online.
6. EC Consumer Rights, available online.
7. University of Malta - Home Economics and human ecology syllabus, available online.
Flexi Bundle
1. Make financial plans in advance, using either a spreadsheet or a notebook, or your mental notes. Budgeting helps you spread your monetary resources wisely, and, do make sure to keep a list of basic necessities. Try not to eat too much, it makes your diet unhealthy, and, it makes you grow fat and obese, which is against your interests.
2. Save on reusable products, including plastic/glass containers. Do not throw them away immediately, try to re-use containers. My grandfather used to prepare onion pickles by dipping onions in red vinegar, and, leaving them to ferment for a few weeks. My neighbors make wine out of grapes, and, a friend of mine who is a farmer makes vermouth and alcoholic beverages from wheat, potato, and, other vegetables which are bought for much less, and, can be sold for a little profit if you do not consumer all the delicacies yourself. You can also dedicate 15 minutes per day in writing up online blogs, offering services to people who might not have time to take care of their household and are willing to pay a fee for the service. One should not expect multiples of the minimum wage, therefore it is wise to know the basic rights allowed by the law.
The wage will be set at 8.50 euros (£6.80) per hour, which is higher than the equivalent in the US and UK.
Angela Merkel's Christian Democrats approved the new policy as part of a power-sharing deal with the Social Democratic Party (SPD), sourced from BBC.com.
3. If you are unemployed, seek training, seek jobs that you are qualified and skilled to start working, and, try not to be too greedy, as long as the budget meets your remuneration. Most employers provide basic services to their staff, including a kitchen, water, basic hygiene, and, family services are available for those families struggling to make ends meet trying to balance their work-life balance, including child care services at reasonable pricing. If you are seeking to setup a small business, many state-funded services are available to provide basic business training and mentoring, along with support to access business funding and thus you can make a reasonable balance between your personal life and your business life.
4. Use basic economic principles at your home, including a regular schedule for house duties (e.g. cleaning, shopping for basic necessities, visit to the doctor or health center), and, communicate when you need help or support. Many voluntary organizations are willing to support genuine requests for support. My father, a 60+ year old person, still works, helps with cooking meals and finds time to relax with his friends, and, he has only had primary education due to the dire economic times in the 1950s, with the education available nowadays, you can surely plan more efficiently.
5. Physical exercise helps, it is healthy. I am lazy so I tend to go out for a walk when I feel like it and consider running up and down the stairs a "good enough" exercise. My uncle goes out for an hour walking around the city, and, my sister got herself a threadmill for a good price.
6. Check for second hand items worth buying. You can buy off the Internet, checking for reasonable offers, or directly from a retail store. You can buy second hand furniture at good prices, it just requires careful maintenance, however some find antique furniture and items a good value for money. If you are buying new items, don't rely solely on your impressions, be aware of your consumer rights, check the product labels, and, make perky questions to the retailer. He knows much more than you think he does, and if he does not, you can teach him/her a new lesson. If you do not use Internet regularly, try changing habits, a search does provide more information than you need to make a buying decision, at least generally this is the case.
Other security matters, these are subrogative to your existential right to privacy where data related controls tend to focus and revolve on the theory of rememberance of candidate keys. IBM outlines remembrance of the iconic computer science online and three key issues we have in automated image processing are lookalikes, the consciousness of persons and their rights that have to balanced against corporate interests and policies, such as recruitment processes, and, the issue of stereotypes, personalities, prejudices, and, controversial arguments intended only to diver attention from the matter, for the reason we generally use forums, hoping they elicit the necessary deep thinking amongst executives, whilst it is observed that some automated bots are programmed to lead a human to feel discouraged from complaining based on a theory based on time and mood. You can contact the author, Jonathan Camilleri on camilleri.jon@gmail.com, as he can provide further business consultancy, and, information on making the right decisions, for a little fee. You may also wish to visit www.vintagemalta.com, and contact us with information about items that you want listed on auction.
Items must meet defined quality standards, and, have to be offered at good value for money. We charge a listing fee of 25 EUR per item, and, reserve the right to add additional charges to cover our costs, and, commission upon closing of the sale, along with providing additional insurance and shipping services to deliver to the door, or to the boat, if you are sailing.
Sources of information 1. International Federation of Home Economics, available online.
2. Healthy Living, available online.
3. Calorie Count, available online.
4. How to make quick-pickled red onions, available online.
5. Ebay, one of the largest auction websites, available online.
6. EC Consumer Rights, available online.
7. University of Malta - Home Economics and human ecology syllabus, available online.
Flexi Bundle
Wednesday, November 5, 2014
Legally valid but ethically questionable
The employment legislation is now becoming a crucial issue, to my mind, as Juncker's goal is to get everyone employed and productive according to his own words. Yet, the liberty given to employers in view of no duty to provide reasons for dismissal may give rise to precarious employment and this is not a business attractive factor to a socially responsible business.
Corporate social responsibilities are nothing new, the European Union still proposes them as recommendable corporate practices and as it treats its own staff with high paying and satisfying jobs. Does this provide a good enough example, or are businesses still shocked as they see short-term measures and cost management as the focal aspect of day to day management, without having a long term vision? It does make people living on low wages feel a bit jealous and rightly complain to be honest.
There is also a compelling issue of creating over-ambitious job descriptions and this is common amongst recruitment agencies, sometimes leading us to think that managers are really dreamers who pass on "bloated" job descriptions, to attempt to match their vision of an ideal candidate within a market that is full to the brim with unemployed youth, creating an unemployment difficulty and an issue of under-employment. Is this approach too conservative when we consider basic psychology and theories of cognitive psychology that lead us to think that only "practice makes perfect", therefore the perfect human resources practitioner who does not fail in forecasting individual performance just by looking at a resume or Curriculum Vitae is only a myth. Under-employment is also common, unfortunately, due to the common business practice of employing graduates at clerical levels or as assistants, and this is only possible due to the gaps between demand for labour and its supply.
Corporate governance broadly refers to the mechanisms, processes and relations by which corporations are controlled and directed. Governance structures identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and includes the rules and procedures for making decisions in corporate affairs. Sourced from Wikipedia [online]. What is missing is perhaps increasing business consultancy with the increasing availability of Master's in Business Administration graduates. A recent poll carried out through social media indicates that "work that pays" and "work-life balance" are amongst the most commonly important factors for people who seek jobs in the late 2000s, as we have accepted the fact that we moved out of the Middle Ages quite a while ago. Nevertheless the "de minimis" administrative services that seem to discourage job mobility and increasingly give an impression that nationalism and protectionism underpins public policy gives rise to a concern, as the people seem to divide into two ends of a continuum, the hyper-globalists - those who are in favour of globalization and integration of cultures and technologies, and the individualists - those who start off by seeking their psychological needs and how well they are met by society. On which end of the continuum would you place yourself?
Drawing up psychological profiles of typical managers only restricts our view of matters to judgment, and, does not necessarily provide a holistic view of management. All too commonly, it seems easy for managers to resort to "not in my backyard", and is this position taken as a result of uncertainty, or out of fear?
References
1. Corporate Social Responsibility as a European Commission Strategy available online.
2. Tanti and Dougall Associates, Employment and Industrial Relations available online.
3. Sweden to test 30 hour week available online.
4. National Employment Policy available online. Online articles
1. Article titled Abuse of Power: When Companies Become Bullies, available online. Flexi Bundle
Corporate social responsibilities are nothing new, the European Union still proposes them as recommendable corporate practices and as it treats its own staff with high paying and satisfying jobs. Does this provide a good enough example, or are businesses still shocked as they see short-term measures and cost management as the focal aspect of day to day management, without having a long term vision? It does make people living on low wages feel a bit jealous and rightly complain to be honest.
There is also a compelling issue of creating over-ambitious job descriptions and this is common amongst recruitment agencies, sometimes leading us to think that managers are really dreamers who pass on "bloated" job descriptions, to attempt to match their vision of an ideal candidate within a market that is full to the brim with unemployed youth, creating an unemployment difficulty and an issue of under-employment. Is this approach too conservative when we consider basic psychology and theories of cognitive psychology that lead us to think that only "practice makes perfect", therefore the perfect human resources practitioner who does not fail in forecasting individual performance just by looking at a resume or Curriculum Vitae is only a myth. Under-employment is also common, unfortunately, due to the common business practice of employing graduates at clerical levels or as assistants, and this is only possible due to the gaps between demand for labour and its supply.
Corporate governance broadly refers to the mechanisms, processes and relations by which corporations are controlled and directed. Governance structures identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and includes the rules and procedures for making decisions in corporate affairs. Sourced from Wikipedia [online]. What is missing is perhaps increasing business consultancy with the increasing availability of Master's in Business Administration graduates. A recent poll carried out through social media indicates that "work that pays" and "work-life balance" are amongst the most commonly important factors for people who seek jobs in the late 2000s, as we have accepted the fact that we moved out of the Middle Ages quite a while ago. Nevertheless the "de minimis" administrative services that seem to discourage job mobility and increasingly give an impression that nationalism and protectionism underpins public policy gives rise to a concern, as the people seem to divide into two ends of a continuum, the hyper-globalists - those who are in favour of globalization and integration of cultures and technologies, and the individualists - those who start off by seeking their psychological needs and how well they are met by society. On which end of the continuum would you place yourself?
Drawing up psychological profiles of typical managers only restricts our view of matters to judgment, and, does not necessarily provide a holistic view of management. All too commonly, it seems easy for managers to resort to "not in my backyard", and is this position taken as a result of uncertainty, or out of fear?
References
1. Corporate Social Responsibility as a European Commission Strategy available online.
2. Tanti and Dougall Associates, Employment and Industrial Relations available online.
3. Sweden to test 30 hour week available online.
4. National Employment Policy available online. Online articles
1. Article titled Abuse of Power: When Companies Become Bullies, available online. Flexi Bundle
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