Time value of money paper Essay Example for Free

Time value of money paper Essay Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Before dwelling on the various applications of Time Value of money paper, it is imperative to clearly understand what the whole concept of time value of money is all about.   The whole concept is based on the premise that all investors prefer receiving a certain amount of money today rather than the same amount in future, while holding everything else constant. Money in actual sense has a time value, which is an economic theory brought about by three reasons that include inflation, liquidity and risk. (Tuller, Lawrence W.1997)    This is based on the argument that if the investor receives the money today, he/she can earn interest on that amount until the specified future date.   For example earning $100 today is preferable than earning this same amount in one years time. This is because choice of either spending the money today or investing it for future.   Thus if one chooses to earn $100 one year from now, spending is also deferred for a similar period and will miss out on the opportunity to invest it. (Tuller, Lawrence W.1997) Financial application of the time value of money The Time Value for money is a very fundamental principle of investing and budgeting and all standard calculations are based on the basic formula of the present value of a future sum that is discounted to the present. The concept is fundamental in many aspects of finance; this is because it has an impact on consumer finance, business finance and government finance. (DeThomas, A 1992). The Time value of money concept has much valuable financial relevance. The concept finds some of its major and important uses in the measurement of various trade-offs in spending and saving (DeThomas, A 1992).   On a personal budgeting level, it has important consequences. For example one may make the decision to invest because the time value of money is greater in the future if the market interest rates stand at say 6% which is considered a high rate, however if the rates are much lower than this say between 1%- 2%, one may opt to spend the money because the time value of money today is higher. (DeThomas, A 1992). The time value of money is extremely useful in the following sectors of business: Commercial banks Credit card financial service companies Insurance companies d. State governments lotteries   Retirement plan financial service providers The basic concept of time value for money that includes compounding, discounting and annuities are frequently used in the retirement savings plan to determine the amount of the deposit that is needed to accumulate a certain future plan.   Commercial banks Commercial banks extensively find great use of time value for money; on a daily basis they use various time value of money formulas. It is used to calculate the amortization of loans for home mortgages that is described as present value of an annuity. In the calculation of mortgages, the future value of the annuity formula is used to determine monthly payments that the borrower is supposed to make. The concept is also used in the calculation of the future value of all the savings in the fixed deposit ( Crosson, S.V. Needles, B.E. 2008) Credit card financial service companies Under normal circumstances credit card financial services issue loans to the card holders, towards this end the time value of money formula is used to determine the schedules for loan repayment and also used in calculating the future value of the loan which is the ending balance. ( Crosson, S.V. Needles, B.E. 2008) Insurance Companies To illustrate how the insurance companies make use of the time value of money is when and one buys a life insurance. He/she gives money to the insurance company which doesn’t have to pay the beneficiaries the sum accruing until the principal dies, this can translate into many years. On the other hand the insurance company decides to invest the money in various instruments with the hope there value will increase. The insurance company is bound to benefit greatly the longer it has to invest the money, which it uses to pay back the benefit. The longer the insured lives the more the time the insurance company has to invest the money before paying up. ( Crosson, S.V. Needles, B.E. 2008) Thus if you buy the insurance when you are older it means that your lifespan is shorter, this also applies to those people with ailments or are unhealthy. That is the reason why the older or unhealthy people pay more in premiums compared to the young and healthy; the time value of money is applied the insurance company earns more money the longer the premium stays. ( Crosson, S.V. Needles, B.E. 2008) State governments lotteries Lottery is one of the methods that the government utilizes to provide funding for education in America. However those oppose the government for raising such money through lottery argue that the government takes advantage of the ignorance of the laymen of the time value of money with lotteries that hit a million dollars. The winner of such a lottery does not get the million dollars upfront; rather one receives $ 50,000 per annum for the next 20 years. The state cannot pay that money upfront because of the time value of money where a million dollar now is more worth a million dollars in future. ( Crosson, S.V. Needles, B.E. 2008) Components of a discount/interest rates   A sum of five different components makes up the rate of return at which an investment trades in financial theory; the five components are discussed here below and include: a) The real risk-free interest rate   This forms the basis at which all other investments are analyzed and compared. It is basically the rate of return an investor would expect to earn in risk less environment devoid of any form of inflation. (Carl S. W et al 2001) b) An Inflation Premium To adjust an investment’s expectation for a future inflation a certain rate is added towards this purpose; this is what is termed as the inflation premium. (Carl S. W et al 2001) c)   Liquidity Premium Liquidity premium is required in circumstances where investors are not willing to pay for the full value of the stocks or assets especially if there is a possibility of not selling them as quickly as they would wish because of buyer scarcity. The liquidity premium serves the purpose of compensating the potential loss. How big a liquidity premium is, is dependent on the investors perception of the activity of the market. A good example of where the liquidity premium is required is in such investments as family controlled company with thinly traded investments like bonds and stock. (Carl S. W et al 2001) d) Default risk premium Default risk premium indicates how investors perceive the likelihood of a company defaulting to meet its obligation or the likelihood of it going bankrupt. In most cases when there are telltale signs of a company in trouble, the investors demand a default risk premium which eventually leads to the collapse of the company.  Ã‚   (Carl S. W et al 2001) e) Maturity Premium The maturity premium commonly refers to the difference that exits between the interest rates of a short term default free bond and a longer maturity default free bond. The price fluctuation of the interest rates change is determined by how further in the future the bonds of the company have matured which in turn determine the price.   (Carl S. W et al 2001) REFERENCES Carl S. Warren, James M. Reeves, Philip E. Fess, James M. Reeve (2001): Financial and  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Managerial Accounting: South-Western College Crosson, S.V., and Needles, B.E. (2008): Managerial Accounting (8th Ed). Boston:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Houghton Mifflin Company. DeThomas, Art (1992): Financing Your Small Business: Techniques for Planning,  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Acquiring Managing Debt: Oasis Press, Tuller, Lawrence W. (1997): Finance for Non-Financial Managers and Small Business   Owners: Adams Media

How do you respond to Shakespeares presentation Essay Example for Free

How do you respond to Shakespeares presentation Essay The theme of fathers and sons, and responsibilities and obligations placed on sons, by fathers, is arguably one of the more important themes in the play. Shakespeare puts forward three main interpretations of father and son relationships, and each brings out interesting viewpoints about responsibilities and obligations for the reader. The first father and son relationship that Shakespeare presents is that of Hamlet and his father, old Hamlet. In the encounter between Hamlet and the ghost of his father, Hamlet has the responsibility of revenge thrust upon him, and he cannot reject it, List, list, O, list! If thou didst ever thy dear father love If thou hast nature in thee, bear it not. Shakespeare presents old Hamlet as being pathetic and incapable of avenging himself. The ghost, therefore, does not incite Hamlets initiative by instilling fear in him, but rather through putting him in a guilt-trap, making Hamlet feel that he is somehow obliged to carry out the vengeful murder in place of his father, as the ghost cannot attend to it himself. In my opinion, this action, on the part of the ghost, was the final push that caused Hamlet to fall into his apparent madness. Hamlet was obviously moved by the ghosts words. And thy commandment all alone shall live Within the book and volume of my brain, Unmixed with baser matter. This was very largely unfair of the ghost of his father, on Hamlet, enthusiastic though he seemed at first. It placed an unnaturally large amount of pressure on Hamlet, having to commit such a daunting act, however justified it may have seemed. Shakespeare emphasizes the effect of this action in Hamlets life, in the many incidences and soliloquys where Hamlet just muses, thinks the situation out and talks about it, but can never bring himself to actually do anything about the revenge. In the relationship of Laertes and Polonius, there is not so much responsibility placed on Laertes by Polonius, as there is nagging and nitpicking about the way that Laertes should present himself and the way he should live his life when he is overseas. In this sense, the responsibilities being placed on Laertes are those of keeping in his fathers will and rule, and maintaining a good name for himself. At the point in the play, in act I. 3, Polonius is displayed by Shakespeare as just another normal father, or maybe more appropriately, a mother, who is proud of his son, but needs to remind him to keep a good image all the same. This bestowing of responsibility can be considered to be only natural for any father to do. However, in act II. 1, we see that Polonius is actually quite obsessed with the idea that his son might bring shame to Polonius, and goes to the extents of sending a spy keep a watch on Laertes, and even muddy his name, so that he does not get too comfortable. But breath his faults so quaintly that they may seem The taints of liberty, the flash and outbreak of a fiery Mind I saw him enter a house of sale, Videlicet, a brothel, or so forth. Polonius even goes to extents of dishonouring so that he may retain his own honour, which is a rather strange sense of logic. In this sense, it can be said that Polonius places responsibility on his son just to save himself any possible shame. This is rather selfish on the part of Polonius, but it is in accordance with Shakespeares illustration of Poloniuss character as being that of a conniving, scheming, slightly evil old man that you might feel sorry for. In the relationship of young Fortinbras and his foster-father, or father-figure, old Norway, we see, again, a normal attitude of a parent toward their child. When Fortinbrass plans for an attack on Claudiuss realm are found out by Norway, he immediately admonishes the impetuous firebrand of a youth and prevents him from doing so. When Fortinbras indicates that he doesnt actually want to go along with the attack, Norway forgives him and even allows him to come to Denmark on peaceful terms. In this sense, old Norway is teaching Fortinbras the responsibility of thinking clearly and not acting rashly or whimsically. On the whole, Shakespeare presents the responsibilities and obligations placed on the sons, by their fathers, in Hamlet, as ways for the fathers to get what they want. In the case of Hamlet and the ghost, it is for the ghosts want of revenge and justice for a murder most foul, without much thought as to the effects of the deed, and even the contemplation of the deed, in the case of Hamlet, on him. In the case of Laertes and Polonius, it is a selfish and unwarranted want to save his own face from any shame that Laertes need not necessarily have caused in the first place. In the case of Norway and Fortinbras, it is the want to maintain good diplomatic relations and the prevention of unnecessary quarrels. In all cases except the diplomatic one, the fathers in question were rather selfish and self-centered in thinking of ways to get their sons to do their bidding. In the case of Norway and Fortinbras, it was done for diplomatic reasons, but it was still to save the bed-ridden Norways old skin. This gives a rather negative impression of father figures and what they tell their children to do. Possibly, Shakespeare chose to illustrate these aspects of fatherhood the way that he did because it was his own interpretation of responsibilities and obligations set down by fathers, maybe drawn from his own bad experiences with his own father during his younger days. Hamlet, as a play, could be then seen to be a Shakespearean self-help guide on How to know what is right to do as a father by knowing what is wrong to do as a father, and it could have been a lesson to all the bad fathers out there who use manipulate their sons as they would a mindless henchman.

The Economic Crisis Through Digital Economy Information Technology Essay

The Economic Crisis Through Digital Economy Information Technology Essay Already a circulated topic which puts thoughts investors and businessmen, the economic crisis seems to be invincible. The solving and minimizing the effects exerted at the microeconomic and macroeconomic level are still a challenge for economists, both globally and nationally. In fact, today we are at the confluence of two crises: the first (short term) but there is a second economic crisis in the long term, which is about the changing business climate. Following studies carried out internationally, it was concluded that these two crises have in common that one possible solution is to develop the digital economy. Digital economy seen as a new economy is the effect of coexistence of computer systems, Internet, telecommunications, electronics and their sustainable development. The trend toward digital systems integrated values pose a new life cycle of e-business. This new model of economy is characterized by several features quite different from traditional economy. First, new economy presents new market and business models (e-business, E-commerce, e-banking, etc.) achieved through the intranet and the Internet, bringing a radical change in their efficiency, to reduce the cost. In recent years, electronic commerce (e-commerce) has emerged as the concrete form of realization of business, also involving the definition of sui generis markets scientific knowledge, driven by an increasingly developing research and development sector. Second highlight the application needs of consumers and their ever more active involvement in design, implementation and use of goods and services from early stage research and development. In the light of these realities, the new economy is non-interactive, participatory, thus achieving a more rigorous interaction between supply and demand, in time and space. Thus the consumer is without the knowledge, the main innovation pawn. It is he who offers ideas for innovational producer, who must maintain and expand markets, increase comfort and provide sustainable economic development. Third, we talk about competition and cooperation, two inseparable sides of the digital economy (taking account of the interaction between supply and demand, above). Forms of manifestation of competition between producers suffer due to temper consumer transformation, how it perceives and chooses a product or service name of the manufacturer at the expense, making vital cooperation between producers. All these lead to the creation of virtual organizations as being achieved exploitation of business opportunities by sharing resources (skills, cost and market access). Lastly, the most delicate of the economy, that is on a power greater than design work. But as in anything less pleasant there a good side, we see that the advantage of creating new jobs that require highly skilled. Digital economy is regarded as superior to the wider economy. This is given its economic effects, namely reducing resource consumption, increased innovation and entrepreneurial spirit, increase productivity, speed change production and economic phenomena and processes, increasing value added, etc. The term digital economy refers to the transformation produced in the economic activities resulting from the use of information and communication technology (ICT), which provides access, information processing and storage in a low-cost time low. Antithetical on the old economy growth was driven by mechanization of production, particularly manufacturing and agriculture, and the new economy, a promoter of development is generally digitization (using information technology to produce and distribute goods and services) and in particular , using the Internet and other information technologies (smart cards, voice-based computing, wireless, databases, telecommunications and expert systems) in the service sector, which encompasses 80% of jobs. Information technology revolution has transformed virtually all industries and is the main developer of economic efficiency and productivity growth, living standards, the customization of products and services to meet individual needs and desires. So on this evolving digital economy is developing an increasingly see knowledge as raw material of economic activity currently living in a knowledge revolution. This revolution means a fundamental change and transformation processes based economy alm ost exclusively on natural resources in the economy based mainly on knowledge. On the basis of this revolution is the decisive role that the knowledge they have acquired in recent decades, increased economic importance of information technology, business processes, human capital, capabilities and organization skills knowledge related to organic factors. The exponential growth of mobile communications and the number of Internet users, the contribution of the ICT sector (ICT) to economic growth and job creation, restructuring of companies and business in general to better benefit from new technologies, accelerated development of electronic commerce and the essence of the digital economy supporting the transition to a knowledge-based society. It offers the most promising prospects for overcoming the crisis and stop efecto social exclusion, but require social protection systems to become more active, provide incentives for work, ensuring sustainable retirement system for elderly people and a stable environment the transition to knowledge-based economy can be run. SMEs the mainly pawn In order to achieve the digital economy should focus on using technology within firms, both in terms of Exeter and the environment when it comes to the firms external environment. It is understandable that the field could have the biggest Benefits after investing in technology the SME sector. Importance of SMEs can be seen in their effect on the most important aspects of life inhabitants of a region and the level of economic development. Thus, the importance of SMEs lies in reality following: offers the largest supply of goods and services for a nation in a modern society; is the main supplier of value added in economic sectors that have purpose, offers most jobs; firm level performance influence the state and the performance of national economy and standard of living of the population. In the countries of Central and Eastern Europe, seeking to become states with mature economies, the SME sector is considered the pillar supporting the economy. On average, 99.7% of companies present in the 27 EU countries, generating more than two thirds of total employment and 60% of added value, said Helge Boschenbroker, director of the Zeb/rolfes.schierenbek.associates and author of Serving SMEs by banks in CEE. Information and communications technology, with electronic trading systems offer benefits in increased turnover after business processes. Transfer documents via existing network and computer network within the enterprise increases the efficiency of the economic process in terms of documentation, data processing and other administrative functions. Also in the SMEs, ICT and communications applications in this area may be the company much faster and can bring value and management company offering its effectiveness. Using advanced ICT systems, such as being ERP (Enterprise Resource Planning) and KMS (Knowledge Management System) enables enterprises to store, distribute and use their knowledge and know-how. For example, databases with a history of clients increase the flexibility and support given by managers and employees to customers. Regarding the internal environment of enterprises, the Internet and electronic commerce, offers significant potential in reducing transaction costs and time. If the type of B2B commerce, digital technology reduces the information asymmetry between buyers and suppliers provided. In fact, adoption of electronic commerce will reduce costs of transfer; increase transaction speed and superior build business relationships. Prerequisites for participation in a digital economy are the availability of accessible ICT with reasonable price and ability to use them. Currently, there are still many people who can not benefit fully from the opportunities offered by ICT because these prerequisites are not met. Using ICT in SMEs is important economically. E-business idea is crucial when talking about ICT, but refers to accessing, providing and sharing information in the networks business, ie making business into advanced digital economy. Although companies today continue to use cost savings by using ICT, ICT is increasingly recognized as an important tool for innovation and revenue growth. New services and new ways of working in networks of value occurred. Competition between enterprises is conducted in new ways and cooperation lies in their work. Knowledge-intensive activities have become more important. Companies are increasingly focused on their core competencies and outsource processes such non-core business. Currently, the vast majority of world countries have adopted proactive policies priority to create an environment conducive to sustainable development information and communication technologies (ICT) especially that between developed and developing or poor countries has created a digital gap (Digital Divide). Romania, like other emerging countries, is faced with the phenomenon known as the digital gap, that gap that exists in use of ICT in organizations, between different layers of society in the country to other countries. Digital divide concept is closely related to information society theory. Using these indicator researchers measured the extent to which certain segments of the population can participate in the information society. The gap is caused by social and economic inequalities between groups that influence access to digital information. These differences or inequalities arising from operating knowledge of computers and technology use by those present on the labor market and the marginalized, rich and poor, young and old. No wonder that the current economic crisis digital divide, in terms of Romania, to provide a surge. As the economy continues to be in crisis compared with other EU countries, differences in adoption and development of ICT will continue to increase. Finally it is possible for Romania to face a new crisis, a crisis of e-accessibility, but only if no measures are taken to support the adoption of sustainable ICT

William Shakespeare :: essays research papers

	William Shakespeare was one of the best authors, actors/playwrights of all time. William's poetry was full of images from nature, gardening, agricultural, pursuits, and country folklore. He was born and died on exactly the same date 52 years later. William has written a total of 37 plays including articles of time, love, death, friendship and the immortality of poetry. William was exceptionally good at his work and he generated a few enemies along the way. 	William was born in Stratford-upon-Avon on April 23, 1564. His parents, John and Mary Shakespeare lived on Henley Street, Stratford. His father was a whittawer, which is a maker, worker and seller of leather goods such as purses, belts, and gloves. His father was a well-known man in society, occupying such positions as a member of council, constable, chamberlain, alderman, and also a high bailiff. Shakespeare's father died in 1601 and his mother died in 1608. 	William was married at the age of 18 in 1582. His bride Anne was three months pregnant and eight years' older then William when they wed. His wife Anne was the daughter of Richard Hathaway. Richard was a substantial Warwickshire farmer. He had a spacious house and owned large amounts of farm land. Anne's father Richard called her Agnes which was interchangeably in the sixteenth century. The Hathaway farm house has now become known to the tourist industry as "Anne Hathaway's cottage." William and his wife Anne had three children. Susanna was born on May 26, 1583. The other two children, Judith and Hamnet were twins, born in 1585. Susanna married Doctor John Hall in 1607. Their home Hall's Croft, is today preserved as one of Shakespeare's properties. Judith Shakespeare married Thomas Quiney in 1616, at the age of 31. Hamnet Shakespeare died at the age of 11 in 1596. 	Shakespeare was unquestionably a famous man because of the distinguished plays he wrote throughout his live. In 1599 the Globe theatre was built and Shakespeare received 10% of their profits. This theatre burnt down while William Shakespeare was preforming one of his master pieces. Shakespeare's comedies of the late 90's relied very strongly on women's parts. One enemy, Robert Greene, wrote a poem conveying his feelings about his younger rival Shakespeare: 			Groats Worth of Witte: 	For there is an upstart Crow, beautified with our feathers, 	that with his Tygers hart wrapt in a players hyde, supposes 	he is as well able to bombast out a blanke verse as the best

Essay on Appearance vs Reality in Yellow Wallpaper, Story of an Hour, a

Appearance versus Reality in Yellow Wallpaper, Story of an Hour, and Lottery  Ã‚     Ã‚  Ã‚   Authors often write literature to have an emotional impact on the reader. These effects vary from work to work, and they may include happiness, sorrow, anger, or shock. Even authors who try to achieve the same effect may go about it in very different ways. This paper discusses three short stories written to shock the reader, but each uses a different method to achieve its effect. While Kate Chopin's "The Story of an Hour" uses a sudden shift in plot at the end of a short narrative, Shirley Jackson's "The Lottery" gives hints throughout the story preparing the reader for a shocking ending; in contrast, Charlotte Perkins Gilman's "The Yellow Wallpaper" shocks its readers through careful character development. The narrator of Gilman's 1892 short story "The Yellow Wallpaper" is a woman who seeks professional medical assistance to treat her mild depression and nervousness; ironically, the treatment is much worse than the illness itself. At the time Gilman wrote "The Yellow Wallpaper," the accepted treatment for depression was complete rest in an isolated environment. The narrator's husband, a doctor, forces her to undergo this treatment; consequently, he imprisons her in a small room with no one to talk to and nothing to do. When the narrator is trapped in this prison, her only enjoyment is secretly writing in her journal. Since ... ...ing, but "The Story of an Hour" is more sudden. It is not shocking, however, that all three stories successfully impact the reader. Works Cited Jackson, Shirley. "The Lottery." Literature and Its Writers: An Introduction to Fiction, Poetry, and Drama. Eds. Ann Charters and Samuel Charters. Boston: Bedford Books, 1997. 308-14. Chopin, Kate. "The Story of an Hour." Literature and Its Writers: An Introduction to Fiction, Poetry, and Drama. Eds. Ann Charters and Samuel Charters. Boston: Bedford Books, 1997. 158-9. Gilman, Charlotte Perkins. "The Yellow Wallpaper." Literature and Its Writers: An Introduction to Fiction, Poetry, and Drama. Eds. Ann Charters and Samuel Charters. Boston: Bedford Books, 1997. 230-42

Business Presentation :: GCSE Business Marketing Coursework

Business Presentation Techniques for a Perfect Business Presentation Technicalities are all too often to blame for miscues and failures in today’s Business world. How often do you hear about some on not getting a Job because there was a technicality problem with his or her resume? Unfortunately it happens all the time. I plan on presenting the skills and knowledge from start to finish for a perfect business presentation. Listening is not a skill that most people perform well; on average a person listens at only 25% efficiency (Curtis, 1997), making listening even more important to develop this skill. As human interaction goes, listening is the most important skill in communication. So many opportunities are lost by poor listening skills, not to mention losing valuable time. The importance of listening is immeasurable. Listening is a heavy element of communication, speaking well is not worth anything unless the receiver in a conversation listens just as well. Listening is basically a form of comprehension, if you do not listen than you cannot comprehend what is being said. According to a study by J.D. Johnson (1971) found that listening affects the understanding of a problem, the retention and attention of an individual, and the overall moral of the group (p. 297). As a consequence a good listener has more confidence and is able to have a vision of self-promotion. This is especially important in a job interview, and creates a more positive social environment for ones self. People are always more re4spected when they listen and demonstrate a good attention span. Listening habits are gradually and naturally inhibited over our entire lives. According to Curtis (1997) however, most of these acquired listening habits are undesirable (p. 64). They are generally described as second nature, or performed with out thought of even doing so. Nevertheless, they can be overcome by observing the common causes of such ineffective listening. These causes are: Talking rather than Listening, The entertainment syndrome, giving into bias, Uncritical listening, Giving into distractions, fear of difficult material. Most of these are self-explainable, but some are not. The entertainment syndrome for example is a significant one. It includes the basic need for people to be entertained. If such a speaker does not entertain it is easy for us not to give him or her our attention (Curtis 1997).

Handling of Grievance Procedurin Organizations

Various organizations are aware about the diversification of the employees’ traits and characteristics. Instead of letting these individuals affects the culture of the organization, it is the corporate culture that tends to affect their behavior. Still, there are chances that within the organization, the collision and clash of ideas might turn into arguments. In order to bring back the harmony inside the organization, the management is engaged in handling the different faces of issues to maintain the life and the employees’ relationship. Background of the StudyThe issue of grievance within the organization is identified as the protest of the people against the application of the policies which is placed in an unjust or unfair manner (Hardeman, 2006). The organization sets rules or regulations which some of the employees’ finds faults or conflicts. In order to compensate their right to clarify the things, in which they believe that will affect them sooner, the emp loyees do what for them fits and right. The grievance is the kind of procedure that values the idea and participation of the employees’ but often taken as a negative factor within the organizations.However, the organizations are still looking for an effective way in handling the grievances in their organization. Scope of the Study The scope of the study intentionally addresses the handling of the grievances inside the organization. The administration of the grievance is important in all types of organization. The creation of the study is meant for properly handling the grievances with administration’s judgment and the person or people involved should be addressed their on role and address their issue of grievance. Research ObjectivesThe first objective of the study is to determine the effectiveness of the grievance procedures within the organization. The second objective is to identify the appropriate techniques in handling the grievance within the organizations. With these two objectives, the respected organization can identify the right formula in handling the conflict such as grievance in the workplace. Literature Review In order to adjust the employees’ concerns, there are recognized procedures that applied by the organization in detailing the every inch of the problems.The grievance procedures are part in the specified area of labor in which the main concept is to implement the system regarding the various concerns and complaints. People are important for the business leaders and managers, and to minimize the conflicts and other problem within the workplace, they have to handle the issue with fair treatment. Historically, the grievance procedures can formulate the positive outcomes and contribute to for the effectiveness of the management. This can be another tool for the management to maintain the relationships within the workplace.With the use of the system, the management can evaluate its own flexibility for the managers are capabl e in handling the arguments by providing therapeutic value. The grievance procedures provide the means of indentifying the appropriate practices, procedures, and administrative policies that can cause the employee’s complaints be considered (Bohlander, 1989). The creation of the grievance procedures began through the various conceptualizations of the people and their access in resolutions. The comparison of the female and male employees has difference means of grievance procedure.Mostly, women are anticipated in seeking justice but are lacked in the access in networks that are necessary towards the resolution. Meanwhile, the men are hesitant to embrace the formality of the grievance procedures for they were reluctant to damage their relationships with other people (Hoffman, 2005). There are recognized steps in handling the grievance which can be also applied in the process of the organizations. Firstly and maybe the most important, is to let the person or the people stand up and speak on what are the things they believed is wrong.Everybody has a right to be heard, and with the open communication, the problem can be easily resolved (Hardeman, 2004). The people who participated should be true to himself to let the organization what he truly desires regarding on the imposed regulations. Methodology The proposed method in the study is the use of the comparative case study which is related and concern regarding to the grievance procedures. With the aid of the past literatures and other related study, the current study can have the opportunity to compare and review the related study that emphasizes the handling of grievance and the procedures.In addition, the study can generate its own analysis and conclusion on what would be the best applied technique/s to handle and, therefore, resolve the recognized grievance within the organization. References: Bohlander, G. W. , 1989. Public Sector Independent Grievance Systems: Methods and Procedures, Public Personnel M anagement, Vol. 18, No. 3. Hardeman, T. , 2004. Complaint, Grievance, Whistle-Blowing Administrative Regulation [Online] Available at: http://www. faith. edu. ph/manila/uploads/file/policies/grievance-policy-web. df [Accessed 22 March 2010]. Hoffman, E. , 2005. Dispute Resolution in a Worker Cooperative: Formal Procedures and Procedural Justice, Law & Society Review, Vol. 39, No. 1. Read more: http://ivythesis. typepad. com/term_paper_topics/2010/03/handling-of-grievance-procedures-in-organizations. html#ixzz17KYToojb Introduction Maintaining quality of work life for its employees is an important concern for the any organisation. The grievance handling procedure of the organisation can affect the harmonious environment of the organisation.The grievances of the employees are related to the contract, work rule or regulation, policy or procedure, health and safety regulation, past practice, changing the cultural norms unilaterally, individual victimization, wage, bonus, etc. Here, the attitude on the part of management in their effort to understand the problems of employees and resolve the issues amicably have better probability to maintain a culture of high performance. Managers must be educated about the importance of the grievance process and their role in maintaining favorable relations with the union.Effective grievance handling is an essential part of cultivating good employee relations and running a fair, successful, and productive workplace. Positive labor relations are two-way street both sides must give a little and try to work together. Relationship building is key to successful labor relations. Precautions and Prescriptions The management should take care of following aspects to develop a culture of trust and confidence upon the employees. 1. Always ensure that the managers involved in the grievance handling procedures have a quiet place to meet with the complainant. . Always ensure that managers have adequate time to be devoted to the complainant. 3. Explain manager's role, the policy and the procedures clearly in the grievance handling procedure. 4. Fully explaining the situation to the employee to eliminate any misunderstanding and promote better acceptance of the situation complained of. 5. Try to let employee present their issues without prejudging or commenting 6. Do use a positive, friendly ways to resolve the crisis than punitive steps, which disturb the system. 7.Do remain calm, cool, collected during the course of the meeting. 8. Always focus on the subject of the grievance than allied issues. 9. Don't make threats manage the grievances. 10. Never make use of allegations against personalities. 11. Be aware of the staff member's potential concerns to the possible repercussions of raising a grievance. 12. Don't become angry, belligerent, or hostile during grievance handling procedure. 13. Do listen for the main point of arguments and any possible avenue to resolve the grievance. 14.Listen and respond sensitively to any d istress exhibited by the employees. 15. Eliminating the source of the irritation or discomfort being complained of. 16. Reassure them that the managers will be acting impartially and that your hope is to resolve the matter if possible. 17. Don't â€Å"horse trade† or swap one grievance for another (where the union wins one, management wins one). Each case should be decided on its merits. 18. Avoid usage of verbosisms like   â€Å"it will be taken care of. † 19. Ensure effective, sensitive and confidential communication between all involved. 0. Take all possible steps to ensure that no victimization occurs as a result of the grievance being raised. 21. The investigator or decision maker acts impartially, which means they must exclude themselves if there is any bias or conflict of interest. 22. All parties are heard and those who have had complaints made against others are given an opportunity to respond. 23. Try to look upon the problem on different angles for appropr iate understanding. 24. Ensuring that there is proper investigation of the facts and figures related the problem under concern. 25.Consider all relevant information in the investigation process. 26. Ask the staff member their preferred resolution option, although it is important to make it clear that this may not be a possible outcome. 27. Be aware of the limits of authority of the person who involved in the grievance handling procedures. 28. If the manager feels that he/she is not the appropriate person (senior manager) to deal with the issue refer the complainant to the appropriate person as soon as possible. 29. Try to get a better idea of whether the alleged discrimination or harassment happened or didn't happen. 0. Tell them exactly what they are supposed to have done, to whom and explain, why this may be seen as discrimination/harassment or as inappropriate. 31. Grievances are preferably to be settled informally at the level of the employee's immediate supervisor. 32. Try the level best to involve team members to resolve the crisis at unit level itself. 33. Avoid as far as possible the union involvement in conflict resolution situation process. 34. Follow documentation the procedures, of all necessary steps taken to resolve the problem/complaint. ConclusionTo a great extend the aggravation of industrial problems depends on manager's approaches and attitude in effective handling of employees grievances. Care should be taken in the way managers approaches the problem and perceiving the pros and cons of the situation. The conflict management approaches include the win-win strategy that help in the healthy organisational practices and which reflects the strong organisational culture. The cooperation from both parties is the pre-requisite to handle the problem and effective settlement of the grievances.Conscious use of professional self can help managers in the conflict handling situations grievance redressal process. References 1. European Trade Union Instit ute (1989) Collective Bargaining in Western Europe 2. Ozaki (1987), ‘Labour Relations in the Public Service,' IL Review, July – Aug. 3. Schregle J (1991)'Workers Participation in Decisions Within Undertaking'   IL Review Jan – Feb. APSRACT A grievance is a sign of an employee's discontentment with his job or his relationship with his colleagues.Grievances generally arise out of the day-to-day working relations in an organization. An employee or a trade union protests against an act or policy of the management that they consider as violating employee's rights. One of the effective ways of minimizing and eliminating the source of an employee's grievance is by having an ‘open door policy'. An ‘open door policy'facilitates upward communication in the organization where employees can walk into a superiors'cabin at any time and express their grievances.The National Commission on Labor suggested a Model Grievance Procedure, which lays down the sequence of steps to be taken whenever a grievance is expressed. Conflict occurs when two or more people or parties perceive an incompatibility in their goals or expectations. There are seven methods for achieving reconciliation of conflict. These methods are win-lose, withdrawal and retreat from argument, smoothing and playing down the difference, arbitration, mediation, compromise and problem solving. Of all these methods