Bizcovering

Top Ten Management on Stakeholders: An Overview of Who Has a Real Stake in The Operations of Organizations

Sat, 31 Jul 2010 01:02:39 +0000

Introduction

Stakeholders are any constituencies in an organization’s environment that are affected by the organization’s decisions and actions. These groups have a stake in or are significantly influenced by what the organization does and these groups can influence the organization. Some of the most common stakeholders, both internal and external groups, that an organization might have to deal with include: customers, social and political action groups, competitors, trade and industry associations, governments, media, suppliers, communities, shareholders, unions, and employees.

The Idea in a Nutshell

Managers should care about managing stakeholder relationships because doing so can lead to desirable organizational outcomes, such as improved predictability of environmental changes, more successful innovations, greater degree of trust among stakeholders, and greater organizational flexibility to reduce the impact of change. It affects organizational performance because managers of high-performing companies tend to consider the interests of all major stakeholder groups as they make decisions. Another reason for managing external stakeholder relationships is that it’s the “right” thing to do because an organization depends on these external groups as sources of inputs and as outlets for outputs. Managers should consider their interests as they make decisions.

Managers can manage stakeholder relationships identifying the organization’s stakeholders. Groups that are likely to be influenced by and to influence organizational decisions are the organization’s stakeholders. They need to determine what particular interests or concerns the stakeholders might have. They need to decide how critical each stakeholder is to the organization’s decisions and actions. The very idea of a stakeholder, a group that has a “stake” in what the organization does, means that it is important. Some stakeholders are more critical to the organization’s decisions and actions than others. The final step is to determine how to manage the external stakeholder relationships. This decision depends on how critical an external stakeholder is to the organization and how uncertain the environment is. The more critical the stakeholder and the more uncertain the environment, the more that managers need to rely on establishing explicit stakeholder partnerships rather than just acknowledging their existence.

The Top Ten Things You Need to Know About Stakeholders

1. The stakeholder concept was first used in 1963. It was first used in an internal memorandum at the Standford Research institute. The theory was later developed and championed by R. Edward Freeman in the 1980s.

2. In the last decades of the 20th century, the word “stakeholder” has become more commonly used to mean a person or organization that has a legitimate interest in a project or entity. In discussing the decision-making process for institutions the concept has been broadened to include everyone with an interest (or “stake”) in what the entity does.

3. Post, Preston, Sachs (2002), in their theory called Stakeholder view, use the following definition of the term “stakeholder”: “The stakeholders in a corporation are the individuals and constituencies that contribute, either voluntarily or involuntarily, to its wealth-creating capacity and activities, and that are therefore its potential beneficiaries and/or risk bearers.” This definition differs from the older definition of the term stakeholder in Stakeholder theory that also includes competitors as stakeholders of a corporation.

4. Robert Phillips provides a moral foundation for stakeholder theory in Stakeholder Theory and Organizational Ethics. There he defends a “principle of stakeholder fairness” based on the work of John Rawls, as well as a distinction between normatively and derivatively legitimate stakeholders.

Cover via Amazon

5. The word “stakeholder” has been listed as one of the top ten classic jargon terms used by English councils, and as such alarms or confuses ordinary people is best avoided. It is recognized as jargon by the UK government, and defined as such by the Learning and Skills Council.

6. There are two major elements to Stakeholder Management. These two major elements are Stakeholder Analysis and Stakeholder Planning.

7. Stakeholder Analysis is the technique used to identify the key people who have to be won over. There are three steps of Stakeholder Analysis: Identifying your stakeholders, prioritizing your stakeholders, and understanding your key stakeholders.

8. By using a stakeholder-based approach you can use opinions of the most powerful stakeholders to shape your projects at an early stage. Not only does this make it more likely that they will support you, their input can also improve the quality of your project. Gaining support from powerful stakeholders can help you to win more resources; this makes it more likely that your projects will be successful.

9. By communicating with stakeholders early and often, you can ensure that they know what you are doing and fully understand the benefits of your project – this means they can support you actively when necessary. You can anticipate what people’s reaction to your project may be, and build into your plan the actions that will win people’s support.

10. Stakeholders matter because projects are much larger, take longer, cost more, and involve much greater technological risk – and so, much more risk budgets and schedules – than ever before. Secondly, there are far more kinds of stakeholders involved than meet the eye. Thirdly, it only takes one determined and disgruntled stakeholder to throw a spanner right into the heart of a project.

The Video Lounge

This video explains what a stakeholder is and who the main stakeholders are in the VET sector. It also explains why it is important to include stakeholders in what we do as trainers and assessors.

This video explains stakeholder management. David Butter discusses one of the many issues facing business and other organizations in today’s marketplace.

My Take

I think the concept of Stakeholders is still relevant today. We are faced with internal and external decisions and opportunities in our daily lives as well as in the business world. Managers and employees have to be aware of the world and stakeholders changing around us daily. Managers should care about managing stakeholder relationships because doing so can lead to desirable organizational outcomes, such as improved predictability of environmental changes, more successful innovations, greater degree of trust among stakeholders, and greater organizational flexibility to reduce the impact of change.

References

Robbins, Stephen P., & Coulter, Mary (2009). Management. Upper Saddle River, New Jersey: Pearson Prentice Hall.

Alexander, Ian (2003). Stakeholders – Who is Your System For? Retrieved from http://easyweb.easynet.co.uk/~iany/consultancy/stakeholders/stakeholders.htm

Thompson, Rachel (2010). Stakeholder Analysis. Winning Support for your Projects. Retrieved from http://www.mindtools.com/pages/article/newPPM_07.htm

Wikipedia (2010). Stakeholder (corporate). Retrieved from http://en.wikipedia.org/wiki/Stakeholder_(corporate)

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Contact Info: To contact the author of “Top Ten Management on Stakeholders,” please email Whitney Varnado at whitney.varnado@selu.edu.

BIOGRAPHY

AN INVITATION TO WORK WITH US, TODAY!

If you enjoyed this publication, why not make one of your own with us! Are you a college or university student from anywhere in the world who would be interested in publishing your work in an edited online journal appropriate to your topic? Such a move can help put muscle into your resume and make a great impression on potential employers and graduate schools (and needless to say – and perhaps most importantly in the age in which we live – likely be the first thing that companies/universities view about you when “Googling” you)! If so, we can help you get that first publication for free (and more if you desire)! Visit Wyld Publishing Services (http://wyldpublishingservice.yolasite.com/) for details. We can work with you to publish your quality essays, research articles/papers, reviews, etc. – and even audio and visual media and PowerPoint presentations – given our network of edited publications and relationship with publishers around the world who want to work with you and your work. Contact us today at dwyld.kwu@gmail.com.

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American Credit Unions vs.. Banks for Cd Interest and Safety

Fri, 30 Jul 2010 18:02:11 +0000

As of this writing a typical American 24-month Bank CD is earning an annual percentage rate of less than 2% – some are far less. Credit Union CD deposits for the same maturity are frequently a quarter to a half percentage point higher.

All current interest rates for saving accounts are less than desirable, but even with dismal overall returns, a 12 to 25% difference in yield is worth consideration.

Why the rate difference exists

Banks are for-profit institutions. What they can afford to pay CD depositors is always rationalized with the demands of stockholders. Credit Unions (CUs) are not-for-profit cooperative enterprises and exist for the sole benefit of the membership. This structural difference gives an advantage to the CU in both lending and attracting depositors. CU members essentially lend money to one another. CUs return all profits to the member/owners by way of better rates, lower fees, and enhanced services.

Issues that slow down investments in Credit Unions

The public is simply not as well informed about CUs, as it is banks. Many people consider CUs too exclusionary because they are required to limit membership to certain affinity groups such as employees of a company or school, or a certain industry, or people who live in a specific community. This common bond requirement is called a Field of Membership (FOM), and it should not scare off interested depositors.

The fact is, with a little effort anyone can find a CU that will accept his or her application for membership. Becoming part of the “in crowd” can be as easy as having a government job, career affiliation, attending a place of worship, being a member of the PTA or local library, etc.

Credit Unions are efficient

Credit unions exist to help the members, not to make a profit. Credit unions are generally much smaller than banks, and have a reputation for being more flexible where member services are concerned.

Credit unions are run by a volunteer board of directors that provides guidance to paid managers and employees. Each CU member has one vote at the annual meeting, a process very different from banks where the impact of a stockholder’s vote depends on the number of shares of stock owned in the bank.

Credit Union CDs are not FDIC insured, but…

Many potential depositors are not aware that while most banks are insured by the Federal Deposit Insurance Corporation, most CUs are also insured and backed by the full faith and credit of the United States through the National Credit Union Administration (NCUA). Coincidentally, the NCUA maintains the same account deposit coverage insurance limits as the FDIC, i.e. $250,000.

Not all banks are insured by the FDIC, and not all credit unions are insured by the NCUA. If you want government insurance on your CD savings in either institution – always ask before you invest.

There are over 7,500 credit unions in the United States. Click here to find one in your area.

The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as tax or legal advice. Before you act on anything you read here or elsewhere, be sure to seek the counsel of your financial, and/or tax adviser. There are many roads to financial prosperity, get to know all your options.

How to Choose an Umbrella Company and Stop Paying Tax

Thu, 29 Jul 2010 10:23:36 +0000

Umbrella companies were set up because of an accident (or perhaps an accident on purpose) known as IR35. Essentially this opened a tax loophole but it has not been closed and it has enabled rich individuals to pay a lower tax rate than even the poorest in our society. This is a disgusting state of affairs but one which the New Labour government chose to overlook and which the Conservative Liberal Democrat coalition government will also ignore.

How do Umbrella Companies Work?

An Umbrella company takes ownership of your company on paper. It pays corporation tax on the profits your company makes. It does not pay you a salary but instead pays you in dividends. The dividends it pays you can be worth more than your salary before you became the property (on paper only) of the Umbrella company. However, even though your “pay” has increased you will pay no tax. This is because nobody pays tax on dividends.

How to Chose the Best Umbrella Company?

Approach as many Umbrella Companies as you are able to and ensure they know you are looking around. This way they will offer you their best deal and lowest set up rate.

How to Live with Yourself when you Stop Paying Tax

Technically you are nor breaking any laws. This is not a method of tax avoidance. That stated you will be paying less tax in percentage terms than the lowest paid workers in the UK. With less tax the country is more certain to fail and public services such as the NHS and Education will suffer. We are uncertain as to how you will live with yourself but then again we are not greedy or selfish individuals and therefore find it difficult to relate to people like you.

How to Avoid Being Scammed | Advice for Small and Medium Companies

Thu, 29 Jul 2010 09:32:05 +0000

Many small and medium sized business directors and proprietors are struggling to keep afloat in these difficult economic times. Their task is made more difficult by the activities of scam artist who seem to come out of the woodwork at times like this. That business scams are on the rise at this time is no coincidence as they are on the rise because confidence tricksters and fraudsters can target desperate companies far more easier when they are desperate.

The Cliché “if it is too good to be true it is a scam” is Correct!

All small and medium businesses are more aware than usual that if they could substantially increase their sales of the products they supply or manufacture or the services they provide. When a fraudster or con artist appears with a seemingly established organisation behind her or him and the virtual guarantee that they can increase your sales ten-fold, most directors of small and medium sized companies will hear them out.

At times like this the directors should ask: How come that I (with all my experience and expertise in my sector) cannot find sales but this man or woman can? The answer is probably that they cannot. The answer is that their scheme, claims for the power of their advertising medium is too good to be true.

Read about how one organisation was set up to sell advertising to small and medium sized companies in Nottingham and Birmingham: Click Here

Think Before You Send It: A Dozen Email Communication Tips for College, The Workplace, and Beyond

Tue, 27 Jul 2010 08:25:10 +0000

Introduction – The World of OMG/LOL/{:-)/{:-C

Ok, this article is not provoked by any incident that particular incident that has happened to me with emails from – or to – students. However, over the past few years, as I have taught more and more online (and involved online with really everything I do, even in the traditional classroom setting), I have begun to use email – and now Facebook – as a primary communication medium with my students. In fact, I’m finding that low and behold, the “1950’s model” of students waiting by a professor’s office – or even calling to talk about an issue (like I did when I walked uphill through the snow in East Texas to college) – just doesn’t happen anymore. In fact, I’d say that now, 90-95% of my interactions with students out of the classroom – whether with students on-line or in a “real” classroom with like desks and chairs (yeah, we still see those) – are via email.

So first, it’s important that you see how many emails we see from students. Yes, I’ve been at the higher ed game for over twenty years, and I could write a book about the excuses I first heard, and now, which are being sent via email.

The Student Email Hall of Shame – WTF

But better to rely on the “wisdom of crowds,” as the Chronicle of Higher Education has now compiled over 850 pages (as of late July 2010, and it keeps growing) of responses from professors with their favorite crazy student emails! For fun reading, see it here:

Chronicle Forums (In the Classroom: “favorite” student e-mails)

http://chronicle.com/forums/index.php/topic,29894.0.html.

It includes such gems as:

This one shows a BAD way to start:

“Yo [my last name]–what up with “. . .

This one is from the THIRD WEEK of an anonymous professor’s class:

“hi, this is ___and I’m in your ___ class but have been golfing in [sunny vacation destination] for the past couple weeks so i have missed the first few classes. just wondering if there is anything important that i have missed … please let me know what i should do.”

This one seems to put you in a higher income bracket than the professor:

“I definitely read my schedule wrong and didn’t realize I had [your class] tomorrow morning. I had already signed up to go sailing tomorrow with a few friends. It’s the last chance of the season and I really don’t want to cancel on them. Is there any chance I can talk with you sometime tomorrow about what I will miss?”

This shows a lack of following the breadcrumb trail constructed for you to make it through the class:

“I have a question about the [assignment that is due on Friday, for which weekly reminders have been given and instructions available since the beginning of the semester]. What exactly what are we supposed to be doing??? Please let me know as soon as possible.”

This is not the way to improve your attendance and participation grade:

“I know I missed half of the classes, but receiving half the points seems a little dramatic.”

Finally, this is simply inappropriate:

“Hey Sweet jeans, Can you schedule a review session this weekend? Please write me back before 5 pm because after that I only use the internet for porn. Thanks.”

Source: http://chronicle.com/forums/index.php/topic,29894.0.html.

While I personally find most students to be professional in their emails, the other 10-20% are – shall we say at best – unprofessional and not well thought out (yes, there is a “draft” mode and a need to read and reread what you send BEFORE you send it). Above and beyond requests, begging and pleading, misspelled words, emails beginning – “HEY!…” All too often, that’s what we see, and bad email practices can not only work against you in college (or in high school for that matter), but even more importantly, in the “real world” of work! For instance, watch the clip below that compiles email gaffes recounted by a collection of professors:

2. A Twofer – Howcasts – Both “How To Practice Good Phone and E-mail Etiquette At Work”:

And “How to Follow Proper Netiquette Rules”:

3. From Trainer and Author Tim Sanders:

4. From Will Schwalbe and David Shipley (authors of Think Before You Send):

5. From Seven Keys to Effective Email:

6. Ask the Techies (for free!!)”:

7. From the Daily Idea:

8. From Corporate Comedian Greg Schwem:

9. From the Today Show:

10. Intelligence for Your Life – from the man my kids think is much smarter than their own dad by listening to his tips on the radio, John Tesh:

11. And, of course, TheResident.Net, with the appropriate title “You Suck at Email”:

12. Finally, Ricky Gervais and the original UK cast of “The Office”:

BIOGRAPHY

David C. Wyld (dwyld.kwu@gmail.com) is the Robert Maurin Professor of Management at Southeastern Louisiana University in Hammond, Louisiana. He is a management consultant, researcher/writer, and executive educator. His blog, Wyld About Business, can be viewed at http://wyld-business.blogspot.com/. He also serves as the Director of the Reverse Auction Research Center (http://reverseauctionresearch.blogspot.com/), a hub of research and news in the expanding world of competitive bidding. Dr. Wyld also maintains compilations of his student’s publications regarding management concepts (http://toptenmanagement.blogspot.com/), book reviews (http://wyld-about-books.blogspot.com/) and international foods (http://wyld-about-food.blogspot.com/).

Five Things to Consider in Finding a Buyer for Your Annuity Payments

Mon, 26 Jul 2010 18:17:49 +0000

With the state our economy’s in, it’s no wonder people are trying desperately to find investments that are sure, protected and with a high profit margin. Even a few years ago, if you heard someone saying they were going to invest in annuities, you would have laughed at him. Things have changed.

Even in the past, annuities had a pretty good growth rate, at about 20 percent. But right now, it seems that the annuity market is on fire. This type of investment has reported rates of growth as big as 60 percent! The explanation is a simple one. People, right now, are looking for safe investments. And annuities are the safest investment opportunity there is right now.

If you invested in such an opportunity, good for you! We’ve got even better news. Are you tired of waiting for that money to come back to you? Do you need a wad of cash right now, and don’t want to wait for your annuity anymore? The solution is incredibly simple, and you’ll walk away satisfied: find a buyer of annuity payments. It doesn’t matter what kind of annuity it is, even if it’s a structured settlement annuity, and it doesn’t matter where your current payments go, even if they go to a structured settlement company. You want the cash, and you want it now. And for that to happen, all you need to do is find a buyer of annuity payments. Here are 5 things to consider in finding a buyer for your annuity payments:

1. After the initial meeting, google the guy. Yes, you’ve heard me right. Sometimes, all it takes is a little search engine to find out if your buyer of annuity payments is not the kind of person you’d want to work with. If his other business partners were in some way cheated or were displeased of his services, they’ll make sure the world knows. So google away!

2. Do your research properly! Don’t rush into making a poor decision when looking for a buyer for your annuity payments. Rushing into things will only make you lose money. Look at more than 2 offers, wait a little bit more, and do your research as you should.

3. Ask people you know! Don’t be afraid to ask your friends and family if they know of any buyer of annuity payments, it’s no shame in getting that money a little bit early.

4. This is really important. Try to think if you really need the money. Because if you don’t there’s no need to go and find a buyer of annuity payments, now is it?

5. Don’t give in. If you feel things aren’t right, and you want more from your annuity payments buyer, ask for it. Most of the times, a good buyer is up for a little negotiation. If they’re not, then you might want to keep looking.

After all, if it’s not in your best interest for the moment, then nobody is forcing you to do anything. You can always reconsider, and that’s something people tend to ignore in the heat of the moment. We wish you the best of luck in finding a buyer of annuity payments!

Are Unsecured Express Loans a Good Choice for Your Small Business?

Mon, 26 Jul 2010 17:44:31 +0000

Before we find out if an unsecured express loan is really what you need, let’s just study a bit of facts. For instance, what are these unsecured loans, and how are they any different from any other express loan? Well, “unsecured” means that you won’t have to “secure” it by any kind of liquidities or other types of collaterals. And express usually means that you can get it pretty fast, as opposed to other type of loans, which can take up to one month before your approval.

So you find yourself struggling to cope with all sorts of expenses that hinder the development your own small business. You know it in your heart that, should things be different, you’d witness growth like never before, and you wish it with all your strength. But times are harsh, bills are pilling up, and your struggle seems to never end. If that’s your case, then maybe, just maybe, an unsecured express loan might just be your thing.

You won’t have to secure it using your small business; therefore you won’t risk losing it. You won’t have to wait for months before you’re approved, so you won’t lose money waiting. The only thing that should make up your mind towards one or another unsecured express loan is the interest rates. So do your research and find out what unsecured express loans have the lowest rates, then go for it.

One thing before we go. If you’re not sure you can keep up with the interest rates and the monthly payments, if your big breakthrough isn’t round the corner, and if your small business isn’t on an ascending trend, then you might want to stay away from an unsecured express loan. But then again, if that’s the case, you might as well stay away from any type of loans, and work harder on the business.

After all, it is your dream. Isn’t it?

Top Ten Management on Labor Unions: an Overview of Their History and Growth

Sun, 25 Jul 2010 08:10:40 +0000

Introduction

A labor union is “an organization of wage earners formed for the purpose of serving members’ interests with respect to wages and working conditions.” They have come a long way since the 18th and 19th century and continue to evolve through strict policies and new legislation.

The Idea in a Nutshell

The evolution of labor unions in America began as far back as the 1700s attributable to the dangerous and harsh conditions workers were facing. To add insult to injury, they were earning low wages and working long, grueling hours. Workers began to realize if they came together, it was easier for them to persuade their employers to answer their demands.

The Top Ten Things You Need to Know About Labor Unions

1. One of the first types of labor unions were called craft unions. These were skilled workers who specialized in a certain trade. For example, the Philadelphia shoemakers in 1792, the Boston Carpenters in 1793, and New York printers in 1794.

2. In 1827 industrial unions began to form. These were members of the same industry such as the steel industry, regardless of their individual jobs.

3. In 1886 the American Federation of Labor was formed. Samuel Gompers was the first president of the AFL. His objectives were clear and precise. Better wages, hours, and conditions were of top priority.

Image via Wikipedia

4. The AFL continued to grow larger in membership until the 1920s when there just were not many skilled workers left to become organized. Over three-fourths of workers in the United States that were organized, we members of the AFL.

5. The Industrial Workers of the World was formed in 1905. This organization, though its life span was brief, was the first to initiate a sit down strike and mass picketing.

6. In 1936, a group of industries not agreeing with the AFL’s structure decided to split and form the Congress of Industrial Organizations. This centered on complete industries, not individual trades, which was a good way to deal with industries involving mass production. The CIO, in a short amount of time, became as large as the AFL.

7. In the eleven years between 1933 and 1944 the modern labor movement was born. Many factors such as New Deal labor legislation, AFL and CIO competition, and World War II cause union membership to quadruple.

8. The AFL and CIO came to an agreement in 1955 and united to form one massive organization. With the exception of the National Education Association, all the major unions in the United States are affiliated with the AFL-CIO.

9. Since the 1980s labor union membership has fallen. Many factors such as the labor legislation, better employee-management relationships, and the shift from a manufacturing to a service economy.

10. One of the acts passed in the 1980s was the Plant-Closing Notification Act of 1988. This made it mandatory for employers to give employees a warning of plant closings or mass layoffs no less than sixty days in advance.

The Video Lounge

This video discusses the origin of labor unions.

My Take

I believe labor unions have made a huge impact on this country. Without them employers would have continued to determine the wages and conditions of employees, which for most was low wages and poor conditions. In today’s society I do not feel they play such a major role. I feel that they have paved the way for industries and companies to treat their employees better. Also there has legislation that regulates wages and hours so that labor unions are not needed as much. Granted there are labor unions today and they do serve their purpose.

References

Luft, Paula “Business Encyclopedia: Labor Unions” retrieved from www.answers.com/topic/labor-union

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Contact Information

To contact the author of “Top Ten Management on Labor Unions” please email Amanda Dickson and Amanda.Cook-2@selu.edu.

BIOGRAPHY

AN INVITATION TO WORK WITH US, TODAY!

Top Ten Management on Goal Setting: An Overview of How to Set Your Professional and Personal Goals Today

Sun, 25 Jul 2010 07:59:25 +0000

Introduction

Goal setting can create a strong relationship between the different levels of management and lower level employees. Placing certain goals on employees could motivate them in a way which increases production, improves customer service and promotes an overall great image of the company. Also, by setting goals in someone’s professional career it could lead them to an overall change in their personal life as well. When a goal is reach it can boost a person’s sprit and give them the reason to aim higher and ultimately reach a personal goal they never thought possible. Anytime, a goal is reach it can lead to a level of success. It is a well known fact that success always breeds a desire for more personal and professional growth and a desire to be even more successful.

The Idea in a Nutshell

The goal setting concept is about a person or company trying to reach a certain object or end result that one strives to attain or aim for. These goals do not have to be large in size but can be obtain over a period of time. It is also possible by just completing smaller achievements they will help a person or persons reach a larger goal that ultimately might not have been obtainable without the smaller goals being completed.

The first studies of goal setting were performed by Cecil Alec Mace in 1935; however, Edwin A. Locke began to examine goal setting in the mid 1960s by deriving his idea for goal-setting from Aristotle. The idea behind goal setting was to make a person more prone to work through setbacks. In other words, a person is more willing to work through a setback if there is an important attended goal at the end. Pursuing a goal can lead an individual to develop cognitive strategies and can their change behavior which ultimately leads to the completion of more goals which are set in the future. Goal setting also breeds persistence within a person who is goal orientated which for a corporation could mean a number of positive things such as drive, desire and commitment.

The Top Ten Things You Need to Know About Goal Setting.

1. The apparent benefits of knowing the Organization you are employed for or knowing your aspirations can help with the first goal setting rule. You should always Review the Organizations Mission or Purpose. In other words, if you choose a company whose values you do not agree with it may be impossible for you to set larger goals for yourself and the company. In the same respect, a company mission statement or purpose may be the reason you desire the employment of that company so to understand the mission statement my help you set the proper goals to gain the employment of your dreams.

2. Resources when setting goals can be extremely important. Whether or not you are setting personal or professional goals you should use every available resource and evaluate all the information at your finger tips. This is very important in today’s society because so much information can be located with the click of a mouse. Therefore; do not forget to do the research necessary but also consider the content of that research and its importance to your goal.

3. Before you can worry about resources and there importance and even before you can review a mission statement you must decide what goals you wish to accomplish. Therefore, determine your goals individually and/or gather input from others. Sometimes it helps to determine your path if you have gathered information from the ones who are closest to you. Do not be afraid of the feedback take it in stride and learn from it.

4. After you have determined your goals. The fourth thing that is most important is to write them down. Communication is a big key in making sure that you will complete those goals and be held accountable if they are not reached. However, that does not mean that you will reach every goal you set but as mentioned earlier it will make you more prone to work through those setbacks and make you a stronger person and/or employee.

5. It is important to always review your results regarding your personal and your professional goals. You should always take time to reevaluate your progress and see what changes or adjustments should be made in order to accomplish what goals have already been set. If some adjustments should be made you made want to get some feedback from another individually to see if they have better ideas that could help you revaluate and change your process. If you do not review your process this can reduce self-efficacy and thereby harm the performance outcomes in the long run.

6. When setting a goal for yourself or an employee be positive. It is difficult to get people excited about a project or a goal which needs to be completed if you are not positive. You will get a better reception from your employee and/or yourself if things are approached in a positive light. An incentive may be the given to make the goal more fun to complete. This technique is commonly used around the world to gain an end result which is being requested by a higher power.

7. Set Priorities: When goals are being handed out to certain employee or even to you set an order to be followed. If this order is set in a way which is easier for you to follow it is more likely to be accomplished in a timely manner. All of your goals should have priorities so that you are not doubling back or having to re-do an item on your list of goals because you skip a step. This will also allow you to not feel overwhelmed by having to many goals to complete and helps keep your direction on the most important ones at hand.

8. A useful way to making goals more powerful is to use the SMART mnemonic. This mnemonic is just a short and fast way for someone to remember the way to keep their goals in check. Any other words make sure your goals are specific, measurable, attainable, relevant and time-bound.

· S – Specific

· M – Measurable

· A – Attainable

· R – Relevant

· T – Time-bound

9. Goal setting is not just writing a few items down and hoping that you will complete them in some fashion. A part of goal setting is to be able to motivate you, an employee or even a team of co-workers. Goal setting will also help you build your self confidence, based on successful achievement of your goals or your team’s goals. I work for a company who preaches self confidence, reaching for the stars and setting goals which may seem impossible but to always dream of the impossible. They also believe you never give up and if you fall that a team mate will be there to help pick you up and get you back on track for your goals. Support of a team mate, boss or the company in which you work for is sometimes over looked but can be a key factor in goal setting. It can also mean the difference between making those dreams, goals come true in the short term and long term. for you personally and for the company in the long term. I have always believed that a happy employee will work harder for any boss and will do everything in their power to see that the goals are meet.

10. Brainstorming can also be helpful in setting your personal and professional goals. In other words, you may need to brain storm on the items in which you wish to achieve or find most important in your life. You must be organized or have some sort of map of the goals you wish to achieve in your life time. Whether those goals are more personal or professional you will not be able to complete any goals unless you do some soul searching to locate the most important ones to you. However, please make sure that you intend to complete those goals set forth by you. All goals are not easy to complete by if the intention is there they will form the basis for your goals and the fulfillment of your dreams.

The Video Lounge

My Take

The concept of goal setting is very important not only in the world of business but also in daily life. Those people who set goals and follow them in my opinion are more likely to complete those goals. They are also more likely to be successful and driven. Setting goals gives you something to strive for. A large part of goal setting is keeping a person motivated, wanting to aim for something better. Another part of goal setting that I find very positive is that it keeps you very organized and you feel like you have been able to scratch something off of your daily list whether you are at work or home.

References

1. Career Success Through Goal Setting. (n.d.). How to Make A Resume – Learn How to Do a Resume Right. Retrieved July 19, 2010, from http://www.powerful-sample-resume-formats.com/goal-setting.html

2. Robbins, S., & Coulter, M. (2009). Foundations Of Planning. Management (10 ed., pp. 143-160). Upper Saddle River, New Jersey: Pearson Prentice Hall.

3. Form, s. t. (n.d.). Success Factors Goal Management Software. Success Factors Business Execution Software. Retrieved July 19, 2010, from http://www.successfactors.com/info/en/goal-management-software/?source=Google_ppc&kw=Goal%20Setting&ad-id=1685157409&gclid=CLSM5YSx-KICFYlY2godXxGSkg

4. Theory, u. g., & setting, L. r. (n.d.). Locke’s Goal Setting Theory – Understanding SMART – Goal Setting Tools from MindTools.com. Mind Tools – Management Training, Leadership Training and Career Training – Right Here, Right Now.. Retrieved July 19, 2010, from http://www.mindtools.com/pages/article/newHTE_87.htm

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Contact Info: To contact the author of “Top Ten Management on Goal Setting,” please email Holly Caston-White at W0219558@selu.edu and hollywhitemk@gmail.com.

BIOGRAPHY

David C. Wyld (dwyld.kwu@gmail.com) is the Robert Maurin Professor of Management at Southeastern Louisiana University in Hammond, Louisiana. He is a management consultant, researcher/writer, and executive educator. His blog, Wyld About Business, can be viewed at http://wyld-business.blogspot.com/. He also maintains compilations of his student’s publications regarding management concepts (http://toptenmanagement.blogspot.com/), book reviews (http://wyld-about-books.blogspot.com/), international foods (http://wyld-about-food.blogspot.com/).

AN INVITATION TO WORK WITH US, TODAY!

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Drilling in Alaska

Fri, 23 Jul 2010 17:13:38 +0000

Drilling in Alaska

Oil exploration of Alaska’s North Slope began in the 23 million-acre area known as the Naval Petroleum Reserve in 1923. When President Harding set aside the reserve, the oil was designated for use in the case of a national emergency. This area, now known as the National Petroleum Reserve-Alaska, is the largest piece of federally owned land in the United States. From the top of the Brooks Mountain Range to the coastal areas of the Beaufort and Chuck Chi seas, the reserve encompasses a vast area of rolling foothills, wild rivers, and extensive coastal plains wetlands which provide habitat for millions of waterfowl, caribou, Arctic peregrine falcons, beluga whales, and other wildlife. In 1976, the area was put under the control of the Department of the Interior and oil development in the area was prohibited except by act of the US Congress.

“For the past thirty years, the petroleum exploration industry has shown that rather than closing areas for oil and gas activities, it is much more advantageous to allow exploration and development activities to take place,” observes Frank H. Murkowski, vice-president of the American Association of Petroleum Geologists. While the NPR-A is currently benefiting no one, opening the area could aid the nation’s economy. In more than thirty years of modern era exploration and commercial production from the North Slope of Alaska, the petroleum industry has produced a very significant part of the nation’s daily oil production, sometimes exceeding 25 percent. The NPR-A has the potential to replace much of the imported oil for the next thirty years. I believe the Alaskan oil reserve should be open to drilling for oil and natural gas to lower gasoline and heating costs and reduce the nation’s dependency on foreign oil.

Individuals opposed to drilling in the Alaskan reserve often cite concerns of environmental damage and disturbance to the native wildlife on the near by Arctic National Wildlife Refuge. US Interior Secretary Gayle Norton replies, “Although a wildlife refuge is close to the proposed oil field, great care will be taken to not disturb the native wildlife. Caribou migratory trails will be avoided and no drilling will be done within sixty miles of the refuge.” Congressional stipulations have ensured there will be a high degree of environmental protection regulation taking place.

Many people feel finding new, more environmentally safe forms of energy, rather than drilling for new oil, is the solution. Experts believe we can only afford to burn 25 percent of known reserves of oil, gas, and coal to remain within safe limits of global warming. But at the rate oil is consumed today, it will be three hundred years before we near the 25 percent mark. Environmentalists’ favor finding energy based on renewable resources, but such technology will not be available to the consumer for many years. Bush has promised to start a Royalties for Conservation fund, which would use money from arctic drilling to develop alternative energy sources.

Opening the NPR-A to drilling could greatly reduce the nation’s oil and gas prices and improve the economy. In the last decade, crude oil production has fallen seventeen percent. During that period, US oil consumption has increased fourteen percent. “Oil drilling has gone from 532 rigs operating in the US in 1990 to 133 rigs operating in 2000. Growing demand for oil has caused prices at the pump to soar, while the decline in the industry has increased the unemployment rate,” observes Kelley Bergen, an official at Exxon. Without new development, the production will continue to decline, and it will be necessary for the nation to purchase oil from expensive sources, like the Middle East, thereby exporting US jobs and dollars.

Common sense says we should stop handicapping our industry. We should do this by further exploration and development of our reserves. Oil development in Alaska is done right. It is environmentally sound and keeps the land disturbances to a minimum. Temporary ice roads are constructed to prevent permanent damage to the landscape. Special drilling rigs are constructed to eliminate the chance of an oil spill. Alaskans favor development, and the reserve in the state could produce more than 16 billion barrels of oil annually. When so much domestic oil is available, we should not improve the economy of another country before we improve our own. “The opposition would rather bolster the oil output of Saddam Hussein by lifting oil production limits on Iraq than open the reserve for production, ” observes Darren Batt, chairman of the Senate Energy and Natural Resources Committee. If we continue to drive oil production offshore, then we have no room to complain about the high prices of the decision or the insecurity of our future oil supplies.

In the world oil market, the US is a giant consumer but a bit player. “The Organization of Petroleum Exporting Countries calls the tune and the United States generally has to pay the piper,” observes Gregg Monahan, President of the Texas Oilmen’s Association. Opening the Alaskan oil reserve would greatly reduce the country’s dependence on foreign oil.

The eleven countries that make up OPEC produce more than forty percent of the worlds oil and possess about three fourths of the world’s proven reserves. The US imports 55 percent of the oil we use, or 10.54 million barrels of the 19.33 million barrels of oil consumed in the US in one day. The proposed Alaskan oil field consists of 1.5 million acres that could annually produce as much as 16 billion barrels of oil that could replace Saudi oil coming to the US for close to thirty years. Tensions in the Middle East only strengthen the case to open the NPR-A. While it is possible oil imported from Iraq could become unavailable, domestic oil only strengthens the nation. In times of war, a country must be prepared for a worst-case scenario, and be able to deal with emergency. Opening the NPR-A would allow the United States to be completely self-sufficient in its oil production.

The United States is a strong country, and opening the Alaskan oil reserve will make it stronger. The huge supply of domestic oil will lower gasoline and heating costs and allow the nation to become drastically less dependent on foreign oil.