Value Creation and Enhancement Back to the Future

1 Value Creation and Enhancement: Back to the Future Aswath Damodaran Stern School of Business 44 West Fourth Street New York, NY 10012 adamodar@stern.nyu.edu 1 2 Abstract In recent years, firms have turned to their attention increasingly to ways in which they can increase their value. A number of competing measures, each with claims to being the best approach to value creation, have been developed and marketed by investment banking firms and consulting firms. In this paper, we begin with a generic discounted cash flow model, and consider the ways in which value can be created or destroyed in a firm. We then look at two of the most widely used value enhancement measures, Economic Value Added and Cash Flow Return on†¦show more content†¦This process is complicated by the fact that while some of the assets of a firm have already been made, and are thus assets-in-place, a significant component of firm value reflects expectations about future investments. Thus, to value a firm we need to measure not just the cash flows from investments already made, but also estimate the expected value from future growth. In the following section, we will consider some of the basic principles that should guide our estimates of cash flows, growth and discount rates. 1 . Cash Flow to the Firm The cash flow to the firm that we would like to estimate should be both after taxes and after all reinvestment needs have been met. Since a firm includes both debt and equity investors, the cash flow to the firm should be before interest and principal payments on debt. The cash flow to the firm can be measured in two ways. One is to add up the cash flows to all of the different claim holders in the firm. Thus, the cash flows to equity investors (which take the form of dividends or stock buybacks) are added to the cash flows to debt holders (interest and net debt payments) to arrive at the cash flow. The other 4 5 approach to estimating cash flow to the firm, which should yield equivalent results, is to estimate the cash flows to the firm prior to debt payments but after reinvestment needs have been met: EBIT (1 - tax rate) –Show MoreRelatedThe Is A New Day796 Words   |  4 PagesIt alerted him to take his chempills. He ordered his dosage and workup while filling his groaning stomach with a freshly printed breakfast of soy eggs on bioharvested algae toast. He stepped outside and made his way towards the tubeline. Sinking back into the grimy contours of the seat, Matisse’s mind was animated as he zipped effortlessly through the city, through the scenic biome bubble and around the frenzied construction site of the megalopolis. He observed as dwellings went up, printed pieceRead MoreThe Future is Here: Genetic Enhancement Essay1762 Words   |  8 PagesThroughout history, society has always placed value on being bigger, stronger, and faster by any means necessary to obtain these abilities. In order to obtain these abilities, society use genetic enhancements. A genetic enhancement is the use of genetic engineering to modify an individual’s biological traits; in addition, it is the alteration of genes in an individual’s body. Scientists are able to alter individual’s genotype with the purpose of choosing desired phenotype of a newborn. The processRead MoreThe Potential Benefits Of Genetic Engineering1721 Words à ‚  |  7 Pagesgeneral public and clouded their moral values. The ultimate goal of genetic engineering is to create a utopian society where problems such as disease and world hunger no longer exist. Genetically engineering humans to be ideal beings may eventually lead to the creation of a â€Å"super race.† A super race is a race of strong, healthy, and highly intelligent individuals who contribute to the advancement of society. Despite the attractive potential benefits of the creation of a super race, there are severalRead MoreCoca Col Transparency, The Formation Of Sustainability Indices1350 Words   |  6 Pagesinto the validity of Coca-Cola’s Sustainability Report (2015) as it relates to both their initiatives, internal strategies, and CSR accountability. According to the company’s Sustainability Report (2015), Coca-Cola is committed creating stakeholder value by continuing to enhance their sustainability efforts in Women (5by20), Water, and Well-Being. These initiatives have the company to provide opportunities for women entrepreneurs to advance their personal careers, improve access of clean water in developingRead MoreThe Identity Theft and Assumption Deterrence Act1823 Words   |  7 PagesAssumption Deterrence Act, The Identity Theft Penalty Enhancement Act, and The Identity Theft Enforcement and Restitution Act of 2008. In addition to these, several states have pending legislation out there to either pass new state laws or revise current ones. In this paper, theses laws and the pending legislation in some of those states will be discussed in detail. Before 1998, identity theft crimes were charged under statutes that dated back to the 19th century. These were called false personationRead MoreChinese and Greek Mythology1564 Words   |  7 PagesThe Diverging Commonalities of Creation Myth’s Long ago, people wanted to acquire a better understanding of the beginning of the universe which ultimately resulted in the establishment of religions, beliefs and most pertinent, creation myths. Mythology provides explanations for the worlds mysteries especially in regards to the creation of Earth, Humans and the environment. This comparative paragraph analyzes the similarities and differences between a Greek myth entitled, The Beginning of ThingsRead MoreCooperative Method of Teaching Maths1131 Words   |  5 Pagesbuilding is in full swing and all endeavors are underway to bring Liberia back to a state of normalcy, out of the darkness of despair and hopelessness that had engulfed the country for the past fifteen years. One of the most important focus of this building process should be the youth of the nation. A sound investment in the future of Liberia must incorporate a renewed interest in the education of the young people who will be the future leaders of the new Liberia. The investment strategy in the educationRead MoreEssay about Cyborgs: a Twisted Double Standard1654 Words   |  7 Pagesourselves and our lives. In books the term cybernetics is used to describe computer gadgets and electrical physical enhancements, like robotic arms. However, cybernetics is more encompassing than that, and includes anything we use to enhance our natural state. In this regard, clothing, utensils, and the simple machines we use in our homes, all count as cybernetic enhancements. Chislenko, in his article on cybernetics, states that these are examples of wrapping and external aids; the simplestRead MoreGovernment Funding of The Fine Arts1172 Words   |  5 PagesWith cities spattered in looming cathedrals a nd marble sculptures and with bookshelves still faithful to classic works of literature and performance, the arts have proved themselves durable to the test of time. Long have these creations provided undying testament to mankind’s achievement and a window into the past. Perhaps no other category of art lends itself more to a view of history than the fine arts, or high arts, tradition with its well preserved pieces guarded and carefully designed toRead MoreConsolidation Concerns : Pentagon s Previous Policies And Their Implications For Competition1419 Words   |  6 Pagesincreased market power can also simultaneously result in a reduction in competition, which can translate into higher prices, lesser innovation, and an overall reduction in consumer welfare. The principal benefits from consolidation include increase value generation and higher cost efficiencies. Most mergers can generate tax gains, increase revenue, reduce uncertainty, and substantially lower the cost of capital. The 2012 proposed BAE System and European Aeronautics Defence and Space (now Airbus) merger

Torts and Contract Liabilities and Ways to Avoid Them

Running Head: TORTS AND CONTRACT LIABILITIES AND WAYS TO AVOID THEM Potential Torts and Contract Liabilities And Different Ways to Avoid Them Abstract People who do business as a sole proprietor or in a partnership are liable for the torts committed by them and for torts committed by the business and its agents. The best way to avoid tort liability is to set establish their business as a corporation or a limited liability company. A corporation or limited liability company will act as its own entity for all intent and purposes. When it becomes it own entity you will have to separate your finances from that of the business. Remember that it does not matter what type of business organization you select,†¦show more content†¦Remember that it does not matter what type of business organization is selected, if a person commits a tort they are still personally held responsible. For example, if a shareholder in a corporation runs over an employee while driving a company truck, he or she is still held liable for negligently operating the vehicle. There are certain clauses that can be beneficial in a contract as well as clauses that one should be wary of. Some clauses that can be beneficial include hold harmless clauses, which are used to shift liability from person to another; and indemnification clauses, which are designed primarily to transfer the liability and expense of claims brought against the business away from the entity (Rapp). While some clauses are beneficial, one should be wary of others. For example, one should avoid clauses pertaining to his or her rights and duties in the event that a claim or suit arises, which can create a contractual duty on their part (Rapp). Entering into a provider agreement that forfeits a person s ability to seek compensation for services they are entitled to should also be avoided. One should always be cautious of forfeiting their right to compensations (Rapp).Show MoreRelatedBusiness Tort Liability : Tort1188 Words   |  5 PagesBusiness Tort Liability Tort is a wrong. The law provides remedies to persons or businesses that are injured by the tortious actions of others (Cheeseman, 2014, p. 115). In the law of tort, there are two parties, including plaintiff and defendant. Usually, the plaintiff is a person directly affected either emotionally or physically by the incident because of the defendant’s actions while the defendant is the individual who injured the plaintiff (Staver Law Group). In this case, Mr. Speed is theRead MoreLegal Personality And Limited Liability1576 Words   |  7 Pagesbenefits and a shield of protection against liability for managers and shareholders it can also have harmful effects on other non-shareholder stakeholders such as creditors, involuntary creditors and employees. This essay will discuss separate legal personality and limited liability and the effects that these principles have on competing interests. This essay will also discuss how some of the negative effects of separate legal personal ity and limited liability have been lessened by statute and generalRead More1.As A Starting Note, Any Mention Of Concurrent Liability2007 Words   |  9 Pagesmention of concurrent liability should be assumed to mean concurrently liability in tort and contract. Traditionally the distinction between contract and tort was that contract concerns the improvement of the claimant s position, whereas tort is concerned with dealing with their position worsening. There has been dispute around concurrent liability and its ambiguity has led to varying decision in cases and statute making as Taylor puts it â€Å"the basis of concurrent liability uncertain†. This essayRead MoreEssay on Informed Consent855 Words   |  4 Pagesin general the same way as physicians with their patients.(http://www.minddisorders.com/Flu-Inv/Informed-consent.html#ixzz1HmB0P8xC) It must be understood that to be valid Informed Consent has to be voluntary and not coerced, specific to the particular problem , legal, and understood by the patient. Tort Law is defined as â€Å"the area of law that developed in the English Common Law other than breach of contract, which imposes a duty by operation of law on all persons to avoid harm to others. TheRead MoreTort, Torts, And Strict Liability Torts3286 Words   |  14 PagesIntroduction A tort is a wrongful act or an infringement of a right other than under a contract leading to civil legal liability. Torts differ from contract law in terms of the voluntariness of entering into an agreement. When two or more parties create a contract, each party agrees to give up something in return for receiving some benefit. Parties to a contract voluntarily and knowingly assume duties and obligations to others. By contrast in tort law, duties are imposed by the law without the expressRead MoreAlumina Inc: Minimizing Tort Liability Arising Out of Regulatory Risks1338 Words   |  6 Pagescomply with a whole host of governmental regulations. Such risks impact a company’s existing assets, earnings, and often, reputation. In the context of tort liability arising out of non-compliance of government regulations, it is in every company’s business interest to allocate resources to identify those risks, and to implement action plans to avoid such risks. In the event thos e risks do materialize, the company needs to have system in place to properly manage and contain monetary and reputationalRead MoreHow Liability For Negligence?1246 Words   |  5 PagesDiscuss how liability for negligence can arise in law in relation to construction activity Negligence in law can be defined as â€Å"a failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances†. Regarding the construction industry it is of importance to understand the roles of the many skilled professionals involved, such as the architects, quantity surveyors, engineers, project managers etc. Each of these professions have a duty ofRead MoreAspects of Contract and Negligence for Business1883 Words   |  8 Pageslegal doctrine, distinct from civil law. A contract is a written agreement with terms and conditions. The signing parties should observe the terms and conditions until the expiration of the contract, or end date (Business Dictionary, 2013). The first requirement for making a contract is an offer. It is a promise by the offeror to do something and to pay the price of the offer. There are at least two parties of the contract and different types of contract. It depends of the needs of the parties. Read MoreBusiness Contracts and Legal Risks2094 Words   |  9 Pagesfully prepared on handling legal pitfalls that might come their way. Creating a system that defines and controls the company’s workflow is important in running a smooth and profitable business, as well as avoiding potential troubles with the law in the future. There are many risks that companies can be prepared for including structuring effective business contracts, avoiding lawsuits on business torts, minimizing product liability risks, avoiding employee lawsuits and avoiding risk in domesticRead MoreSteps Of A Legal Relations1588 Words   |  7 Pageshave the intentions to create a legally binding contract. Whenever a contract is signed in relati ons to business activities, it gives one side of the party the power to sue the other party if they don’t keep up with their contractual obligations. A contract can be rejected if the parties agree to not make it legally binding. You would normally see the words â€Å"subject to contract† or â€Å"without prejudice† which means that whatever is written in the contract is not legally binding. 2. Offer This is when

Essay about Political Socialization - 1002 Words

Political Socialization Political socialization begins early on in life and is an ongoing process affecting individuals throughout. It is how people eventually identify personal beliefs and expectations in American politics. These political views can include our level of patriotism, faith in the democratic system, standards by which we hold governing bodies, and opinions regarding public policies. From the playground to the classroom, the office to the dinner table, much of our lives affect our political opinions. The most easily identified agents of this are family, schooling, peers, mass media, political parties and religious influences. Furthermore, these means indoctrinate us in the political society through four basic†¦show more content†¦As one matures, a certain peer groups reinforce beliefs. Elisabeth Noelle-Neumann, in her book Spiral of Silence, explains individuals inherently fear social isolation from peers and are apprehensive of speaking out against group ideas (Patterson 161). Religion appeals to ones sense of affective socialization by encouraging puritan values and morals supported by the church. The highly inviolable issue of abortion parleys condemnation by the Catholic Church against the advocating for womens rights by pro-choice groups. Catholics, while the strongest advocates, do not stand alone on this issue, as many religions preach abortion is the murder of a child. By relating a medical procedure to murder, people are emotionally affected, and instead of thinking rationally, resort to emotions to defend their stance. Schools are another important faction in delivering affective socialization, but also deliver instrumental socialization to Americas youth. Elementary classroom instruction is generally where children receive their first concrete lessons on the American political system. Teachers perform the important civic duty of instructing young Americans in political history, general laws and rights, and patriotism. Take for example the Pledge of Allegiance, recited across the nation in elementary classrooms. Day-in and day-out, children are ingrained with aShow MoreRelatedThe Political Of Political Socialization863 Words   |  4 PagesThe process of political socialization is vital in the developing of how one views politics, the way they act or choose not to act, and how they identify within the political system. Although countless influences sway or attract us to a given political view, party, or identification, there are undoubtedly certain factors that play a bigger role in this process. Some of the most prominent agents of political socialization are as follows; family, media, peers, education, religion, faith, race, genderRead MorePolitical Socialization Is A Particular Type Of Political Learning915 Words   |  4 Pages Political Socialization is a particular type of political learning where people develop the attitudes, values, beliefs, opinions and behaviors that are conducive to becoming a good citizen in their country. With political socialization there are many factors that are present when these views are formed, many are very apparent like historical events, and a clear effect such as gender, race, and socio-economics status. My own political views were formed the same way as everybody else were.Read MoreThe Factors Of Political Socialization1448 Words   |  6 PagesCheryl Lee Robin Datta November 13, 2015 Exam #2 Similar to many of the things we are introduced to growing up as humans, our political knowledge is one of the things that does not derive from one specific source. Our thoughts on politics is constantly evolving and maturing as we encounter different agents throughout our lives. These agents of political socialization include our family, our education, the media, and many more. They shape our values and beliefs from the moment we are born to theRead MorePolitical Socialization And Social Socialization1357 Words   |  6 Pagesresult, we take on characteristics of our family, friends, and associates in the hopes of â€Å"fitting in.† One of these social norms includes political affiliation. This concept of forming political ideas through friends, family, and other social constructs such as the education system and the media is called â€Å"political socialization.† Political socialization begins when we first learn of how our government works and can later help to form our own partisan orientation. This concept supposes that,Read MorePolitical Socialization955 Words   |  4 Pagesever thought about why you have the political beliefs and values you do? Where did they come from? Are they simply your own ideas and experiences or have you been influenced by others in your thinking? This process by which individuals acquire their political beliefs and attitudes is called political socialization. In another words, Political socialization is a concept where the study of the developmental processes by which children and adolescents acquire political cognition, attitudes and behaviorsRead MoreThe Importance Of Political Socialization1535 Words   |  7 PagesThe main task of political socialization is to shape an individual’s political orientation, attitudes, and behaviors so that they fit into a particular political system (Lee Zhan, 1991). Existing literature assumes one’s most important political attitudes are shaped relatively early in life, and that they remain stable in subsequent phases of life (Quintelier Hooghe, 2011). As political participation is a habit shaped early in life (Valentino, Gregorowicz Groenendyk, 2009; Aldrich, MontgomeryRead MoreFactors Influencing The Political Of Political Socialization1908 Words   |  8 PagesAnna Curl May 19, 2015 Assignment Two 1. Discuss the factors that contribute to political socialization. Of these factors, which ones do you believe are the most influential over your own political socialization? Explain why by citing specific examples. Political socialization is the process by which people acquire political beliefs. This has many different sources of influence that build off of each other and are related. The more obvious of influences come from our environment, which areRead MoreWhat is Political Socialization? Essay563 Words   |  3 PagesPolitical Socialization The presidential and congressional elections come down to the two main parties except for some congressional seats where independents may win an election. Many times voters mainly vote based on which party they affiliate with most and may not understand the candidate’s views on issues. The two parties do not encompass all of one person’s political views. To understand why a person votes a certain way is to understand their political ideology and how a person comes to theirRead MoreDiscussion On Political Socialization Develops Expectations1379 Words   |  6 PagesIntroduction - Political Socialization Develops Expectations Out of all the documents that make up the systems that the United States depends on, the Bill of Rights is arguably one of the most significant and influential on the way we live our lives; among these first ten amendments to the constitution are a variety of granted rights, including freedom of speech, press, and assembly, protection from unreasonable search and seizure, the right to a trial by jury,and protection from any cruel or unusualRead MoreThe Political Socialization Of Adolescent Children Of Immigrants891 Words   |  4 PagesIn â€Å"The Political Socialization of Adolescent Children of Immigrants,† Melissa Humphries and Chandra Muller of the University of Texas and Kathryn S. Schiller of the State University of New York perform an intriguing study of the political socialization of the children of immigrants. Their studies clearly show the impracticality of assuming that children of immigrants go through the same political socialization process as third generation whites. Further, they demonstrate that the process of becoming

The Best Economic Environment for Inflation Targeting

Introduction: In the past two decades, a multitude of countries, including Canada and Australia have instituted â€Å"explicit inflation targeting† (Svensson, 1996, p.1) for fear of the high cost of â€Å"volatile inflation† (FreedmanLaxton, 2009, p. 6).Mishkin offered the definition of inflation targeting (IT). It is a monetary policy strategy intended to achieve price stability within a specific range (Mishkin,2000).As is concisely demonstrated by Mishkin, IT â€Å"establishes a transparent and credible commitment† to the precision of the future â€Å"numerical objective†(Mishkin,2008).Nonetheless, it is not a prudential policy. It is prone to encounter the predicament of â€Å"long and variable lags† of â€Å"implementing and monitoring† the policy (Svensson,†¦show more content†¦In general, an independent, transparent and credible central bank, â€Å"strong fiscal position†, sound financial system with rigorous regulation and supervisio n and flexible exchange rate is vital. Furthermore, a more effective strategy is supposed to â€Å"phase in† following successful disinflation (Mishkin, 2000, p.106-p.107). Why do these factors foster the best environment for IT? How can they fit into countries adopting IT? When it comes to the performance of IT, Scott Roger concluded,† There is certain disparity in performance between the low and high income countries during disinflation, but similarity during stable inflation† (Roger, 2009, p.16). (Figure4)It seems to me that two groups both have insufficiency in terms of the background of IT. With reference to the accountability of CB, the operation should be free from political influence and entail forward-looking gauge (Roger, 2009). In this respect, the New Zealand successfully brought down the inflation rate from above 10% to below 2% thanks to the independent implementation of CB and â€Å"hierarchical mandate for CB with price stability† (Orphanides,2009,p.4). Relating to the fiscal position, the surplus in fiscal balance guarantees the success of IT in Chile without the inclination of fiscal dominance followed by expansionar y monetary policy and the devaluation of currency in some developed countries (Mishkin, 2000).Show MoreRelatedHow Companies Maximize Profits1591 Words   |  6 Pagessupply, and analysing consumers’ demands. However, there are number of economic factors that hinder this operation. These factors are government regulations, rate of interest, exchange rate, trade cycles, general price level, employment and income, economic growth, and supply and demand. Economics consists of macroeconomics and microeconomics. The former analyses national economy and offers knowledge about the business environment (Samuelson Nordhaus 2010, p.5). Macroeconomics centres on the overallRead MoreTurkey, Ukraine, Russia, And Poland Essay859 Words   |  4 Pages1. Economic background (general/target) Our group decided to focus economic backgrounds of major four countries in the Eastern Europe: Ukraine, Turkey, Russia, and Poland. First, Ukraine has a population of 42.8 million with 1.4% of upper class. GDP of $370.8 billion with -6.8% growth rate and -0.2% 5-year compound annual growth rate. Ukraine has $8,668 per capita with 12.1% inflation rate and 7.7% unemployed rate. In 2014, Ukraine’s economy was heavily indebted. Coal mining and heavy industryRead MoreManagerial Economics Assignments3979 Words   |  16 Pages Appendix A: ASSIGNMENT COVER SHEET | | Date Received:........................................................... | | | Programme | Master of Business Administration | Module Name | Assignment: Managerial Economics | Surname | Amweenje | First Name/S | Edward Ludwig | Student Number | MBA1120419 | Date Submitted | 21 May 2012 | Postal Address | P.O. Box 62705 | | WANAHEDA | | Namibia | | 0000 | E-MAIL myregent email address | @myregent.acRead MoreHarris Seafood Case1486 Words   |  6 Pagesopted to use Exhibit 7, which incorporates an 11% inflation rate throughout most of the data. While this may seem like a high inflation level in today’s environment, given the time of the case and the most recent economic data, namely the 18.2% annualized increase in consumer prices reported in Exhibit 8, this seems to be much more reflective of the environment than the alternative that was available to us, Exhibit 6, which assumes a 0% inflation rate. Step One: Determine Free Cash Flow for theRead MoreA Comparative Analysis Of Patrimonio Hoy ( Ph )835 Words   |  4 PagesPatrimonio Hoy (PH) is a communal savings and loan program that targeting the low-income population to address the poor housing conditions and building skills in Mexico. Launched by CEMEX in 1998, a Mexico-based corporation that ranks the third-largest cement manufacturer in the world. Francisco Garza, the president of CEMEX North America Trading, is under the pressure to choose the best approach to develop PH, whether treating PH as a new business line under CEMEX or merely a corporate socialRead MoreChallenges Faced by India Inc.1732 Words   |  7 Pages10 challenges for India to reach 2050 potential â€Å"In our latest annual update to our Growth Environment Scores (GES), India scores below the other three BRIC nations, and is currently ranked 110 out of a set of 181 countries assigned GES scores. If India were able to undertake the necessary reforms, it could raise its growth potential by as much as 2.8% per annum, placing it in a very strong position to deliver the impressive growth we outlined,† it says. Here are the 10 things for India, as outlinedRead MoreArgentina s Turbulent History Of Economic Crisis Essay1686 Words   |  7 Pages Argentina’s turbulent history of economic crisis are often attributable to government mismanagement and fluctuating commodities prices, which have resulted in the millions to live below the poverty line. Repeated recessions of the 1970s and 1980s, the hyperinflation of 1989-90, the economic crisis of 2001. Argentina is a long way from the turmoil of 2001, but today’s mix of rising prices, wage pressures and the mistrust of the peso have prompted Argentineans to become overrun by a sense of nostalgiaRead MoreEconomic And Political Interests Of Oil Exporting Economies1799 Words   |  8 Pagesneed to save more of their resource windfall, rather than increasing investment and consumption. They should save the difference between the budgeted and the actual prices of crude oil for example. This would be a stabilization fund for strategic, e conomic and political interests (Kolawole, 2014). This increase in savings would lead to an increase in the demand for dollar-denominated assets, which ultimately would enable the expansion of the US current account deficit (Setser, 2007). The real exchangeRead MoreIKEA Environmental Factors1202 Words   |  5 Pagesthose factors, the influence of the global economic interdependency and the effect of trade practices and agreements, the demographic and physical infrastructure, the cultural differences, social responsibility and ethics versus legal obligations, the effect of political systems and the influence of international relations and the Foreign Corrupt Practices Act of 1977, and finally the effect of technology are discussed herein. Influence of Global Economic Interdependence Effect of Trade PracticesRead MoreUs Subprime Mortgage Crisis Essay962 Words   |  4 PagesThe Global Economic Environment EMBA 683 - Fall 2011 Case: U.S. Subprime Mortgage Crisis - Policy Reactions 1) What are the causes behind the U.S. Subprime mortgage crisis? Is one cause more responsible than another? The first and more important factor that lead to the subprime mortgage crisis was governments creation of Freddie and Fannie. This move by the government to intercede the private financial industry sector eventually lead to the US government being the largest lender of mortgages

Hitler Free Essays

string(45) " be contrived to fit the need of the moment\." Adolf Hitler and The National Socialists: A Case Study in Political Constructivism ABSTRACT Adolf Hitler and his National Socialist Party gained and maintained power by adopting the philosophy of constructivism and applying it to political leadership. The Nazi leader took advantage of every situation which made his approach to morals and politics dependent on the climate of public, national, and international opinion at the time. This situational relativist approach can be considered constructivist in nature. We will write a custom essay sample on Hitler or any similar topic only for you Order Now Therefore, by selectively exploring the coups of Hitler and his henchmen the constructivist, unstructured nature of National Socialism will become apparent. By Mark Mraz Mark Mraz is an assistant professor of education at Slippery Rock University in Pennsylvania. He holds a PhD in C I Social Studies Education from The Pennsylvania State University. Mark teaches social studies methods and foundations courses at Slippery Rock. Prior to coming to the University, He taught history and social studies for 29 years at the St Marys Area School District in St. Marys, Pennsylvania. Assistant Professor of Education Slippery Rock University Secondary Education Department 208D McKay Hall Slippery Rock, PA 16057 Email:mark. mraz@sru. edu Phone: 724-738-2288 0 Electronic copy available at: http://ssrn. com/abstract=1126363 Adolf Hitler and the National Socialists: A Case Study in Political Constructivism Introduction Adolf Hitler and his national socialist movement gained and maintained power by adopting the philosophy of constructivism and applying it to political leadership. The Nazi leader took advantage of every situation which made his approach to morals and politics dependent on the climate of public, national, and international opinion at the time. An example of this contrived policy can be seen in the Nazi’s attempt to create a religion, the Reich Church. However, the general German public adhered to their Christianity and Hitler was forced back down when faced with severe prevalent resistance, thereby allowing the people to keep their religious beliefs (Goldenhagen). Undoubtedly, this situational relativist approach can be considered Constructivist. Therefore, by exploring a selective array of the major coups of Hitler and his henchmen; the constructivist unstructured nature of National Socialism is apparent. According to Hitler, in one of his many private diatribes to his inner circle of disciples, the ultimate goal of his whole policy was quite clear. Hitler’s employment of Machiavellian tactics can be seen as implied constructivism. Hitler stated: Always I am concerned only that I do not take a step from which I will perhaps have to retreat, and not take a step that will harm us. I tell you that I always go to the outermost limits of risk, but never beyond. For this you need to have a nose more or less to smell out; â€Å"What can I still do? † †¦ In a struggle against an enemy, I do not summon an enemy with force of fight. I don’t say: â€Å"Fight! † because I want to fight. Instead I say , â€Å"I will destroy you! And now. Wisdom, help me to maneuver you into a corner that you cannot fight back, and then you get the blow to the heart. (Rosenbaum, 382). This passage suggests that Hitler had a goal in mind but the means to the end 1 Electronic copy available at: http://ssrn. com/abstract=1126363 involved a series of constructed scenarios to back his opponents into a position of weakness by giving them no room to maneuver. This is exactly what he did when he took over Austria, the Rhineland, and Czechoslovakia. Hitler harangued, browbeat, and got a vast territory without firing a shot. This weaving and bobbing like a prize fighter on the world stage of geo-politics is dangerous for both the winner and loser. Because the relativity of the circumstances can be misconstrued as vital to the national interest.. This situational contrived metaphysics of the whole history of the National Socialist Workingmans Party’s rise to power can be interpreted as Machiavellian. Machiavellianism, is by its very â€Å"Realpolitik-politics void of ethics† nature is a process that is constructivist due to the solipsistic beliefs of its adherents always laboring for the welfare of one’s state at the cost of others countries. This ultimately leads to means that are built to real goals by situational circumstance and contrived ethics. According to Claudia Koonz, Professor of History at Duke Univesity: Hitler was a keen judge of his constituency’s desires and needs, which allowed him to fashion his state around principles of secular racism which were void of religion. Basing their notions of ethical behavior on the civic virtues of the ethnic Germanic community and hatred of outsiders, the national socialists; had an amoral compass (Koonz). This moral construction, based on underlyin g prejudices was seen by the majority of Germans as being proper and ethical, are another example of the constructivist philosophy of the Third Reich. Hitler and his disciples gave the masses what they wanted security from outsiders. Many Germans were xenophobic about Bolshevism and other alien ideologies; that if adopted would destroy the socio-political cultural fiber of Germanic Teutonic society. All 2 ideas counter to the Nazi Utopia of Aryan supremacy in all socio-cultural-geo-political spheres were perceived by the masses as a threat or a wart on the body politic which had to be removed. Thus creating a surgical mind set about the elimination of undesirable Non-German elements in society. This whole outlook of the reign was conditioned by this contrived metaphysics which made murders out of learned people who under normal circumstances would be humane. Constructivism as a Philosophy in Theory and Practice Constructivism is a philosophical perspective that contends that all truths or facts are â€Å"constructed. † Therefore, truth is contingent on situational, social experience and individual perception. Constructivist philosophy in education holds that pupils are not passive vessels of knowledge, but actively involved in the creation of knowledge through their experiences. The adherents to this philosophy believe that truth is made or invented, not discovered or learned (Ozmon). So if one would take this philosophy to the extreme, it would be easy to extrapolate that truth can be contrived to fit the need of the moment. You read "Hitler" in category "Papers" Indeed a tactic, employed by the national socialists, was to learn from their experiences and invent the truth to fit the circumstances. This certainly was the case during the unsuccessful beer hall putsch of November 8-9, 1923. During the Nazi’s failed attempt to take over the government of Bavaria by force, Hitler gave several speeches to his followers acting like they had effectively made a coup and won the day. When in reality, they had lost, some were killed and Hitler and his entourage went to prison (Hitler). Out of this experience, Hitler stipulated that his goal was the same, to gain control of the government, but the means were different. The unsuccessful attempt to take over by brute force was replaced with legal constitutional 3 means to gain control. Hitler from then on used democracy to destroy the representative government in Germany. He would work the system to his advantage (Gordon). According to the British Historian, Bevin Alexander, even though Hitler was not aware of Sun Tzu, he subscribed to his axiom: â€Å"The way to avoid what is strong is to strike what is weak (Alexander, ix). † Between 1933 and 1940, the Fuehrer avoided the strong and attacked the weak with great triumph. Hitler and the Nazi’s had the uncanny ability to become protean when the circumstances called for it. He also had a huge talent for spotting and taking advantage of the insecurities and vulnerabilities of his opponents. Using these abilities, which might be called Machiavellian logic or simply constructivism, Hitler gained the upper hand in every situation beginning with his elevation to chancellor in January of 1933, and ending with the capitulation of France in July of 1940. However, after the invasion of Russia in July of 1941, he abandoned his constructivist geo–politics in favor of all out pursuit of a policy detrimental to his own country. Because of his hatred of Bolshevism and Jews, Hitler invaded Russia. He had been allied with Stalin and had gotten enormous amounts of oil as well as other raw materials needed for war from the Russians. The invasion put an end to these supplies. The Nazi’s gravely miscalculated the extent to which the Russians were fanatical about their land and not Communism. This â€Å"love of mother Russia† led to the most tenacious fighting in human history. Hitler was on the cusp of ultimate victory when in late 1940 and 1941 he changed that policy, and began to strike at the major powers of Britain, Russia, and eventually the United States. Hitler’s constructivist theory of â€Å"kicking in the 4 oor and the whole thing will collapse,† was a grave misinterpretation from which there was no retreat and deadly consequences (Alexander). Nazi Geo-Political and Socio-Cultural Coups as case studies in Constructivist Leadership During every phase of the development of the Nazi Reich, Hitler would ally with potential enemies to get what he wa nted. When Hitler was appointed chancellor, he was the head of a coalition government that contained people he did not like from both the left and the right politically. However, in a constructivist style all his own he embraced the arrangement to get to power (Evans 2005). Once Hitler became chancellor, he derailed all efforts for any opposition to gain a majority in parliament and on that pretext argued the demise of Reichstag representation. His own party had lost the majority so he was arguing to dissolve his own government. Hitler’s persuasive opinions caused President Hindenburg to acquiesce to the chancellor’s wishes and he dissolved the legislature. New elections were scheduled for early March, but before that could take place, the Reichstag building or the German Parliament burned down (Bullock). It is believed that Hitler’s confederates started the fire and blamed it on Communists. Once there was a perceived threat, the Nazi’s evoked Article 48 of the Weimar Constitution which enabled the chancellor to do away with the civic liberties of the people to protect the nation from fanatical threats from either the left or right. By doing this, the Nazi’s gave the impression that they were the stable element in society and not reactionary radicals, which they actually were. Then as the prize fighter metaphor suggests he simply weaved, bobbed, and counterpunched his way to the Enabling Act. This act fused the office of chancellor and president together giving Hitler dictatorial control of Germany by legal means (Evans 2005). Another episode of Machiavellian constructivist philosophy would be the German-Soviet Non-Aggression Pact of 1939. Hitler hated the Soviet Union and Communism. But he hated the thoughts of a two front war more. In chameleon-like fashion Hitl er courts his most hated enemy in friendship to get what he wants, no counter-attack by the Soviet Union to save Poland. Once he consolidates his Eastern frontier by agreement with the Russians, he hits the Western Democracies (Bullock). Where constructivism really becomes apparent is when one looks at the â€Å"Final Solution. † The Nazi leader stated that if there were no Jews it would be necessary to invent them because the masses need a tangible, concrete enemy and not an abstraction (Fuchs). Since the war many historians have developed various historiographic theories for the policies that led to the Holocaust. Two historical schools of thought have developed: the functionalists and intentionalists. The intentionalists hypothesized that there was a plan for the genocide of the Jews since 1924 (Dawidowicz). Functionalists, also known as structuralists believe that the holocaust was the product of the structural rivalry within the Nazi government and it was functional circumstances that lead the Third Reich from deportation to destruction of the Jews (Browning). Hitler’s actions from 1933 to 1941 involved a policy for forced deportation and exile of Jews. This seems at odds with the planned extermination theory. If he had that plan in mind why would he allow them to leave? One would think he would keep them locked up till he could get the death camps functioning (Framer). 6 Accordingly, a clarification of lexicon may be in order. The functionalist and structuralist schools contend that: 1) Hitler was actually a weak leader who was dependent on governmental and party organizations. 2) Rivalry between four power groups: army, economy, state administration, and Nazi Party/SS lead to constructivist policy making (Browning). The opposite school of thought is the intentionalist which believes that: 1) Hitler was a strong leader and implemented his will. 2) Hitler had a long term plan primarily driven by ideology which he carried out (Marrus). Both interpretations have obvious flaws. The functionalists-structuralists paradigm overlooks the popularity of Hitler, as well as deliberate policy and put too much emphasis on the power and independence of various governmental agencies. The intentionalists ideas put too much emphasis on Hitler’ leadership and his development of a precise plan on paper which he ollowed from the 1920s onward. In recent years, there has been a synthesis of ideas on the Holocaust and a merging of the intentionalitists and functionalists interpretations which suggests that the policy that became the â€Å"Final Solution† was both a top down and bottom up structural construct that involved no master plan (Kenshaw). Clearly the functionalists and the synthesizers are in esse nce saying that the National Socialist policies can be seen as constructivist in that they developed more as a function of the state rather than from coherent plan devised in 1924. Hans Mommsen and Martin Broszat, historians, believe that the National Socialist State was not a modern government but a feudal state with under lords vying for power against others for Hitler’s approval. Accordingly, they contend that Hitler was a reactionary responding to situations rather than taking the lead in formulating policy. 7 Hitler had basic knee jerk reactions to problems that arose and this lead to the development of policy in a piecemeal approach. In addition, Hitler hated paper work so he formulated an idea and let an underling run with it to see what would happen. This constructivist, open ended approach permitted him to leave the minutiae of administrative paper work to others (Framer). His leadership style of constructivism caused a monumental degree of latitude for underlings from different institutions and different paradigms to develop policy. This leeway caused the innate conflicts to emerge within competitive governmental structures which lead to confusion and overlapping authority within the political system (Goldhagen). One can make a case that Hitler and his party developed situational ethics and along with it situational politics. These politics involved ideological ends with no means in place. So the function of the state was to develop the means to give them the end they had in mind as conceived by Hitler. Therefore by combining various historiographical schools of thought, functionalism, structuralism, intentionalism it is plausible that one gets constructivism. Lastly, there are the synthesizers who contend that both interpretations are correct but have flaws. It is my contention as an historian that Hitler was in total control but used a Machiavellian form of leadership that called for bold unches on the world stage. He had an overall goal in mind but no means to reach the goal. So using Machiavellian tactics and applying a constructivist philosophy he was able to successfully get what he wanted by a piecemeal approach, while letting underlings fight out the details at lower levels. This allowed him to take all the credit when things went right and to spread all the blame when things went wrong. 8 Works C ited Alexander, B. (2001). How Hitler could have won the world war II; The fatal errors that led to nazi defeat. New York: Three Rivers Press. Browning, C. R. (2000) Nazi policy, jewish workers, and german killers. Cambridge: Cambridge University Press. Bullock, A. (1962) Hitler: A study in tyranny. New York: Penguin Books. Dawidowicz, L. S. (1975) The war against the jews. New York: Holt, Rinehart, and Winston. Dobry, M. (June 2006) â€Å"Hitler, charisma and structure: Reflections on historical methodology. † Totalitarian Movements and Political Religions. 157-171. Draper, R. (February 8-22, 1999) â€Å"Decoding the holocaust. † The New Leader, 14-15. Evans, R. J. (2003) The coming of the third reich. New York: Penguin Books. Evans R. J. (2005) The third reich in power. New York: Penguin Books. Farmer, A. (September 2007) â€Å"The unpredictable past, hitler and the holocaust. † History Review, p 4-9. Flew, A. (1979) A dictionary of philosophy. New York: Gremacy Books Fest. J. C. (1973) Hitler. New York; Harcourt Brace and Jovanovich. Fuchs, T. (2000) A concise biography of adolf hitler. New York :Berkley Books. Goldhagen, D. J. (1997) Hitler’s willing exceutioners: Ordinary germans and the holocaust. New York: Vintage Books. Gordon, H. J. (1972) Hitler and the beer hall putsch. Cambridge: Princeton University Press, 1972 Hitler. A. (1975). Mein kampf. Boston: Houghton Mifflin. Kenshaw, I. (2000) The nazi dictatorship: problems and perspectives of interpretation New York:Oxford University Press Koonz, C. (2003) The nazi conscience. Cambridge: Bleknap Press of Harvard University Press. Marrus, M. R. (1987) The holocaust in history. London: University Press of England. 9 Ozmon. H. A. (2003) Philosophical foundations of education. Columbus: Prentice-Hall. Rosenbaum, R. (1998) Explaining hitler: The search for the origins of his evil. New York: Basic Books. 10 How to cite Hitler, Papers

Management Practice for Malaysiaan palm Oil Production

Question: Discuss about the Management Practice for Malaysiaan palm Oil Production. Answer: Introduction: The study of management has tremendously evolved in the recent times due to increased and continuous advancement in the field of technologies and dealing with a more sophisticated and educated workforce. Management study primarily focuses on the human resources involved in an organisation or business. The palm oil production in Malaysia has considerably increased over the years. According to a report, there has been 16.9 million tonnes of palm oil production in 2010. The Malaysian palm oil industry is easily able to satisfy the local demands for oil and fats, whereas the excess productions are being exported[1]. The Malaysian Palm Oil Board (MPOB) is the supreme government agency that has been assigned with the responsibility of serving the industry of Malaysian palm oil. There primary focus is to develop and promote the countrys objectives, priorities and policies for the growth of the Malaysian palm oil industry. MPOB was established on 1st May, 2000 and was integrated by an Act of Parliament (ACT 582). It was formed by merging two existing agencies, Palm Oil Research Institute of Malaysia and the Palm Oil Registration and licensing Authority[2]. A Study on Management: Management of an organisation primarily depends on the managers who provide guidance and directions in a company, whether private and public and in businesses. Efficient managers are considered a valued resource in developed countries, whereas in developing countries they are the most needed resources[3]. Efficient managers are able to effectively co-ordinate and combine various resources available in a country, such as, human resource, capital and other natural resources. The management of an organisation helps in the economic development of a country by combining together the four factors of production, they are, people, money, machines and material. According to Peter Drucker, without an effective management the resources of a country can never be converted into product or services[4]. Definition of Manager and Their Skills: Managers can be defined as that individual who have the decision-making power and performs all the managerial functions. They represent only a small part of the total number of employees present in an organisation[5] . It is their responsibility to guide their subordinates and plan effective policies and procedures in order to fulfil organisational goal. According to Robert L.Kartz, effective management depends on three basic types of skills, they are[6] - Technical Skill refers to the managers expertise in the implementation of tools and procedures according to his area of specialisation. Human Skill it refers to the ability to motivate and communicate with people effectively. Here people include colleagues, subordinates, supervisors and other stakeholders. Conceptual Skill this refers to the managers mental ability to conceive plans and effectively execute and implement them in order to achieve organisational goals. MPOB - Planning: Planning is the top most function in the practice of management, which is followed by organising, leading and controlling. It refers to the process of setting targets and developing strategies and means to achieve those goals[7] . Plans must have the ability to change, therefore they must be flexible enough to adapt to changing situation without any undue cost. Since circumstances are changeable, hence a plan must be able to provide for as many contingencies as possible[8]. The Malaysian Palm Oil Board aims to become the supreme organisation by producing institutions for research and development and at the same time by providing impetus and leadership for the growth of a value added, highly varied, sustainable and universally competitive palm oil industry. They also aim for the prosperity of Malaysian Palm Oil industry through development, research and excellent services. In order to fulfil their goal, they have formulated strategies that focuses on the[9] - improvement and expansion of the current usage of palm oil product discover innovative uses for the product improving the production and quality of the product maximise utilisation of land in the areas cultivating palm trees promoting the utilization, consumption and salability of palm oil. In order to fulfil these strategies the MPOB has laid down ceratin effective policies that would in turn determine the countrys economic growth. These policies are[10] they adapted strong industry and market oriented development and research programmes they aggressively undertook commercialism and transfer of technologies to create an active partnership with public and private sectors for utilisation and growth of technology to strengthen their research collaboration and international connection to promote awareness on a global scale, demand and appreciation for Malaysian palm oil and products MPOB is funded primarily from the cess that has been imposed on the organisation for the production of palm oil and palm kernel oil. Moreover, the government also allocates budget to MPOB, to fund projects for developmental purpose and approved research projects under the Intensification of Research in Priority areas (IRPA) programme[11]. MPOB - The Organisational Structure: Organisations are made up of people who work and communicate within the system, individuals who share a common set of interest and values and work together in order to achieve their common objective or goal. Organisations are characterized by the members or employees of the organisation, their common goal or objectives and the structure they formulate to achieve those objectives. Organisational structure varies across different organisations. There are mainly five types of organisational structure, they are, line, line and staff, pure functional, line and functional staff, committee, task force and the matrix organisation. The MPOB follows the committee organisational structure. Committees bring together a group of individuals whose ideas provide solution to a specific or a number of problems[12]. Committee facilitates cooperation and coordination within an organisation and is thus becoming increasingly important. The success of the committee however ultimately depends on skillful leadership. The Board Members of MPOB comprises of a Chairman, representatives from the industry and the Minister of Plantation Industries and Commodities appoints government and the Director-General of MPOB. The Board plays a significant leadership role in providing guidance to the organisation. There are various committees serve the Board in the following areas[13] The Programme Advisory Committee comprises of reputed scientists and experts from the country and abroad. They give recommendations on research activities based on annual examination for the Boards consideration[14]. The Task of Organising: The task of organising mainly involves developing a structure or framework of roles for different individuals in an organisation. This means that all the task of an organisation that needs to be done in order to fulfill organisational goals must be assigned to appropriate people who have the required skills and are efficient enough perform those tasks successfully[15]. Detailing of Work - every organisation is established in order to achieve specific goals. This is considered the task of an organisation. The task of MPOB is to enhance the growth of Malaysian palm oil industry through development , research and excellent services. Division of Work - the work must be assigned carefully depending on the qualification and the skills possessed by the staff members. There must also be a fair distribution of work among its members. Departmentalisation - refers to the process of grouping or segmenting related activities, tasks and units of an organisation. Co-ordination of Work - refers to the process of unifying the diversified works of the staff members and at the same time maintaining a co-ordination between various departments, which would help in the fulfillment of organisational goals. Monitoring and Re-organizing Work - since organizing is a continuous process, therefore a manger must assess the organisational structure at regular intervals. It must be flexible so that effective and efficient operation can be attained. This task of organizing can be very well witnessed in the structure of MPOB. The management and administration of MPOB is the responsibility of the Director-General, supported by Deputy Director-General (Services) and Deputy Director-General (Research and Development). The activities of MPOB are also divided into eight divisions, which are headed by Directors[16]. Leadership: Leadership involves the process of effectively dealing with people and influencing them to achieve both individual and organisational goals. According to Richard L.Daft, the concept of leadership keeps evolving with the changing needs of the organisation. In an organisation, the leader focuses on setting the mission, vision and achieving organizational objectives and goals, where as managers focuses on efficiency and productivity. Leadership is a crucial factor of effective management system[17] . The performance of the management under the supervision of managers becomes more effective when it has the element of effective leadership added to it. The Board of MPOB plays a leading role in providing guidance and direction to the agency. The Mininster of Plantation Industries and Commodities appoint all the members of the Board, which comprises of the Chairman, representatives from the industry and the government and the Director-General of MPOB. Several committees serve the Board in various fields. Controlling: One of the most important functions of the organisation is the power to control. Controlling involves the process of assessing the variation between the set organizational standards and performance and the steps needed to be taken to in order to avoid such future variations. It is the process through which the management determines that the actual performance confirms to the planned performance. In order to help the managers, the control process employs various tools and techniques that have been developed over the years. One such controlling tool is the Budgetary Control, which is being adopted by the MPOB to measure the financial standing of the organisation. It monitors assets, actual expenditures, resources and others and compares them with the budget planned. In the case of MPOB, it is funded by the cess imposed on the organisation for the palm oil production. In addition to this, the government also allocates budget in order to fund the organizations developmental project and approved research project under the Intensification of Research in Priority Areas (IRPA) programme. Conclusion: Thus, it can be concluded that the management of MPOB is very well planned and the policies and strategies formulated by the Board members effectively guides the management in the fulfillment of their organizational goal of globally competitive and sustainable palm oil industry. The fulfillment of this objective of MPOB would in turn help in the economic growth of the country. References: Hislop, Donald.Knowledge management in organizations: A critical introduction. Oxford University Press, 2013. Anderson, David R., et al.An introduction to management science: quantitative approaches to decision making. Cengage learning, 2015. Clegg, Stewart R., Martin Kornberger, and Tyrone Pitsis.Managing and organizations: An introduction to theory and practice. Sage, 2015. Alexander, Keith.Facilities management: theory and practice. Routledge, 2013. Frederickson, H. George, and Richard K. Ghere.Ethics in public management. ME Sharpe, 2013. Rothaermel, Frank T.Strategic management. New York, NY: McGraw-Hill, 2015. Kuipers, Ben S., et al. "The management of change in public organizations: A literature review."Public Administration92.1 (2014): 1-20. Roche, William K., Paul Teague, and Alexander JS Colvin, eds.The Oxford handbook of conflict management in organizations. Oxford University Press, 2014. Armstrong, Michael, and Stephen Taylor.Armstrong's handbook of human resource management Levine, John M., Leigh L. Thompson, and David M. Messick.Shared cognition in organizations: The management of knowledge. Psychology Press, 2013.practice. Kogan Page Publishers, 2014. Levine, John M., Leigh L. Thompson, and David M. Messick.Shared cognition in organizations: The management of knowledge. Psychology Press, 2013. Benschop, Yvonne, et al. "Future challenges for practices of diversity management in organizations."Handbook for Diversity in Organizations, Oxford University Press, Oxford(2015): 553-574. March, James G.Handbook of Organizations (RLE: Organizations). Vol. 20. Routledge, 2013. 'The Official Portal Of Malaysian Palm Oil Board' (Mpob.gov.my, 2017) https://www.mpob.gov.my/ accessed 10 March 2017 Choong, Chee Guan, and Alison McKay. "Sustainability in the Malaysian palm oil industry."Journal of Cleaner Production85 (2014): 258-264. Padfield, Rory, et al. "Landscapes in transition: an analysis of sustainable policy initiatives and emerging corporate commitments in the palm oil industry."Landscape Research41.7 (2016): 744-756. Klaver, Ir Dieuwke, et al. "Future Roles of the State in Governing the Global Palm Oil Industry." (2015). Hislop, Donald.Knowledge management in organizations: A critical introduction. Oxford University Press, 2013. Anderson, David R., et al.An introduction to management science: quantitative approaches to decision making. Cengage learning, 2015. Clegg, Stewart R., Martin Kornberger, and Tyrone Pitsis.Managing and organizations: An introduction to theory and practice. Sage, 2015. Alexander, Keith.Facilities management: theory and practice. Routledge, 2013. Frederickson, H. George, and Richard K. Ghere.Ethics in public management. ME Sharpe, 2013. Rothaermel, Frank T.Strategic management. New York, NY: McGraw-Hill, 2015. Kuipers, Ben S., et al. "The management of change in public organizations: A literature review."Public Administration92.1 (2014): 1-20. Roche, William K., Paul Teague, and Alexander JS Colvin, eds.The Oxford handbook of conflict management in organizations. Oxford University Press, 2014. 'The Official Portal Of Malaysian Palm Oil Board' (Mpob.gov.my, 2017) https://www.mpob.gov.my/ accessed 10 March 2017 Choong, Chee Guan, and Alison McKay. "Sustainability in the Malaysian palm oil industry."Journal of Cleaner Production85 (2014): 258-264. Padfield, Rory, et al. "Landscapes in transition: an analysis of sustainable policy initiatives and emerging corporate commitments in the palm oil industry."Landscape Research41.7 (2016): 744-756. Klaver, Ir Dieuwke, et al. "Future Roles of the State in Governing the Global Palm Oil Industry." (2015). Armstrong, Michael, and Stephen Taylor.Armstrong's handbook of human resource management Levine, John M., Leigh L. Thompson, and David M. Messick.Shared cognition in organizations: The management of knowledge. Psychology Press, 2013.practice. Kogan Page Publishers, 2014. Levine, John M., Leigh L. Thompson, and David M. Messick.Shared cognition in organizations: The management of knowledge. Psychology Press, 2013. Benschop, Yvonne, et al. "Future challenges for practices of diversity management in organizations."Handbook for Diversity in Organizations, Oxford University Press, Oxford(2015): 553-574. March, James G.Handbook of Organizations (RLE: Organizations). Vol. 20. Routledge, 2013.