Assignment 4 Case Study Example | Topics and Well Written Essays - 750 words

Assignment 4 - Case Study Example If cooperation were present in the organization, relationships between employees and employers and among the employees would improve. Question #2 There are several problems facing Frank Questin as the Product Engineering Manager of the organization. First, he does not believe in himself with respect to his job. He constantly doubts his capacity to deal with complex situations despite being his very first time to hold a managerial position (Silverman 677). Second, he has managerial issues in that he does not complete most of his tasks on time. Additionally, his team management skills are lacking in spite of the fact that he has introduced teamwork in the organization. Third, the motivation of his employees is also deficient. This is because some of his employees are dissatisfied with their positions to the point that they would like to quit. Additionally, he receives and addresses many complaints in a day. Furthermore, at one time, he had some overdue performance appraisals. Question #3 Frank’s management style has certain pros and cons. The pros include that he facilitates and encourages teamwork and communication in the organization. ... Question#4 The major cause of conflicts among the major departments is the lack of a clear definition of roles and those responsible for these roles. This is the reason behind some employees being unavailable to help their peers in common challenges. Additionally, this has resulted in production of underperforming and faulty products. To resolve this issue, the manager must redefine all roles and ensure that all individuals are aware of their roles. This would improve the flow of work and thus reduce conflicts and complaints. Question #5 The organizational structure of Custom Chip has its pros and cons. The pros include that the employees are clearly aware of their immediate leaders. Additionally, the employees have a clear path through which they would get to a specific position when promoted. The cons include that although the employees know the immediate leader, they are not clear on a precise leader to whom they should turn for specific problems. Moreover, although the structure is clear, it does not fulfill its roles that include provision of clear work processes and roles for individual positions. Furthermore, the organization does not appear to have a specified culture that the employees follow. An organization’s culture defines the values and behaviors of employees while performing their duties. In addition, the structure lacks innovation and flexibility. Here, self-regulating teams have not been established. Such teams are flexible and have the opportunity to test their ideas so as to facilitate innovation. Question #6 To improve the current situation, Frank should take specific appropriate steps that include variation of leadership styles. First, he

Human Resource as Most Important Essay Example for Free

Human Resource as Most Important Essay The importance of human resource (HR) can be explained through the analogy of a motorcycle. A motorcycle can’t run on its own without the function of its many parts. It needs to be serviced regularly, the parts oiled and sometimes, talking to it, helps in running of your motorbike. Trust me (I myself, own a Vespa). Ignorance of its squeaky brake pads, almost thread less rear tyres could hamper the motorbike’s performance on the road or worst; the death of its rider! These same principles apply for a company. An organization cannot unction without its employees as they are essentially its driving force. Patty (2010: 15) described employees as the ones that make decisions, negotiate and execute plans. An organization exists to deliver value for people, either as a single person or whole fully as a team (Mayo, 2001). As stated by Lawler (2003: 17), some organization’s market worth is in its intangible assets, such as its reputation, brand and human capital, are extremely vulnerable to sudden death spirals. These intangible assets wouldn’t exist if not for good performing employees. A company offering bike towing services wouldn’t be reputable anymore if its mployees start to not achieve its target of 30 minutes arriving at scene upon despatched. Alternatively, a cosmetic shop selling facial products when their sales assistant themselves do not have good facial complexions. As Mayo (2001: 26) states, â€Å"everything depends on people; their capability, motivation, creativity, passion and leadership. People manage the tangible assets, and they also maintain and grow the intangible ones. † Humans possesses unique feelings and emotions and when they are correctly identified and managed with the correct strategy, an organization is able to seamlessly attain its target without much problems. As Kant (1781) mentions, â€Å"Treat people as ends unto themselves rather than as means to an end. † Armstrong (2009: 14) then elaborates, ‘productivity is directly related to job satisfaction and the output will be high if they like their co-workers and are given pleasant supervision. ’ Employees share their personal human capital with their company as they believe they will be getting something in return. As a result, an employee in an organization becomes both the stakeholder and shareholder (Mayo, 2001). Employees are merely lending their personal human capital to their company and may switch so if they are not being treated right. Meanwhile, other assets of an organization do not have an emotional element attached to them. This refers to state-of-the-art technology that manufactures excellent, ‘clean’ products for mass selling. Companies such as Apple, Sony and Philips are all well renowned for their IT products. Big touch screen tablet computers. Bigger ‘LED’ Television screen and the list go on. However, it is by the use of the human resource that we are able to come out with such ideas and thinking on how our future daily products are to be like. Machines can never be exact substitutes for humans. It is the action of our own mindless workers in those factories hat we can control the technology to be turned on or off for exact made-to-order production figures. Those same workers will be the one to diagnose and repair the machines once they break down. The same applies to the rest of the assets. The organization’s financials, materials, and methodology couldn’t be derived without the help of the human resource. It is only through people that these factors could be idealised and generated. Stewart (2005: 3) defined intellectual capital as: ‘Intellectual material –knowledge, information, intellectual property, experience – that can be put to use to create wealth. An organization may start with zero capital but with honest, experienced and resourceful employees, their company might still be successful in the end. As highlighted, no other asset is as important as human resource in any organization. An organization needs the directives of its own staff as nothing else will drive the company forward. Employee actions are the mirror image of their organization. A good responsible, reputable and polite bike technician will give customer the same impression of the company. Good impressions will drive up the company’s monthly sales target. A bad reputation will lowly dwindle down sales targets and force customer to look for other better workshops. However, most companies think of fast super fast and easy methods of cutting down costs in times of crisis by letting go of their employees. It would only be common sense to cut down on your own staff as you’re now dealing with technologies and machines for your business but we are wrong. This perspective is also being supported by various accounting principles. Mayo (2001: 4) states that ‘They are much more likely to see the company being driven by efficiency and by minimizing costs. ’ This is largely due to the fact that human resource costs re easier to monitor, while the intangible values that they generate is not. So, human resources alone will not entail in good endings. It has to be nurtured properly from the start by a good human resource management (HRM). Only with good HRM will the company be recruiting the best talent for the job. With the proper strategy and fit in line, these ‘people’s managers’ will be the change agents for their employees and only then will their approach be fruitful. As stated by Armstrong (2009: 15), ‘the overall purpose of human resource management is to ensure the organization is able to achieve success through people’. As you can see, human resources are the most important asset in the organization. They are the one that drive the organization forward in making a significant contribution to their company’s success. The rest of the assets stated above are in pale comparison to human resource. However, only with a good HRM will the organization prosper. Given the proper infrastructure, high investment and even huge manpower but without a proper HRM, there is no way that organization could run successfully. Thus, human resource is the most important factor in determining the success and failure of any organization.

Ephedra: Asking For Trouble? :: Botany

Ephedra: Asking For Trouble? A member of the phylum Gnetophyta, the Ephedra genus is a perennial, dioecious shrub that reaches 1 1/2 to 4 feet tall (7). There are multiple species of this genus that inhabit the desert regions in certain parts of the world. The three species E. sinica, E. intermedia, and E. equisetina are found in Asia, particularly China and Mongolia. Ephedra distacha is from Europe. India and Pakistan are home to E. gerardiana. North American species consist of E. nevadensis (Mormon tea), E. viridis (desert tea), E. americana, and E. trifurca (7). It takes an average of four years for the shrub to achieve maturation (10) and is harvested in the fall (11). Ephedra has been used medicinally for hundreds, even thousands of years in the regions where it grows. For more than 5000 years, Ephedra's stems have been dried to cure multiple ailments in China. The first records of its use can be found in a Chinese compilation of herbs called Shen Nong Ben Cao Jing (11), which dates back to the first century A.D. (5) E. sinica, called Tsaopen-Ma Huang (2), is the most common species used. Ma Huang refers to the stem and branch, whereas Ma Huanggen refers to the root and rhizome. Ma Huang was used primarily in the treatment of the common cold, asthma, hay fever, bronchitis, edema, arthritis, fever, hypotension, and urticaria (hives). Ma Huanggen's effect is believed to oppose that of the stem and branches. Its use was limited to the treatment of profuse night sweating" (7). Ma Huang was believed to relieve other ailments such as headaches, urinary tract infections, and venereal diseases (10). The Chinese prepared Ephedra different ways, such as extracts and compresses. However, the most common preparation of Ma Huang was as a tea. The stems were dried in the sun and either broken into pieces or crushed into a powder. It was then boiled in a mixture of honey and water. Sometimes it was boiled until only the residue remained, and then consumed (8). Tea appears to be the most common preparation of Ephedra as a medicine in India and North America as well. In India and Pakistan, the stems of E. geradinia were used to treat asthma (8). An ancient collection of Hindu sacred writings called the Rigved gives mention of a drink called soma. Soma was a juice made from Ephedra and was believed to promote longevity (6).

Imaginary Invalid :: essays research papers

Imaginary Invalid Moliere’s â€Å"The Imaginary Invalid† is a play about a hypochondriac who is so obsessed with his health and money that he ends up neglecting his family’s needs to better his own.   Ã‚  Ã‚  Ã‚  Ã‚  Moliere sets up the exposition of the play in Act I by the apothecary bills Argon is reading aloud. After Toinette, the maid, then enters the scene she sarcastically makes a comment about all of the bills lying on the table. Toinette lets the audience know that Argon is a hypochondriac by rebutting everything he says about his doctors and illnesses with sarcastic comments. For instance, when Argon says, â€Å"You leave my insides alone.† She comes back with, â€Å"I wish you would. You’d be a different man.† She also lets the audience know by saying, â€Å"Why, if it wasn’t for him you wouldn’t even know you were ill,† speaking of the apothecary. The main conflict of the play is Argon’s unwillingness to accept that he is not ill and he is, in fact, a very healthy man. This â€Å"illness† leads to the selfishness that he shows his family, especially his daughter Angelica. Later in Act I his â€Å"illnessesâ⠂¬  prove to have relevance to the conflict when she speaks of Cleante, the man she loves. Cleante is not a doctor; therefore, Argon will not give his blessings for Angelica to marry him.   Ã‚  Ã‚  Ã‚  Ã‚  The conflict of the play was that Argon would not give his blessings for the marriage of his daughter, Angelica, and the man she loves, Cleante. The main characters involved in the conflict besides Angelica and Cleante is Argon, the problem, Toinette and Argon’s brother, Beralde, which resolve the conflict in the end. Argon is involved, as stated earlier, because he will not give his blessings on the marriage. Toinette and Beralde were involved in the resolution to the conflict because they cared about Angelica and her happiness. I believe that Beralde was more involved in the resolution because he felt that his brother was going far with his hypochondria, but still cared for Angelica’s happiness. Argon seemed to over-step the line when he tried to ruin the lives of his daughter just for his mental well being. The steps taken to see that Angelica does not have to marry a man that she simply does not want to marry lead up to the climax of the play. Ar gon finally realizes who cares about him and who doesn’t when he overhears his wife, Beline, speaking of his death and then Angelica.

Nucor Steel Case Study

There are many competitive forces that are affecting Nucor Corporation. Some of the primary ones are the market size, number of rivals, and pace of technological change. The market size is shrinking because of the increase in competing international steel companies. The number of rivals in America is declining due to higher labor costs than in foreign countries. There is a very fast pace of technology in the steel industry and it seems that the company, that obtains the newest technology, flourishes. This is due to the difficulty in lower costs of steel production. Better technology is one of the only ways to decrease costs because labor is pretty much at a set cost and all that is left is the cost of iron and making the steel. If a company can get its hands on a new technology that allows it to under price its competitors then it has a big advantage in the steel industry. Nucor’s main rivals in the steel industry are AK Steel Holding Corporation, Mittal Steel Company, and U. S. Steel. The five forces for the steel industry are the buyers, substitutes, suppliers, threat of new entrants, and rivals. The buyers have a fairly strong power on the steel producers. This is because of the low switching cost between competitors. Unless a contract is signed between a steel company and its buyer, there is little cost to the buyer if it wants to switch to a different steel company. There are not very many substitutes for steel, as steel is a commodity, so the substitute power is weak. Steel is a one of a kind item in that it is very strong and very versatile in its use. It is used in buildings, automobiles, bridges, garage door openers, and many other everyday objects. Suppliers also have a weak power in the steel industry. The suppliers are supplying iron to steel companies. Iron is very common and many companies sell it. Also, steel companies frequently integrate backwards and provide their own iron to their steel mills. The threat of new entrants is very weak due to high entry barriers and the current struggling competitors. The rival power is moderate to strong because there are a fair number of steelmaking companies. Also steel dumping occurs, but I will be talking about that later. According to this analysis, Nucor is in a three star industry, so it seems to have an okay chance at surviving. It is not the best industry to be in, but Nucor still has been able to flourish due to its organizational philosophy and technological innovation. 2) The driving forces behind the steel industry are industry growth rate, globalization, technological change and manufacturing process innovation, exit of major firms, and frequent change in cost. The steel industry is falling. There is a declining demand for steel and many companies have already gone bankrupt or are on the verge of going bankrupt. Some of these companies are Bethlehem Steel and Ling-Temco-Vought. The steel industry is very difficult to compete in because more steel is being produced than there is demand for it. Globalization is also a problem for the steel industry in America. Due to globalization it is getting easier for competing companies to send their products to other countries. This causes a problem for companies like Nucor because America has strict labor laws. In other countries labor is exploited and workers are paid very little, while in America, companies must pay their workers a minimum wage. One good thing that America does do is provide tariffs on incoming steel products to help American companies better compete with the international companies. Some countries are subsidiaries to the steel companies in their countries. This means that the governments have a vested interest in the company and want it to succeed. The companies can then sell products, like steel, at a much lower price due to the incoming funding form the government. China has been accused of this and America has taken action to alert the World Trade Organization to settle the matter, but this is only one step to â€Å"leveling the playing field† with China. The technologies for making steel are constantly changing and this allows for more efficient and therefore cheaper steel products. It seems that the companies, who obtain these technologies, obtain a significant head start in the industry. Like I said before, many companies are going bankrupt and are leaving the exiting the industry. Since steel is a commodity it leads to very volatile prices and can change quite frequently due to demand. By looking at Exhibit 1, you can see how the average price per ton decreased form $425 per ton in 2000 to $354 per ton in 2001. This exhibit shows how many tons of steel Nucor sold during certain years from 1970 to 2006. It is interesting to see that Nucor’s net income was fairly low during the years of 2000-2002, but increased to $1,121. 5 million. This is because of Nucor’s many acquisitions during the low period. Just a few years later in 2004, the price of steel was back up to $595 per ton. These driving forces very easily impact the steel industry’s competitive structure in a bad way. These driving forces make it very difficult for steel companies to compete in this industry. 3)The prospects for future profitability of the U. S. steel makers are very unattractive. Unless America can successfully combat China’s enormously, inexpensive, production ability, I do not see any American steel company surviving. China just has too big of a production ability and has the workforce to do it cheaply. Nucor will have to expand in this industry in the United States to survive. If the WTO negotiations with China go well then American steel companies may have a chance in the steel industry. If they do, then America can increase tariffs on incoming steel products and give American steel companies a chance to survive. Future profitability looks grim for American steel companies because of what I described before. China has been accused of subsidizing its steel companies, therefore funding them to make it possible to â€Å"dump steel† which is the process of selling steel at prices below the cost of making it. China would do this because then it would eventually under price foreign competitors and run them out of business. This, supposedly, happened back in 2000-2001 and devastated the steel industry in America, causing many companies to go bankrupt or be bought by other companies. Nucor was lucky enough to have survived this fall out and acquired many steel plants at low prices. The steel industry did bounce back in 2005-2006 and this allowed Nucor to grow quite rapidly due to its previous acquisitions. If America can again survive the big Chinese power, then Nucor will succeed, but right now it looks bleak for the American steel industry. 4)Nucor has adopted a low-cost strategy based on four parts. These parts are acquisitions, technological innovation, plant innovation, and joint ventures. The acquisition part of the Nucor strategy is that it has acquired many different steel companies in 2000-2001, when the steel industry in America was suffering. Because of the low time in the steel industry, Nucor could purchase steel companies at lower prices than normal. This helped its low-cost strategy substantially because it allowed Nucor to grow yet still remain a low-cost steel producer. Exhibit 2 shows Nucor’s financials, and very accurately illustrates the hit Nucor took during the low period of 2000-2003. This was a perfect time for Nucor to buy other steel companies, as this was one of the only ways for it to grow. Nucor invested heavily in new technologies. Investing in new technologies is very important for steel companies to do, as it is very easy to reduce costs if the company has a foothold on a new technology. Nucor focused on the introduction of disruptive technologies to give it an advantage in the market as compared to its competitors in terms of product quality, cost per ton, and market share. One example of this is the Castrip process. This new process produced flat-rolled, carbon, and stainless steels in very thin gauges. It allowed Nucor to produce steel in fewer steps, and helped produce savings in its operating expenses, therefore increasing Nucor’s net income. The Castrip process needed lower-quality scrap steel, which decreased costs of the scrap steel, and required 90% less energy. Also this new process cut green house gases by 80%. Nucor also increased its capital investments on the newest machinery to provide more efficient steel plants. By providing its workforce with the best possible technology, Nucor was able to max out production yet still retain a safe working environment. The implementation of hard working plant managers, produced hardworking managers that are aggressive enough to implement methods to improve product quality while keeping costs low. Nucor’s last strategic part was its joint ventures. By investing in joint ventures, Nucor was able to grow internationally with out the full capital risk. Some examples of this were its joint ventures in Brazil, Australia, and Trinidad. The joint venture in Brazil was between Companhia Vale do Rio Doce and Nucor. The goal was to produce an environmentally friendly pig iron plant that used eucalyptus trees as fuel. The use of eucalyptus trees as fuel removed 2,400 pounds of carbon dioxide from the atmosphere for every one ton of pig iron produced. Another joint venture was three other companies in Australia. This plant used a new technology process called HIsmelt. This new process converted iron ore to pig iron at a lower cost and higher quality than previously known pig iron producing technologies. The Trinidad plant was acquired in 2007 and was originally in Louisiana. The plant was moved to Trinidad because of the constant supply of natural gas as fuel therefore lowering costs. This plant reduced scrap metal dependence by as much as 25%. It also allowed for a higher quality production of sheet steel. Nucor’s four-part strategy has lead to a competitive sustainable advantage as seen in exhibit 2 between the years of 2004-2006 when its net income soared to more than $1,757. 7 million. Nucor used a cost-based advantage to achieve its competitive sustainable advantage. )Nucor employed an organization philosophy consisting of decentralization, individually operated plants, a three layer structure, good compensation practices for its employees, and good employee relations. Nucor’s decentralized structure allowed for its employees to make quick decisions that did not have to go through all of the bureaucratic steps like that in a centralized company. A decentralized co mpany relied on higher quality employees that could analyze a situation and react quickly and successfully. The individually operated plants were akin to the decentralized company. Each plant was individually responsible for its profits. The three layers consisted of the executives at the headquarters located in South Carolina, the general managers that ran the plants and talked to the executives, and the hourly employees that did most of the labor at the plants. The general managers ran the plants individually form each other and were expected to reach, at least, a 25% return on its total assets. If a general manager failed this, the executives would interfere and had no hesitation in replacing an unsuccessful general manager. The individual plants allowed for team like competitions between plants to see who could be the best performer. Nucor was nonunion, but provided salaries based on competing plants’ salaries in the area. Nucor offered a generous compensation bonus to good work that differed for each worker. Hourly workers received bonuses if they produced more than the standard number of tons. Department managers earned annual bonuses depending on percentage of net income to dollars of assets. Nucor also had great employee relations. Nucor offered 401k plans by matching up to 25% of employees’ contributions. Medical and dental plans were very common for Nucor employees. There was also a tuition reimbursement of up to $2,750 for any employee. For the children of employees, Nucor would provide a scholarship up to $2,750, which would encourage employees to stay until their went to college. As seen here, Nucor treated its employees very well to reduce employee turnover and attract the best employees. Nucor required a high human capital if it were going to use a decentralized structure. The high quality employees that Nucor attracted helped Nucor execute its low-cost strategy, and led to superior results. )Nucor’s leadership, great strategy, and execution were what led to why Nucor was so successful in the steel industry. The great leader that Nucor relied upon was Kenneth Iverson, who changed Nucor from a nuclear energy company into a steel company. As seen in the last question, the decentralized structure helped Nucor react t problems quickly due to the ability of employees to take t he authority to solving problems. To be a great company, you need all three. This was evident in the case of Nucor because it was turned around and became a very successful company in a very different and difficult industry than where it started. )The SWOT analysis of Nucor is as follows. The strengths of Nucor are its strong market position, historically based position, increased production capacity, and strong technological focus. Nucor had a strong market position that allowed it to flourish in the steel industry. The strong market position is shown by its ability to stay out of the red during hard times. This is seen in exhibit 1. Nucor continued to have a positive net income, even during the low period between 2000 and 2002, as seen in exhibit 1. Nucor’s historically based position has given it a long-standing presence that is known to most steel consumers. This has helped Nucor because it tells the consumers that Nucor has been able to provide quality steel year after year. As seen in exhibit 1, Nucor has increasingly produced steel starting at 207,000 tons in 1970 to 22,118,000 tons in 2006. This growth is enormous and not once did Nucor’s steel sales fall below its previous year. Nucor’s strong technological focus has allowed it to become a power in the steel industry. It used electric arc furnaces when they were a new technology and encouraged further innovation into the steel production methods. Some weaknesses of Nucor are that it is mainly located in America and that the steel industry is already very developed. The fact that Nucor is mainly in America limits its growth. Nucor cannot compete with international companies so it is best to stay in America, but that continues to limit its growth because Nucor can only sell so much steel in the United States. The steel industry is very developed due to the early demand for the high amounts of steel back when the steel industry started. Now demand has lessened and the developed companies are fighting to stay alive. Nucor’s opportunities are joint ventures and new technologies. Nucor has taken advantage of some of its joint ventures in Brazil and Australia. This is good because is allows for an expanded production line and further integration backwards. New technologies are a good way for Nucor to grow as it can decrease its costs and therefore increase its net income. This is a necessity for Nucor due to its â€Å"prison-like† existence in America. The threats on Nucor are foreign competitors and decreasing demand. Foreign competitors are growing in the developing nations like India and China. These nations are very large and China already produces one third of the steel in the world. Decreasing is also a problem, which is caused by the increasing amount of suppliers. Nucor’s distinct competencies are its highly successful strategy and high quality human, technology, and leadership capital. 8)My assessment of Nucor’s stock is that it has done the best out of its American competitors as shown in exhibit 3. Exhibit 3 is a comparison of the stocks of Mittal Steel (MT), U. S. Steel (X), AK Holding Steel Company (AKS), and of course Nucor Corporation (NUE). As shown, exhibit 3 shows these four stocks from 1999 to 2009. Mittal Steel did surpass Nucor during the years of 2007 and 2008, but currently Nucor is the highest. This is good because it shows the reaction to the recession, and it shows that Nucor bounced back the best. I personally would not purchase any steel stock because I believe that the growing steel industries in China and India will over power the American steel companies. However, if I had to invest in a steel company, it would in fact be Nucor. 9)Nucor needs to address the growing steel industry in Asia. Daniel DiMicco needs to do something to ensure that Nucor survives. I would recommend further investment in new steel technologies, and if it comes to it, Nucor may have to change industries again, like it did back in 1970. DiMicco may want to make sure that he is not â€Å"keeping all of Nucor’s eggs in one basket† by staying in the steel industry. Moving into the energy industry may be a smart move as there is a definite need for alternative energy. Nucor’s current, increasing net income could help invest in alternative energies that would help Nucor become sustainable. 10)The biggest recent event is the possibility of China potentially steel dumping, which would under price Nucor substantially. This would lead to the downfall of Nucor. Another current event is the new technology of producing â€Å"Green Steel† (http://news. n. msn. com/business/article. aspx? cp-documentid=1090378). This is a new technology that takes waste plastic and converts it into steel. Since plastic is mainly carbon, it is possible to produce steel from the waste plastic. This would solve the problem of what to do with the plastic that is no longer used and help produce cheap steel that also lowers emissions. Lower temperature is needed in this new process therefore reducing the energy needed. This new technology converts waste into very much needed, and useful steel. Nucor Steel Case Study There are many competitive forces that are affecting Nucor Corporation. Some of the primary ones are the market size, number of rivals, and pace of technological change. The market size is shrinking because of the increase in competing international steel companies. The number of rivals in America is declining due to higher labor costs than in foreign countries. There is a very fast pace of technology in the steel industry and it seems that the company, that obtains the newest technology, flourishes. This is due to the difficulty in lower costs of steel production. Better technology is one of the only ways to decrease costs because labor is pretty much at a set cost and all that is left is the cost of iron and making the steel. If a company can get its hands on a new technology that allows it to under price its competitors then it has a big advantage in the steel industry. Nucor’s main rivals in the steel industry are AK Steel Holding Corporation, Mittal Steel Company, and U. S. Steel. The five forces for the steel industry are the buyers, substitutes, suppliers, threat of new entrants, and rivals. The buyers have a fairly strong power on the steel producers. This is because of the low switching cost between competitors. Unless a contract is signed between a steel company and its buyer, there is little cost to the buyer if it wants to switch to a different steel company. There are not very many substitutes for steel, as steel is a commodity, so the substitute power is weak. Steel is a one of a kind item in that it is very strong and very versatile in its use. It is used in buildings, automobiles, bridges, garage door openers, and many other everyday objects. Suppliers also have a weak power in the steel industry. The suppliers are supplying iron to steel companies. Iron is very common and many companies sell it. Also, steel companies frequently integrate backwards and provide their own iron to their steel mills. The threat of new entrants is very weak due to high entry barriers and the current struggling competitors. The rival power is moderate to strong because there are a fair number of steelmaking companies. Also steel dumping occurs, but I will be talking about that later. According to this analysis, Nucor is in a three star industry, so it seems to have an okay chance at surviving. It is not the best industry to be in, but Nucor still has been able to flourish due to its organizational philosophy and technological innovation. 2) The driving forces behind the steel industry are industry growth rate, globalization, technological change and manufacturing process innovation, exit of major firms, and frequent change in cost. The steel industry is falling. There is a declining demand for steel and many companies have already gone bankrupt or are on the verge of going bankrupt. Some of these companies are Bethlehem Steel and Ling-Temco-Vought. The steel industry is very difficult to compete in because more steel is being produced than there is demand for it. Globalization is also a problem for the steel industry in America. Due to globalization it is getting easier for competing companies to send their products to other countries. This causes a problem for companies like Nucor because America has strict labor laws. In other countries labor is exploited and workers are paid very little, while in America, companies must pay their workers a minimum wage. One good thing that America does do is provide tariffs on incoming steel products to help American companies better compete with the international companies. Some countries are subsidiaries to the steel companies in their countries. This means that the governments have a vested interest in the company and want it to succeed. The companies can then sell products, like steel, at a much lower price due to the incoming funding form the government. China has been accused of this and America has taken action to alert the World Trade Organization to settle the matter, but this is only one step to â€Å"leveling the playing field† with China. The technologies for making steel are constantly changing and this allows for more efficient and therefore cheaper steel products. It seems that the companies, who obtain these technologies, obtain a significant head start in the industry. Like I said before, many companies are going bankrupt and are leaving the exiting the industry. Since steel is a commodity it leads to very volatile prices and can change quite frequently due to demand. By looking at Exhibit 1, you can see how the average price per ton decreased form $425 per ton in 2000 to $354 per ton in 2001. This exhibit shows how many tons of steel Nucor sold during certain years from 1970 to 2006. It is interesting to see that Nucor’s net income was fairly low during the years of 2000-2002, but increased to $1,121. 5 million. This is because of Nucor’s many acquisitions during the low period. Just a few years later in 2004, the price of steel was back up to $595 per ton. These driving forces very easily impact the steel industry’s competitive structure in a bad way. These driving forces make it very difficult for steel companies to compete in this industry. 3)The prospects for future profitability of the U. S. steel makers are very unattractive. Unless America can successfully combat China’s enormously, inexpensive, production ability, I do not see any American steel company surviving. China just has too big of a production ability and has the workforce to do it cheaply. Nucor will have to expand in this industry in the United States to survive. If the WTO negotiations with China go well then American steel companies may have a chance in the steel industry. If they do, then America can increase tariffs on incoming steel products and give American steel companies a chance to survive. Future profitability looks grim for American steel companies because of what I described before. China has been accused of subsidizing its steel companies, therefore funding them to make it possible to â€Å"dump steel† which is the process of selling steel at prices below the cost of making it. China would do this because then it would eventually under price foreign competitors and run them out of business. This, supposedly, happened back in 2000-2001 and devastated the steel industry in America, causing many companies to go bankrupt or be bought by other companies. Nucor was lucky enough to have survived this fall out and acquired many steel plants at low prices. The steel industry did bounce back in 2005-2006 and this allowed Nucor to grow quite rapidly due to its previous acquisitions. If America can again survive the big Chinese power, then Nucor will succeed, but right now it looks bleak for the American steel industry. 4)Nucor has adopted a low-cost strategy based on four parts. These parts are acquisitions, technological innovation, plant innovation, and joint ventures. The acquisition part of the Nucor strategy is that it has acquired many different steel companies in 2000-2001, when the steel industry in America was suffering. Because of the low time in the steel industry, Nucor could purchase steel companies at lower prices than normal. This helped its low-cost strategy substantially because it allowed Nucor to grow yet still remain a low-cost steel producer. Exhibit 2 shows Nucor’s financials, and very accurately illustrates the hit Nucor took during the low period of 2000-2003. This was a perfect time for Nucor to buy other steel companies, as this was one of the only ways for it to grow. Nucor invested heavily in new technologies. Investing in new technologies is very important for steel companies to do, as it is very easy to reduce costs if the company has a foothold on a new technology. Nucor focused on the introduction of disruptive technologies to give it an advantage in the market as compared to its competitors in terms of product quality, cost per ton, and market share. One example of this is the Castrip process. This new process produced flat-rolled, carbon, and stainless steels in very thin gauges. It allowed Nucor to produce steel in fewer steps, and helped produce savings in its operating expenses, therefore increasing Nucor’s net income. The Castrip process needed lower-quality scrap steel, which decreased costs of the scrap steel, and required 90% less energy. Also this new process cut green house gases by 80%. Nucor also increased its capital investments on the newest machinery to provide more efficient steel plants. By providing its workforce with the best possible technology, Nucor was able to max out production yet still retain a safe working environment. The implementation of hard working plant managers, produced hardworking managers that are aggressive enough to implement methods to improve product quality while keeping costs low. Nucor’s last strategic part was its joint ventures. By investing in joint ventures, Nucor was able to grow internationally with out the full capital risk. Some examples of this were its joint ventures in Brazil, Australia, and Trinidad. The joint venture in Brazil was between Companhia Vale do Rio Doce and Nucor. The goal was to produce an environmentally friendly pig iron plant that used eucalyptus trees as fuel. The use of eucalyptus trees as fuel removed 2,400 pounds of carbon dioxide from the atmosphere for every one ton of pig iron produced. Another joint venture was three other companies in Australia. This plant used a new technology process called HIsmelt. This new process converted iron ore to pig iron at a lower cost and higher quality than previously known pig iron producing technologies. The Trinidad plant was acquired in 2007 and was originally in Louisiana. The plant was moved to Trinidad because of the constant supply of natural gas as fuel therefore lowering costs. This plant reduced scrap metal dependence by as much as 25%. It also allowed for a higher quality production of sheet steel. Nucor’s four-part strategy has lead to a competitive sustainable advantage as seen in exhibit 2 between the years of 2004-2006 when its net income soared to more than $1,757. 7 million. Nucor used a cost-based advantage to achieve its competitive sustainable advantage. )Nucor employed an organization philosophy consisting of decentralization, individually operated plants, a three layer structure, good compensation practices for its employees, and good employee relations. Nucor’s decentralized structure allowed for its employees to make quick decisions that did not have to go through all of the bureaucratic steps like that in a centralized company. A decentralized co mpany relied on higher quality employees that could analyze a situation and react quickly and successfully. The individually operated plants were akin to the decentralized company. Each plant was individually responsible for its profits. The three layers consisted of the executives at the headquarters located in South Carolina, the general managers that ran the plants and talked to the executives, and the hourly employees that did most of the labor at the plants. The general managers ran the plants individually form each other and were expected to reach, at least, a 25% return on its total assets. If a general manager failed this, the executives would interfere and had no hesitation in replacing an unsuccessful general manager. The individual plants allowed for team like competitions between plants to see who could be the best performer. Nucor was nonunion, but provided salaries based on competing plants’ salaries in the area. Nucor offered a generous compensation bonus to good work that differed for each worker. Hourly workers received bonuses if they produced more than the standard number of tons. Department managers earned annual bonuses depending on percentage of net income to dollars of assets. Nucor also had great employee relations. Nucor offered 401k plans by matching up to 25% of employees’ contributions. Medical and dental plans were very common for Nucor employees. There was also a tuition reimbursement of up to $2,750 for any employee. For the children of employees, Nucor would provide a scholarship up to $2,750, which would encourage employees to stay until their went to college. As seen here, Nucor treated its employees very well to reduce employee turnover and attract the best employees. Nucor required a high human capital if it were going to use a decentralized structure. The high quality employees that Nucor attracted helped Nucor execute its low-cost strategy, and led to superior results. )Nucor’s leadership, great strategy, and execution were what led to why Nucor was so successful in the steel industry. The great leader that Nucor relied upon was Kenneth Iverson, who changed Nucor from a nuclear energy company into a steel company. As seen in the last question, the decentralized structure helped Nucor react t problems quickly due to the ability of employees to take t he authority to solving problems. To be a great company, you need all three. This was evident in the case of Nucor because it was turned around and became a very successful company in a very different and difficult industry than where it started. )The SWOT analysis of Nucor is as follows. The strengths of Nucor are its strong market position, historically based position, increased production capacity, and strong technological focus. Nucor had a strong market position that allowed it to flourish in the steel industry. The strong market position is shown by its ability to stay out of the red during hard times. This is seen in exhibit 1. Nucor continued to have a positive net income, even during the low period between 2000 and 2002, as seen in exhibit 1. Nucor’s historically based position has given it a long-standing presence that is known to most steel consumers. This has helped Nucor because it tells the consumers that Nucor has been able to provide quality steel year after year. As seen in exhibit 1, Nucor has increasingly produced steel starting at 207,000 tons in 1970 to 22,118,000 tons in 2006. This growth is enormous and not once did Nucor’s steel sales fall below its previous year. Nucor’s strong technological focus has allowed it to become a power in the steel industry. It used electric arc furnaces when they were a new technology and encouraged further innovation into the steel production methods. Some weaknesses of Nucor are that it is mainly located in America and that the steel industry is already very developed. The fact that Nucor is mainly in America limits its growth. Nucor cannot compete with international companies so it is best to stay in America, but that continues to limit its growth because Nucor can only sell so much steel in the United States. The steel industry is very developed due to the early demand for the high amounts of steel back when the steel industry started. Now demand has lessened and the developed companies are fighting to stay alive. Nucor’s opportunities are joint ventures and new technologies. Nucor has taken advantage of some of its joint ventures in Brazil and Australia. This is good because is allows for an expanded production line and further integration backwards. New technologies are a good way for Nucor to grow as it can decrease its costs and therefore increase its net income. This is a necessity for Nucor due to its â€Å"prison-like† existence in America. The threats on Nucor are foreign competitors and decreasing demand. Foreign competitors are growing in the developing nations like India and China. These nations are very large and China already produces one third of the steel in the world. Decreasing is also a problem, which is caused by the increasing amount of suppliers. Nucor’s distinct competencies are its highly successful strategy and high quality human, technology, and leadership capital. 8)My assessment of Nucor’s stock is that it has done the best out of its American competitors as shown in exhibit 3. Exhibit 3 is a comparison of the stocks of Mittal Steel (MT), U. S. Steel (X), AK Holding Steel Company (AKS), and of course Nucor Corporation (NUE). As shown, exhibit 3 shows these four stocks from 1999 to 2009. Mittal Steel did surpass Nucor during the years of 2007 and 2008, but currently Nucor is the highest. This is good because it shows the reaction to the recession, and it shows that Nucor bounced back the best. I personally would not purchase any steel stock because I believe that the growing steel industries in China and India will over power the American steel companies. However, if I had to invest in a steel company, it would in fact be Nucor. 9)Nucor needs to address the growing steel industry in Asia. Daniel DiMicco needs to do something to ensure that Nucor survives. I would recommend further investment in new steel technologies, and if it comes to it, Nucor may have to change industries again, like it did back in 1970. DiMicco may want to make sure that he is not â€Å"keeping all of Nucor’s eggs in one basket† by staying in the steel industry. Moving into the energy industry may be a smart move as there is a definite need for alternative energy. Nucor’s current, increasing net income could help invest in alternative energies that would help Nucor become sustainable. 10)The biggest recent event is the possibility of China potentially steel dumping, which would under price Nucor substantially. This would lead to the downfall of Nucor. Another current event is the new technology of producing â€Å"Green Steel† (http://news. n. msn. com/business/article. aspx? cp-documentid=1090378). This is a new technology that takes waste plastic and converts it into steel. Since plastic is mainly carbon, it is possible to produce steel from the waste plastic. This would solve the problem of what to do with the plastic that is no longer used and help produce cheap steel that also lowers emissions. Lower temperature is needed in this new process therefore reducing the energy needed. This new technology converts waste into very much needed, and useful steel.

How to Answer this Interview Question Honestly

How to Answer this Interview Question Honestly In the interview, things are going along well. Maybe you’ve aced the small talk with the interviewer, and have created a rapport as you skip through the standard interview questions about five-year plans and that time you problem-solved the heck out of something. Then your new buddy looks you in the eye and asks for your honesty. For example, â€Å"Tell me what you’d do if your boss came up with an idea you hated.† Or â€Å"Tell me something negative you’ve heard about this company.† Just two new friends (and probable future coworkers) having a candid moment, right? Well, partly yes. But mostly no. The interview is still on, remember, and you need to answer it as an A+ candidate. How do you navigate this interview question?DO make sure you’ve got straightforward body language.Fidgeting, avoiding eye contact, all of those things make it look like you’re scrambling for an answer- or worse, making something up.DON’T disparage the c ompany or your hypothetical boss with the terrible idea.Going negative can be tempting to show what a badass shark you are, but keep in mind that this might not be so hypothetical to the interviewer. She might be your boss with the terrible idea at some point. Try to keep the tone positive no matter what:  Ã¢â‚¬Å"I think an idea is a starting point for conversation.† Or â€Å"I did see the news reports last week about the company accidentally poisoning baby seals, but I think there are two sides to every story, and I’d want to know more about the situation that goes beyond the headlines.†DON’T gossip.If the company was all over the news last week for poisoning baby seals, then sure, it’s okay to go ahead and mention that particular elephant in the room if you’re asked about negative things you’ve heard. Otherwise, it’s likely the interviewer is fishing to see what the industry is saying about his company- or at the very least, trying to gauge whether you’re coming in with a particular agenda.This is especially likely to come up if your current/last job was at a competitor. You’re not a double agent, so don’t let them play you like one. If you’re pressed, be positive. â€Å"I can’t recall anything particularly negative, but I was interested in learning more about [aspect of company], if you’d like to talk more about that.DO see this as an opportunity to reflect back on your own skills.For the question on how you’d disagree with a boss or colleague, use an example of a time you faced different perspectives in a previous job. For the â€Å"what have you heard?† question, emphasize that what you have heard about the company dovetails with your goals, and that’s why you’re so interested in working with them.DON’T be brutally honest.Be tactful and positive instead. Remember, there’s Regular You, and there’s Professional You. There are, necessarily, differences between the two. Always err on the side of Professional You, even if Regular You would talk smack about the company off the record, or if Regular You would roll your eyes at a boss’s ludicrous idea. The interviewer needs to know you’re a team player, and this is a good place to show off your diplomacy skills.So in short: don’t go too negative, and if you need to, umm, massage what you really think, make sure it comes off as a straightforward response.

Trade Unions A future essays

Trade Unions A future essays A trade union is an independant self-regulating organization of workers created to protect and advance the interests of its members through collective action. Over recent years, it has become fashionable in many quarters to write off Britains trade unions, to label them as obsolete institutions out of touch with new realities and incapable of change. In todays world of individual employment contracts, performance-related pay schemes, Human Resource and Total Quality Management and all the other ingredients of the so-called new workplace, trade unions are often regarded as anachronistic obstacles preventing success of the market economy. As collective voluntary organizations that represent employees in the workplace, it is argued, trade unions no longer serve a useful purpose. The main priority of this essay is to represent the arguments for and against the relevance of trade unions in todays working society. Furthermore, I shall comment on the future of the trade union movement, based upon the facts and findings that helped construct this text. Trade unions exist because an individual worker has very little power to influence decisions that are made about his or her job. The greatest advantage in joining a trade union is because, by doing so, individuals possess more chance of having a voice and influence in their place of work. By joining forces with other workers, an individuals opinions and beliefs regarding their job will also be voiced by other union members, thus creating a stronger stance against management, if needed. Therefore, the main purpose of a trade union is to protect and improve people's pay and conditions of employment. This objective is usually achieved through negotiation and representation. Negotiation is where union representatives discuss with management, issues which affect people working in an organization. The union finds out the members view...