International Financial Management Essay Example | Topics and Well Written Essays - 2500 words

International Financial Management - Essay Example Interest rate swaps are especially useful where on one hand, a firm wants to receive/make payment in the form of a variable interest rate and on the other hand another firm which prefers instead to receive/make payment in the form of fixed interest rate so as to limit its future risk. The first swap was executed over thirty years ago (Corb, 2012). The rationale behind such a derivative instrument is that, both parties to the financial arrangement have their own distinct priorities and requirements such that in swapping, there is a mutual benefit to be derived. This benefit arises from three major elements of the capital market: The comparative advantage, information asymmetries and fixed rate debt vis-a-vis the embedded options (Flavell, 2010). In essence, the monetary gain one party makes through the swap contract is equal to the monetary loss of the counterparty to the contract. This is to say that although there is the overall benefit of a minimized risk arising from uncertainties within the financial market, one party to the contract will incur some monetary loss. ... The most common forms of interest rate swaps include: Fixed for floating interest rate swap Floating for fixed interest swaps Same currency swaps Different currency swaps Discussion For firms such as ABC limited, a variable for fixed interest rate swap is very desirable. Firstly, with regard to synthetic fixed rate financing (also referred to as signaling). The asymmetric nature of the information environment means that firms themselves possess a better view of their levels of credit risks. As such, they require a credible way(s) of transmitting such information to the investors within the market. The firm’s borrowing of a short term debt instrument and swapping it for a fixed debt instrument signals good levels of credit of the firm to the market (Flavell, 2010). A firm is only able to do this in light of its improving future prospects. Any subsequent floating/variable debt instruments sought after will be at better and better rates (since the market can in itself recognize t his) provided that the market is sure that the firm’s projected level of credit is sound. Ordinarily, the market reacts harshly to any false signaling by firms about their credit levels. The market conducts a comparison of the firm’s signal now and its performance in the subsequent period; where the firm’s credit has not risen, the market assumes that the signaling was false and retrospectively the market may downgrade the firm’s credit rating by more than usual. Secondly, the underlying principal is not exchanged or swapped. This means that the maximum loss is substantially minimized to the net payments to the counterparties of the swap contract. Additionally, where the interest rate on floating debt

Comparing and Contrasting General Systems Theories Research Paper

Comparing and Contrasting General Systems Theories - Research Paper Example Mainly, the organizations whose their basic parts are elements of diverse orientation usually differing with the environment they are meant to operate and the relationship which exists amid them. However, in the core operation of the system it may be almost the same but as the system upgrades, to assume its core purpose it changes its modeling explanation that may have diverse mathematical modeling (Shaw, 2009). Information Systems Theory (IST) prior to the current connotation was principally limited to computer science (Von Bertalanffy, 2008). This encompasses computer organizing information, which today the term â€Å"information† is more general and requires more expounding and keen elucidation. Since, each system despite its core role is information centered; processing it for more effective operations meant to fulfill its main value as a system. IST in its actual argument, it implies that system as symbol encapsulated with an idiom. An Idiom refers to an intangible concep t mainly formulated to simply explanations for system symbols and their links. This offers a conceptual link amid set theory plus algebra especially in mathematical explanation (Von Bertalanffy, 2008). ... here it underlies all other entities to enhance more communication, hence offering effective linkage and relations of the entities and the common information space (Skyttner, 2006). These entities interacts further yielding to more multifaceted permutations. For instance, English language an idiom that is a universal concept primarily participates in offering space for the creation of sentences words and other correlated tasks, which will enable the stated language, emerge effectively, thus making understanding better. In mathematics, there a theoretical idiom that allows for the formation of mathematical statements and it accomplishment, hence proving the universal character of an idiom (Von Bertalanffy, 2008). Systems’ thinking, which yielded from Ludwig’s scholarly leaps in 1930s, meant to serve in the WWII (Skyttner, 2006). This was especially in the logistics in ensuring effective attainment of exact soldiers’ population as the war proceeded. System thinking implies how diverse entities in a certain environment co-exist without any dictation from any part entity. It involves dilemma resolution, essentially by having wide perspective of â€Å"problems† as a whole system rather than definite part, results or tasks that may prompt to additional inadvertent consequences (Skyttner, 2006). This proves that system thinking cannot be singular, but set of numerous aspects. These mainly, comprise habits or practices, which make the co-existing entities, live harmoniously. Consequently, implying that the systems parts can best understood by observing or studying their relationships and interactions they poses, which expounds unmistakably their condition of information (Von Bertalanffy, 2008). System’s components also depicts information in the manner interact with

GFP Practical Report

GFP Practical Report GFP is very useful as a reporter protein. After its discovery in 1962 its practical applications were put into use 30 years later by adding the coding DNA of GFP before the stop codon of other proteins. This allows for an easily detectable marker of the proteins presence without needing additional cofactors or causing any harm to the organism. The spectral characteristics of GFP can be changed by making mutations to the protein. In this investigation a Y66W mutation was made to wildtype GFP in order to produce a shorter excitation and emission wavelength. The mutation was made using QuikChange site directed mutagenesis. The protein was then cloned into BL21(DE3) pLysS for expression. The cells were then lysed and applied to a Ni-NTA column. This fractionated the lysate in order to analyse these fractions using SDS-PAGE, fluorescence and Bradford assays. It was found that the Y66W mutation was successfully added but due to another mutation in the stop codon additional amino acids were added to the C terminus of the protein. It was also found that purification was partially successful as GFP was eluted in the correct fraction. This is supported by the Bradford and fluorescence assays. The green fluorescent protein (GFP) is a 238 amino acid protein with a molecular mass of 26,870 Da. It was first isolated from the jellyfish species Aequorea Victoria by Osamu Shimomura in 1962 (1). GFP is expressed in small photoorgans that are situated in the umbrella of the jellyfish. Douglas Prasher first realised the potential of GFP as a reporter protein (2). As proteins are smaller than the resolving power of electron microscopes, Prasher thought the GFP gene could be added into the gene for haemoglobin before the stop codon. This would allow the protein of interest to maintain all of its functions but would have the GFP protein at its C terminal end. This means that detection of GFP fluorescence would also indicate the presence of haemoglobin. Furthermore, GFP does not require additional cofactors or substrates to fluoresce. This means that it works extremely well as a non-invasive method of detection of protein expression. GFP is also non-toxic so it is able to be used in vi vo without causing damage or harm to the organism. Crystallisation studies (3) have shown that GFP has a barrel structure with the chromophore buried in the centre. This chromophore is comprised of 3 amino acids (Ser 65-Tyr 66-Gly 67) that undergo a series of spontaneous cyclisation reactions to create the active chromophore. Wild type GFP has a major excitation peak at 395 nm and a minor one at 475 nm with an emission peak at 509 nm. In vivo GFP is coupled to the protein aequorin which induces a blue glow when it interacts with Ca2+ ions and breaks down luciferin. This light is able to excite GFP and cause fluorescence. In vitro this is not the case, however GFP fluorescence can be easily induced by irradiating GFP with UV light. As with all proteins, GFP can be mutated. By mutating key residues, such as residues in the chromophore, it is possible to change the characteristics of GFPs fluorescence. The first of many mutations was the S65T mutation (4). This mutation improved the characteristics of the protein including increased photostability, fluorescence and a shift of the major excitation peak. This investigation is based on the engineering of GFP to create a mutant of GFP with a shorter excitation and emission wavelength by inducing the Y66W mutation. The aims of this investigation were as follows. To carry out site directed mutagenesis of GFPuv to clone into pET28c and transform the products into XL-1 super competent cells. Extraction of the plasmid after incubation overnight to check the purity and concentration of DNA. Preparation and transformation of BL21(DE3) cells. Lyse these cells and fractionate the lysate to purify his tagged GFP using a Ni-NTA column. Finally, detection of purified GFP by SDS- PAGE, Bradford assay and fluorescence. The workflow of the investigation can be found in figure 1 in appendix 1. A more detailed protocol can be found in the BIOC2302 semester 2 practical manual on pages 6-15 with rationale for all experiments. In site directed mutagenesis I 31 ÃŽ ¼l of water was added to the PCR reaction to give a total reaction volume of 50 ÃŽ ¼l. In site directed mutagenesis II a supplied culture of cells was used in the experiment rather than cells from the transformation colonies in site directed mutagenesis I. His tagged GFP was used instead of the mutant in the protein purification experiment in order for easier administration as the process is the same. Site directed mutagenesis I Before the wet lab work began it was first necessary to design primers for QuikChange to induce the Y66W mutation into the wild type GFP. These can be seen as figure 2 in appendix 2. These were created using the QuikChange primer design tool on the Agilent website. The site directed mutagenesis was carried out using the primers supplied to induce the correct mutation. The products of this were cloned into the pET28c plasmid and the XL-1 super competent cells. The cells were plated as per the BIOC2302 practical manual and left to incubate overnight. Site directed mutagenesis II Upon checking the plates in the next session it was found that no transformed colonies had grown so a new culture was supplied. The undigested plasmid control grew approximately 50 colonies The culture of BL21(DE3)pLysS cells was set up and the OD600 were recorded. They can be seen in table 1 in appendix 3. Within 50 minutes the culture had reached an OD600 of 0.483 meaning the cells were at the correct density for lysis. The cells were prepared as per the BIOC2302 practical manual and the recombinant plasmid was extracted. The concentration measured was 121.7 ng/ÃŽ ¼l and the A260/A280 was 1.86 using nanodrop. Therefore, the ethanol precipitation was not carried out. To prepare for sequencing 4.11 ÃŽ ¼l of this solution was diluted, with 5.98 ÃŽ ¼l EB buffer, to the correct concentration. This was then sent to be sequenced, the results of which can be seen in appendix 4. The primer has been highlighted in green and is surrounded by a box with the mutated codon in red. A deletion also occurred in the stop codon of the mutant as highlighted by the second box with deleted bases highlighted in blue. Protein purification The plates were inspected in the next session. It was found that the 200 ÃŽ ¼l transformation plate grew 3 colonies and the 50 ÃŽ ¼l transformation plate grew none. Transformation efficiency can be calculated for the 200 ÃŽ ¼l plate as 37 transformants/ÃŽ ¼g of DNA. The cells were weighed and found to be 0.539 g so 2 ml BugbusterTM used. After lysis and fractionation the SDS-PAGE samples of each fraction were prepared and loaded onto the gel. The Bradford assay was carried out while the gel ran.   The BSA standards were calculated and the contents of each standard well can be seen in table 2 in appendix 3. The fractions were then diluted into their wells and the contents can be seen in table 3 in appendix 3. The plate was filled according to the map in figure 2 in appendix 5. The plate was ran and the absorbances for the BSA standards were taken from the plate readout and inputted into table 4 in appendix 5. From here a calibration graph was set up using GraphPad Prism and can be seen as graph 1 in appendix 6. This graph shows that the data points for the standards do not fall near the line of best fit. The absorbance results from the plate readout for all of the fractions were imputed into table 5 in appendix 7. The equation of the line from graph 1 was then used to calculate the concentration of protein in each of the fractions. All of these values were also inputted into table 5. With the Bradford assay complete the SDS-PAGE gel was disassembled, stained and a picture was taken. A map of the gel can be seen as figure 3 in appendix 7 and the picture of the gel can be seen as figure 4 in appendix 8. By looking at the picture it can be seen that in lanes 2, 3, 4 and 9 there are dark bands spanning the entire lane. In 5, 6 and 8 there is faint banding across the well. In well 7 there is a distinct small band in between the 25 kDa and 37 kDa molecular markers. Lane 8 shows no bands at all. Finally the fluorescence assay was carried out as per the map of the microtiter plate in figure 5 in appendix 7. The results from the plate readout were inputted into table 5. From here a graph comparing the log of protein concentration compared to fluorescence of each fraction was plotted and can be found as graph 2 in appendix 6. This shows elution 1 with the highest fluorescence and the unbound x10 had the lowest. However, when comparing protein concentration the unbound fraction had the highest and wash 2 had none. Percentage fluorescence was also calculated and inputted into table 6 in appendix 9. The first aim of this experiment was to transform the site directed mutagenesis products into XL-1 super competent cells. The correct primers were used in order to induce the Y66W mutation into the parental DNA. However, no colonies that were meant to take up the mutated plasmid grew but the undigested control grew around 50 colonies. This means the cells did not take up the plasmid because otherwise they would have grown on the plate. This could be due to a mistake made in making the PCR reaction mixture or the DNA may have become damaged at some point in the experiment. Additionally, the suppliers of the XL-1 super competent cells advice to avoid large changes in temperature. This was unavoidable in this experiment and may have contributed to the cells not taking up the plasmid. In the future more care should be taken while plating and preparing the cells. Also preparation of any reaction mixtures should be checked very closely in order to ensure the correct reactants are added in the correct amounts. In site directed mutagenesis II the cell culture was lysed when the OD600 was 0.483. That is because E.coli cells are most likely to be made competent when they enter early log phase. This corresponds with an OD600 of 0.4-0.5. The DNA concentration extracted in this experiment was found to be 121.7 ng/ÃŽ ¼l and an A260/A280 of 1.86. This means that the DNA is good quality as the desirable range for A260/A280 is 1.7-2.0 and the concentration was much higher that what was required. However, in future experiments to test for reliability multiple results should be taken. Furthermore, the data could have been confirmed by using the spectrophotometric method alongside using nanodrop. The sequencing results in appendix 4 confirmed the successful incorporation of the Y66W mutation into GFP, creating the CFP mutant. However, the second mutation at the stop codon deleted 2 bases including the first base of the stop codon. This means that when the protein is expressed the ribosome will not stop and instead will continue to add amino acids onto the C terminus of the mutant until it reaches a new stop codon. There 144 bases between the original stop codon and the next in frame stop codon meaning 48 additional amino acids will be added to the C terminus. This codon can be seen highlighted in purple below the original stop codon. These additional amino acids could affect the folding or could increase the likelihood of aggregation of the mutant protein. In the protein purification experiment the 200 ÃŽ ¼l transformation plate grew 3 colonies and the 50 ÃŽ ¼l transformation plate grew none. The transformation efficiency on the 200 ÃŽ ¼l plate was 37 transformants/ÃŽ ¼g of DNA. The reason why this is so low could be due to a number of factors such as the plating technique or the cells may not have been left to chill on ice for the optimum amount of time. However, the negative control did not grow any colonies, confirming that all of the bacteria on the transformation plate were transformed. Again, more steps should be taken if this was to be carried out again to ensure that proper plating and prepping protocol is followed. The Bradford assay shows that in wash 2 there was no protein in the well. This means that any protein found in elutions 1 and 2 should all be His tagged GFP that bound the Ni-NTA column. This can be confirmed by the fluorescence results as the elution 1 fraction contained the majority of the total fluorescence with 44.13% of the total. However, all other fractions also produce some fluorescence. This could be due to GFP contamination in the other fractions. This could have occurred due to the resin being saturated, preventing further binding to the column. It could also be due to aggregation of the protein obscuring the His tag and preventing binding. Furthermore, the plots on the calibration graph do not fall on the line of best fit. This means that the equation of the line is not accurate and protein concentrations calculated using it are also inaccurate. Therefore, there could be more protein in each fraction than was calculated. This could account for the fluorescence in the wash and unbound fractions. The Bradford assay is quite limiting. This is due to the fact the assay only measures protein concentration rather than GFP concentration. This means that it is unsure whether the protein concentration measured in elution 1 and 2 is all GFP or it is contaminant protein. The same can be said for the other fractions, its unsure whether the protein concentration measured has been contaminated by GFP. In the future this assay should be carried out again to try and reduce contamination. The calibration graph should also be repeated until all of the data points fall on the line of best fit. Otherwise none of the calculated protein concentrations are accurate. Finally, the SDS-PAGE results shows banding in wash 1, 2 and elution 1 and 2. This suggests that there is contaminating protein in all of these fractions. Elution 1 shows a clear band at approximately the 26-27 kDa mark as it is present just above the 25 kDa marker and is well below the 37 kDa marker. This suggest the band in elution 1 is GFP as it is the appropriate size and is in the expected fraction. Another source of error could be due to the amount of pressure applied to the pipette. This will vary from person to person and will affect the volume of the solution being pipetted. As such small volumes were being used and there was a lot of solutions to be pipetted it is very possible a mistake was made. This mistake would have a big effect on the concentration and therefore could have a big effect on the absorbance values. These errors can be avoided in future by using the appropriate pipette for the volumes being used. Further reduction in errors can come from correct technique and by doing replicates and averaging values. There could be some error in the microtiter itself. There may have been markings or scratches on the plate that werent seen at the time. This could affect how the light passed through the reader and therefore affect the absorbance values. In conclusion, the aims of this investigation were to induce the Y66W mutation into wild type GFP using QuikChange site directed mutagenesis. Furthermore, the protein was to be expressed in competent BL21(DE3) pLysS cells. Finally wildtype GFP was to be purified using a Ni-NTA column and the fractions analysed with SDS-PAGE, fluorescence and Bradford assays. The investigation successfully introduced the Y66W mutation into wildtype GFP. However, the stop codon was also mutated adding an extra 48 amino acids on the C terminal of the protein.   A band indicating the presence of GFP was found at the 26.9 kDa mark in elution 1, indicating it was bound to the column and was eluted. However, all factions were contaminated with other protein. References      Ã‚   1. Shimomura, O., Johnson, F., and Saiga, Y. Extraction, purification and properties of aequorin, a bioluminescent protein from the luminous. s.l. : J. Cell. Comp. Physiol. 59:223-39, 1962. 2. Prasher, D., Eckenrode, V., Ward, W., Prendergast, F., and Cormier, M. Primary structure of the Aequorea Victoria green-fluorescent protein. s.l. : Gene 111 (2)229-33, 1992. 3. Ormo, M., Cubitt, A., Kallio, K., Gross, L., Tsien, R., and Remington. S. Crystal structure of the Aequorea Victoria green fluorescent protein. s.l. : Science 273:1392-5, 1996. 4. Heim R, Cubitt AB, Tsien RY. Improved green fluroescence. s.l. : Nature. 373 (6516): 663-4., 1995.

Xenotransplants - Animal to Human Organ Transplants Essay -- Argumenta

Xenotransplants - Animal to Human Organ Transplants We should NOT risk the human race for the benefit of the few! When asked how he feels about the advancement of science to places that were once notions to be the job of the creator, Dr. Martin Luther King replies by saying, â€Å"Cowardice asks is it safe? Expedience asks is it political? Vanity asks is it popular? But the conscience asks is it right?† This essay is about animal to human organ transplants otherwise known as Xenotransplants. Even though this procedure is meant to save lives, it is giving rise to metaphoric Frankenstein’s monsters and putting some aspects of the Human Race at risk. This essay will discuss diseases that can jump species and cause catastrophic dangers for humans such as Ebola and AIDS which the human population has no resistance towards. I will also explore the different religious view points on Xenotransplantation. I believe it is important to first explain what this procedure is about and how safe it is, keeping in mind the fact that four thousand people die each year waiting for human organs. So, what is Xenotransplantation? Xeno means strange or foreign. The term is used to describe a transplant between any two species of animals, including humans. Xenotransplantation usually refers to a procedure in which an organ, such as kidney or liver or live cells (such as brain cells) from a healthy animal are grafted or transplanted into a human patient. The transplanted materials are called xenotransplants or xenografts. Plus, there are certain kinds of xenotransplants which are not true transplants at all, because the animal organ or cells stay outside the patient’s body. These are called extra-corporeal (or outside the bod... ...Christian Barnard in South Africa. Today, comical movies such as the â€Å"animal", are being made about transplants and maybe it is a way to change the attitude of the public towards such transplantations. I believe it a personal choice and should be left to the individual to decide and not the temple that they belong to. However, as humans we are changing the normal speed of evolution and destroying the natural order of nature, bad or good. Yes, we do have the technology; but do we have the right to do it? I think not! Works Cited Parkins, Keith â€Å" Animal-to-Human Transplants† September 1999 http://www.heureka.clara.net/gain/x-trans.htm (5/10/2001) â€Å"Xenotransplantation: Animal Organs to save human lives† 2000 http://dukenews.duke.edu/Med/xenobkgd.htm (5/11/2001) Fanjoy, Sylvia â€Å"Public consultation on xenotransplantation† http://www.xeno.cpha.ca/(5/11/2001) Xenotransplants - Animal to Human Organ Transplants Essay -- Argumenta Xenotransplants - Animal to Human Organ Transplants We should NOT risk the human race for the benefit of the few! When asked how he feels about the advancement of science to places that were once notions to be the job of the creator, Dr. Martin Luther King replies by saying, â€Å"Cowardice asks is it safe? Expedience asks is it political? Vanity asks is it popular? But the conscience asks is it right?† This essay is about animal to human organ transplants otherwise known as Xenotransplants. Even though this procedure is meant to save lives, it is giving rise to metaphoric Frankenstein’s monsters and putting some aspects of the Human Race at risk. This essay will discuss diseases that can jump species and cause catastrophic dangers for humans such as Ebola and AIDS which the human population has no resistance towards. I will also explore the different religious view points on Xenotransplantation. I believe it is important to first explain what this procedure is about and how safe it is, keeping in mind the fact that four thousand people die each year waiting for human organs. So, what is Xenotransplantation? Xeno means strange or foreign. The term is used to describe a transplant between any two species of animals, including humans. Xenotransplantation usually refers to a procedure in which an organ, such as kidney or liver or live cells (such as brain cells) from a healthy animal are grafted or transplanted into a human patient. The transplanted materials are called xenotransplants or xenografts. Plus, there are certain kinds of xenotransplants which are not true transplants at all, because the animal organ or cells stay outside the patient’s body. These are called extra-corporeal (or outside the bod... ...Christian Barnard in South Africa. Today, comical movies such as the â€Å"animal", are being made about transplants and maybe it is a way to change the attitude of the public towards such transplantations. I believe it a personal choice and should be left to the individual to decide and not the temple that they belong to. However, as humans we are changing the normal speed of evolution and destroying the natural order of nature, bad or good. Yes, we do have the technology; but do we have the right to do it? I think not! Works Cited Parkins, Keith â€Å" Animal-to-Human Transplants† September 1999 http://www.heureka.clara.net/gain/x-trans.htm (5/10/2001) â€Å"Xenotransplantation: Animal Organs to save human lives† 2000 http://dukenews.duke.edu/Med/xenobkgd.htm (5/11/2001) Fanjoy, Sylvia â€Å"Public consultation on xenotransplantation† http://www.xeno.cpha.ca/(5/11/2001)

Measuring Respect Essay

Campbell-Ewald, an award winning integrated communications agency, noticed that their customer relationship management (CRM) solutions were not meeting the expectations that they should. In order to gain an understanding of how respect influences customer loyalty and purchasing, they team up with a research company, Synovate and developed three different surveys. The surveys consisted of 27 to 29 attitudinal statements that customer use a 5-point scale to rate. They statements were designed to measure how the customers defined respect and how important respect was in determining a purchase. They selected more than 5,000 customers from each business sectors: insurance, automotive, and retail, and mailed them the survey to complete. The customers they selected to survey were adults at least 18 years of age (Cooper & Schindler, 2011). Once they had received the completed surveys they analyzed the results. They then used the results to validate the relevance of its five â€Å"People Principles†. The five â€Å"People Principles† were: ? Appreciate me ?Intentions don’t matter; actions do ?Listen; then you’ll know what I said. ?It’s about me, not about you. ?Admit it- you goofed! These five â€Å"People Principles† have helped companies like General Motors, Continental Airlines, and Farmers Insurance incorporate respectful behaviors into their business operations (Cooper & Schindler, 2011). When Campbell-Ewald and Synovate developed the surveys they knew that they needed to address respect from all areas such as how a customer ranks respect to loyalty, respect to purchases, respect to continue purchases, and respect to referrals. By gaining a complete overview on how a customer reviews respect then they could develop the five â€Å"People Principles† that their clients could use to improve customer service, increase revenue, gain a competitive advantage, and build a thriving business. Campbell-Ewald knew that their research, findings, and developments would be what would make them successful. By using the numerical scale survey they were placing the same standards on all statements, which make the evaluation process easier. When conducting a survey, the more customers you select to survey will increase the number of responses that a research company will receive back. It is not likely that all 5000 customers responded but I am sure well over 50 percent responded, which gave them a diverse poll of responses. Whereas, if they had chose to survey only 100 customers then they may have received only 30 responses, which is not enough when conducting such research. Using the numerical scale makes tally and measuring the result easier, which will make the comparison easier. Also, by using the numerical scale a research firm eliminates the opportunity for researchers to be swayed by a person comments or opinions, a person either agrees or does not agree with no explanation.

Australia vs. Netherlands Essay

Assignment 1: Cross-Cultural Dimensions Describe the effect of the cross-cultural dimensions of both Hofstede and Trompenaars on two subjects for both your home country as the country of your internship Trompenaars Australia 1. Universalism vs. particularism 2. Individualism vs. collectivism 3. Neutral vs. emotional 4. Specific vs. diffuse 5. Achievement vs. ascription 6. Sequential vs. synchronic 7. Internal vs. external control Leadership Leadership in Australia is very much based on rules. Therefore, clear instructions are given to the employees at all time, so that every single employee knows what he or she has to do. Because of the individualism, people all work for themselves. Together, however, they make sure the organisation’s result is positive. Group work is not really integrated in the Australian culture. Australians have the perception, because of their neutral character, that people can work together perfectly, without bonding in their personal lives. All of the above leads to a straight leadership. A manager talks to his or her employees to tell them what they have to do individually. No groups have to be monitored, so the manager can really concentrate on his own task and organise the workforce per individual. Organisational culture The organisational culture in Australia is also based on this individualism. As mentioned under ‘leadership’, Australian people mainly work individually. They believe that people should take their own decisions and must be self-reliant within a business and not dependent on managers or colleagues. Furthermore, the organisation is very strict. It is a loose and indirect organisation up to a certain extent. The communication between people within the organisation is very informal and direct. At the same time, the whole organisation is based on rules. Rules are more important than relationships according to the Australian culture. Netherlands 1. Universalism vs. particularism 2. Individualism vs. collectivism 3. Neutral vs. emotional 4. Specific vs. diffuse 5. Achievement vs. ascription 6. Sequential vs. synchronic 7. Internal vs. external control Leadership The Dutch leadership is based on the universalism, in other words on strict rules. Everything is determined with rules. However, the atmosphere at the working place is not strict. The communication from manager to employees is direct and formal. Employees know exactly what they are up to and can work on their work individually. Leaders trust their employees in this, they count on their employees to be self-reliant and independent in their work. Furthermore, Dutch managers work with strict deadlines. The Dutch culture is very much based on punctuality. They eat at 6 o’clock, they go to sleep at 11 o’clock. The same counts in the business-life. When a task is given to you, you are to make sure it is finished before the deadline set. Whenever possible, leaders give their employees reassurance that they are doing a good job. Employees also need this positive feedback to boost their self-confidence, which gives them a positive ‘get-up-and-go’ attitude. Good perf ormance is appreciated and rewarded. Organisational culture The organisational culture is mainly individual. The Dutch people want every single person to be happy. Therefore, they tend to give feedback all the time to boost self-confidence, they let everybody do their say in a discussion, etc. Furthermore, everybody is expected to have their work done before the set deadline. Dutch people are very punctual and therefore do not like people who show up late at meetings or who hand in their work too late. Next to these strict deadlines, almost everything is based on rules. Even to such an extent that rules come before relationships. Dutch people work together individually, which means that by all doing their work in the right way, they deliver a good organisation-wide result. Conclusion According to the cultural dimensions of Trompenaars, the Australian and the Dutch culture are very much alike. They only differ in one category, namely the internal vs. external control, where the Australian focus more on internal control, whereas the Netherlands concentrates more on external control. The other factors are all the same. Some are to a lesser extent, such as the achievement, which is far higher in Australia. However, it can be concluded that the Australian and the Dutch business culture are quite the same, certainly in the areas of leadership and organisational culture. Hofstede Australia 1. Power distance – 36 2. Individualism – 90 3. Masculinity – 61 4. Uncertainty Avoidance -51 5. Long-term Orientation-31 Leadership The hierarchical structure in Australia is nearly flat. To use Hofstede’s words: The power distance in Australia is relatively low. Managers are always easily accessible by employees and ask employees for their opinions. This kind of mutual information sharing leads to the best results for the workforce as a whole. If someone bosses the others around, a negative atmosphere arises and therefore the productivity might also suffer under these circumstances. This is not the case when information is shared on a regular basis, so that everybody knows what the company is up to and what is expected of him or her individually. This way, people can all work individually on what is expected of them and therefore, at the same time, deliver a good ‘group result’, because everybody does his own thing, so that everything is done eventually. People are not working closely together, because of the highly individualistic Australian culture, in which self-reliance is expected of the employees. Organisational culture The organisational culture is, as mentioned above, highly individualistic. There is some kind of cooperation, but this is not cooperation as we know it. Together, they make sure all the work is done, but this is not by really working together. The organisational culture is very transparent. Because of this transparency, every individual knows what is going on in the company and therefore knows what he or she is ought to do. Eventually, good individual work in all different departments adds up to a positive result in the organisation as a whole. This result is reviewed every quarter, because of the short-term-oriented Australian culture This individuality is because of the masculine character of Australian people. All people want to be the very best. They want to reach whatever their capacity allows them to achieve. And preferably as quickly as possible. Therefore, they mainly work for themselves and mainly care about their own well-being and the organisation is of secondary importance. Still, this characteristic is seen as an asset by many companies. People are hired on the basis of their winners mentality. This can, of course, be a good characteristic, but it should not be exaggerated, because then it can go at the cost of the organisation as a whole, which is of course not the intention. Netherlands 1. Power distance – 38 2. Individualism – 80 3. Masculinity – 14 4. Uncertainty Avoidance – 53 5. Long-term Orientation – 44 Leadership The power distance in the Dutch organisations is quite low. The hierarchical structure is quite flat. This, together with the feminine culture means that employees can communicate with their managers properly and managers also communicate with their staff. Therefore, the atmosphere in Dutch companies is generally good. The managers do not boss people around and they even ask their employees for their expertise and feedback. From an employee point of view, they can talk to the manager to ask for feedback, but only up to a certain extent. The individualistic culture of the Dutch organisations means that employees should be self-reliant and take initiatives. Organisational culture The Dutch organisational culture is one of punctuality, long discussions and impatience. First of all, the punctuality. The Dutch organisation is based on rules, punctuality and certainty. They want to avoid risk as much as possible and therefore try to make rules for everything, so that as little as possible can go wrong. The Dutch femininity means that they want the best for everyone. Therefore, discussions are mainly solved by compromises, which usually takes quite some time. In masculine cultures, decisions are made without looking at the preferences of certain groups, but because the Dutch believe in solidarity and equality, they want everybody to have their say, which leads to long discussions with compromises as end results. The Dutch impatience can be seen in their goal-mindedness. They want results to be achieved as quickly as possible. Furthermore, they want to keep up with the competition at every single moment. Therefore long-term plans are seldom made. Strategies are often adapted to that of their competitors, which makes it impossible to set a long-term organisational strategy. Conclusion Summarizing all of the above, the Australian culture and the Dutch culture do not differ that much. The only big difference is that the Dutch are feminine and the Australian are masculine, which makes the Australian organisational culture even more individualistic than the already individualistic Dutch culture. The Australians are more self-minded, whereas the Dutch want everybody to be equal and therefore do not take decisions themselves very often. When looking at the graph below, one can see that the two cultures do not differ all that much. Source: http://geert-hofstede.com/netherlands.html Assignment 2: Theoretical Models Relate to theoretical models to describe the above mentioned effect. Flat organisational structure. The model that can be found in both countries, Australia and the Netherlands, is the flat organisational structure. This means that managers do have a higher function, but do not act like they have a higher function. The flat organisational structure is the opposite of a highly hierarchical structure as described in Max Weber’s ‘bureaucratic organisation’ 1. In hierarchical structures, the organogram has several layers from top to bottom, whereas the flat organisational structure has one layer, in which the managers are besides the employees that work in lower functions. This means that managers and employees in lower functions work closely together. The employees can easily go to their managers to talk about business-related cases and the manager trusts on his or her employees’ expertise in the problem-solving of the organisation. This way, as Argyris also describes in his theory of adult personality2, a great mutual understanding and respect is created between managers and their employees. This mutual understanding and respect leads to a more positive attitude of all employees, which leads to better results for the organisation as a whole. Maslow’s theory of human needs A big difference can be found, when looking at Maslow’s theory of human needs. Maslow’s theory is based on two underlying principles, namely the ‘deficit principle’ and the ‘progression principle’. Mainly in the ‘progression principle’, there is a difference between Australia and the Netherlands. First of all, which are the human needs Maslow is talking about? In the ‘progression principle’, Maslow says that a need at any level is activated only when the next-lower-level need is satisfied3. In this definition, there is of course no difference. However, in the hierarchy of these needs, there is a difference. Because of the competitive character of Australian business people, as a result from their masculine background, the self-actualisation need in Australia is far higher than in the Netherlands, where people often still work together. Self-actualisation is the 5th need in Maslow’s hierarchy of needs. Based on t his higher self-actualisation in Australia, however, one can wonder if this is the fifth need in Australia as well. 1. Assignment 3: Cross-Cultural Differences Find out what the most important work related cross cultural differences are between your home country and the country of your internship. Explain them based on the cross cultural dimensions. Masculinity vs. femininity One of the biggest differences between the Australian and the Dutch business is the masculinity of Australia versus the femininity of the Netherlands. Australian masculinity is expressed in the urge of Australian people to be the best they can be and to reach the optimal allocation of their own strengths. Australian managers also pay attention to what people have achieved in the past, when hiring people. This makes the Australian market much more competitive than the Dutch market, because the Australian market is goal-oriented. This results in employees taking their own decisions, without consulting others. Contrary to this quick and efficient decision making, the Dutch tend to discuss problems with everyone until a compromise is reached. This is a highly feminine characteristic. Dutch people want to reach a consensus, before they take decisions. Internal vs. external control Another big difference between the two business cultures is the internal control versus the external control from Trompenaars, in which both countries differ. The internal control in the business culture of Australia is mainly recognisable in the behaviour of Australian managers. They tell their employees what to do and they trust that the work will be done before the determined deadline. They do not support their employees along the way or give them feedback on the work they are doing. The external control in the business culture of the Netherlands is mainly recognisable in the supportive behaviour of Dutch managers. They provide people with the right resources to do their job properly and afterwards give them feedback several times along the way. The Dutch employees are more ‘dependent’ on the help and constructive feedback of their managers/leaders. This gives them the self-confidence to do their work with a positive attitude. Wages The wages in the Netherlands are more fixed than the wages in Australia. In most Dutch businesses, people get a fixed salary, whereas in Australia, the salary is a low basis salary with on top commissions, which are linked to your performance. In some Dutch businesses, the strategy of incentives, bonuses or commissions is used as well, but in Australia, this wage strategy is quite common. Therefore, the Australian market is more competitive than the Dutch market. Australians have to sell products to get high wages, whereas Dutch business people know that whatever they sell, they will get the same salary, which provides much more security than the strategy the Australians tend to use. Do’s Be selfish; work by yourself and in this process, try to be the best you can be. This can lead to a higher salary because of commissions as well. When you do not grab chances, others will. Clearly state your qualifications; make a clear CV, in which you state everything you have done in the past that could be in any way relevant for that specific job. Be decisive; expect less monitoring than you would get in the Netherlands, so sometimes you have to take your own decisions. Be self-confident; Australian managers, as opposed to Dutch managers, expect that you can perform a task from start to finish without feedback along the way. Don’ts Expect extensive support; Australian managers do not give feedback along the way, whereas in the Netherlands this is usual. Try to reach a consensus; in the Netherlands, decisions are mostly reached by consensus, do not try this in Australia, where decisions are mainly made individually, quick and efficiently. Expect fixed wages; wages consist of a basis salary and bonuses or commissions, that are granted for good performance. Assignment 4: Questions/Hypotheses Clearly define at least two challenging business oriented questions/hypotheses which you want to have answered during your stay abroad. Hand in a clearly defined ‘ Plan of Action’ how you will come with the answers. Does the flat organisational structure also count for international interns? In other words, is an international intern also trusted for his or her expertise by people in higher functions? The best way to find this out is by going there and experiencing it. I want to go on an internship to really learn something, which is relevant for my future career in the business life. I am not going to Australia because of the nice weather and the white beaches. I am going to Australia to obtain relevant experience, which will be of great value for my career in business. Therefore, I want to get as important as possible within the company where my internship will be. That is why I wonder how important they allow me to be. Do they really involve me in decision-making? In other words, am I treated as an equal or not? To find this out, I will interview an intern that has already been to Australia to discuss the organisational differences and which qualities are appreciated most in Australia. Afterwards, I will make up for myself, together with a colleague, an employer and a co-student, whether I have these qualities and how I can use these the best in a company where I start as a stranger. Lastly, I will of course try to get involved as much as possible and in this process, I will find out if they really give me the chance of becoming important. Can I function the same when I am 17000 km from home? I am not only going to Australia to obtain working experience. I am also going there to grow responsibility and to obtain further social experience. I have lived with my parents for my whole life now and my stay in Marseille from September to December will me my first experience living on my own. However, from Marseille to the Netherlands is just 1100 kilometres, so if I need anything, I have the possibility to go home in the meantime. However, when I am 17000 kilometres from home, this is not a possibility anymore, so I really have to cope by myself. Another difference is that I am going to Marseille with two class mates. To Australia, I will be going alone, which makes is even more nerve-wracking. My stay in Australia will be my first experience completely on my own, far, far away from home. So for me, it is, next to an incredible working experience, also a real life experience. I am going to grow responsibility and maturity, which will change me as a person. I am curious whether this will have its effect on my behaviour on the work floor as well and if this situation allows me to function the same as I would do here. This question, I plan to answer by setting up a list of competences, which I will let one of my current employers, one co-student and one colleague fill in. After my stay in Australia, I will give the same list of competences to my internship coordinator and a colleague in Australia. By comparing the results of these lists, I can find out whether there are many differences and whether they are in my advantage or in my disadvantage. Besides, I will, of course, experience it myself and describe the process of my self-development on a personal level as well as on a business level in a process report. Bibliography Websites Austrade. (2012, March 23). Doing Business in the Netherlands. Retrieved May 21, 2012, from Austrade: http://www.austrade.gov.au/Doing-business-in-the-Netherlands/default.aspx Itim. (n.d.). Geert Hofstede. Retrieved May 21, 2012, from Geert Hofstede: http://geert-hofstede.com/ John Daly, S. S. (2004). Nursing Leadership. Retrieved May 21, 2012, from Google Books: http://books.google.nl/books?id=TrN3ZS0CNQcC&pg=PA28&lpg=PA28&dq=Trompenaars+Australia&source=bl&ots=mrfFE84Iuj&sig=Tqy2bx–eE6UhcfvYTqI7uKuNFc&hl=nl&sa=X&ei=O267T7XBEoWP-wbvpqjUDA&ved=0CGIQ6AEwAw#v=onepage&q=Trompenaars%20Australia&f=false Meehan, C. L. (2012). Flat Vs. Hierarchical Organizational Structure. Retrieved May 22, 2012, from Small Business: http://smallbusiness.chron.com/flat-vs-hierarchical-organizational-structure-724.html Mindtools. (n.d.). The Seven Dimensions of Culture. Retrieved May 21, 2012, from Mindtools: http://www.mindtools.com/pages/article/seven-dimensions.htm Sagepub. (2006, July 13). Dimens ions of Culture. Retrieved May 22, 2012, from Sagepub : http://www.sagepub.com/upm-data/11711_Chapter7.pdf Books Schemerhorn, J. R. (2010). Introduction to Management 10th edition. View as multi-pages