Human Resource Management in Organisations - Shipyard Progres Essay

Human Resource Management in Organisations - Shipyard Progres - Essay Example Conclusion and Recommendations 11 References 12 Appendix 13 1. Introduction The evaluation of business plans is of critical importance for understanding the potential of a firm to secure its position in the market. The use of management systems that have been already tested in real market conditions can help managers to develop more accurate assumptions regarding their firm’s potentials both in the short and the long term. Balanced Scorecard is a management system focusing rather on long-term business goals and achievements. Different approaches have been used in the literature for describing the Balanced Scorecard; in accordance with Chi et al. (2011) the Balanced Scorecard (BSC) can be characterized as ‘a performance management system for assisting a corporation in actualising its strategy’ (Chi et al. 2011, p.224). From a different point of view, Rabbani et al. (2011) note that the BSC is based ‘on the critical success factor (CSF) concept of a limited se t of performance measures’ (Rabbani et al. 2011, p.1). The above approaches reflect the aims of Kaplan and Norton in regard to the use of BSC as a management system for measuring organizational performance. ... Reference is made to a specific firm: the shipyard Progres, a firm established in 1837 as part of the shipbuilding industry of Netherlands. Due to the radical changes in market structure and trends, the firm’s existing strategies need to be thoroughly reviewed and updated. Emphasis should be given on the management of staff but also on the management of the firm’s financial sector. The development of an appropriately customized Balanced Scorecard system could improve the monitoring of the firm’s strategies, helping to identify the key reasons of the failures in regard to the firm’s plan for expansion within its industry. Moreover, the specific system could help the organization to estimate whether the project under review, the purchase of an existing dry dock - which could be moored in Eemshaven harbour, is feasible and under which terms it could contribute in the firm’s growth. 2. Balanced Scorecard – usefulness, applicability and pitfalls a gainst Self-appraisal models The performance of organizations in the long term is difficult to be estimated with accuracy. The use of management systems, such as the Balanced Scorecard, helps towards the identification of a firm’s potentials within its market; in fact, the Balanced Scorecard, can offer to a firm’s managers the chance to evaluate the performance of their organization as being influenced by specific strategies and initiatives. From this point of view, the Balanced Scorecard can be characterized as a valuable management tool helping managers to develop a complete view of their firm’s current operational status but also of its perspectives in the future (Ba-Abaad 222009). The Balanced Scorecard has a

Everyday life with Algebra in the Real World Research Paper

Everyday life with Algebra in the Real World - Research Paper Example In the field of biology, computations are carried out in the process of simulating experiments or the calculation of features of a biological structure of the process. For example, algebra is applied in computing mathematical predictions of cellular interactions, analysis of heritage, body reactions to chemicals and intercellular features. Techniques from algebra, discrete mathematics and algebraic geometry have lately acquired new applications in systems biology causing the emergence of the fields of â€Å"algebraic biology†. The close interaction between biology and algebraic statistics has also led to new applications of the latter to problems in biology. (Kastner, 2012) Algebra is applied to chemistry to manipulate equations and work out problems. E.g. A gas equation commonly used to compute quantities in chemistry is PV=nRT: P is the pressure (in atmospheres), V is the volume (in Litres), n is the number of moles, R is a constant (.082059 L*atm mol-1 K-1), and T is the temperature (in Kelvin). In current years, computer algebra techniques have acquired widespread application in chemistry education and solving chemistry problems. In case you are given the values of all the other quantities and you are required to obtain the temperature, you could do this by substituting all the variables into the algebraic equation: T= PV/nR.  Algebraic concepts to solve everyday problems  In business, Linear equations such as T = Ax +By is applied to the total cost of items when every item has the same cost, total quantities of materials used in producing objects. In everyday life, algebraic equations can be used to calculate the total cost of electricity, energy costs on household bills, costs of long distance calls and the cost of renting a car. For example, from a phone bill algebra can point out the initial cost and the additional cost per minute on a long-distance call, and indicate how long a person could talk for any specific amount of money. Slope indicates the rate at which a quantity changes and is applied in business to calculate how much the cost of production of items changes when one more item is produced, i.e. the marginal cost. The rate at which your money decreases or increases can affect ones financial status whereas how quick the rate of unemployment goes down or rises can influence inflation. The algebraic concept of slope can be utilized to analyze all these notions. (Knapp, 2007) The concept of exponents or exponential growth is applied in all money matters affecting people’s daily life, like the compound interest used by banks and savings institutions to calculate interest, mortgage, car and credit card payments for items bought, life insurance and retirement funds. This concept is also applied in prediction of populations, sizes of tumors and other characteristics of the disease. Algebra applied to personal life, Linear equations from