The Importance of Speech, Language, and Communication

[EYMP 5.1] Understand the importance of speech, language and communication for children’s overall development. 1.1 Explain each of the terms: 1.1a Speech The word speech when used in relation to children and young people’s development literally means the act of speaking, verbal communication, or to express thoughts, feelings, or ideas. 1.1b Language The term language refers to an understood, systematic arrangement of signs, symbols and gestures used to communicate. 1.1c Communication To communicate is to ably convey thoughts, information or feelings using signals, speech, body language, or by the written word. 1.1d Speech, language and communication needs (SLCN). A child who is diagnosed with a SLCN is†¦show more content†¦The positive effects of adult support for children can be witnessed as children gain confidence and show an increased level of self-esteem. These positive effects are reinforced when encouraged and given praise for their achievements from teachers, parents, carers, and other adults. â€Å"Confidence, self-esteem and self-image affect the way we all interact with other people, so this will necessarily affect the development of communication skills.†(Cache Level 3, Children and Young People’sShow MoreRelatedThe Importance of Speech, Language, and Communication2813 Words   |  11 Pages1.1 Speech is when someone speaks out loud and verbally asks a question or they express their own opinions, feelings and ideas they may have. An example of this is if a child was to ask me to do there coat up, this is an example of someone using speech to ask a question. Language is a preferred way a person want to use when communicating. Most people speak the language they have been brought up with for example English. Language can be understood by using signs, body language, sign language andRead MoreThe Role Of Communicative Intent For Communication Essay1276 Words   |  6 Pagespeople who struggle with communication every day. A person who cannot effectively communicate is limited in his/her ability to make decisions, to socially interact with others, to express basic wants and needs, and can be isolated from the world in many ways. There is a multiplicity of methods for communication, both verbal and nonverbal. Different types of communication include, but are not limited to, gestures, body language, sign language, picture exchange communication systems (PECS), and augmentative-alternativeRead MoreExplain Some Ways in Which Environment Can Be Structured to Facilitate Communication in Children/ Young People with Slcn1631 Words   |  7 Pagesw ays in which environment can be structured to facilitate communication in children/ young people with SLCN Introduction. Speech, language and communication play a vital role in our lives. Without being able to talk to, and understand other people we can’t do things alike: Almost everything we do involves speech, language and or communication Children develop communication skills from birth. They rely on speech, language and communication to be able to learn at school and play with their friendsRead MoreLanguage, Language And Language1188 Words   |  5 PagesLanguage, comprising as it does of groups and blends of words, is the prime method for correspondence between individuals. Obviously, language is by all account not the only method for correspondence, yet it is the centrepiece of correspondence in human culture. Language is understood by people in terms of their own social and cultural backgrounds. From when we are born, we learn and follow in speaking socially by imitating others around us (Gee Hayes, 2011). In other words, we learn from othersRead MoreEarly Intervention and Newborn Hearing Loss Essay1303 Words   |  6 Pagesintervention program and mainly focused on the importance of the age of enrollment. Furthermore, the age of enrollment was used to study the effect it had on the children after completion of the early intervention program. In the first study, the children’s speech, language, and auditory skills were evaluated when they exited the program. While in the second study, the evaluation was of the children’s language development at exit, subsequent language, academic, and social-emotional development afterRead MoreSpeech Delay in Children Essay1262 Words   |  6 PagesSpeech and language delays can be problematic for preschoolers, school aged children and adolescents. These delays range in degree of severity and have many causes; physical and developmentally. Communication plays a specific and important role to all people, especially, preschool children who are developing speech and language skills at fast rate. The consequences of these delays can be devastating for the children affected and can follow them into adulthood. These effects may include academic problemsRead MoreThe First Type Of Communication1348 Words   |  6 Pages 1. The first type of communication in infants is reflexive this includes movement, crying, and facial expressions. The first type of vocalization that is non crying is the infants cooing. Cooing makes up a variety of speech sounds like oooooooh, eeeeeeeeh, and aaaah. These are sometimes produced accidently. The infant is not born to intentionally produce sounds. The infant when practicing can eventually can produce the speech sounds of their native language, but they have reinforcement to accomplishRead MoreLiterature Review1509 Words   |  7 Pagesbody language for organizational success It is well-known that body language refers to nonverbal mode of communication. On scientific analysis, it has been found that the different aspects of communication comprise 55% bodily movements and gestures, 38% vocal tone and only 7% words or verbal communication. It is thus clear that about 93% of communication is nonverbal, as many times, words are inadequate. This shows that correct use of body language serves as an effective nonverbal communication toolRead MoreUnit 331 Understanding Children and Young Person’s Development. Assignment (Task)1203 Words   |  5 PagesAssignment (Task) Task D Report Early identification of speech, language or communication delay is important for a child or young persons’ well-being. All practitioners have a responsibility to identify children’s needs and intervene with appropriate support as early as possible, to help children achieve the goals of ‘Every Child Matters’ and progress towards the Early Learning Goals. The importance of early language and communication skills for children’s later achievements is now well documentedRead MorePsychopathology And Permanent Hearing Loss1403 Words   |  6 Pageschildren are still learning the language and communication skills that they will use for the rest of their life. As such, hearing loss that occurs during childhood is far more severe than if acquired as an adult (Pittman, 2015). According to the American Speech-Language-Hearing Association (ASHA), approximately 1-3 children out of every 1,000 children are born with permanent hearing loss. It affects the physi cal ability to hear, impacts language acquisition and communication skills, and may lead to psychopathological

Biography of Adam Smith, Founding Father of Economics

Adam Smith (June 16, 1723–July 17, 1790) was a Scottish philosopher who today is considered to be the father of economics. His seminal work, The Wealth of Nations, published in 1776, influenced generations of politicians, leaders, and thinkers, including Alexander Hamilton, who looked to Smiths theories when, as secretary of the treasury, he fashioned the economic system of the United States. Fast Facts: Adam Smith Known For: Father of economicsBorn: June 16, 1723 in Fife, ScotlandParents: Adam Smith, Margaret DouglasDied: July 17, 1790 in Edinburgh, ScotlandEducation: University of Glasgow, Balliol College, OxfordPublished Works: The Theory of Moral Sentiments (1759), The Wealth of Nations (1776)Notable Quote: Every individual†¦ neither intends to promote the public interest, nor knows how much he is promoting it†¦he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Early Years and Education Smith was born in 1723 in Kirkcaldy, Scotland, where his widowed mother raised him. At age 14, as was the usual practice, he entered the University of Glasgow on a scholarship. He later attended Balliol College at Oxford, graduating with extensive knowledge of European literature. He returned home and delivered a series of well-received lectures at Glasgow University, which appointed him first as the chair of logic in 1751 and then chair of moral philosophy in 1752. Founding Father of Economics Smith is often described as the founding father of economics. A great deal of what is now considered standard belief about the theory about markets was developed by Smith. He explained his theories in Theory of Moral Sentiments, published in 1759. In 1776, he published his masterpiece, An Inquiry into the Nature and Causes of the Wealth of Nations, which today is generally called The Wealth of Nations. In Theory of Moral Sentiments, Smith developed the foundation for a general system of morals. It is a very important text in the history of moral and political thought. It provides the ethical, philosophical, psychological, and methodological underpinnings to Smiths later works. ​ In this work, Smith stated that man was self-interested and self-commanded. Individual freedom, according to Smith, is rooted in self-reliance, the ability of an individual to pursue his self-interest while commanding himself based on the principles of natural law. The Wealth of Nations The Wealth of Nations is actually a five-book series and considered to be the first modern work in the field of economics. Using very detailed examples, Smith attempted to reveal the nature and cause of a nations prosperity. Through his examination, he developed a critique of the economic system. Most commonly known are Smiths critique of mercantilism and his concept of the invisible  hand, which guides economic activity. In explaining this theory, Smith stated that wealthy individuals are: ...led by an  invisible hand  to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society. What led Smith to this remarkable conclusion was his recognition that wealthy people dont live in a vacuum: they need to pay (and thus feed) the individuals who grow their food, manufacture their household items, and toil as their servants. Simply put, they cant keep all the money for themselves. Smiths arguments are still used and cited today in debates. Not everyone agrees with Smiths ideas. Many see Smith as an advocate of ruthless individualism. Regardless of how Smiths ideas are viewed, The Wealth of Nations is considered to be, and is arguably, the most important book on the subject ever published. Without a doubt, it is the most seminal text in the field of free-market capitalism. Later Years and Death After living in both France and London for a time, Smith returned to Scotland in 1778 when he was appointed the commissioner of customs for Edinburgh. Smith died on July 17, 1790, in Edinburgh and was buried in the Canongate churchyard. Legacy Smiths work had a profound effect on the American  founding fathers  and the nations economic system. Instead of founding the United States on the idea of mercantilism and creating a culture of  high tariffs  to protect local interests, many key leaders, including  James Madison  and Hamilton, espoused the ideas of free trade and limited government intervention. In fact, Hamilton, in his Report on Manufacturers espoused a number of theories first stated by Smith. These theories stressed the need to cultivate the extensive land that was available in America to create a wealth of capital through labor, distrust of inherited titles and nobility, and the establishment of a military to protect the land against foreign intrusions. Sources â€Å"Adam Smith.†Ã‚  Econlib.Brett, Sarah, and Oxford University Press. â€Å"Adam Smith (1723-90).†Ã‚  Oxford University Press | Online Resource Centre.Founders Online. Alexander Hamiltons Final Version of the Report on the Subject of the Manufactures.  National Archives and Records Administration, National Archives and Records Administration.

The Lack of Free Speech in the Military - 668 Words

As a member of the United States military, there are times that the very freedoms that are being defended are not extended to those sailors and soldiers that are in charge of that task. One of those freedoms is freedom of speech. As a veteran of the United States Navy, I find the limitation of speech for a member of the military to be contradictory at best. The very fact that members of the armed forces cannot speak freely about government officials, as well as government issues that affect their lives, seems to be controversial because it limits one of the freedoms these sailors and soldiers have vowed to protect. To oppose the right of free speech of any member of the military takes away from the importance of the job they do. It has been argued that a member of the military should be mindful of whom they work for and the chain of command that orders come from, and that any display of dissatisfaction can be seen as disobedience or even treason. I support members of the military being able to voice their thoughts on issues that impact their lives, as well as the lives of their families. There are a few reasons why I support this. Simply put, as Americans they have the right of freedom of speech. Given the responsibilities of these sailors and soldiers in their day-to-day jobs, they should be entrusted to know what to say and what not to say. Most people take for granted the right to speak one’s mind, right or wrong, and have nearly no ramifications for doing so. When oneShow MoreRelatedHate Speech And Hate Speech967 Words   |  4 PagesHate Speech: No Exceptions for Malicious Intentions As a constitutional right, people often exercise their right to freedom of speech believing that they also have the right to voice their opinions which can be provocative to opposing parties no matter where they stand. There is a defining line between what can be constituted as hate speech and free speech. Depending on the way that it is expressed, voicing an opinion can easily be misinterpreted causing certain people to feel threatened or attackedRead MoreThe Term ‘War On Terror’, First Used By George W. Bush1316 Words   |  6 Pagescitation above is commonly used as a metaphor of war to designate the international military campaign that started after the terrorist attacks on the United States on September 11th, 2001 and is still going on today. Even though the expression has later been rejected by the Bush administration as well as Barack Obama (Shinkman, 2013), it has since been widely used in the media to label the political and military struggle against terrorism, particularly directed against Islamic terrorist organizationsRead MoreEssay on Pericles Uplifting Speech1598 Words   |  7 PagesPericles Uplifting Speech Works Cited Not Included To stand in front of thousands; to speak the words aimed at persuading a crowd; to believe, and have them as well, a seemingly just cause - this is what a leader must do. Every era has its trouble, its own conflict, and along with it, its own leader who will do what he can to unite his followers. In 431 BC, Athens was in the midst of a war, and from that war came a speech, said by Pericles, that to this day, remains the model for any leaderRead MoreLincolns Emancipation of the Slaves Essay1334 Words   |  6 PagesProclamation speech was actually intended for most of the people that would free the slaves, not to the slaves. According to Carl Rollyson the Proclamation was not intended for the slave, blacks, or former slaves. The â€Å"Emancipation Proclamation† speech was during the Antislavery Movement or what some people call the Abolitionist Movement, during the 1860s. The main leaders of the abolitionist movement were Abraham Lincoln and Fredrick Douglas. The point of L incoln writing the speech about emancipatingRead MoreAnalysis of the Emancipation Proclamation Speech1339 Words   |  6 PagesProclamation speech was actually intended for most of the people that would free the slaves, not to the slaves. According to Rollyson the proclamation was not intended for the slave, blacks, or former slaves. The â€Å"Emancipation Proclamation† speech was during the Antislavery Movement or what some people call it the Abolitionist Movement, during the 1960s. The main leaders of the abolitionist movement were Abraham Lincoln and Fredrick Douglas. The point of Lincoln writing the speech about emancipatingRead MoreAnalysis Of The Article The Fox News Network 1327 Words   |  6 Pagespolitically incorrect expression? Cultural sensitivity is becoming an increasingly popular topic in media, on college campuses, and in the military. We now live in a world where the language we use is under such scrutiny that some are discouraged from expressing their tr ue opinions for fear of being blackballed by their peers. Not only does political correctness limit free speech, it also fundamentally transforms the way we think by avoiding the topics that some simply do not want to discuss. Political correctnessRead MoreTruman Doctrine And The Policy Of The United States1311 Words   |  6 PagesHarry S. Truman once declared, It must be the policy of the United States to support free peoples who are resisting attempted subjugation by armed minorities or by outside pressures. (Truman Doctrine, ourdocuments.gov) This quote was given by President Truman in a speech directed to Congress in hopes that they would aid his mission and goal. This doctrine, or principle, that was expressed by President Harry S. Truman in 1947, was called the Truman Doctrine. President Truman s stance was that theRead MoreThe Causes And Effects Of The Civil War1564 Words   |  7 PagesThe causes and effects of the Civil War will be defined through the institution of slav ery, the Kansas-Nebraska Act, and the military leadership of President Lincoln to resolve the uncompromising political position of the South/Confederacy. Lincoln’s â€Å"House Divided† speech will be an important primary source that defines the underlying resistance to the expansion of the slave states into new territories taken by the U.S. government in the 1850s. More so, the uncompromising and an increasingly militaristicRead MoreJohn Brown Speech Analysis733 Words   |  3 Pagesabolitionist fighting for rights for slaves, lead a raid of 21 armed men on the federal armory of Harpers Ferry, Virginia, which now is West Virginia. John Brown did this in attempt of freeing slaves. The raid lasted two days, and was ended by a military force lead by Robert E. Lee. Brown was later captured and sent to prison for the charges of treason. On November 2nd, 1859, Brown gave a statement to the court addressing his action. He denied all charges, and felt no guilt about his acti ons onlyRead MoreThe United States As A Foreign Power During The 19th Century1292 Words   |  6 PagesIn 1914 President Franklin D. Roosevelt’s Four Freedoms speech summarized the future of American global involvement as a whole. By defining freedom as â€Å"the supremacy of human rights everywhere† (Roosevelt 22) the framework of an American global presence was established. During World War II the growing tensions and oppression of human rights became a heavy reason for involvement abroad and by allying with Great Britain to implement military power, President Roosevelt backed his idea that universal

P.s Effective Pl Iuroticism, And Emotions - 1472 Words

P.’s combination of neuroticism and extraversion scores, the affective plan, show that P. is an introvert. As such, she enjoys the quiet of solitude and solitary activities. With that profile P. might have a few close friends, which keep the commotion of being around others to a minimal level and thus keep her emotional reaction leveled. P. is average in the openness domain (51). She is highly open to fantasy (64), which compensate for her lack of extraversion. As an imaginative individual, P. uses fantasy as a way of creating a richer, more interesting world. Her scale score in aesthetics is average (52) which put her interest in art and beauty at an average level. Her openness to feelings is very low (33). P. has low receptivity to her†¦show more content†¦Dutifulness (48), achievement (45), self-discipline (54), and deliberation (46) are average. P.’s agreeableness scale score is low (35). Her trust scale score is very low (32). She tends to be skeptical and to assume that others may be dishonest. P.’s straightforwardness is also very low with a scale score of 30. Those two facets seem related. Because P. see others as untrustworthy she is more guarded in expressing her true feelings and can play with the truth as a mean of protection. Another facet that can be impacted by trust is altruism. P.’s scale core is low (35), which makes her more self-centered. Her scale score on compliance (46), modesty (50), and tender-mindedness (49) are average. Overall, her interpersonal tendencies are to be skeptical of other’s intentions. She considers herself realist, making rational decisions based on cold logic rather than feelings. She will fight for her own interests more than for those of others. As discussed, P.’s score in self-consciousness is her highest score with a scale score of 67. This score makes this facet very high for her. As a counselor, a high level of self-consciousness can create social anxiety, which can make it a challenge for her to run groups. Her insecurity can keep her focus on her and her emotions rather than on the group itself. This facet can also have her second-guess herself especially early in her practice. On another hand, this facet will provide her with more empathy with clients suffering from

The Importance of Teaching Mathematics and Science in English (Ppsmi) Free Essays

UNIVERSITI TEKNOLOGI MARA SARAWAK English for Academic Purpose (BEL 311) Prepared by, Lauraricka Brenda Benjamin 2010992969 IM 110 Group 3 B Title, The Importance of Teaching Mathematics and Science in English (PPSMI) Date of Submission, 16th of December, 2011 Lecturer’s name, Nurul Ain Binti Sulaiman The Importance of Teaching Mathematics and Science in English (PPSMI) IIntroduction The whole idea of a good education system is to prepare out children so that they are better prepared to face the challenges of globalisation, liberalisation as well as the fast development in today’s information and communication technologies. What it has done is given our students, from a very young age, a new sense of confidence when using the international language of communication and it given them a good basic grounding from which they can and they should, continue to improve their mastery of a major second language, apart from Bahasa Malaysia. Ministry of education malaysia, we are behind you. We will write a custom essay sample on The Importance of Teaching Mathematics and Science in English (Ppsmi) or any similar topic only for you Order Now (2009). Retrieved November 11, 2011, from http://www. ppsmi. wordpress. com Aidila Razak. (2011, November 5). Page welcomes ppsmi decision, seeks details. Malaysia Kini. Retrieved November 1, 2011, from http://www. malaysiakini. com/news/180610 IIBody AOne reason for the importance of PPSMI is as the competitive advantage. 1. To pursue a high standard of English for Malaysia’s children to ensure that their future is secure. a)It is time that parents step up to the plate and make the future of their children the priority. b)It will help them a great deal in their future pursuit, whatever field they choose to pursue. c)If the government doesn’t find a way to improve our poor English in school, we will be nowhere when countries like China catch up. Like it or not, we need to master English. (2011). Retrieved December 15, 2011, from http://malaysiakini. om/news/180639 Thesis Statement Topic Sentence B. Teaching Mathematics and Science using English as the medium of instruction at school-level, significantly improves the quality of learning experience leading to the improvement in the proficiency of learners in those two subjects. 1. Teaching school-goers Mathematics and Science in English will improve the student’ s understanding in the two subjects. a)Most materials which integrate explanatory style of conveying information regarding scientific and mathematical matters are crated with English as the main medium of communication. )Teaching the subjects in English would have helped broaden students’ knowledge of new terminologies and improve their command of the language. (Cheah, 2009) Mozie, A. K. (2009, September 11). Digital Zone. Retrieved December 15, 2011, from http://forum. digitalpowered. net/index. php? showtopic=31621 Cheah, C. S. (2009, December 5). Parents unhappy over decision to revert. Retrieved December 15, 2011, from http://www. pagemalaysia. org/print. php? type=Fthread=29 Topic Sentence C. All Malaysians should be multilingual. 1. Students in Malaysia should know languages that are different from their ‘mother language’. This will be able them to talk many learn and know many languages that are useful when they pursue their study in high level especially in overseas institutions. a)English will help in communication b)Children learn languages much faster and can learn multiple languages when they are below 10. In fact, it is best before age 7. (Feizrul, as cited in Hiaw, 2011) Feizrul Nor Nurbi. (2011, November 1). PPSMI – quality vs. Language. Malaysia-today. Retrieved November 30, 2011, from http://www. alaysia-today. net/mtcolums/lettersurat/44624-PPSMI- quality-vs-language. IIIConclusion PPSMI was introduced not to improve the students’ command of English but to ease the process of learning, understanding and acquiring knowledge in Science and Mathematics. (Goh, 2009) Goh, W. L. (2009). Teaching maths and science in english. Retrieved November 30, 2011, from http://drchua9. blogs pot. com/2009/07/teaching-maths-and-science-in-english. html Topic Sentence Restatement of the thesis ————————————————- References Aidila Razak. (2011, November 5). Page welcomes ppsmi decision, seeks details. Malaysia Kini. Retrieved November 1, 2011, from http://www. malaysiakini. com/news/180610 Cheah, C. S. (2009, December 5). Parents unhappy over decision to revert. Retrieved December 15, 2011, from http://www. pagemalaysia. org/print. php? type=F;thread=29 Feizrul Nor Nurbi. (2011, November 1). PPSMI – quality vs. Language. Malaysia-today. Retrieved November 30, 2011, from http://www. malaysia-today. net/mtcolums/lettersurat/44624-PPSMI- quality-vs-language. Goh, W. L. 2009). Teaching maths and science in english. Retrieved November 30, 2011, from http://drchua9. blogspot. com/2009/07/teaching-maths-and-science-in-english. html Like it or not, we need to master English. (2011). Retrieved December 15, 2011, from http://malaysiakini. com/news/180639 Ministry of education malaysia, we are behind you. (2009). Retrieved November 11, 2011, from http://www. ppsmi. wordpress. com Mozie, A. K. (2009, Septemb er 11). Digital Zone. Retrieved December 15, 2011, from http://forum. digitalpowered. net/index. php? showtopic=31621 How to cite The Importance of Teaching Mathematics and Science in English (Ppsmi), Papers

System Implementation Among Malaysian Smes â€Myassignmenthelp.Com

Question: Discuss About The System Implementation Among Malaysian Smes? Answer: Introduction Enterprise resource planning (ERP) refers to integrated business management software which can manage and automate different functions of an organization. The ERP systems are commonly used in an organization, and it is used to automate different back office functions related to technology, service and human resources. Today, ERP software are constructed to integrate all the facets of an organizations operations which includes planning, manufacturing, sales and marketing. It is a single database used which can maintain and control all the functions and operations of an organization (Grabot, Mayere Bazet, I2008). History of ERP ERP is an abbreviation standing for Enterprise Resource Planning. There are various processes requires for running a business which includes inventory management, accounting, human resources and the customer relationship management. The ERP software integrates different functions of an organization to streamline and coordinate different processes of an organization. The ERP systems have a long history dating back to 1960s. However, the term was coined by Gartner in 1990. The ERP system focused on inventory management and control in the manufacturing sector. The engineers developed programs for the management of inventory and adequate reporting so that the organization does not run out of supply. Later, in 1990s, the concept expanded to other back office functions of an organization such as accounting and the human resources. At present, ERP system has prevailed to other parts of business functioning which includes front office functions such as sales, automation, marketing, salesforc e and ecommerce (Nwankpa Roumani, 2014). Although these systems were designed for large business organizations, several small and middle scale organizations are also adopting ERP software system. Moreover, in the recent years, ERP system have also become more affordable with the advent of cloud computing. The cloud based solutions have not only made ERP system more affordable, they have also made the system easier to implement and manage. It has also enabled real-time reporting of various events and supported the Business Intelligence (BI) of the organizations. There is high business value of the ERP systems as it helps in breaking down the obstacles between business units. The ERP solution provides a global, real-time view of data which enables the companies to address different issues proactively and increase improvements. The ERP system can assist the organizations to comply by the financial standards and reduce risks related to management. It also automates core business operations of an organization such as financial management, order fulfillment and procure to pay processes. It also assists in establishing high-quality customer service so that customer loyalty can be established (Maditinos, Chatzoudes, Tsairidis, 2011). ERP software is an enterprise application in which software is designed for large business organizations which have numerous and diversified business functions. Different teams work on different information sets and if they are available at one platform it can streamline the operations of the organization. The software is dedicated to the integrated management of business operations and processes of the organization. It work at real-time and use software abs technology. The software used in ERP application focuses on the collection, storage, management and the interpretation of different business activities. With ERP system, the organization can provide an integrated and updated view of the business processes with the help of maintaining common databases. The primary aim of the ERP system is to keep track of the organizations resources which include the financial resources, production capacity and the payroll or purchase orders (Shatat, 2015). The ERP system helps in sharing the syst em data across various departments which includes manufacturing, purchase, sales and accounting. It also ease the process of information flow between different departments and manages the connection between different stakeholders. The ERP system streamlines different functions of an organization; therefore, it facilitates error-free transactions, production and the manufacturing process. Although, there are several benefits of the implementation of ERP system, several times the implementation of the system is not successful. If the system is not giving expected benefits or it is not implemented within the timeline, then the implementation of the system is considered as unsuccessful. There are several standardized ERP systems available in the market but the organization can also customize the ERP system according to the use specific to the organization (Sykes, Venkatesh Johnson, 2014). Moreover, the implementation of ERP system is also challenging for the organization. Before the implementation of the system, the organization should also define the scope of the project. The management should establish the expected functions of the system so that it can be designed accordingly. The implementation of the system also faces resistance from the employees. The staff of the organization resists the implementation of new system as they have to learn new technologies. Most of the business organizations implement a combination of strategies to reduce the resistance created by the business organizations. These strategies include consulting, customization and support. The management of the organization should consult with the employees the benefits of the ERP system and how it can simplify the overall operations of the organization. The training sessions should also be conducted so that it the employees can learn new technology and do not face any difficulty in learning new pr ocesses. The customization of the system is also important for business organizations for maximum utilization of the system. Every business organization has is unique operations and business processes. With customization, the organization can adapt the system so that it suits its business process and operations. It will also ease the operations of the organization. During the customization, the organization should also consider the handling process of software. It should be assured that the employees can easily operate the system. However, the customization of the software increases the implementation time of the system. In large organization, the implementation time of the ERP system can extend from months to years. The implementation time of system depends on the number of modules, business size, and customization and process changes (Tenhil Helki, 2015). Several big business organizations such as IBM and Walmart use the ERP software to increase the efficiency of the organization . The ERP system can be implemented for a specific subsection of the organization as several organizations use ERP system for human resource management or inventory management of the organization. The implementation and the design of the system completely depend upon the requirements of the organization. It is important to prepare the organization as well as the employees for the implementation so that the system can be implemented successfully. The main reason for the project failure is the poor understanding of the project and its need in the organization. The lack of acceptance for the project can result from lack of understanding of business processes, infrastructure issue, training or lack of motivation for the system implementation (Madapusi D'Souza, 2012). ERP system is frequently used in the context of software as the software methodology has become quite popular to assist the companies in managing the ERP system. The ERP system refers to a connection which binds all the computer systems in an organization. Each department of the organization has its own system which is optimized for that department. The functioning of the software is dependent upon the particular task and operations of that particular department. With ERP system, an organization can streamline the operations of the organization. The ERP system allows each department to have its own system; however, they can communicate with ease with other parts of the company (Supramaniam, Abdullah Ponnan, 2014). The ERP software is integrated in the central part of a business. It collects information related to different divisions of the corporate organization and makes them available to other parts of organization. The primary function of ERP system is to collect information related to different departments of the organization and different departments of the organization can use the same information to ease their operations. In the present, the users can add information in real time which will be beneficial for the users (Shen, Chen Wang, 2016). Different users can access the system with valid password at any time. The ERP system can assist the organization to become more self-aware regarding different functions related to production, finance, distribution and human resources. However, a business organization should not experience cost overrun if the ERP system is not implemented carefully. The ERP system cannot control inefficiencies in the business. It is important that the business ada pt or customize the ERP system according to its business operations of the organization. Currently, most of the large business organizations have implemented ERP system in their business operations. However, research and investigation have been conducted to expand the applicability of ERP systems in the business organizations. The ERP systems are too expensive for small and medium enterprises; however, the advent of cloud computing has reduced the cost of the system. Recently, SaaS solution has also been developed so that ERP system can be implemented in an economic manner. The small and medium enterprises which are looking to innovate and expand their business operations can use ERP system to seize new business opportunities (Kilic, Zaim Delen, 2015). The ERP system should offer flexibility so that new users can use it quickly and it should also be able to support the changing demands of the business and the market. In the present, the ERP system has been developed so that it can integrate different processes of a business organization. The ERP system has been successf ul in interconnecting all the departments of an organization with a single data depository and user experience. However, ERP system should also be able to access advanced features such as data visualization and analytics. The business organization should not only focus on some specific activities with the ERP system but it should also be extended to other departments (Matende Ogao, 2013). The employees should also be able to access the information through their mobile devices and new age devices. Conclusion ERP systems are essential for the present business organization. It is software based solution which integrates the different business operations of the organization with a single data repository. It is important in business intelligence and decision-making. In large enterprises, there are several different departments with their unique needs and operations style. Therefore, each department develops their own IT system. However, different IT system brings complexity in the operations of the organization and the employees of different departments will not be able to operate the system. Therefore, it is important that the organization develops an integrated system which manages all the activities of the organization. The ERP system offers this facility to an organization. However, there are significant challenges in the implementation of ERP system which often results in failure in system implementation. Running out of budget or misalignment with the operation of a company are the prim ary reasons which may result in the failure of implementation of ERP system. Are any of the bold, coloured text matches in my self-check report missing in-text references? (We need to avoid plagiarism of ideas.) Do any of the bold, coloured text matches in my self-check report include more than three words in a row copied from the original source without quotation marks? (We need to avoid plagiarism of language.) Do direct quotations take up more than 10% of the essay? (We need to change some of the direct quotations to summaries and paraphrases so that at least 90% of every essay is written in our own words.) Are any of the bold, coloured text matches in my originality report purely coincidental? (Sometimes our words coincidentally match with words in other online sources that we have never seen before and that are completely irrelevant to our research topic. If so, we do not need to change anything at all.) Do any of the short strings of matching text indicate that my attempts at paraphrasing were not completely successful? (We need to avoid sham paraphrasing, one type of plagiarism, by using synonyms and changing the sentence structures completely.Remember that we should not copy more than three words in a row from the original without quotation marks. Have I synthesised all of the sources ideas into my essay by introducing each piece of source information with a signal phrase and by adding my own comments or interpretation to it in the following sentence? (We need to avoid dropped-in quotations and simply reporting facts or other peoples ideas because that approach means that instead of building our own arguments and writing our own essays, we are merely stringing together other peoples words and ideas.) References Grabot, B., Mayere, A., Bazet, I. (2008). ERP Systems and Organisational Change: A Socio-technical Insight. Springer Science Business Media. Kilic, H. S., Zaim, S., Delen, D. (2015). Selecting The Best ERP system for SMEs using a combination of ANP and PROMETHEE methods.Expert Systems with Applications,42(5), 2343-2352. Nwankpa, J., Roumani, Y. (2014). Understanding the link between organizational learning capability and ERP system usage: An empirical examination.Computers in Human Behavior,33, 224-234. Tenhil, A., Helki, P. (2015). Performance effects of using an ERP system for manufacturing planning and control under dynamic market requirements.Journal of Operations Management,36, 147-164. Shen, Y. C., Chen, P. S., Wang, C. H. (2016). A study of enterprise resource planning (ERP) system performance measurement using the quantitative balanced scorecard approach.Computers in Industry,75, 127-139. Maditinos, D., Chatzoudes, D., Tsairidis, C. (2011). Factors affecting ERP system implementation effectiveness.Journal of Enterprise information management,25(1), 60-78. Madapusi, A., D'Souza, D. (2012). The influence of ERP system implementation on the operational performance of an organization.International Journal of Information Management,32(1), 24-34. Shatat, A. S. (2015). Critical success factors in enterprise resource planning (ERP) system implementation: An exploratory study in Oman.Electronic Journal of Information Systems Evaluation,18(1), 55-89. Supramaniam, M., Abdullah, A., Ponnan, R. (2014). Cost analysis on ERP system implementation amongst Malaysian SMEs.International Journal of Trade, Economics and Finance,5(1), 72. Sykes, T. A., Venkatesh, V., Johnson, J. L. (2014). Enterprise system implementation and employee job performance: Understanding the role of advice networks.MIS quarterly,38(1). Matende, S., Ogao, P. (2013). Enterprise resource planning (ERP) system implementation: a case for user participation.Procedia Technology,9, 518-526.

The only legitimate objective of any firm is Maximization of Shareholder Wealth free essay sample

1. Introduction â€Å"Corporate finance theory, teaching and the typically recommended practice at least in the US are all built on the premise that the primary goal of a corporation should be the maximization of shareholder value.† (Krishnan, 2009) One often stumbles upon such statements while reading about shareholders value or maximization of shareholders wealth. This is also a typical answer to questions such as â€Å"what is the best and primary objective of a company in a competitive market†. But should it be the only and most important objective in a firm? Must it be fulfilled first and foremost, or is there the possibility of generating more wealth for company, shareholders and stakeholders with other, different approaches? It has to be kept in mind that there are multiple strategies to running a business. One of the strongest opponents of the maximization of shareholder wealth paradigm are the supporters of the so-called stakeholder theory, which claims corporate social responsibility (CSR) and the satisfaction of stakeholders should be the most important objectives for any company. On the one hand, there is the accepted, popular and traditional paradigm of maximization of shareholder wealth which tries to reach maximization of shareholders wealth with certain management strategies as their main objective. On the other hand there is the stakeholder theory which expresses the worries that the mere focus on shareholders is â€Å"often misplaced† (Krishnan, 2008) and that social responsibility and, more importantly, the interests of stakeholders should be the leading objective for a company. Beyond that there are also approaches, introduced by experts of the field that mixes features of both concepts; nevertheless, the majority of the companies prefer either the maximization of shareholder wealth or stakeholder theory as their primary strategy. This research paper aims to figure out if maximization of shareholder wealth is the only legitimate strategy for a firm or whether other approaches – including potentially a mixture of the two main theories of corporate governance – are equally as or more viable to corporate survival in a competitive market. Before any analysis is possible it ´s necessary to understand the characteristics and differences between the various options. 2. Shareholder Wealth Maximization Paradigm and Stakeholder Theory The debate regarding the question which corporate objective is appropriate has its origins back in the 19th century and remains far away from settled. Nevertheless, most businesses, especially in the field of finance, have adapted shareholder value maximization as their management strategy. Textbooks tend to confirm this logic without questioning its usefulness (Sundaram, Inkpen, 2004). 3. General definitions of both approaches To understand the similarities and differences between these two objectives, it ´s important to know how they are essentially defined. Even supporters of the same goal, whether of shareholder wealth maximization or gratification of stakeholder, have different opinions on how they should be construed. Stakeholder theory was first discussed in detail by R. Edward Freeman in his book â€Å"Strategic Management: A Stakeholder Approach†. It identifies stakeholders in a corporation and suggests ways managements can protect their interests. In general, it can be said that the stakeholder theory aims to distribute value and wealth equally among the stakeholders of a firm. The main challenge of this theory is addressing all stakeholders (customers, suppliers, community, etc.) and their various needs equally. The paradigm of wealth maximization first became very popular during the 1980 ´s and is based on the principles of competitive free markets. This approach dictates that shareholders receive the remaining revenues after all other claimants of the firm have been paid or satisfied. In Krishans paper (2009), it is stated that this procedure is fair because shareholders bear the total risk of failures with their invested capital. As a result, managers of a business often face the difficult decision which claimants of the company should be served first, either shareholders or stakeholder (Sundaram, Inkpen, 2004). 4. Creation of Shareholder Value and protection against threats To increase and maximize the wealth/value of shareholders, it is necessary that the company is competitive in their market and can reliably â€Å"earn a considerable return on its investments above their cost of capital† (Doyle, 2000). The increasing rates of return of well performing companies attract new investors who invest money to become shareholders. These outside funds from investors are essential for growth of businesses and the expansion into new markets. Measurements of generated shareholder returns over a certain time period deliver the company useful information on whether their objectives have been achieved or should be new adjusted (Atrill, 2009). Nevertheless if companies operate in weak markets and fail to create growth and profit the concept of maximization of shareholder wealth is also an opportunity for self-regulation and security against threats for a company. This approach is in particular useful for safeguarding against difficulties arising from wrong or misguided leadership within a corporation. Shareholders of a company have the strongest interest in a company’s success because they often invest a lot of capital in the business and require revenues for their deposit (Moore, 2002). As a matter of fact, they become more active in attempts to remove leading managers who don ´t act on their behalf and harm the firm (Arnold, 2005). This self-protection behavior benefits not only the shareholders but also the stakeholders involved in the business. Furthermore, the danger of takeover of a struggling company by another business can be reduced through the creation and increase of shareholder value. (See Chapter â€Å"Agency Problem†) 5. Maximization of Shareholder Wealth – Conflicts with stakeholders 5.1 Agency Problem Recently, shareholder wealth maximization has been criticized by opponents of encouraging short-term managerial thinking (Morris, Heck, Shaffer, 2008). This accusation is not completely unfounded because some business managers primary pursue their own interests rather than act on the behalf of shareholders. Their eagerness to secure personal rewards often results in the prioritization of short-term growth strategies that do not necessarily align with the interests of shareholders. This specific conflict of shareholder vs. stakeholder problem is called â€Å"principle – agent problem†. This means that shareholders (principles) in a company usually authorize the CEO (agent) to act on their behalf. In order to motivate managers to pursue maximization of shareholder wealth, regulations and control systems to survey management behavior have to be established. However, this creates additional costs, on top of any other regulatory systems in place, if â€Å"managers continue to pursue non-shareholder wealth goals† (Arnold, 2005). Moreover, if investment projects fail due to poor management decisions the company is more vulnerable to takeovers by another company, â€Å"with managers who are dedicated to maximizing shareholder return† (Atrill, 2009). 5.2 The relation between Stakeholders and Shareholder Wealth creation Not only managers of firms struggle in their performance to figure out the right strategy to run a business successfully; conflicting interests between stakeholders of the company can potentially lead to conflicts as well. Stakeholders such as employees have an emotional tie and long-term dependence on the business and tend to demand security for their jobs rather than maximization of shareholder wealth (Arnold, 2013). Also, suppliers and communities require long-term security respective to improvement of social welfare â€Å"which involves attention beyond shareholder wealth maximization.† (Krishnan, 2008). The conflict is most visible if you compare the goals of customer satisfaction and increasing shareholder ´s wealth. Without customer satisfaction the primary objective of maximizing shareholder wealth is not realizable because shareholder wealth depends upon selling products to customers. If customers as very important stakeholders cannot be pleased sufficiently or are even neglected, the company will have enormous problems creating shareholder wealth in the long run. 5.3 A compromise between the two theories As seen above it is anything but easy to set up a suitable main objective for a firm and to cover the needs of all parties within a business simultaneously. Some of the scholars in the field of business have realized that relying on only one company strategy ultimately fails to satisfactorily cater to the interests of both shareholders as well as stakeholders. An attempt at a â€Å"hybrid strategy† is mentioned by Jensen (2002) and is called â€Å"’enlightened value maximization’ or, equivalently, the ‘enlightened stakeholder theory’†. This and other efforts have tried to develop approaches which best combine success without compromising the interests of business participants. It is essential, especially for company with fixed primary objectives, to take objectives of other theories into account. Moreover, it is essential that companies direct shareholder interests towards paying fair salaries and, providing safety and attractive working conditions for their employees as a way to improve competitiveness in the market (Koslowski, 2002). Furthmore, it is suicidal for the competitiveness of a firm if they underestimate the importance of constant Research Development, Quality Improvements and appropriate customer service as another central task in running a business. The same applies to companies which act on stakeholder preferences rather than maximizing value for shareholders of the firm. Companies have to find ways to attract new, well-educated workers to enhance their work efforts in order to maximize a firm ´s competitiveness. Indeed, there are some experts for example Jensen (2002), who claim that value maximization is beneficial not only for shareholders but also for stakeholders. Further he argues that value maximization is impossible if companies ignore the needs of their relevant stakeholders (Benson, Davidson, 2010). However, if companies are reluctant to accept value maximization as important, negative effects for not only shareholders but also for employees, management and suppliers can emerge. That means that the â€Å"interests of stakeholders can only be satisfied if the firm remains financially strong† (Morris, Heck, Shaffer, 2008). 6. Objectives in crisis As we learned above the traditional corporate scholars mainly agree – with certain constrains taken into account that the primary duty of a manager is the maximization of shareholder wealth (Alpaslan, 2009). However in crisis this objective has to be adapted to circumstances. Anyway, in crisis the objective of firms should change to the concept of minimizing shareholder losses. This approach leads to conflicts between both goals and have to be solved (Alpaslan, 2009). Some experts claim that in crisis companies should deviate from their aim of shareholder wealth maximization and concentrate on the minimization of stakeholder losses which is strongly related to the stakeholder theory. However, Michael C. Jensen recommended another way which can – if introduced properly help to stay competitive in the crisis. As already mentioned earlier, the concept of â€Å"enlightened value maximization† combines the shareholder and stakeholder paradigm (Benson, Davidson, 2010). When utilized suitable and alterations of the core concept in the directions of minimization of stakeholder losses are made, â€Å"enlightened value maximization† is probably the best solution to cope with crisis. 7. Conclusion In summary, it can be said that to run a business successfully is a very hard task. Even more challenging is figuring out the right strategies and objectives to achieve success. Considering the continuous discussion between the two guiding principles of management, this research paper tried to figure out advantages and drawbacks of each principle in order to give a statement which approach is best suitable for any kind of business. It could be clearly identified that neither the maximization of shareholder wealth nor stakeholder theory is fully agreed upon within the academic community. Surprisingly, however, is the fact that most companies in the economy adopted maximization of shareholder wealth as their primary objective even though it is not considered the perfect objective for a firm. Obviously, the main reason for this is that companies pursue growth and increasing value in order maximize their competitiveness and withstand external threats, even if it comes at the cost of stakeholders and social responsibility. On the other hand, growth in value and competitiveness are still very important to the survival of the company. Thus, the best solution to address the needs of shareholders and stakeholders at the same time is a combination of the features of both theories. Nevertheless this approach requires compromises and concessions to be successful, whether from the perspective of the shareholder or stakeholder. Finally, this means that maximization of shareholder wealth is a very popular but not the most appropriate and only legitimate objective to be successful and beneficial to all participants of the business in the same way. Anyway it has to be said that suggested improvements at this stage seemingly don ´t convince most companies to change their strategy until now. 8. Reference list Books: 1. Arnold, G. (2005). The Handbook of Corporate Finance. Harlow, England : Financial Times Prentice Hall 2. Arnold, G. (2013). Corporate Finance Management (5th ed.). Harlow ; New York : Pearson 3. Atrile, P. (2009). Financial management for decision makers (5th ed.). Harlow : Financial Times Prentice Hall 4. Doyle, P. (2000). Value-based Marketing: marketing strategies for corporate growth and shareholder value. Chichester : Wiley 5. Moore, G. A. (c2002). Living on the fault line: managing for shareholder value in any economy (Rev. ed.). New York: HarperBusiness E-Articles and Journals: 6. Alpaslan, C. M. (Winter 2009). Ethical Management of Crises: Shareholder Value Maximisation or Stakeholder Loss Minimisation?. Journal of Corporate Citizenship 36. Greenleaf Publishing 7. Benson, B. W. Davidson, W. N. (Autumn 2010). The Relation between Stakeholder Management, Firm Value, and CEO Compensation: A Test of Enlightened Value Maximization. Financial Management. pp. 929 – 963 8. Jensen, M. C. (2002). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly, Volume 12, Issue 2. ISSN 1052-150X. pp. 235-256 9. Krishnan, V. S. (?). Stakeholders, Shareholders and Wealth Maximization. University of Central Oklahoma 10. Koslowski, P. (2000). The Limits of Shareholder Value. Journal of Business Ethics 27: 137-148. Kluwer Academic Publishers. 11. Sundaram, A. K. Inkpen, A. C. (May – June 2004). The Corporate Objective Revisited. Organization Science. Vol. 15. No. 3. pp. 350–363 12. Morris, D. G., Heck, J. L, Shaffer, D. R. (Fall/Winter 2008). Shareholder Theory – How Opponents and Proponents Both Get It Wrong. Journal of Applied Finance