Recent orders
the challenges and obstacles in Operations Management
Operations Management
Students Name:
Affiliated School;
Date;
Introduction
A leader is not necessarily determined by the ability to perform well, but the decision that he makes in trying times (Polelle, 2008). Faced with a decision between helping poor people and making some profits for investors, Vagelos decides to help people. Cristiani demonstrates that people can have a difference in opinion because they have actually never sat down and listened to each other. Leadership is about making the right decision and making it happen till the end. The right decision is always known to us, but at times as leaders we may choose to ignore it and listen to other people’s opinion s that may be misguiding (Polelle, 2008).
What are the challenges and obstacles?
Peer pressure- as a leader it is good to listen to other people’s opinions and advice but the final decision should be yours. It should be based on your critical analysis of the situation. Vagelos demonstrates that he made the decision without thinking if it were someone else making it.
Lack of support- sometimes the right decision is the one that has the least support from people, but as a leader it is your role to make that decision and stand by it regardless of the situation.
Listening to all sides- at times people may seem like they are not willing to listen to reason, but it is mostly because they feel that their opinions are not being listened to.
Cost benefit analysis- at times it may seem like the benefit of the right decision are less than what it costs to forego the less appealing decision, but in the end it is not about the money that one made in a lifetime, it is about the lives that they touched in a positive way. At times non financial gain like improved PR is better for an enterprise as compared to financial gain. This is because it builds the brand and a strong brand name can be able to withstand any financial crunch in an economy because it can easily get financial funding.
Focusing on long term benefits versus short term benefits- at times as a leader, the best thing is to focus on the long term effects of a decision as opposed to the short term earnings. This is because good decisions are bigger than a regime, because they change the lives of the people.
Assess the health impact and capacity building of the program
When Vagelos decided to give the river blindness medication for free to the people, it had great effects on their health. A blind person more often than not is a dependant. When the victims of the disease stop being dependants then they can easily be able to cater for their needs and medical requirements.
To the West African people
With proper vision, the people in the West African country could be able to achieve to their maximum capacity. The health of the people was improved, this paved way to increase in proper labour as a factor of production. At the same time a healthy population creates a better market for goods and services offered.
To the industry globally
At the same time, the actions of the leader to give the drugs for free opened a door for other corporations to be able to reach out to the needs of the people. The corporation was able to improve its public image and attracted more investment than it would have if the drug was to be sold to the poor people in Africa. The corporation was also able to reach its maximum capacity by increasing in terms of market share control.
What are the implications for future access program?
The drug is to be given for free to the people forever. The implication is first of all that the program ensures that people will not lose their sight. In case the worms that cause river blindness becomes resistant to the drug, then finding a corporation to improve on the quality of the drug is easier as the foundation has already been set by the corporation.
What are the lessons learned?
Businesses have a moral responsibility to the society. This is a lesson that Vagelos teaches each and every manager and leader out there. Even though businesses are started on the basis of financial gain, managers should not overlook that we live in a social world where dependency is based on having today and lacking tomorrow.
Personal responsibilities will always form part of all decisions people make. Vagelos allowed his moral conviction to help make a decision that ended up helping millions of people who were ailing.
Short term benefits can never outdo long term benefits. Vagelos was able to kill two birds with one stone. He made a socially responsible decision of helping people, while at the same time he ensured that the sponsors and investors do not lose their capital.
Unity does not mean similarity, but our differences can bring us together. This is because Cristiani was able to bring diversified people together to become once. In the famous words of Emile Durkheim, cohesion in a society is not based on similarity but is based on differences that create interdependence (Bellah, 1973).
Problems will have solutions; the problem that people have is who gains from the embraced solution and who loses. The loser will never agree with the decision regardless of how economical the decision may be.
References
Bellah, N. R. Durkheim, E. (1973). Emile Durkheim on Morality and Society, Oxford University Press, New York
Polelle, M. R. (2008). Leadership: Fifty Great Leaders and the Worlds they Made, Springer Publishers
The Leadership Moment; Roy Vagelos The drug was needed only by people who couldn’t afford it.” Retrieved from www.knowledge.wharton.upenn.edu/artist
The Leadership Moment; Alfredo Cristiani, The New Face of Right, Retrieved from:
www.bookrags.com/../alfredo-cristiani/
Operations Accountant in Liberty Mutual Insurance Thank You Letter
Operations Accountant in Liberty Mutual Insurance Thank You Letter
(Students address)
Recruiting Manager,
Liberty Mutual Insurance,
175 Berkeley Street, Boston,
MA 02116.
Dear Sir/Madam,
Thank you for having an interview with me for the position of Operations Accountant in liberty mutual insurance. I was glad to be considered and I am hoping to join you soon to work in my dream company and work in my dream career as an accountant. Your discussions on the flexibility of the job were very good and I am hoping to experience it soon.
As I finish my last papers, I am excited to join you thereafter and continue together along the path of retaining the company at its top position and even making it better. I believe my knowledge in varied accounting practices and SQL will be beneficial to the company in a great way.
I am looking forward to hearing from you soon. I appreciate the discussion we had and the encouragement as well as tips on how to increase my employability and job performance when employed. Kindly let me know if there is any additional information I can provide.
Thank you for your time and consideration.
Sincerely,
(Signature)
(Student’s name)
Operational Risk Events
Operational Risk Events
Student’s Name
Institutional Affiliation
Operational risks occur in the economy due to failed systems in the political and social sectors. More often than not, the loss occurs due to inevitable situations in the market. For instance, catastrophic events, pandemics, and economic depressions are the key contributors to operational risks. However, human factors are also to blame for active risks events. As can be expected, all skilled and unskilled labor is controlled by human resource events. Hence, losses and collapse of significant business is a result of stakeholders’ negligence. Moreover, with advancements in technology, companies should be up to date with innovations to prevent unaccountable revenue.
Cyber risk and data security are them a significant cause of crime in the globe today. Bangladesh experienced an operational risk event that was planned by ruthless informational technology criminals. The Bangladesh heist 2016 was an event that vast sums of money disappeared without a trace (Hofileña & Sy, 2017). The government’s failure to trace unidentified accounts; led to a massive deposit of funds to foreign accounts. The Bangladesh heist contributed to the revenue loss, but the cost also demonstrated how the internet is the vulnerable source of money laundering.
Operational risk events in Europe and the United States banks led to losses of millions of dollars. For instance, between 2008 and 2017, they lost over 700 billion dollars (Li et al., 2019). The leading cause of deprivation was the lack of accountability from wealthy customers. Moreover, workers in the bank could not account for abnormal returns from clients. Correspondingly, there was an unreliable protocol assessment of losses (Li et al., 2019). As a result of no coordination between banks and the clients, the financial institutions experienced financial constraints over a decade.
Low production of wheat in France experienced operational risk from weather patterns. Before the planting season, the weather was calm. However, heavy rainfall contributed to the flooding of farms, which hindered the germination of wheat (Van der Velde et al., 2020). Lack of production of the crop was a massive blow to the agricultural sector and the country. Conversely, operational risk events can be caused by natural phenomena when human activities are well planned. Above all, active risk events in the agricultural sector are unpredictable, depending on the year’s seasons.
Factors that increased operational risk South Africa include the following; the organizational skills, staff service to customers on bank-related activities, and the financial contributors (Kutumela, 2018). Organizational skills are essential in combating fraud within the bank. Moreover, the staff handling of customers prevents cases of sinister activities. On the contrary, the internal fraud in South Africa led to the loss of 915 million South African Rands. (Kutumela, 2018). Hence, the banks’ deprivation of funds was an opportunity for customers to commit the crime; due to lack of transparency.
The use of digital methods to acquire bank services escalated criminal activities and abnormal returns. To conclude, the workers were unable to monitor clients. Consequently, the banks witnessed massive losses from external fraud (Kutumela, 2018). Thus, the prevention of losses in financial institutions begins with staff accountability and transparency.
Operational risk events are mostly contributed by human activities related to the economic sector. Most operational risk events are related to finances. The digital platform is the primary source of committing fraud and abnormal returns in banks. Hence, the government should take advantage of technology to prevent cybercrime in financial institutions.
References
Hofileña, J. M. G., & Sy, J. L. (2017). Gone without a Trace: A Re-Examination of Bank Secrecy Laws and Anti-Money Laundering Laws in Light of the 2016 Bangladesh Bank Heist. Ateneo LJ, 62, 90.
Kutumela, J. T. (2018). Impact of operational risk events on the market value of South Africa banks (Doctoral dissertation).
Li, Y., Allan, N., & Evans, J. (2019). An analysis of the feasibility of an extreme operational risk pool for banks. Annals of Actuarial Science, 13(2), 295-307.
Van der Velde, M., Lecerf, R., d’Andrimont, R., & Ben-Ari, T. (2020). Assessing the France 2016 extreme wheat production loss—Evaluating our operational capacity to predict complex compound events. In Climate Extremes and Their Implications for Impact and Risk Assessment (pp. 139-158). Elsevier.