Actuarial Malpractice Essay -- Actuary

Actuarial Malpractice Actuaries are recognized for using mathematics in certain ways to estimate the financial obligations of a company. These approximations directly affect the company’s financial situation and outlook for the year. As any other professional occupation, standards must be followed to ensure the validity of the work being done. Risks of malpractice may arise if actuarial principles are not followed carefully. Actuarial malpractice has become a rising concern in holding actuaries liable for their work, where in previous years it was unheard of. For most professionals, designations must be acquired through a series of training and schooling. In the United States, actuarial candidates have the opportunity to be a part of the following organizations: the Society of Actuaries, the Casualty Actuarial Society, the Conference of Actuaries in Public Practice, and the American Academy of Actuaries. Each of these societies has specific requirements in the realm of passing exams and attaining work experience in the actuarial field. According to William Hager in The Emerging ...

Web Portal :: essays research papers

The Problem with the Existing Architecture: The company has multiple standalone computing solutions and applications which it acquired through the purchase of provider companies. These systems are not fully integrated and are not compatible. They do not share data in real time making communication, access, and interoperability difficult. The current system does not provide a well designed and unified solution for customers. The different provider companies that XYZCorp has acquired currently have their own customer relationship management (CRM) systems. Currently, it is not possible to have interconnectivity and functionality between providers and external sources, causing customers to be unable to take advantage of and fully benefit from the range of services the company has to offer. Also, web technologies are not being used to their potential and backend applications are not integrated. A customer web portal, which can help to integrate services such as buying, selling, delivery, payment and overall customer support, is non -existent and a deterrent to overall consumer satisfaction and business growth. What is a web portal? In terms of defining exactly what a web portal is, it is important to understand its significance and role in business and technology. A portal can be thought of as a single, main gateway into an assortment of content. More specifically, a web portal is often the main starting point for an online user/web surfer. Web portals often consist of a collection of loosely integrated features with many resources and links to different services. They have become commonplace in today’s technology-driven lifestyle whereby web surfers utilize portals such as www.yahoo.com or www.msn.com. These websites are solid examples of web sites that have expanded to become a point of entry onto the information superhighway. These sites, just like many others that fall into the same category of â€Å"web portal,† provide a user with a number of features, content, and resources, such as links to information, news, and people as well as the ability to search the web. Businesses can benefit from this kind of technology by providing a web portal as the chief starting point for customer exploration and contact. Furthermore, a web portal is vital for a corporation that utilizes e-commerce. E-commerce refers to the retail, service, and business to business industries that make use of the web to facilitate the exchange of products and services between businesses, consumers, and manufacturers. A web portal can act as the starting point for a company that has introduced e-commerce into the way they do business.

Mitigating Market Entry Barriers

Introduction Porter’s (1979) five forces theory highlights market entry barriers as one of constraints in establishing a new business. Investigating market entry barriers for McLaren enables us to assess the level of competition and the possible barriers hindering the progress of McLaren in the mass car industry. As McLaren began diversification in the 1960’s it helped them greatly in averting market entry barriers to through economies of scale. By branching out into different industries such as McLaren racing and McLaren automotive, McLaren was able to benefit greatly from economies of scale. This has aided McLaren with their high capital investment requirement for establishing a mass car producing company. As a high value vehicle, to purchase the parts and have the McLaren consumer car manufactured would be extremely expensive. However, Mclaren entered the mass car market as part of its diversification strategy which has allowed the company to utilized same value chain for its consumer car equipment. Therefore, the initial high investment capital barrier required for the market entry was successfully mitigated by McLaren. Apart from the huge capital investment requirement, product differentiation is also one of the market entry barriers in the mass car market. McLaren overcame this barrier quite easily because it already had established brand equity and a loyal clientele. McLaren is a known worldwide for its formula one racing team in high regards so establishing new businesses under its brand name wasn’t difficult. McLaren’s cars were easily differentiated from other high end car producers due to the company’s already established brand image. (Fahri, K & Michael, J. 1989) Another barrier to market entry within the car industry is the distribution channels. McLaren was not required to establish its distribution channel for consumer cars because it did not produce them in large numbers and most of its cars were purchased by car enthusiasts who keenly south after the brand. The strategic ‘pull’ strategy for marketing its small number of high end consumer cars averted its needs to establish a distribution and sales channel (Terpstra, 1994). Another entry barrier to the mass car market and an important one is the requirement of consumer cars to adhere to safety specification and environment epscification. . The automotive industry is subject to government rules and regulations that include the vehicle safety and environmental matters. Vehicle safety is to ensure that each car that is supplied is safe for the driver and its passengers at all times. Environmental matters include emission levels to reduce the damage each vehicle creates to destroy our environment. McLaren has its own research and development centres and state of art test facilities and production plant where it could develop, implement and monitor its car performance in accordance with the legal requirements. The Level of Diversification Achieved by McLaren According to Ansoff (1957), there are four basic corporate strategies for growth. These are market penetration; market development; product development and diversification (see fig1). Fig.1 The first three growth strategies require a firm to change its product and/or market structure. Unlike these three, the forth growth strategy i.e. diversification requires a change in the characteristics of a company’s product line and/or market. Diversification â€Å"calls for a simultaneous departure from the present product line and the present market structure† (Ansoff, 1957, p.114). Pertaining to this growth strategy classification, venturing of McLaren into several distinct businesses can be classified as its diversification strategy. Over the years, McLaren has ventured into several distinct businesses. These are: McLaren Racing involves formula one racing team that competes in formula one racing. This business focuses mainly on the racing team of the company. McLaren Racing sets out to be one of the best known formula one team in the world. McLaren Racing has established its brand by pocketing 181 Grand Prix victories (William, 2009). McLaren Automotive is a business that designs and builds super cars made for the mass consumers. McLaren road cars are designed to meet the high expectations in terms of speed, performance and endurance. As a worldwide brand, McLaren Automotive aims to not only produce the best automotive vehicles but to continuously ‘raise the benchmark in automotive design’ (McLaren, 2013). McLaren Electronic Systems (MES) creates electronic control systems for the McLaren Racing team. The company’s electronic systems are used in formula one vehicle for various telemetry and sensory systems. The company also creates electronic control units for other teams in the motorsport industry to use across Europe and North America. (McLaren, 2013) McLaren Applied Technologies (MAT) focuses on supplying the best technology to boost the technical support in world of sports and to enhance the performance of McLaren’s formula one vehicles. McLaren Applied Technologies has continued to boost McLaren’s reputation as the ‘forefront of British engineering and technology’ (McLaren, 2013). MAT has helped worldwide sports by providing technology to help improve the efficiency of the participant’s performance in the best way possible. This could be something as simple as providing mountain bikes that weigh less without hindering the efficiency of the bike. Absolute Taste is engaged in hospitality and event management business. It serves food to McLaren’s customers and fans at formula one race. Absolute Taste also provides a catering service and hospitality to upper class customers around the world. They also organise events and the serve various cuisines to cater its global customers (McLaren, 2013).McLaren’s Horizontal DiversificationThe aforementioned diversification strategies of McLaren can be categorized as either related or un-related diversification strategies. Related diversification strategies can be further divided into three categories as horizontal, vertical and cross-sector diversification (Charles et. al, 2010). These related diversification strategies differ due to their different combination of industry similarity and value chain similarity (see fig 2). Horizontal diversification pertains to a business’s venturing into a new field which uses the same value chain as its core business and falls withi n the same industry. Considering this definition, McLaren has not diversified horizontally as it has not acquired any other formula one racing teams. Fig.2 (Source: Charles et, al. 2010, p. 296)McLaren’s Vertical DiversificationVertical diversification refers to a diversification initiative within the same industry, but one which uses a different value chain than that of the company’s core business. (Charles et, al. 2010). McLaren diversified vertically through its automotive business as it operates within the same industry but has different customers and marketing channels. Likewise, McLaren’s electronic systems and applied technology business can be termed as vertical diversification as it operates within the same (formula one racing) industry, but it requires a distinct value chain i.e. production, distribution and customer network (McLaren, 2013).McLaren’s Cross Sector DiversificationCross sector diversification occurs refers to diversification within a different industry, but one which has a same value chain (Charles et, al. 2010). McLaren’s venturing into the catering, hospitality and event mana gement business (Absolute Taste) can be classified as cross-sector diversification. Absolute Taste share’s the same value chain as McLaren’s core business as it is an extension of the company’s own marketing activities and thus uses the same managerial and other resources. However, Absolute Taste also operates in a complete different hospitality industry; a field completely different from car racing business. Similalry, McLaren’s applied technologies can be termed as cross-sector diversification in that it also operates in other industries such as medical science apart and sports (other than car racing).McLaren’s Unrelated DiversificationUnrelated diversification is referred to a firm’s engagement in a completely un-related business (Charles et, al. 2010). McLaren, diversification strategies so far do not include any un-related diversification as the company achieves economies of scale and synergies through all of its diversification strateg ies. McLaren has developed this portfolio of companies to boost the Group’s reputation and to expand. The development of the production centre improved McLaren’s chances of increasing economies of scale. By having so many of the McLaren companies being managed under the same roof, it allows each company to make the most of tangible and intangible resources and materials that wouldn’t have been used otherwise (McLaren, 2013). The joint use of inputs means that different McLaren subsidiaries share the transaction cost of machinery and other possible production costs for the vehicles that are produced. Once the McLaren production centre was built, it meant that the internal process of vehicle production would change. Within the production centre research is continuously gathered on how to improve the general performance of McLaren’s Racing and Automotive vehicles. As the car is built they can then send it off to be spray painted by hand within the same facility which not only saves time but reduces errors that may have been made on the paint work by machines. Managerial ambition is the drive of many businesses. McLaren has a reputation to withhold as the ‘forefront of British engineering’ (McLaren, 2013). McLaren are always attempting to produce the best. By diversifying into so many subsidiaries it creates new targets for the groups as a whole. The diversification strategy allows the company to increase its business profile and spread risks accordingly. McLaren’s Diversification strategy as a Reflection of Historical Trends in Corporate Strategy Throughout the midst of 20th century till the early 1990s, there were several dominant logics of strategic management. During 1950s, there was an emphasis on general management skills, along with widespread un-related diversification moves by corporates. It was followed by the prevalence of requiring specific management skills for different industries in the 1970s and 1980s. This was coincided with the requirement of portfolio planning. It was not until 1990s, that the focus of management practitioners and academics was led to prevailing themes of core competencies and dominant management logic view to achieve synergies through growth and diversification strategies (Goold and Luchs, 1993). During this time (i.e. 1990s) McLaren embarked upon its diversification initiative as part of its growth strategy. McLaren’s growth strategy precisely coincided with the prevailing business view of achieving synergies through diversification. Once the new McLaren production centre was built it allowed McLaren Automotive to increase their daily production and enabled them to introduce new road cars such as the MP4-12C sports car. The production centre has not only boosted the production rates but has also got a production line which allows McLaren to test its vehicles (Fosters plus partners, 2013). The production centre is also connected to the McLaren technology centre which is ‘connected by a subterranean walkway, lined with interactive exhibition spaces’ (Fosters plus partners, 2013). This connection allows the technology centre to provide for the McLaren Automotive department by coming up with new McLaren electronic systems for their vehicles. With the producti on centre in place it allows the diversification of the McLaren industries to take advantage of the ability to share machinery. With the connection of the Production centre and the Technology centre it allows McLaren to develop new technology to be used by MES for McLaren Automotive and McLaren Racing to use in their formula one vehicle. To either improve the vehicle performance in some way or to generally improve the safety of the racing car. Absolute taste provides food for the McLaren racing team and other clients such as Mercedes-Benz at all grand Prix races worldwide (McLaren, 2013). Igor Ansoff defined synergy as ‘Exploitation of similarities between different lines. Two plus two equals five’ (Ansoff, 1957). This analogy is saying that when similar industries combine such as McLaren Racing and McLaren Automotive it increases the production levels beyond the predicted rate. This synergy was improved greatly once McLaren has built the new Production centre. It allow ed the McLaren group to all operate in the same vicinity roof which inevitably improves synergy amongst the different industries. All of each other’s resources are at the disposal of whoever wishes to use it. References Ansoff, I. (1957) Strategies for Diversification. Harvard Business Review. Vol. 35 Issue 5. Charles E., Bamford, G. and West, P (2010). Strategic Management. Cengage Learning. Fostering plus Partners, (2013) Projects:McLaren Technology Center Available from http://www.fosterandpartners.com/projects/mclaren-technology-centre/ (cited on 5th, March, 2013) Goold, M. and Luchs, K. (1993) Why Diversify: Four Decades of Management Thinking. Academic of Management Executive. Vol. 7 No. 3 McLaren (2013) Vodafone McLaren Mercedes. Available from http://www.mclaren.com/formula1/page/mclaren-group (cited on 5th, March, 2013) Nye, D. (1988) McLaren: The Grand Prix, Can-Am and Indy Cars. Guild Publishing. Porter, M.E. (1979) How Competitive Forces Shape Strategy, Harvard Business Review, March/April 1979. Terpstra, V. (1994). International Marketing, USA: The Dryden Press William, T. (2009). McLaren – The Cars 1964–2008. Coterie Press.

Character Compare and Contrast Essay

The 2 characters that are the main spotlight in this story are Jack and Ralph. They are great leaders but they have different ways of leading others. However they have different goals and that leads to arguments and in the end separation. Even in all the hardships, the littleuns still caused Ralph and Jack to add another worry about the â€Å"beast† into their list of worries Even though Jack and Ralph are innocent and mature at the start, they will break mentally in the end without civilisation to keep them sane. Jack and Ralph are great leaders but they have different ways of leading. Jack’s way of leading is more into the dictator type but Ralph is more into the democracy type. Ralph likes to get ideas and ask for volunteers to do them while Jack likes to tell others what to do.Even though they all agreed to the cliffs and the outhouses and there always has to be water in the coconut shells, but they all forgot about it and do it everywhere. As time passes arguments happens and they fought for leadership. Even though Jack and Ralph work well together but different goals caused them to separate. Jack’s goal is to hunt pigs and go wild in the forest ,but Ralph’s goal is to get off the island and stay alive. They are enthusiastic about the idea of building a signal fire to go back home, the hunters who are supposed to look after it were too focused on hunting the pig for food and left it to go out at the most crucial point. While they are hunting and the fire went out, a ship came pass by and went past them like they didn’t even exist.This accident caused Ralph and Jack into an argument that would eventually lead to separation. The littleuns like to play around but even though they they don’t have to do anything, they also have to make Jack and Ralph worry about the â€Å"beast.† Even though the littleums don’t have to do anything, they still have to create problems by lighting a spark of fear into others by the story of the â€Å"beast.† The day after the kid with the birthmark told them about the  Ã¢â‚¬Å"beast,† he’s gone and no one has yet seen him and they just took him out of their memories and made him disappear like he never existed. Even though the fear of the â€Å"beast’s† gone, once a fear of it is lit it would stay there forever and hunt them even in their dreams. Once they all are mentally broken, Jack took action and rebelled, overthrowing Ralph’s leadership. Even though both Jack and Ralph has the same background and have a similar life style, they still argue with each other and fought over the conch, the symbol of leadership. Jack and Ralph are great leaders but they have different ways of leading and thinking. They also have 2 different priorities which Ralph’s is staying alive and getting off the island back to their homes, but Jack’s priority is to hunt and go wild. Even though they have to worry about who’s in power constantly, the littleuns still have to light a spark of fear that gradually built up like pressure in a pressure tank and once it went over the limit, it blew. Even though they fought and argued they still did well staying alive even with out adults. Works Cited Golding, William. Lord of the flies. London: Faber and Faber Limited, 2012. Print

Disease Trends And The Delivery Of Health Care Services

Disease Trends and the Delivery of Health Care Services Brittany Bigger HCA/240 11/30/2014 Disease Trends and the Delivery of Health Care Services In the health care field, there are many different findings and discoveries happening each day. While population in the world increases, there are more developments of bacterial disease being discovered. Looking back at our country’s past, many of the diseases we have now wasn’t thought of back then nor was a threat to people’s lives as big as it is now. Coming forth to the present many things have changed since the older times. Aging and Obesity are the two main topics to talk about when you discuss of the future in Americans. In History many changes have occurred not only in the†¦show more content†¦Older people have more issues they need to tend to as far as Social security, and Medicare. This in my opinion will make everything decrease in jobs and in the economy needs. In the next 20 years the ratio of age range will be mostly 65 and older which will be triple the time of what we have now (Kochhar, 2014). In 2009, 39.6 million of the population was over the age of 65, which made a big part of the total population in the US. (Rodgers, 2012). Which this information from 2009, you can almost imagine the increase we will have in 2050 with more elders and less means of putting individuals to use due to their old age. I think that in the future this will be the worlds greatest downfall because there will be so many older people and not enough young population to uphold the jobs and businesses throughout the US. Health issues with Aging will be a huge problem for the elder population. There are many different diseases to look out for within older individuals. Cancer and Heart Disease are two of the diseases older people would be some of the chronic diseases an older person would get. Preventing this would mean for all elders to live a healthier lifestyl es. Your environment would be the main key of becoming healthy and reducing the chances of any chronic disease (Chronic Disease Prevention And Health Promotion, 2011). Within the next couple of decades, our country

Maus And The Commandant Of Lubizec - 976 Words

The two novels: Maus and The Commandant of Lubizec, are two remarkable portraits and classic work of the Holocaust literature. Though these books are vastly different, they have some similar characteristics of the way the camps and jews were organized and treated throughout the war. Maus is a comic strip of the author’s fathers time during the war and the aftermath it had on his life. The Commandant of Lubizec is actually a fiction novel based on historical fact and the testimoney of survivors that actually lived and survived the camps and the war. The luck of survival in these camps is very drast. For example, in Maus, his skills saved him throughout his war experience where as in Commandant of Lubizec it was more the luck of†¦show more content†¦Vladek was choosen to instruct his block supervisor in English. (What’s interesting by this is that Valdek’s block superviosr wanted to learn English due to the fact that enemy lines were gradually i ncreasing their distance and he wanted to be able to fall up on a backup plan come to the end of the war.) By doing this, the block supervisor gave him very helpful instructions ato survive while here in the camp. First advice he ever gave Vladek was to stand far left when they had to line up the next day. The SS chose who to take to work and started on the right side. With his block supervisors helpful instructions, Vladek was able to live another day. Another perk of being the block supervisors tutor is he got different forms of special treatment. He was able to have filling meals and was allowed clothes that pertained to his body shape. He even got an extra pair of shoes, a belt, and a spoon for his friend Mandelbaum in the camp (pg. 192-193). Only problem was if another Kapo saw Vladek getting special treatment, it could turn into really bad knews for him. The relationship of prisoners in the camps were very drast. In the role of survival, you can see friends tur n on each other. When starving you will do anything to survive. There was a difference in these two novels about the dealing of prisoners within the camps. In Commandant of Lubizec since their were very few survivors.

IHC distribution Center Operations Review on Supply Chain...

Operations Review on Waste Reduction, Cost Reduction and Process This memo will discuss the efficient ways that Supply Chain Management, Inventory, and Logistics have been successfully implemented in the Intermountain Healthcare Supply Chain Center. Peggy Lee, Card Program Manager at IHC led the tour in the Supply Chain Center. The goal of IHC distribution center is reduce waste, cost and centralized the high volume supplies in one location and distribute across all their facilities. This gives Intermountain better control of their inventories and negotiation advantages. Using these methods has had a great impact in waste reduction, quality and cost savings. Supply Chain infrastructure is an important process at Intermountain†¦show more content†¦These activities have a time set when they can be performed. They have divided morning to receive delivery from 4am to 12pm; all deliveries are done on a schedule, as well as pickups, pick up activities begin at 12pm. This is to increase efficiency of the location and the use of resources, thus reducing the chance of error and process flows. In addition, order placement is another key process. All IHC facilities must have their entire orders placed by 11:00 am every day to ensure order fulfillment. One other advantage at the supply chain facility is that it is built to allow shipments to be cross-docking. So, instead of products being housed they are immediately moved to another truck to deliver to the final destination. Logistics processes in this facility are designed to make resources more efficient and allow them to eliminate costs. IHC has increased their success by implementing new strategies on supply chain management, logistics and inventory. They have been able to cut costs and increase efficiencies in inventory on internal orders. Along with inventory, IHC has an added savings by testing for effectiveness of new products when negotiating with suppliers in the mock up room. By having this kind of interaction with supplies, ensures that the products will meet their needs and will contribute to their efficiency. They have also modified their logistics by reducing the number of tripsShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 Pagesis an online assessment and preparation solution for courses in Principles of Management, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. Whetten BRIGHAM YOUNG UNIVERSITY Kim S.