Friday, December 27, 2019

Case Study of Store24 (a) Managing Employee Retention Essay

Case Study of Store24 (A): Managing Employee Retention Summary: The top executives of a chain of convenience stores, Store24, are attempting to come up with ways to increase employee tenure at their stores. We need to determine the relationship of employee tenure to store profits before they commit to this. They collected profits, management and crew tenure, and site location factors of 75 stores. Based on the data, we recommend that Store24 researches ways to increase employee tenure, more specifically manager tenure. Holding store location factors constant, manager tenure has the greatest impact on profits of Store24 stores. Problem and Matching Objectives: In defining the problem, we need to determine whether employee drives†¦show more content†¦Furthermore, the F-test shows that the regression model 3 does explain a significant proportion of the variation in profit. Also, the T-test of the Model 3 regression shows that each individual variable in Model 3 regression is significant. It is obvious that there are linear relationships between profit and each variable. Model 3 regression | Coefficients | Standard Reeor | t State | P-value | Lower 95% | Upper 95% | intercept | 60731.364 | 59148.023 | 1.027 | 0.308 | -57430.394 | 178893.122 | MTenure | 842.267 | 131.019 | 6.429 | 0.000 | 580.526 | 1104.008 | CTenure | 1003.624 | 432.926 | 2.318 | 0.024 | 138.754 | 1868.493 | Pop | 3.477 | 1.524 | 2.282 | 0.026 | 0.433 | 6.520 | Comp | -26708.901 | 5681.001 | -4.701 | 0.000 | -38058.005 | -15359.797 | PedCount_2 | 73146.905

Thursday, December 19, 2019

The Battle Of The Civil War - 864 Words

The Northern Takeover When you hear about the civil war and what caused the feud between the North and the South many people believe it was due to slavery. Too some individuals however, this claim is considered a misconception. James Rhodes was amongst those people who didn’t believe slavery had been the main cause, instead he believed in the Impending Crisis, which was the belief that the cause of the civil war was due to aspects other than slavery such as the difference in views economically, socially, and politically between the colonies. Rhodes stated in his seven-volume History of the United States the Compromise of 1850 that â€Å"the moral conflict over slavery, had suggested as well that the struggle also reflected fundamental differences between the Northern and Southern economic systems† (380). The North compared to the South was extremely advanced economically, due to entering the industrial revolution. Northern sectionalists had about two times as much man power as the south, and were open to the idea of advancement in technology such as, railroads and factories. The South was contempt with the life they had been living due to agricultural incomes from products like tobacco and cotton. Money was being made for the South without people having to do anything because slaves had done all the work to make the citizens of the South revenue. This comfort of living is what did not prompt the South to enter the industrial revolution, they rather just stick to the basicsShow MoreRelatedThe Battle Of The Civil War1127 Words   |  5 Pagesshaken by the Civil War because some states wanted to separate themselves from this unity that had lasted for approximately 100 years. The American Civil War is a historic affair and one of the bloodiest battles in history of the US (Engle, Krick, 2003). It is considered one of the bloodstained happenings in the history of the US because more than 600, 000 people died. A majority of this number were soldiers. This fatal battle hap pened between the years 1861 to 1865. The Civil War emerged becauseRead MoreThe Battle Of The Civil War Essay1424 Words   |  6 PagesThroughout the years 1861 to 1865 the American Civil War took place and it is known as Americas bloodiest war. The cause of the Civil war was the debate between free states and slave states over the government trying to prohibit slavery. In 1860 Abraham Lincoln became president of the United States and ran on the platform to keep slavery out of the new unclaimed territories of the United States. Once Lincoln became president seven southern states seceded from the Union ultimately creating the ConfederateRead MoreThe Battle Of The Civil War1666 Words   |  7 PagesThe Civil war was one of the biggest turning points in United States history. The nation’s failure to compromise on the subject of slavery led to an outbreak of war. Battles such as Gettysburg, Vicksburg, and Shiloh led to what we know of today as a free nation. Great technological advancements in weaponry led to mass c asualties among both north and south, often making death inevitable. Those who bravely served and those who were forced to serve lived a life of fear, starvation, and commitment toRead MoreThe Battle Of The Civil War1191 Words   |  5 PagesWhen the Civil War started both sides thought the war would be over by Christmas. But little did they know this small war would turn into the deadliest war in American history. The Civil War was fought between the Confederacy and the Union. The Confederacy was consisted of Southern states that did not agree with the views of the Union states. After years of sectional differences in the United States between the north and south, tension between the states grew and a war between the north and southRead MoreThe Battle Of The Civil War1073 Words   |  5 PagesThe Civil War was a war that was thought to would have lasted no longer than ninety days. After all was said and done, the war lasted more than four years and claimed tens of thousands of li ves of both The Union and The Confederate States. There were several battles fought on Northern and Southern soil, battles that forced bloody mortal combat between brothers in the fight for equality amongst all men. It tested the strength of the foundation that the United States was built upon. The Civil War wasRead MoreThe Battle Of The Civil War960 Words   |  4 PagesHave you ever wondered why the Civil War happened or why it was so substantial to American History? What was the battle that changed it all; that made it the history it is today? Many people have made speculations on the causes of the war and what the major turning point was, but cannot really narrow it down. In James McPherson’s Crossroads of Freedom: Antietam he points out the pivotal moments in American history that led up to and changed the Civil War, so that the reader can get a better insightRead MoreThe Battle Of The Civil War1197 Words   |  5 PagesMarianna, FL. The battle will be virtually unkno wn in the history of the Civil War, but its success marked the longest successful incursion of Union troops into Florida (Cox, 2014). This raid had two goals; the first was to rescue the reported Union prisoners and the second was to liberate and enlist any slaves that were found along the route (Calvin, 2014). The prisoners were not located, but more than 600 slaves were liberated along their route (Cox, 2014). The subsequent battle did not last longRead MoreThe Battle Of The Civil War1163 Words   |  5 Pageshad already decided to secede from the Union. Those 7 states started the Confederate States of America, run by their own President, Jefferson Davis. This same issue was the catalyst for the Civil War which started on April 12, 1861. One of the major and well-known battles of the Civil War was the Battle of Gettysburg. It was on this backdrop that Abraham Lincoln delivered a speech that is â€Å"universally recognized by historians and scholars alike as the most famous and most important speech everRead MoreThe Battle Of The Civil War1233 Words   |  5 PagesIt is evident that the Civil War helped shape America into the country it is today. The strong factional division -based on slavery- between the Union and the Confederacy guaranteed certain achievements of both sides. Much of what we consider history today remains a part of the outcome from these multiple bloody battles. Activist John Muir of the Civil War-era stated, â€Å"the traces of war are not only apparent on the broken fields, burnt fences, mills, and woods ruthlessly slaughtered, but also onRead MoreThe Battle Of The Civil War1133 Words   |  5 Pagesfierce battles were fought to secure the rights and freedom of both men and women, irrespective of their religion, gender, and race. Of all of the battles, the American Civil War stands out. Divided into the Union and the Confederacy, the American civil war broke out after the southern states seceded due to slavery that spread in many parts of the country. The Civil War began in the year 1861 and ended four years later. The end result was the Union becoming victorious in 1865. The Civil War was a

Wednesday, December 11, 2019

Entrepreneurship and Economic Development †MyAssignmenthelp.com

Question: Discuss about the Entrepreneurship and Economic Development. Answer: Introduction: The five driving force for undertaking the effective entrepreneurship business is based on the self correctional methods through which the lacks can be identified and controlled according to the requirements of the organization. I have enumerated certain weaknesses by undertaking the personality test that is required to be arranged in order to make significant progress in the process of the business. The most important consideration that I observed during the test is based on the habits and outlook that I possess determines the driving force for the organization. The test portrayed that there are issues in certain approaches that might affect the productivity of the organization. The issues are being arranged according to the findings for the better understanding of the modifications hat are required to be brought. Issue questionnaire Solutions How is autonomy important Autonomy helps in the proper management of the functions of the enterprise. Therefore, every entrepreneur makes use of the autonomy in order to take the correct decisions for the organization (Morris, 2015). How to improve the achievement quotient? The achievement quotient of the organization can be improved through the improvements in the decision-making and the correct form of goal and the implementation of the strategies. Is risk taking an important factor? Risk taking is an important factor as it helps the organization in exploring new horizons and cultures, which helps in the progress of the organization (Santos, 2012). How controlling skills can be enhanced? Controlling the skills can be enhanced through the methods of proper monitoring over the skills and the services that are being provided. How can creativity help in the progress? Creativity helps in bringing in innovations. Innovations helps the organization to stand out to be unique in its approach. Based on the report that is being formulated, the personality trait that I have received lags on the need for autonomy to a greater extent (refer to appendice 1). Need for autonomy helps the entrepreneur in maintaining the organizational standards depending on the requirements of the organization. it helps the entrepreneur in taking the decisions for the organization freely. A lower rate of the autonomy, as I have received in the test, portrays that I depend on the external sources to take the organizational decisions that might affect the progress of the organization. On the other hand, the risk taking and the controlling factors that forms an integral part of the job is being affected due to the lack of autonomous control over the organization. Therefore, in order to make significant progress, I must modify the outlook and possibly try to take decisions not depending on the external sources. Creativity is again another factor on which I have received high points. Creativity will he lp in bringing in innovation in the organization and thereby make the significant progress. The scored personality type, which I have received, is the Thinker based on the assessment of the creativity. Creativity helps in bringing about innovation in the business and therefore it is an important aspect that must be considered by the entrepreneur. Creativity helps the business in innovating the new trends and the technologies and thereby helps in sustaining the enterprise largely. The personality will be helping me in making considerable advancements in the business because of my idealism and the new approaches that I would be able to forecast. The personality that I have received through the test correlates to the characteristics of my inbuilt personality. It has helped me in taking up ideas and making them useful depending on the needs of the business I am into. I am the Hipster of the team as I can not only motivate the team through my activities but also make use of the ideas in order to make the processes simpler for my people to work on. The thinker always helps the team with the new possibilities and the traits. Therefore, the most important consideration I undertake is to motivate my team through the ideas of improvement in the processes and by simplifying the work of my team. The most important consideration that is being undertaken in order to make use of the person who have influenced me the most is the life and the achievements of Sir Richard Charles Nicholas Branson. Richard is a business magnate, an entrepreneur who founded the Virgin group of companies. It is through the hard work and the entrepreneurial management that the person has secured such high position in the market. The most important determinant of his success is based on his vision (Fayolle, 2013). The person was having a vision from his early age of becoming an entrepreneur himself and therefore it is the prime target since his boyhood days. Effective leadership and management of the ideas is an important consideration that determines the abilities of the management system they are into (Kelley, Singer Herrington, 2012). The most significant factors that affect the business of this man is based on the principles of entrepreneurship. The business is the sole motive of the man and the only thing that is considered to be living is the autonomous culture of the industry and the management of the functions (Fisher, 2012). The main objective of Sir Richard, according to himself, is to set himself in the highest position of the business. The proper integration of the activities and the functions of management and the risks that the entrepreneur took to rise is an important consideration that must be undertaken while discussing on him (Schaper et al., 2014). The major aspect that helps in the process of the undertaking effective management is based on the criteria of the success that is being enjoyed by the man (Gedajlovic et al., 2013). The main philosophy of the business that the man has inherited is based on the sustenance of the business he is into and thereby it is important in signifying the needs of t he business. The mindset of the entrepreneur largely affects the business as the mindset helps in setting the goals and the objectives of the firm and thereby makes probable success in achieving the common goal of the firms (Carland Carland, 2015). On the other hand, the market and the other factors helps in determining the availability of the organization. it helps ion making a significant ,progress in the processes. According to the Davidsons model proper integration of the factors helps in determining the effectiveness of the entrepreneurship that the person undertakes. I have chosen this entrepreneur, as my inspiration as the entrepreneurship skills that is being administered by the person is more sufficing. The most important consideration that is being undertaken by the person is based on the goals that the person have set in order to make significant progress in his organizations and the group of companies that falls under his owned system. The autonomous design of his decision-making has been the most compelling of the inspirations that justifies the cause as to why I did choose him. According to me, the leadership styles that have been portrayed by this personality is more influencing in order to bring about significant changes in my organizational structure and the autonomous decision-making. The ships that are being manufactured by the entrepreneur Sir Richard is the mostly important consideration on which I would like to focus as of now. It seems to be the most interesting part of the discussion as this new launch has made the entrepreneur even more famous (Burrows, 2015). His line of cruises named Virgin Voyages has made significant promotions in the market, which have helped the company in attaining the attention of the mass consumers. The most important consideration relating to the topic is based on the innate features o the cruise and the facilities that the cruise offers (Madhok Keyhani, 2012). The cruise is made for the adults and there are no other specifications made as per the services that shall be provided within the cruise. It can be simply a promotional way through which the entrepreneur seeks to invite the consumers worldwide to come and enjoy the comfort of the cruise (Bosma et al., 2012). It is a measure that helps in the making of the promotion more e ffectively depending on the requirements of the services that are being provided by the cruise. The mission and the vision of making the ship available to all is based on the vision of making the service available to all the desiring and potential consumers. The company offers a strong competition to its competitors by making use of the processes to the fullest possible ways (Onetti et al., 2012). The employee retention rate of the company is based on the remuneration that the company provides to its workforce (Drucker, 2014). Therefore, retention in the rate of the employees might help in the understanding of the companys situation. The company and the return on the investments that the company earns base the rate of retention of the employees on the revenue that is being created. Therefore, in order to determine the rate of retention of the employees the company must make use of the resources and make considerable returns on the investment (Bhachu, 2017). The concerned company for this discussion has a higher rate of retention of the employees, which states that the company is making a good place in the market. The market structure of the company and the competitors that the company faces is an important consideration that must be undertaken by the company in order to progress. The concerned company have designed the product and restrained the services in order to make the m arket more competitive. I chose this company and this enterprise because according to me, the situation of the company is based on the decisions that are being taken by the entrepreneur of the company (Kuratko, 2016). The most important aspect of taking this company is based on the criteria of the critical success factors that are being faced by the organization. the autonomous control of the organization and the integration between the internal and the external departments helps in determining the limits of the company in making its progress in the market (Landstrm, Harirchi strm, 2012). The owner of the company is the reason why I chose this company. the owner is an experienced person with exceptional insight and the ability to forecast the future (Abu-Saifan, 2012). Forecasting the future of any organization helps in making the significant progress through the involvement of the goals that are to be achieved through the proper integration of the internal and the external departments. I feel that the ide as can be incorporated in my company in order to make the significant progress. Therefore, I chose this company in order to refer to the success factors and the tendencies taken by the company in order to sustain themselves in the market (Baum, Frese Baron, 2014). The business model canvas of the company helps in determining the market condition of the company and at the same time determines the customer expectations and the stakeholders approach of the company. It helps in not only understanding the companys SWOT but also to identify the suppliers and the benefactors of the company. The most important consideration undertaken by the company is based on the requirements of the consumers and the companys actions based on the requirements therein (Barringer, 2012). I have enumerated a business model canvas for the company I have chosen as my inspiration, Virgin Voyage. The canvas shall justify the reason as to why I am so much enchanted with the companys progress. The progress of the company is based on the several factors that the company undertakes in order to retain the employees and the consumers at the same time (Refer to appendix 2). The steps taken by the company is based on the requirements of the clients and therefore adhering to the requirements, the company formulated the services (Bridge O'Neill, 2012). The suppliers of the company are mainly based on the companys requirements of the raw materials and the foods and beverages that the company requires during the production and the execution process of their services. The company aims at retaining the consumers and thereby retains the consumer loyalty towards the organization (Audretsch, 2012). On the other hand, the services that are being provided by the company is based on the requirements of the consumers and therefore customer satisfaction is the basic objective of the company in this context. the service orientation of the company helps he company in retaining the consumers of the company and therefore helps in retaining the market of the company (Moroz Hindle, 2012). The cost structure of the company is again based on the subjective nature of the costs that are being undertaken by the company in order to render the services that both retains and satisfies the consumers of their demand. The section of the discussion will also uphold the SWOT analysis of the company in order to make considerable advancements in the competitive market. It determines the situation of the company in the present day market structure therefore it helps ion instilling an insight of the companys weaknesses or discusses the opportunities of its growth at the same time (refer to appendice 3). The strengths of the company can be enumerated as the satisfaction of the consumers through the services that are being provided by the organization. The most important criteria that helps the organization in its progress is the customer oriented approach that the company holds. The approach helps in retaining the consumers and making considerable progress in the field of their expertise. The unique kind of cruise manufactured by the company that provides the consumers with the expected comfort is again an important consideration. The competitive pricing strategy of the organization helps the organizatio n to prosper outnumbering the competitors in the market. The weaknesses of the company can be enumerated as the one major factor that restricts the use of the services by a certain section of the society. the cruise, according to the management of the organization is to be used by the adults only (Acs, Autio Szerb, 2014). The clause have restricted the use of the services to a certain section which might affect the consumer retention (Miller et al., 2012). The target consumers for the services are being enumerated as the elite class of people looking for a ride on the sea. The problem lies in the fact that the consumers or the couples bearing a child cannot take the services that are being offered by the organization. Therefore, it restricts the product or the service offering to a limited range of people. It can be taken as one of the major weaknesses that the company might face, as the competitors in the market, who have not narrowed the scope might get hold of the market that the concerned company might lose (Martin, McNally Kay, 2013 ). Opportunities that the company has got is the expansion of its services beyond the restricted boundaries of the nation. Breaking the borders help the company in finding consumers that are looking for just the services that the company is rendering. The most important consideration that the company must undertake in order to make use of the resources is based on the criteria of the service that the company is aiming at providing to the people. The threats faced by the company are based on the competition that the company faces in the market. The quality of the services that are being provided by the company is an important consideration that the company undertakes in order to understand the important aspects of the retention of the consumers (Naud, 2013). Monitoring over the quality and the quantity of the services that are being provided to the clients helps the company in making the significant progress in the market (Kirzner, 2015). According to the Blue Ocean strategies that are being undertaken in order to understand the necessary steps the company is required to take steps in order to differentiate the products and the services delivered by them and their competitors (Kiss, Danis Cavusgil, 2012). The Blue Ocean strategies denote that the company differentiates between the products and the prices at which they are available between the companies in order to determine the best option that is being taken by the consumers (Koellinger Roy Thurik, 2012). The most important consideration undertaken by the concerned company is the competitive pricing strategy it has. It assures the company with a competitive advantage over the other companies in the market. The study of the situation of the company and the example of the famous entrepreneur in the discussion has helped me in understanding the roles played by the entrepreneur in managing the operations of the organization (Storey, 2016). Creativity and intellect plays a major role in the process, but the most used criteria of the entrepreneurship is based on the autonomous control over the organization. The correct forms of decision that is being taken by the organizations help in making the significant progress depending on the requirements of the organization and its target consumers (McKenzie Woodruff, 2013). The most important criteria that facilitates the kind of strategic planning is the intellect and therefore I have received a lot through the study of the operations of the selected organization, and I look forward to implement the modifications in order to undertake enhancements in the organization level. The organizational behavior that is being portrayed in the study and the o rganizations success based on the principles of motivation and management of the entrepreneurs is an important consideration, which I have observed. The changes that I have observed in the days is being based on the study that was undertaken so long. It is to make sure that the decisions of the organization, I am into, is been taken autonomously. The discretion in the risk taking factors that I previously used to avoid is no more an issue that restricts my decisions. The changes have been huge as the entrepreneur, his struggle to become the entrepreneur since his boyhood days influenced me, and now I feel I too can take some decisions in order to make the processes more simplified and engaged. References Abu-Saifan, S. (2012). Social entrepreneurship: definition and boundaries.Technology Innovation Management Review,2(2). Acs, Z. J., Autio, E., Szerb, L. (2014). National systems of entrepreneurship: Measurement issues and policy implications.Research Policy,43(3), 476-494. Audretsch, D. (2012). Entrepreneurship research.Management Decision,50(5), 755-764. Barringer, B. (2012).Entrepreneurship: Successfully Launching New Ventures, (2012). Baum, J. R., Frese, M., Baron, R. A. (Eds.). (2014).The psychology of entrepreneurship. Psychology Press. Bhachu, P. (Ed.). (2017).Immigration and entrepreneurship: culture, capital, and ethnic networks. Routledge. Bosma, N., Hessels, J., Schutjens, V., Van Praag, M., Verheul, I. (2012). Entrepreneurship and role models.Journal of Economic Psychology,33(2), 410-424. Bridge, S., O'Neill, K. (2012).Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan. Burrows, R. (Ed.). (2015).Deciphering the Enterprise Culture (Routledge Revivals): Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge. Carland, J. W., Carland, J. C. (2015). A model of potential entrepreneurship: Profiles and educational implications.Journal of Small Business Strategy,8(1), 1-14. Chaston, I. (2017). Entrepreneurship. InTechnological Entrepreneurship(pp. 1-24). Springer International Publishing. Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Fayolle, A. (2013). Personal views on the future of entrepreneurship education.Entrepreneurship Regional Development,25(7-8), 692-701. Fisher, G. (2012). Effectuation, causation, and bricolage: A behavioral comparison of emerging theories in entrepreneurship research.Entrepreneurship theory and practice,36(5), 1019-1051. Gedajlovic, E., Honig, B., Moore, C. B., Payne, G. T., Wright, M. (2013). Social capital and entrepreneurship: A schema and research agenda.Entrepreneurship Theory and Practice,37(3), 455-478. Kelley, D. J., Singer, S., Herrington, M. (2012). The global entrepreneurship monitor.2011 Global Report, GEM 2011,7. Kirzner, I. M. (2015).Competition and entrepreneurship. University of Chicago press. Kiss, A. N., Danis, W. M., Cavusgil, S. T. (2012). International entrepreneurship research in emerging economies: A critical review and research agenda.Journal of Business Venturing,27(2), 266-290. Koellinger, P. D., Roy Thurik, A. (2012). Entrepreneurship and the business cycle.Review of Economics and Statistics,94(4), 1143-1156. Kuratko, D. F. (2016).Entrepreneurship: Theory, process, and practice. Cengage Learning. Landstrm, H., Harirchi, G., strm, F. (2012). Entrepreneurship: Exploring the knowledge base.Research Policy,41(7), 1154-1181. Madhok, A., Keyhani, M. (2012). Acquisitions as entrepreneurship: asymmetries, opportunities, and the internationalization of multinationals from emerging economies.Global Strategy Journal,2(1), 26-40. Martin, B. C., McNally, J. J., Kay, M. J. (2013). Examining the formation of human capital in entrepreneurship: A meta-analysis of entrepreneurship education outcomes.Journal of Business Venturing,28(2), 211-224. McKenzie, D., Woodruff, C. (2013). What are we learning from business training and entrepreneurship evaluations around the developing world?.The World Bank Research Observer,29(1), 48-82. Miller, T. L., Grimes, M. G., McMullen, J. S., Vogus, T. J. (2012). Venturing for others with heart and head: How compassion encourages social entrepreneurship.Academy of management review,37(4), 616-640. Moroz, P. W., Hindle, K. (2012). Entrepreneurship as a process: Toward harmonizing multiple perspectives.Entrepreneurship Theory and Practice,36(4), 781-818. Morris, M. H. (2015). Entrepreneurship as Experience.Wiley Encyclopedia of Management. Naud, W. (2013). Entrepreneurship and economic development: Theory, evidence and policy.Browser Download This Paper. Onetti, A., Zucchella, A., Jones, M. V., McDougall-Covin, P. P. (2012). Internationalization, innovation and entrepreneurship: business models for new technology-based firms.Journal of Management Governance,16(3), 337-368. Santos, F. M. (2012). A positive theory of social entrepreneurship.Journal of business ethics,111(3), 335-351. Schaper, M. T., Volery, T., Weber, P. C., Gibson, B. (2014).Entrepreneurship and small business. Storey, D. J. (Ed.). (2016).Entrepreneurship and new firm. Routledge.

Tuesday, December 3, 2019

Risk Management Insurance Industry in Queensland Australia

Introduction Risk management is a very crucial aspect in all fields of life. It is even more important when it comes to the business world that is faced by a variety of risks (both financial and non financial), which could lead to losses and to the extreme; it may lead to close down of business organizations.Advertising We will write a custom research paper sample on Risk Management: Insurance Industry in Queensland Australia specifically for you for only $16.05 $11/page Learn More Risk management entails the process of carefully identifying, assessing and prioritizing risk in a given setting, industry or business organization (Rowe, Mason, Dickel and Snyder 1989). It also involves the strategic application of the available resources in an effort to reduce, scrutinize, and manage the probability and effects of the risks while at the same time trying to maximize opportunities for better performance of a business (Chapman and Ward 1997). This piece of work will give an in depth discussion of the aspect of risk management in businesses. Much emphasis will be given to the issue of climate change and how it influences the flood risk in Queensland Australia and its effects to businesses affected. The insurance industry will be the main focus. Discussion There are various business risks with each being associated with different effects and hence necessitating different mitigation strategies. Climate change in any given part of the world could be linked to a variety of risk factors depending on the situation and the particular risk involved (NSW Department of Environment and Climate Change October 2007). Floods in Queensland, Australia are a major risk to not only personal lives but also to businesses and hence the need for effective risk management practices (Department of Finance1991). Transport is very much affected by the floods leading to delays, loss and damages of products in transits in a given business. Delays in delivery of the p roducts means delay in production processes and also delay in making deliveries to consumers (Grey 1995). Insurance industry is related to all forms of businesses where various activities and products are insured for instance against risks such as damages, floods, losses or fire.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In regard to flood risk in Queensland Australia, the insurance industry has had a rough time in the process of managing the risk for instance in terms of compensations. This is because the risk is so prevalent. All in all, the insurance industry has taken responsibility of providing maps of areas that are at high risk of flood. It also cooperates with the government in mitigating and managing flood (Cooper, Grey, Raymond and Walker 2004). Although it is hard to ascertain the risk caused or associated with floods in Australia, there exist some ways through whi ch it could be estimated, for example through the impacts suffered (Tweeddale 2003). The major problem of the insurance industry however comes in the process of ascertaining the real floods threats for the purpose of compensation. This is because there may be chances of people claiming compensation from insurance companies even when the risk suffered is not associated with floods. According to Anonymous (2011), revenue for different crops such as fruits and vegetables declined following floods in Australia. The insurance industry has been experiencing difficulties in understanding and pricing floods and this has led to obstacle in achieving market available for insurance cover (BTE 2001). According to Australian Bureau of Agricultural and Resource Economics and Sciences (2011), it is evident that the risks linked to floods are very harmful to businesses. For this reason, there is dire need to come up with ways through which the risk can be managed. There are various strategies that could be applied in an effort to mitigate the risk including identification of threats and opportunities so as improve performance through maximizing opportunities and reducing threats (Vose 2000; The Royal Society of London 1992). It also requires rigorous thinking where the aspect of managing risk should be integrated with the overall decision making process in an organization (Coag 2004). An organization should also set up strategies that aim at being prepared for any form of risk so as to minimize the negative effects (The National Flood Risk Advisory Group 2008).Advertising We will write a custom research paper sample on Risk Management: Insurance Industry in Queensland Australia specifically for you for only $16.05 $11/page Learn More Effective communication is also a strategy that ought to contribute to better risk management. This is because risk management occurs in a social context and hence the need to involve all the stakeholders for effecti ve action to be taken (Sai Global 1999; Kaplan and Norton 2000). Cox, Gutteridge and Davey (2001) asserts that the task of managing flood risk is very much involving and for this reason, it ought not to be left for a single individual or party. Instead, various parties should join hands in making the situation better for the best of everyone involved. They include individuals, the government, non governmental organizations and other corporate bodies (International Standard ISO/FDIS 31000 2009). When all the above named parties are effectively involved in the process of risk management for instance the floods, there are usually fewer surprises due to preparedness and there is also exploitation of all the available opportunities due to proper understanding. The combined efforts also lead to improved planning, performance, and effectiveness. There is also the issue of enhanced accountability, governance and assurance due to transparency. Economy is also achieved in the course of risk m anagement (Arnold 2008; Insurance Council of Australia not dated). According to Department of Transport and Regional Services, Canberra EMA (1999), Climate change issue and its effect on floods risk in particular have played a great role in Tasmania. Tasmania is an Australian island that is very significant due to the wealth it holds in terms of natural resources, most of them being underexploited. The fact that this is an island makes the risk of flooding to be very involving mainly due to the aspect of mobility of people and goods from this place to the neighbouring areas as well as from the neighbouring areas to the island. In the recent past, Tasmania has been faced with a number of risks including the Tasmanian fires which claimed a significant number of lives and property. Floods are also a notable phenomenon in this island. The collapse of the main bridge, Tasman Bridge exacerbated this issue making crossing over to different directions difficult. This did not only affect the mobility of individuals but also of products and services thus affecting various businesses (Rawlings-Way, Worby and Mocatta 2008).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion From the above discussion, it is evident that the risk of flood is very influential. It is associated with a number of losses and damages particularly in the contemporary business world. The insurance industry in Australia is very touched by the issue of floods due to the fact the risk is very prevalent and affects various sectors of the economy for instance agriculture and tourism industries. Reference List Anonymous, 2011. Economic impact of Queensland’s natural disasters, PWC. Arnold, M., 2008. 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