An Effective Risk Management System - 2153 Words

Risks are sometimes described as â€Å"known-unknowns† (APM, 2012): events which may happen, but may not. Risk Management is focused only on those uncertainties that have the potential to impact the achievement of one or more objectives of the organization (Murray-Webster and Williams, 2010). This means that risk management should not address all risks, only those relevant to the project objectives. This essay shall outline how to achieve an effective risk management system, and how this contributes to achieving project success and hence corporate aims and objectives. This shall be illustrated by relating the theory to two real project-based businesses. Business (a): BAE systems, a large engineering company with many complex,†¦show more content†¦The amount of contingency included in a project plan may be seen as a trade-off (Chapman and Ward, 1996). The higher the risk apatite, the more variance is allowed on the project plan. The level of management contingency also needs to be decided. This allows for unknown-unknowns: risks which have not been identified (Cayford, 2014). Business (a) may decide to carry out some high-risk projects: not only is there a higher chance of failure for this project, there is a higher chance of gain, both for the project and the business as a whole. For example if one ship news is a new piece of technology and the company patents it. This may draw in new work. Although the customer may not appreciate being used as a guinea pig, contracts may be drawn up to stipulate who takes the risk (APM 2012), as well is reaping the benefits. Even if the project meets the success criteria in the business case, some projects could be improved. Shahu et al. (2012) makes the case that some projects could have given more benefits if opportunities had been utilized and not just used as a way to balance out the negative risks. This is distinct from Gold Plating which means adding superfluous product features, which using up money and time which could have been saved (APM, 2012). Here, any

Importance of Technical Education Free Essays

Technical Education plays a vital role in human resource development of the country by creating skilled manpower, enhancing industrial productivity and improving the quality of life. Technical Education covers courses and programmes in engineering, technology, management, architecture, town planning, pharmacy and applied arts crafts, hotel management and catering technology. The technical education system in the country can be broadly classified into three categories – Central Government funded institutions, State Government/State-funded institutions Self-financed institutions. We will write a custom essay sample on Importance of Technical Education or any similar topic only for you Order Now The 65 Centrally funded institution of technical and science education are as under: IITs | 15| IIMs | 13| IISc. , Bangalore| 1| IISERs| 5| NITs| 30| IIITs| 4| NITTTRs| 4| Others (SPA, ISMU, NERIST, SLIET, NITIE NIFFT, CIT)| 9| TOTAL| 81| Besides the above, there are four Boards of Apprenticeship Training (BOATs). The Central Government is also implementing the following schemes/programmes: – (i)  Ã‚  Ã‚  Ã‚  Ã‚   Technical Education Quality Improvement Programme (TEQIP) assisted by the World Bank. (ii)  Ã‚  Ã‚  Ã‚  Ã‚  Indian National Digital Library for Science Technology (INDEST). There is one Public Sector Undertaking, namely, Educational Consultants India Ltd. (Ed. CIL) under the Ministry. There are also Apex Councils, namely the All India Council for Technical Education (AICTE) and Council of Architecture (COA). IMPORTANCE OF TECHNICAL EDUCATION. Education is important for every individual in a nation. It plays a vital role to change the stare of a country. No country could bring a revolution in it unless its everybody are educated enough to meet the challenges. Education makes a man realize about himself and his goals and how to achieve that goals. Basically, Education is divided into three groups. The Education which teaches the concerns of a society is called Social Education. The Education which develops a personality inside a man himself is called Spiritual Education. The Education that concerns with the professionalism is called Vocational Education. The Technical Education comes under the branch of Vocational Education which deals practically in the field of trade, commerce, agriculture, medicine Engineering. We are living in the modern age of science where we found Technologies in every aspect of life. What makes life so brain friendly for us simply; these are the Technologies which we use for our ease and comforts. Not only in our daily life but also in the research centre, in defensive measured of a country, biological aspects etc. No nation could generate the progress unless it promotes technical aspects in its fields. The technical education produces technicians for all type of industries and it is true that the progress of a country much depend upon its Industrialization without which a handsome economy would not be possible. Using a technology is far easier than to develop it. For developing a technology, it needed high skill teams which have a high data for the theme. It also needed a high amount of time and also money. To fulfill all these, there must be technical institutes which must cover all the faculties of technological studies and also the support of government to support financially to contruct it at international level. If it would be at International level then it would be easier to students to grab data in their own state so that they could do something for their own country. Pakistan leads in the technological era. The exhibition canters in Pakistan plays a vital role in backing up the technicians to come up with more and more new technologies because it gives reflection of our technologies to the foreigners which are representing their country, which means we are reflecting our image to that world. By this we have a sense of development and prosperity that we also produce creative mind in the technological aspect. As far as Pakistans implementation in techno field is concern, we might look around and observe that in every field of life we are using high class technologies whether it is in the Industrial purpose, business purpose, agriculture purpose or defensive purpose. There has been a lot of emergence of on-line trading, which deals with high technological concerns in term of machinery and software. Pakistan Telecommunication field also deal with high-class technology. Pakistan also promises to produce best technicians of its own through their technical education centers which allow approximately all the faculties for technical development. These institutes also support the new courses of technology which are introduced at a instant so that there would be no line at which we lay behind. The most important institutes of in Pakistan which support the technical courses incorporate, NED University, GIK University, Karachi University, Mehran University and there are also some other private Universities which deal in technological subjects. These institutes promise to produce technicians who cold meet the challenges of the technological era. I feel proud when I watch the students rushing towards these technical institutes to become a prosperous technician who have a sense of responsibility for the progress of their nation. Technical education promotes the material prosperity and economic advancement. It produces the sense of self-respect and dignity. If a country has her own technical experts, she may save a lot of foreign exchange i. e. Technical Education makes a country rich, prosperous and resourceful. Our country is rich in raw material resources but the thing is, we must have enough technical information to benefit from them. How to cite Importance of Technical Education, Papers

Corporate Mobility and Company Law

Question: Discuss about the Corporate Mobility and Company Law. Answer: Introduction: Section 117 and section 112 (a) both sections used to register the non-liability company in Australia. According to Corporations Act 2001, a no-liability company is a corporation that should have a solely mining purpose and it should not be incorporated to calls on the unpaid issue of share. According to the section 112 (a), a company is registered as the no liability company. but, it should involve the following condition: The company should have its own share capital and constitution of the company defines that its sole purpose should be based on mining purposes. Moreover, the company has no contractual obligation under its formation to make progress to call made on its distribution from the shareholder who unable to pay them. In this way, section 9 states the mining and mineral purposes. As per the section 117 (2), the application form should be contained a number of the element named the type of company, name, and address of each individual, place of birth, the address of director, secretary and company, the number of share allotmen. Following are the application form of corporation registration in Australia: Lodgement details Further detail of company Appointed officeholders detail Another officeholders detail Identify ultimate holding company Share Structure Table Details of members Declaration by Applicant Doctrine of Capital Maintenance The doctrine of capital maintenance was coined in the 19th century in United Kingdom. This doctrine underlines the statutory rules in context of distribution of dividends and other distributions to the shareholders, diminution of a companys share capital and a companys redemption or buyback of its shares. The CO contains the provisions regarding capital maintenance and distribution rules in Part II16 and Part IIA17. The maintenance of capital doctrine has caused a significant debate in the corporate law since its zenith in the late 19th century. In Australia, this doctrine forms an important part of its corporate law. The aim of the doctrine is to provide creditors protection in the following ways: Dividends are allowed to be rewarded only out of available profits. Court sanction is must for the reduction of capital. A company is allowed to buy-back its shares only out of distributable profits or the proceeds of a new issue. Financial aid by a company for purchasing its own shares is not allowed, except for some circumstances. By providing for above provisions, Australian law ensures that creditors grant credit on the basis of an expressed or implied depiction that consideration received for the shares are allowed to be utilized only for the business purposes. Also, the law states that such consideration shall not be returned to the shareholders, except in the case of liquidation of the company. Also, the principle of capital maintenance in Australia, attempts to safeguard the interests and rights of shareholders, minority in particular, from unfair treatment in selective distributions of benefits. Recently, Australia has restructured its capital maintenance rules and regulations with some necessary changes which can suit their specific situations. However, it has been seemed that business transactions in Australia have continued to experienced evolution, which has made the protection provided by the conditions of doctrine of capital maintenance inadequate to meet modern needs. Although, the Company Act 2006 has modernized the doctrine to some extent, still it remains unsuitable for fulfilling its objectives. In this view, just like other countries, US and New Zealand, Australia should also shift from the regime of capital maintenance to a general solvency approach. A number of modifications regarding the capital maintenance regime have been brought by the Australian law, resulting in the de-regulation and reduction of a number of rules. The changes were due to the fact that this extensive and deep-rooted doctrine in current years had come to be challenged, questioned and severely criticised from numerous routes. Moreover, the capital maintenance principle has become less important in todays scenario. This is mainly because of the reason that the rules of the doctrine are more complex, and ill-targeted for its objectives and often overtaken by its exceptions. The theory supporting the solvency test approach is that the law should emphasize on the core risk at stake, that is, bankruptcy of the company. This is because it is the only condition in which creditors will remain unpaid. In general solvency approach, all types of distribution to shareholders are permitted along with ensuring that the relevant solvency tests are met, without differentiating between payment from capital or profits. References Atkinson, S.R. and Tolhurst, G.J., (2015) Certainty in joint venture negotiations: a case study,Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia,29(1), p.3. Ferran, E., (2016) Corporate Mobility and Company Law,The Modern Law Review,79(5), pp.813-839. Koh, A.K., (2016) Reconstructing the reflective loss principle,Journal of Corporate Law Studies,16(2), pp.373-401. Scheuch, A., (2016) Konzernrecht: An Overview of the German Regulation of Corporate Groups and Resulting Liability Issues, European Company Law, 13(5), pp.191-198. Latimer, P. (2012)Australian Business Law 2012. CCH Australia Limited.