utilities‚ flooding‚ fire‚ accidents and shortage of resources. It is therefore important to plan ahead and be prepared. A contingency allows a business to respond to disasters and threats quickly which can potentially save time and money. The plan is to able your business to operate despite the disaster‚ or at least keep the business closed for a minimal amount of time. The contingency plan should be simple and easy to follow by everyone in your team. The way I do it is to make a list of all the most
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Reporting Contingencies and the Financial Statement When faced with a lawsuit you have to know whether or not to consider contingencies. According to Schroeder‚ Clark‚ and Cathey (2005) a contingency is a future event that could possibly have an impact on the firm. There are four different ways a contingency should come to view and they are income tax disputes‚ notes receivable discounted‚ accommodation endorsements‚ and what this company is dealing with a pending lawsuit. When a gain is possible
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ABSTRACT STRATEGIC CONTINGENCY PLANNING By Karen Scott-Martinet Fall 2006 The objective of this study was to develop a strategic contingency planning model to be used to fully incorporate emergency management and business continuity into organization structures. (For the purpose of this study‚ Emergency Management and Business Continuity were collectively referred to as “contingency planning.”) Presently‚ contingency planning is mainly done on an operational or tactical level. Current
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How to Be a Successful Student Some people never learn effective study habits in high school. Thus‚ they may struggle through their first semester of college. A student should figure out how he/she studies the best; many people cannot create a quality essay at four in the morning with the music playing and the television on. Although poor study habits may cause the student to struggle‚ which results in unhappiness‚ he/she can become connected by joining clubs‚ music groups‚ or sports that will help
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Research: Application of Contingency Theory to Leadership and the Team Dynamic By: Team Leadership & Motivation A Stajkovic Leadership & the Team Dynamic Introduction: As the focus of our final project‚ we have identified an issue within one of our team member’s organizations where a mismatch exists between the leadership style of the current Vice President of Human Resources and the environment in which he operates. We will use Fiedler’s contingency theory model as support
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products provided by more than one supplier‚ involves multiple expertise‚ and costs tens of millions of Rands. If a transformer fails‚ the cost of rectification can go as high as over 70% of the price of a new one. By so saying‚ risk management and contingency planning plays a key role in the management of such a project. In this report‚ the need and process of risk management as well as the types of risks in relation to the power transformer project are discussed. 2. PROJECT BACKGROUD A power transformer
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Dependent group contingencies provide classwide consequence (e.g.‚ privileges‚ rewards‚ punishment) dependent upon the behavior(s) of a single student or a targeted group of students meeting the criteria (Litoe & Pumroy‚ 1975). Independent group contingencies apply the same criteria and consequence to the entire class or group of students but reinforcement is contingent on each individual student’s own behavior (Litoe & Pumroy‚ 1975). With interdependent group contingencies‚ all students in the
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What it takes to be Successful. Setting goals‚ compromise‚ fight‚ tears‚ dedication‚ long hours of hard work‚ victory. “Success is not the key to happiness. Happiness is the key to success. If [a person loves what they are doing‚ they will be successful].” This was the definition of Success according to Albert Schweitzer‚ a German philosopher. The truth is that this statement can be interpreted differently according to each person’s perspective or goals. For some people‚ when they think‚ what success
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Fiedler’s Contingency Theory Fiedler’s contingency theory states that leadership is a trait and it is fixed. Because leadership is fixed the only variable items are the situational factors. Therefore for effective leadership the situational factors need to be changed instead of the leadership traits. Leadership trait is measured by a rating scale of 1-8 bipolar adjectives‚ with 1 being very poor and 8 being very good. The leader is then asked to identify any one member of a team the leader had to
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most popular approach is called the Strategic Management Approach‚ as the approach to strategy has changed since 1995. The Strategic Management Approach refers to the overall design of the organisation‚ which can be determined only when equal importance is given to the attainment of goals and to policy/ strategy. The key issues for a manager following this approach are goal setting‚ strategy formulation‚ administration‚ and strategic control. Strategic Management Approach has different
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