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Title: Navigating the Financial Galaxy: A Quantum Leap into Quantitative Modeling
Welcome to the cosmic realm where numbers morph into celestial dancers, and algorithms perform an intricate ballet across the financial sky. Quantitative modeling, the maestro orchestrating this cosmic symphony, unveils the magic within the data, transforming it into a starlit roadmap for financial exploration. Join us on this intergalactic adventure as we dive into the captivating universe of quantitative modeling.
Quantitative Modeling Decoded: A Galactic Odyssey
Definition: Quantum leaps in finance, where mathematics and statistics collide to predict market maneuvers, manage risks, and chart the course through the financial cosmos.
Objective: Picture a celestial crystal ball powered by data and mathematical wizardry, revealing patterns in the vast tapestry of historical data, providing glimpses into the future of market constellations.
Riding the Celestial Waves: Key Quantitative Techniques
Time Series Analysis: The Chrononaut’s Guide
Objective: Unravel the mysteries of the financial time continuum.
Techniques: Glide through the time stream with moving averages, ARIMA, and GARCH, the trusted tools of the chrononaut’s forecasting arsenal.
Monte Carlo Simulation: A Financial Nebula
Concept: Roll the cosmic dice in a simulated financial nebula.
Application: Construct alternate realities of market galaxies to gauge risks – a financial fortune-telling with a quantum twist.
Regression Analysis: The Cosmic Detective
Mission: Illuminate the hidden constellations in financial data.
Method: Unearth the cosmic forces that impact the dependent variable, akin to a financial detective solving celestial mysteries.
Machine Learning Extravaganza: The AI Nebula
Stars: Decision trees, random forests, and neural networks command the cosmic stage.
Act: They unveil intricate patterns, making them the supernovas of predicting market trajectories and optimizing investment strategies.
Option Pricing Models: The Stellar Illusionists
Magic Trick: Black-Scholes and comrades create illusions of fair value for financial derivatives.
Ingredients: Blend underlying asset price, option strike price, time, and volatility to conjure a dazzling financial spectacle.
In the Nebula’s Heart: Challenges and Criticisms
Challenge 1: Quantum Conundrum – Assumptions of stability in a dynamic financial cosmos.
Challenge 2: Cosmic Risk – Critics caution against over-reliance, recalling the cosmic turbulence of the 2008 financial supernova.
Quant Models as Cosmic Navigators: An Odyssey into Risk Management
Destination: Navigating the nebulous terrains of risk.
Tools: Stress testing, VaR analysis, and scenario analysis – the navigational tools for intrepid cosmic explorers.
Strap In: The Future of Quantitative Modeling
Cosmic Tech Fusion: AI, machine learning, and big data unite for a cosmic tech spectacle.
ESG Constellations: Sustainability influences the development of eco-conscious financial models, shaping the future of the financial galaxy.
Grand Finale: The Cosmic Ballet Continues
In this grand celestial finale, quantitative modeling emerges as the cosmic hero, transforming finance into a dynamic, adaptable, and futuristic ballet. As we traverse the vastness of financial innovation, these models remain the guiding stars, promising infinite surprises and twists in the cosmic journey ahead. So, fasten your seatbelts, fellow cosmic travelers, as we continue our odyssey through the enchanting cosmos of quantitative modeling!
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Title: CQF Final Projects of the January ’23 Cohort Introduction The world of finance is a dynamic and rapidly changing landscape that requires professionals not only a deep understanding of traditional financial principles but also the ability to apply advanced quantitative techniques. The Certificate in Quantitative Finance (CQF) program is renowned for its rigorous curriculum and hands-on methodology to equipping individuals with the skills needed to excel in this demanding field. As the January 23 cohort completes their CQF journey, their CQF final projects demonstrate their knowledge, innovation, and commitment for enlarging the boundaries of quantitative finance.
Dive into the last projects of CQF The CQF final projects culminate months of in-depth learning and exploration. Using advanced quantitative tools, participants are tasked with writing comprehensive dissertations that address complex financial challenges. These CQF final projects cover various topics, from risk management and pricing of derivatives to machine learning applications and algorithmic trading. The program provides participants the expertise and resources to dig deeper into these complex topics and derive actionable insights.
Innovative applications of machine learning The January 23 cohort has shown a keen interest in harnessing the power of machine learning in the financial sector. Some CQF final projects have used machine learning algorithms to improve portfolio optimization and risk assessment. Participants demonstrated how these techniques can lead to more informed investment decisions by analysing large data sets and identifying patterns. This intersection of finance and technology exemplifies the forward- thinking philosophy of the CQF program.
Navigating the dynamics of cryptocurrencies Cryptocurrencies have revolutionised the financial world, presenting new challenges and opportunities. The CQF final projects dug deep into the complex area of crypto valuation, risk analysis, and trading strategies. Leveraging the program’s comprehensive curriculum, participants applied quantitative methods to decipher the volatile nature of cryptocurrencies, shedding light on this emerging asset class.
Advanced derivatives pricing and risk management Derivatives play a central role in modern finance, and the CQF final projects reveal a profound understanding of their intricacies. Participants sharpen their volatility modelling skills, refining options pricing models to better capture market dynamics. These theses demonstrate mastery of mathematical frameworks and practical application of these models to real-world financial situations, emphasizing the program’s emphasis on northerly theory demand and practice.
Sustainable finance and ESG integration
As environmental, social, and governance (ESG) factors become prominent in investment decisions, CQF Final Projects of the January ’23 cohort explored how quantitative techniques can be leveraged to combine sustainability considerations. The CQF final projects presented
innovative ways to integrate ESG measures into portfolio construction, improve risk assessment, and align investment strategies with ethical values. This focus on responsible investing reflects the CQF program’s commitment to equipping participants with global financial literacy.
Legacy of the January 23 cohort The CQF Final Projects of the January ’23 cohort demonstrate the program’s excellence in developing expertise in quantitative finance. These arguments illustrate the participants’ dedication, analytical sense, and innovative thinking. The cohort has demonstrated a willingness to contribute to the ever-changing financial landscape by delvering into different topics and addressing contemporary economic challenges.
Conclusion The CQF final projects from January 23 highlight the competence and potential of the experts from this famous program. As the world of finance continues to evolve, these theses emphasise the critical role quantitative skills and innovative thinking play in shaping its trajectory. With a commitment to connecting theory and practice, the CQF program is at the forefront of equipping individuals with the tools they need to thrive in this dynamic industry. The legacy of the January 23 team will inspire future participants to push the boundaries of quantitative finance and continue the tradition of excellence.
Keyword: CQF final projects, January ’23 cohort, CQF, finance, quantitative techniques, quantitative finance expertise, machine learning applications
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This paper offers a personally organised insight into the Hospice & Palliative Care as delivered by VITAS Healthcare, Palm Beach. The purpose is to identify the practice behaviours and developing initiatives of VITAS Healthcare, in order to meet the current social demands of the community and the locality. The integrated aspects of services led by VITAS Healthcare will be stated and analysed for better understanding.
Agency Overview
According to the official declaration of VITAS Healthcare, this is an organisation that is dedicated in terms of offering services to people who are suffering from a state of serious illnesses. The core objective of this organisation is to offer dedicated hospice & Palliative care as well as palliative services, to the patients and thereby preserve the state of dignity of the patient suffering from terminal illness (VITAS, 2017).
VITAS (2017 c) adds that VITAS Healthcare gained Trailblazer Health Award from Rainbow/PUSH Coalition for it ongoing efforts in creating and further enhancing awareness and accessibility to professional hospice & Palliative care services for all kinds of African Americans. This report declares that this organisation offered $7.3 million to charity care in the year 2015, which is an average 1% of its gross revenues.
Historical Background
The VISTAS Healthcare VITAS was established in 1978 and is recognised as a renown Hospice Care Inc. that carried the reputation of being one of the first hospice-related programs of the nation. However, the active services started in the year 1976 by Hugh A. Westbrook and Esther T. Colliflower for all those people who are detected of terminal illnesses (VITAS, 2017 a). The actual recognition thus, began in the year 1978 (VITAS, 2017
VITAS Healthcare
3
b). In a span of three decades, this organisation is very much acknowledged for being able to close the gap in treating patients with hospice & Palliative care status. The organisation leads bipartisan aspects of service efforts and thereby adds hospice & Palliative care to the entire healthcare related payment system. As such, the Medicare gets paid for the hospice & Palliative care services.
Agency Mission
The mission of this agency as experienced on my personal contribution gets focused in terms of offering dedicated dignified services. The service-offering ambience is just like offering professional family care to the patient and offer highest quality-based services on humanitarian grounds. The practice behaviour must consider the sentiments and the dignity of the terminally ill patients are managed with upmost care and respect. The related family, community for medical assistance, and the organisational employee, and stockholders, are encouraged to add measurable advantages to the services. Practice behaviour of this agency is to maintain value-added services to the patients and it makes the difference by offering professionally well-equipped services to the patients (VITAS, 2017 d).
As noted in its official site the name of the organisation represents the Latin word “lives”, hence mission of VITAS is – ‘to preserve the quality of life for those who have a limited time to live’ (VITAS (2017 d) (see Appendix 1).
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Change Management Strategies for Digital Transformation: A Comprehensive Overview Organizations increasingly embrace digital transformation projects to stay competitive and foster innovation in today’s fast-changing digital market. However, as several Ph.D. thesis and dissertations demonstrated, digital transformation involves more than just implementing new technologies; it also entails a significant change in organizational culture, procedures, and mindset. The followings are some of the change management techniques covered in this article and their implications for successful digital transformation: Recognizing the Landscape of Digital Transformation: Organizations must first understand the complexities of the digital landscape to begin a successful digital transformation path. According to Johnson’s (2018) dissertation research, it’s critical to thoroughly review market trends, consumer preferences, and technology developments. This study emphasizes the importance of coordinating digital transformation goals with overarching company goals to ensure a purposeful and cohesive approach to change. Developing a Strong Vision: A compelling vision inspires Employees to accept and actively participate in the digital transformation process, which serves as a driving force. A clear vision that conveys the advantages of digital transformation to various stakeholders is essential, according to Brown’s (2019) Ph.D. thesis. To ensure a common understanding of the result, this vision should address the “what,” “why,” and “how” of the transformation. Creating Successful Communication Channels: During times of change, communication that is open and honest is essential. Smith’s dissertation (2020) strongly emphasizes the necessity for businesses to build efficient communication channels to share information, respond to employee problems, and get employee feedback. This makes it possible to develop a welcoming workplace that promotes teamwork, lessens resistance, and increases a sense of ownership among employees. Developing Change Leadership Skills: Leading change is essential for advancing digital transformation. In her doctoral dissertation, Martinez (2017) claims that effective change agents must have a particular set of skills, including strategic thinking, adaptability, and the capacity to motivate and empower people. Organizations should foster change leadership skills through training programs, mentoring, and coaching to achieve successful change implementation. Empowering Employees: The active participation and empowerment of employees are essential for the adoption of digital transformation to be effective. Organizations should concentrate on building a culture of ongoing learning and experimenting, according to Thompson’s work (2021), which Thompson references in her dissertation. This includes giving people the chance to receive training, promoting knowledge exchange, and identifying and rewarding innovative conduct. Employees that feel empowered are more likely to welcome change and advance digital efforts.
Managing Change Resistance: Organizations must actively manage resistance to change during digital transformation because it is a common human reaction. The need to determine and treat the underlying causes of resistance is emphasized in Davis’ (2018) doctoral dissertation. Assessments of a company’s preparation for change, the use of change agents, and employee participation in decision-making can all help. Resistance can also be reduced through open communication and benefits clarification. Conclusion: The complicated digital transformation process requires careful planning, carrying out, and managing. Organizations must implement effective change management techniques to lead organizations through the transformation process. Organizations can increase their chances of successfully navigating digital transformation by comprehending the digital landscape, developing a compelling vision, establishing effective communication channels, developing change leadership competencies, empowering workers, and managing resistance. Dissertations and Ph.D. thesis offer unique insights that can be used to create and practice effective change management methods in digital transformation. Keywords: Digital Transformation, Dissertation Writing Service, Academic Research Paper Writing Service, Thesis Writing Services, PHD Thesis Writing Services References: Brown, M. (2019). Crafting a compelling vision for digital transformation: Communicating the benefits to stakeholders. (Unpublished doctoral thesis). ABC University. Davis, L. (2018). Managing resistance to change during digital transformation: Identifying root causes and implementing strategies. (Unpublished doctoral thesis). MNO University. Johnson, A. (2018). Digital transformation: A comprehensive analysis of industry trends, customer demands, and technological advancements. (Unpublished doctoral dissertation). The University of XYZ. Martinez, R. (2017). Building change leadership capabilities for successful digital transformation. (Unpublished doctoral thesis). GHI University. Smith, J. (2020). Effective communication channels for navigating digital transformation: Addressing concerns and fostering collaboration. (Unpublished doctoral dissertation). DEF University. Thompson, S. (2021). Empowering employees for digital transformation: Fostering a culture of learning and experimentation. (Unpublished doctoral dissertation). JKL University. Wilson, T. (2022). An iterative approach and agility in digital transformation: Adapting to evolving market dynamics and emerging technologies. (Unpublished doctoral thesis). PQR University.
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Introduction The benefits of the utilization of the construction contracts include, the requirements of the agreement while performing home building, the contract paper preserves the rights of the contractor or builders, superintendent, principles and the other involved parties. In accordance with the Crown Build project case study, the building construction is located in the NSW area and it is going to be a four storey building with the fixed amount of AUD28 million and within a fixed timeline as mentioned in the contractual document of this building project and the contract has been signed under AS4000-1997 regulation. But in the middle of the project development, it has been detected that the beam size is incorrect and the contractor has provided notice to the principal and superintendent of the project. The superintendent has corrected the drawing with correct beam size and instructed to eradicate the implemented wrong beams. Now gradually the quantity of the handrails has increased with labour const and delivery delay. Now, the contractor can apply for different progress claims under different clauses. Task 1 The Australian building industry mainly follows the laws and regulations of ABIC or Australian Building Industry contracts, HIA or housing Industry of Australia and the government contracts. Each of the construction projects in Australia follows jurisdictions of Building and Construction Industry Security of Payment Act 1999 (NSW), Home Building Act 1989 that mainly focuses on the building activities of the NSW Area. For the residential building construction in the NSW area under Schedule 1 of Home Building ACT 1989 refers that the roof plumbing and Specialist work will be done in relation with dwelling. Governing law Clauses refers to the transactions between the parties that are mainly operated in the territories and the states and the parties generally maintain and follow the legislation attributes of Competition and Consumer Act 2010 (Cth) and the payment security legislation (Wang and Burdon, 2021). According to the considered mandatory of the general guidelines of the construction projects, the scope, timeline and the allocation of roles and responsibilities will be mentioned (Appendix 3) The payment schedule along with the provisional sum and the contract sum will be written and also the dispute resolution, relief damage, limitation clauses and available reliefs are also mentioned in the construction contracts. The general principles of the construction contracts uses different objectives such as the type of work
4 (commercial, design, residential), size and value of the contract, legislative requirements for state and the mention of the parties who are administering the contract paper such as architect, contractor, superintendent and the principles. In accordance with the Australian Standards (AS) there are different general conditions that are prepared by Standards Australian Committee. The general principles of construction contract laws are described here-AS 4000-1997: This contract is signed for the construction delivery purpose and is known as “general conditions of a contract”. AS 4901-1998: it is mainly as a sub-contract and it is used with the AS4000 principles. AS 4902-2000: this is mainly built for the construction delivery and design purpose and it is a variant of AS4000. AS4905-2002 is signed for the minor contract conditions and it is administered by the Superintendent. Thus, it is clear that the selection of the contract depends on the different circumstances but there is some general reflection- The amendments or the body of the contract, instruments of the contract or agreement that are written formally, and the annexure parts. Some basic features of AS4000 are- the contractor of a construction project is required to m\execute the completion of the construction project within a fixed timeline and at a lump sum price. It is important to sign the agreement with the clearly mentioned date of completion of the construction contracts, if the extension of time is required, and the contractor will have to provide a ‘qualifying cause of delay’ (Swift, 2019). The case study deals with the construction project of Crown build that is facing structural difficulties due to the proposed wrong beam size and this dispute can be resolved by the AS4000-1997 contractual agreement with the proper utilization of the clauses. The advantages of using the standards forms of the Australian contracts are- it can reduce the total cost, the scope of negotiation can be avoided with the signing of document and thus influences the speediness of the process, However, in the agreement, the rights of the both of the parties, the proper mentioning of the conditions of the contract, expected date of project completion, the date of work commencement and the other terms and conditions related to the construction project are clearly mentioned in the construction contracts. The benefits of the utilization of the construction contracts include, the requirements of the agreement while performing home building, the contract paper preserves the rights of the contractor or builders, superintendent, principles and the other involved parties. The construction contracts help to lay out the planning and conditions of the owner very clearly. It also ensures that the owner of the building and the contractor are performing together in order to achieve a
5 common target, The clear guidelines of the contracts helps to perform a better construction performance and the associate legislations add value to the protection of the builders and traders (Jones, 2021). In addition to that the changes can be possible if there is any evidential defect or damage or complaint occurs during the process.
Task 2 According to the case study of the Crown Build, the construction of the four storey building under Crown Build developer is facing structural deficiencies as the superintendent of the project has proposed wrong size of beams in the design paper. This issue has been resolved as the contractor has informed the superintendent and the superintendent has issued a new design with the correct size of the beams. Moreover, the superintendent has informed us to remove the used beams and replace them with the correct beams (Appendix 2). Now this situation has increased the amount of the stair handrails and thus it is enhancing the cost and the time period. In this case, the contractor will apply for the provision of the compensation rate from the superintendent as the dispute occurs due to the provision of incorrect information by the Superintendent. This is a communication problem in the construction management project. The construction project of the Crown Build has been made according to the law of AS 4000- 1997 thus it includes a fixed timeframe and fixed allocated cost. For the Crown Build project the time frame is 24 months and the allocated cost is AUD 28 million. But as the changes have been done in the building design along with the beam sizes, there is a qualifying cause of extension of the time period. Thus the contractor can apply for the delay delivery of the project and delay cost under the AS4000-1997 legislations (EL GEZERY, 2018). The contractor can apply for the EOT or the delay cost under AS4000 policy as the issue has been caused by the omission of the Superintendent. In this regard, the qualifying cause of delay compensable cause, 8.1 can be claimed for achieving the incurred cost due to the quantity enhancement of the stair handrails, labour cost and beam removal cost. Under clause number 25.3, the delay cost of the construction of Crown Build project involves the labour cost. In addition to that the clause number 11.2 is also applicable in this regard as the changes have been made and thus the costing structure is changing. The constructor can use the clause in order to include the additional expenses with the lump sum cost of the project. EOT can be applied in this case as there is a qualifying cause of delay as the mistake
6 has been done by the superintendent and the contractor can apply for achieving a relief. It cannot be ignored that the principal of the project has also omitted the mistake made by the superintendent in the beam size (Rıgga, 2019). In accordance with 34.2 clause number, the contractor of Crown build has already sent a notice to the superintendent and the principal to apply for EOT. This EOC will be received within 28 days after the claim has been done and the delay cost has a qualifying cause of delay under clause number Qualifying cause of delay, CC, 8.1. Task 3 According to the policies of AS4000, the contractor of Crown Build can claim for the expansion of the time frame in order to carry out WUC and the contractor needs to prepare a qualifying cause of delay statement with evidential attributes. There are fundamentally two types of qualifying cause of delay- i) it is applicable when any omission or mistake is made by the superintendent of a building construction project and ii) it is applicable when the mistake or default is made by the contractor of a building construction project or due to industrial and weather conditions (Van Der Westhuizen and Evans, 2019). In the case of the Crown Build project, the mistake has been performed by the superintendent of the building construction as in the initial design the superintendent has proposed an incorrect beam size which is shorter than the required beams. The Item number 23 can identify another factor about the qualifying cause of delay as it measures if the EOT is not grantable in this situation. After that the extension delay will be transformed into the calendar and the business days. Under clause number 34.2, the contractor will be liable to submit the delay notice and in this case the contractor of Crown Build has to submit proper documentation with the evidence of the beam fault to the superintendent of the building project and the principal (RUGINĂ, 2021). This documentation will include the cause of delay and the estimated delivery date of the project. In this regard it can be considered that claiming of EOC notice and delay notice are different notices issued by the contractor. The provision of EOC notice comes under clause number 34.2 and the delay notice provision comes under clause number 34.3. In accordance with the regulation of clause number 34.3, the contractor of Crown Build has to provide evidence regarding the fault in the beam size, responsible person and the extended timeline in the notice of the EOT. The process of claiming for EOT under AS4000 includes the submission and accessing of notice of delay with the evidences for ‘qualifying cause of delay’ under the clause number
7 34.2, provision of delay notice, EOT claiming notice under the clause number 34.3, delay damage claim as stated in the clause number 34.9 and 41.1 and the final assessment under the clause number 34.4 (Appendix 1). The dispute in the construction building project will come under 42.1 and the progress claim will be done as an activity of the payment security policy according to clause number 37.1 (Montalbán-Domingo et al. 2019). However, demonstration of the delay will be properly reported in the EOC notice. In accordance with the policies, the superintendent of the Crown Build project has taken mitigation steps in order to resolve the issue of the incorrect beam size. For taking effective steps, the superintendent has designed a new building drawing with correct beam size and instructed to remove the wrong beams that are already implemented in the building. However, clause number 34.9 is identifying the compensable cause under AS4000-1997. Due to the omission and the defaulted act of the superintendent, the clause number 1.1 stated that it is a subject of compensable cause. The item number 26 (Annexure Part A) can detect the other qualifying causes of damage delay and it also can be ‘Nil’ but the ‘Nil ‘refers that there is no additional cost found in the case. The quantum inclusion and the basics of claim need to be considered while preparing the notice for the damage delay claims. The contractor has to submit and keep updating the prepared claim as evidencing aspects for the delay. The clause number 34.4 includes both the non-qualifying and qualifying delay causes in the cases of the overlapped situation. In this case, it can be considered the prevention steps will be evaluated by the contractor to measure if the objectives are affecting his attributes or not. Moreover, according to clause number 42.1, the contractor can also provide a dispute notice if he found any disagreement with the proposal of the superintendent’s instruction (Adzoyi and Nani, 2021). The contractor can also involve incurred cost that has been increased due to the replacement of the shorter size beams, labour cost and the increased quantity of the handrails. These inclusions of the cost will be done under clause number 36.2. Task 4 There are fundamentally two reasons for claiming cost. Firstly, the incorrect beam size has extended the delivery date of the building construction and on the other hand the labour cost associated with the extension of the project and the removal and implementation of the newly proposed correct beams. These types of costs are regarded as the “global cost claim”. In this
8 regard the superintendent will be considered as a liable person to provide the compensation cost to the constructor or the builder. The clause number 36.2 indicates that the incurred cost structure can be claimed by Crown Build as the variation has occurred in the contractual cost structure. The cost claim will be made as the superintendent has made a mistake in the building drawing with incorrect beam size. In order to respond to the cost variation, the contractor will provide the incurred cost quotation and this quotation needs to be verified and sanctified by the superintendent as a sign of approval. This cost structure will include the additional cost of the raw materials, labour cost and the extension period cost. It will be called ‘cost plus agreement’. In accordance with the policies, the superintendent of the Crown Build project has taken mitigation steps in order to resolve the issue of the incorrect beam size. For taking effective steps, the superintendent has designed a new building drawing with correct beam size and instructed to remove the wrong beams that are already implemented in the building. However, clause number 34.9 is identifying the compensable cause under AS4000-1997 (Klee, 2018). Due to the omission and the defaulted act of thesuperintendent, the clause number 1.1 stated that it is a subject of compensable cause. According to clause 26, the expense claim will involve the additional cost with the lump sum cost in the contract. In addition to that the clause number 25.6 will be applicable as it indicates the delay labour cost that is a delay damage expense. The clause number 11.2 needs to be applied as there is a verified costing structure in the construction of the Crown build project. The clause number 26 will also include the additional costs with the main costing structure. Now the additional cost includes the labour cost, implemented beam removal cost, extension cost and the quantity increment cost of the handrails (Hastie, Sutrisna and Egbu, 2017). The value of the raw materials will be added in the additional cost structure according to the law of AS4000. Conclusion As the Crown Build project has been signed under the law AS 4000-1997, the financial and delay dispute will come under different clauses. The provision of EOC notice comes under clause number 34.2 and the delay notice provision comes under clause number 34.3. In addition to that the clause number 25.6 will be applicable as it indicates the delay labour cost that is a delay damage expense. Under clause number 25.3, the delay cost of the construction of Crown Build project involves the labour cost. In addition to that the clause number 11.2 is also applicable in this regard as the changes have been made in the cost structure.
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Issues in Global Business and Strategic Concepts Case Study Analysis of Hewlett-Packard (HP)
Executive Summary
In the contemporary business environment no organization is left untouched by the impact of globalization. Globalization is both a blessing and curse for organizations. It is mainly because with globalization companies are offered a number of scopes to expand and gain long term sustainability. But at the same time it raises a number of global issues that act as hindrance and thus adoption of successful strategies to overcome the same are highly critical. In this paper the case of Hewlett-Packard (referred to as HP from now on in this paper) is discussed in details with regards to global issues faced by the company, solutions crafted by them to overcome such issues, evaluation of solutions and finally proposing suggestions based on analysis. Based on analysis it was discovered that the major issues confronted by HP are four-fold. They are namely, ineffective strategic expansion through inorganic measures, cultural diversities, inabilities to cope up with changing nature of global business and lack of innovation and entrepreneurship skills. In order to combat these issues, HP has resorted to a number of strategies. Some of these strategies were successful like management of cultural diversities whereas others failed to achieve desired objectives. Upon in-depth analysis it was also revealed that mostly it is internal inabilities of HP that prohibits the company from overcoming global issues. The study finally proposes that HP needs to pursue turnaround strategy along with adoption of practices like lean management, transparent communication systems, whistle blowing and investments in research and development to support innovation for sustaineddevelopment in long run.
Introduction Hewlett-Packard, one of the prominent global IT giant has its roots in a rented car garage in Palo Alto by two Stanford classmates, Bill Hewlett and Dave Packard. Initially, with the impending resources constraints, the firm instigated with audio oscillators required in sound engineering but gradually over the years, through innovation and leadership, it developed a product portfolio encompassing hardware, software and allied services to an expansive clientele of both large and small and medium sized enterprises from public and private sectors across the globe (HP 2015) . From its inception in 1939, the company has evolved across seven business vertices: “Personal Systems, Printing, Enterprise Group, Enterprise Services, Software, HP Financial Services and Corporate Investments” and ranks 35 th in the latest list of most valuable brands of the world by the Forbes Magazine (Forbes 2015) . The firm is currently being spearheaded by Ms. Margaret Whitman as the CEO (Forbes 2015) . However, HP has its share of hardships and challenges as well especially emerging from the globalized economic business landscape where markets are approaching saturation, competition is getting intensified and technology is evolving at a rapid pace. Innovation is regarded as the sole saviour (Gault 2010; Atkinson & Ezell 2012) . This report presents that key strategic issues confronted by the IT titan and how the firm has succumbed to its wrong decisions and dubious strategic moves. The report explores each of the issue in-depth while critically analysing the firm’s subsequent strategies based on a thorough secondary investigation based on management theories and business information.
Background to Case Study
5 | Page As per the reports of Gartner (2015) , HP was the global number one firm in personal computer manufacturing from 2007 to the second quarter of 2013. It was then, Lenovo surpassed it. This is just the tip of the ice berg. The problems at HP are much graver. Strategic management has emerged as one of the most critical functions of contemporary organisations. Top level managers make strategies to tackle issues and complexities imposed by the excessively dynamic and complex businesses environment (SRINIVASAN 2014; Hitt et al. 2012; Orcullo 2008) . The decisions firms make for business have repercussions for years (Hitt et al. 2012) . HP is no exception to this. Firstly, it acquired Compaq Computer in 2001 in anticipation of leveraging the PC market globally and outshining the Asian counterparts. Strangely, the decision makers ignored the by now matured PC market and absence of internal innovation system at Compaq. Further, in 2010, HP again acquired financial crisis stricken Palm as a gateway to the emergent mobile devices market. This served no purpose as HP was a follower of Apple and Palm brought its own plethora of issues. Similar blunder was acquisition of software company Autonomy. HP wanted to ride on external sources of innovation and ignored the importance of internal innovation practices (Mourdoukoutas 2011) . Other strategic issues were that CEOs were getting changed quite often (four CEOs in seven years); HP’s tablet PC was a total flop and uncertainty about the key business segment: personal computers. There was a lot of internal unrest, feuds and scams etc. that made HP miss out on business opportunities. This led to the trajectory of declining revenues and bereaved market share (Bandler 2012) . These issues clubbed with extravagant acquisitions led to a massive downsizing initiative. This was also attributed to unnecessary focus on cost-cutting rather than innovation (Kalb 2012) . The case report explores these issues in light of the strategic management literature to bring out the impact of the strategic decisions that led to the misery of this renownedIT firm and also
6 | Page focusing on remedial measures through which HP can regain its glory through innovation for which it is was always known.
Methodology of Analysis The case is analysed on the basis of the data and information acquired from the secondary sources like published journal, article, books, literature review, articles published in magazines and newspapers. Only popular and authentic sources of information have been referred and duly acknowledged in the paper. Blogs and unworthy websites, books, journals have been ignored. Facts and figures are reported only based on company’s website, newspapers, business consultancies and government’s official websites. The analysis of the issues have been done through the case study mechanism where each issue is explained, linked with relevant theories and literature and then a solution is proposed based on the inferences.
Issues and Problems Out of a number of issues faced by organizations like HP while undertaking business in a global platform some of the most critical ones are identified and discussed in this section. These issues primarily relate to four major areas strategic expansion through acquisition, cultural diversities, changing nature of global business management and innovation and entrepreneurship.
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Global Issues Affecting HP
Management of Cultural Diversity in Workforce
Frequently Changing CEO’s and Focus on Cost reduction against Innovation
Mass- Customization due to dynamic customer tastes and preferences
Ineffective Strategic Alliances and Acquisitions
Figure 1 Global Issues Affecting HP Source: Author
Strategic expansions are a road to market development and product development which helps companies to diversify their risks by thus gain long term sustainability. HP too in lieu of diversifications and expansions underwent a number of strategic alliances. But these alliances and acquisitions in many circumstances left the company in utter dismay (Bandler & Burke 2012) . A number of acquisitions by HP namely of companies like Autonomy, EDS, Palm, and Compaq resulted in huge losses for the company within a short span of time. The consequences were downfall of company’s market value. Though HP paid out 25 billion USD for acquiring Compaq but had to write it off in only 1.2 billion USD (Nuttall 2012) . Similarly, in 2012, in spite of the fact that HP paid 14 billion USD for acquiring EDS in 2008 but it was written off for only 8 billion USD (Nuttall 2012) . These two instances depict inability of HP to take right decisions to support strategic expansions through strategic alliances.
The second issue that was faced by HP in global arena was managing with dynamic consumer tastes and preferences. For companies in order to excel in global markets standardization is generally considered to be a preferable option (Powers & Loyka 2007) . But as HP planned to cater international markets, it was challenged with the problem of customized consumer requirements. The consumers not only sought for quality products but they also wanted tailor- made products that too with faster deliveries (Feitzinger & Lee, 1997 ; Huang et al, 2015) . Tailoring of products for consumers which are spread across the world at cost effective prices was highly challenging for HP. These changing customer requirements affected all business lines of HP ranging from computers to printers to medical related products. Thirdly, while operating successfully in international markets, HP has been also exposed to issues related to cultural diversities and business ethics. During its initial period, HP was facing problems related to understanding and managing diversities among employees culture that was prevalent within the company. It was mainly because people from differing cultures, origin and expertise from across the world were working for HP (Kamal & Ferdousi 2009) . Presently the organization employs more than 3 lakh people across the world and thus management of diversity is highly critical.
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Figure 2 Number of employees in HP between year 2001 to 2014
Source: (Statista 2015)
Another major issue faced by HP is related to entrepreneurship and innovation. Being in an industry that is exposed to dynamic business environment and is completely driven by technology, innovation is the key to its success (Brem & Voigt 2009) . But in many instances, it has been observed that the policies of HP were more driven by cost minimization rather than focusing on innovation (Kalb 2012) . As a result of which HP’s investment in research and development was reduced to a large extent. The major reasons put forward for the same was enhancement of organizational efficiency through massive cost reductions. Even Chief Executive Officers (CEOs) in HP have been changed very frequently which has affected its operations in global markets to a greater degree (Thibodeau 2012) . It is due to this a number of investors have switched over dumping HP’s share resulting a loss of approximately 60 billion USD in two years between 2010 to 2012 (Hartung 2012) .
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Solution To recover from problems identified above that have affected HP vehemently since a long time, the company has undertaken a number of steps to overcome the same. It is due to these measures that HP has been yet able to manage its position within top 10 among Fortune 500 companies (Bandler & Burke 2012) . For overcoming issues related to mass-customization through minimized costs, HP set up manufacturing and designing units in economies where cost of production is low primarily due to abundance availability of resources at lower costs (Porter 2008) . These countries were mainly those who belonged to Pacific Rim along with Indian subcontinent (Pearson Higher Education n.d.) . This helped the company to produce customized computers and servers at lower prices by capitalizing on costs related to human resources, taxes and impediment in shipping. Further such set ups helped HP to enhance efficiency in form of augmented production along with innovative designs, quality development and effective distribution mechanisms. Such activities helped HP in overcoming wastefulness that was acting as a hindrance in organization’s global operations ultimately resulting in enhancement of competitive edge (Porter 2008) . Management of diversity in HP has always been a major concern. With changing times and dynamics of diversities in workforce, HP has also been responsive towards them (refer annexure 1) and designed new strategies to cater diversities as depicted in figure below.
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Figure 3 HP Way of Diversity Management Source: (Kamal & Ferdousi 2009)
In order to support a strong work culture in HP that is free from all diversities related issues the company designed ‘open corporate policy’, ‘management by objectives’ and ‘management by walking around’ (Menke et al. 2006) . These policies were also adopted by the organization to support development of a culture that would in turn support innovation. Though HP has been suffering from a number of issues but under the leadership of its new CEO, Meg Whitman, the company has been able to stabilize its activities (Merchant 2012) . The company has enhanced efficiency and has been able to minimize costs also. Further under new leadership the organization has adopted ‘Turnaround’ strategy that will fetch HP with long term profitability and sustainability (Merchant 2012) . It is this innovation that motivated company to depart from its core business and venture into markets related to cloud, solutions and software were expected to fetch the company with higher profitability through increased margins (Dediu 2013) . Innovation has always been the driving factor for HP which is the reason behind emergence of Silicon Valley but then the same needs to be revived. Thus under the new strategic
12 | Page orientation, HP would focus on HP Multi Jet Fusion Technology and Sprout that will aid the company to rejuvenate its existence and thus gain long term sustainability (Moorhead 2014) . The benefits from these innovative technological solutions are yet to be realized (Moorhead 2014) . Irrespective of this fact, these innovative approaches are expected to revive HP’s declining position.
Evaluation The present position of HP can be evaluated using the (Boston Consulting Group) BCG Model. The model is a matrix of 2×2 which depicts the position of a firm / product / service in terms of market share and market growth as depicted in diagram below.
In current situation HP which is predominantly operating in markets of personal computers is considered to be a market experiencing lower growth. In order to compete in the same, HP resorts to lower profit margins for sustaining competitive pressures (Kalb 2012) . Based on such facts it can be stated that presently HP is operating in the Dog category. This indicates presence of very minimum scope for the company in future if continued to do business in the same
13 | Page segment. The company is having a tough time in surviving with such a product portfolio. Further when the main priority of HP should be adoption of retrenchment strategy, HP on the contrary has been resorting to growth and diversification strategies. It is evident from the number of strategic acquisition that has been executed by HP. Retrenchment strategies provides an organization with opportunities to condense organizational operations and thus concentrate on selected few that will support company with long run financial stability and sustainability (Schermerhorn 2010) . In addition to the above without innovative approaches, it is almost impossible for HP to revive its position in such industry. The organizational system of the company is very intricate making it difficult for CEOs to understand the same (Enderle 2011) . Before they are in a position to understand and act, a new CEO emerges which has adversely affected HP’s growth and culture. Thus the major issue that is affecting HP is lack of effective leadership. None of the entrepreneurs so far who have been leading the organization have been able to prove their entrepreneurial skills as classified by the entrepreneurship model depicted below.
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