Introduction Step into the realm of Python, a digital maestro orchestrating a symphony of code in the intricate dance of finance. Crafted by the enigmatic Guido van Rossum in the late 1980s, Python is more than just a programming language—it’s a tapestry of elegance and functionality. This narrative embarks on a journey through the origins, explores the lyrical syntax, and delves into Python’s unique role in the world of quantitative finance.
The Genesis of Python: A Tale of Code Evolution Picture a digital alchemist, Guido van Rossum, concocting Python in the crucible of creativity. The first whispers of Python echoed in 1991, heralding a language designed for readability and elegance. As Python evolved, it morphed from a fledgling creation to a versatile force that speaks the language of developers across the globe.
Pythonic Syntax: Where Whitespace Dances with Clarity In Python, code isn’t just lines on a screen; it’s a choreography where whitespace conducts a ballet of readability. The Zen of Python isn’t a doctrine but a poetic mantra, emphasizing the simplicity and clarity that turns code into a lyrical masterpiece. Python’s syntax, like a well-composed symphony, resonates with the financial sorcerers who seek harmony in their digital incantations.
Versatility in Applications: Python, the Shape-Shifting Artisan Python is no one-trick pony; it’s a shape-shifter, adapting seamlessly to the whims of the developer. Whether analyzing market trends, crafting algorithmic spells, or taming risk dragons, Python’s versatility transforms it into an artisan’s palette, ready to paint the financial canvas with vibrant hues of data and strategy.
Python in Quantitative Finance: An Overture to Possibilities Analyzing Market Data: Pandas, the Maestro’s Baton
In the grand symphony of finance, Pandas waves the conductor’s baton, turning market data into a melodious overture. Insights, once hidden in the cacophony of financial data, emerge as a harmonious melody, revealing patterns and trends to the discerning quant.
Algorithmic Trading: NumPy, SciPy, and the Alchemy of Profit
Python’s prowess in algorithmic trading is akin to alchemy, turning mathematical formulas into digital gold. NumPy and SciPy, the mystical ingredients, blend seamlessly to concoct strategies that dance through the markets, leaving a trail of profitable enchantments.
Risk Management and Simulation: Monte Carlo, the Soothsayer
In the financial soothsaying realm, Python’s embrace of Monte Carlo simulations unravels the uncertainties that shroud risk. Like a seer peering into the crystal ball, Python navigates the treacherous waters of financial risk, offering a glimpse into possible futures and guiding practitioners through the tumultuous sea of uncertainty.
Web Development with Django and Flask: Python’s Artistic Ensemble
Python’s artistic ensemble extends beyond algorithms to the grand stage of web development. Django and Flask, the virtuoso performers, transform financial applications into an interactive masterpiece. A symphony of user experience and functionality, Python’s web development tools are the artistic strokes on the canvas of financial technology.
Community and Ecosystem: A Tapestry Woven by Many Hands
The Python community is a living tapestry, woven by the hands of developers and quants alike. In this collaborative carnival, PyPI stands as a bustling marketplace—a digital agora where financial charms and quant spells are bartered and shared. It’s a testament to the collective spirit that propels Python into new frontiers, enriching the ecosystem with each passing day.
Future Developments: Python 4 and Beyond—A Prelude to Tomorrow
As Python prepares for its next act, the stage is set for Python 4 and beyond. The whispers of improvement echo through the community, promising enhanced performance, refined financial modeling spells, and a dash of blockchain magic. The future of Python is a prelude to tomorrow’s financial symphony, where each note resonates with innovation and progress.
Conclusion: Python, the Sonata of Code and Finance
In conclusion, Python is not just a language; it’s a sonata weaving through the realms of code and finance. Its unique syntax, versatile applications, and vibrant ecosystem make it an unparalleled virtuoso. As you embark on your journey through the Pythonic symphony, may the code be ever in your favor, and may your financial endeavors dance to the rhythm of this digital sonata.
Please do follow us Linkedin, Twitter, Facebook, Instagram,Google, Yahoo, Bing and so many searchengines worldwide.
Exploring the dynamic realm of Machine Learning! Ever curious about the algorithms that make your Netflix suggestions spot-on? That’s the magic of data analysis at its finest! Ready to delve into the world of predictive analytics? Where numbers transform into powerful tools predicting trends and shaping the digital landscape! But buckle up, because deep learning takes it to the next level. Picture teaching computers to be the James Bonds of technology – intelligent and sophisticated! From self-driving cars to virtual assistants, it’s a tech thriller unfolding in real-time! Excited to ride the wave of innovation with me? Let’s decode the secrets, make predictions, and shape the future together! #MachineLearning#TechInnovation#DataScience#AI#DigitalTransformation#TechLeadership#FutureTech#InnovationHub#DataAnalytics#DeepLearning#TechForGood#DigitalInnovation#LeadershipInTech#TechRevolution#EmergingTech
” Ready to explore the role of Quantitative Finance in Portfolio Optimization? Let’s dive in! 🔹 In the world of finance, Quantitative Finance plays a crucial role in optimizing portfolios for maximum returns and minimal risks. With advanced mathematical models and algorithms, it brings a data-driven approach to investment strategies. 🔹 Through the power of numbers, Quantitative Finance helps create diversified portfolios that are well-balanced and well-positioned for success. Whether you’re an investor or a finance enthusiast, understanding this game-changing discipline is key to making informed decisions. 🔹 But it doesn’t stop there! Quantitative Finance also drives innovation in the financial industry. From machine learning to big data analysis, it paves the way for groundbreaking advancements. Let’s embrace this exciting blend of finance and technology! 🔹 So, if you’re passionate about finance and eager to explore the world of Portfolio Optimization, join the conversation! Let’s unlock new possibilities together and make smarter investment choices.
Introduction In context of the marketing practices implemented in the operation domain of airline businesses, this essay is making an insight into the role of sponsorship in case of the Emirates Airline (EA). The basic concentration of this paper is to understand the role of sponsorship in terms of operations in airlines as well as related airports. The idea is to explore and comprehend the factors of sponsorship that are responsible to paving the road of success for an organisation. The case of Emirates Airline (EA) has been selected for the critical analysis of the success attained by the selected company in aviation marketing.
The Case The ownership of Emirates Airline (EA) is in the hands of the Corporate Investors working under the Government of Dubai, UAE. The official declaration of Emirates Airline (EA) in their Annual Report of 2015 declares that it has been recognised as the largest airline organisation in the entire Middle East, with an operating expansion of 3,300 flights/week from Dubai International Airport. These flights are to 78 nations spread all over the world (Emirates Airline, 2015). As reported by Frontier Economics (2015) since 2014, the flights of Emirates Airline (EA) are increased by 29 airports in selected 28 cities of EU28. This operation comprises of 700 flights operating per week in both the back and forth directions. The success story of Emirates Airline (EA) in Europe appears very important in terms of gaining developed route network, which is responsible for connecting many cities of the world through Emirates Airline hub in Dubai.
Background In the words of the official declarations made by the The Emirates Group, the history of Emirates comprises ‘incredible development’ and is ‘fascinating. The Emirates (2015, a) refers the history of Emirates Airline (EA) back to 1980s. during the mid of this decade, the Gulf Air started cutting back most of its services to channelised to Dubai. It is at this position, that Emirates came into being in the month of March of 1985, that specifically was supported and backed up by the royal family of Dubai. The collaboration was initiated with Pakistan International Airlines offering a minimal of two airline aircrafts at wetlease. In order to gain
3
independent operative hold, the government subsidies were considered along with $10 million as the capital investment. These developments were initiated by Ahmed bin Saeed Al Maktoum as the head and the current Chairperson of Emirates Airline (EA). Emirates (2015) states that it hardly took any time for Emirates Airline (EA) to expand its destinations and fleet. As such by October of the year 2008, Emirates made a huge shift of all its aviation operations to the Terminal 3 of Dubai International Airport. The plans for its rapid expansions and growth are still part of its success story and sustainability in the competitive sky seems like a simple strategy to it.
The Success Story Emirates (2015) depicts the trend of gaining regular success of Emirates against the continuous regional instability and international economic volatility, as not miraculous, but strategically well equipped. This report added the key combination of having the business wisdom, along with savvy insight into the investment plans and perfect practical ambition. As Emirates celebrates, the 25 th anniversary in the year 2015, the organisation marks its remarkable sustainability and extensive growth with appropriate respect and recognition in the international market. A critically investigated report by Mnisri (2010) notes that the secret of success of Emirates is in its strong hold over the marketing strategy that emphasises in terms of creating strong image of the brand and necessary awareness to be created worldwide. The report of Mnisri (2010) adds that the role of the sponsors are very inevitable in creating this success story. The management of sponsors sports clubs, as well as events in the UAE and various esteem locations noted worldwide are the base for generating absolute marketing strategy for the organisation. To this venture Emirates (2015 a) refers to the continuous explosive growth of the organisation with continuous strive to offer best service to its consumers in the aviation industry. The recent growth plan of Emirates Airline (EA) comprises of – Award winning cargo division in the international business periphery, Management of full-fledged destination, as well as leisure division, & IT developer for the Airline on an exclusive basis.
Role of Sponsorship: EA The role of sponsorship initiated by any business is very significant and powerful in terms of introducing its products, services or even itself a new market. The success story and the extensive participation of Emirates Airline in sponsoring various events, especially those related to sports, exemplifies the significance of sponsorship as an effective marketing tool for creating brand image and awareness at large. In reference to the act of ‘extending brand reach’, the Annual Report 2014 of Emirates Airline states, “Our sponsorships are one of the most visible ways in which we connect people with their passions”.
(Emirates Group, 2014, p. 11)
This is a declaration that confirms that Emirates Airline considered those elements for sponsoring that are closely related to human passion, and its sports. The report adds that Emirates in the current scenario is noted as one of the most popular brands that are involved in sponsoring top level events of sports. Its partnership with selected football clubs in the world, international meets in cricket, Formula 1, and other sports like golf, rugby, horseracing, tennis, and Cup sailing of America, has actually successfully created the essence of omnipresence of Emirates on a worldwide basis. The annual report of 2013-14, states that a total of AED 850m has been already invested over the overall dnata business within the FY of 2013-14, with the establishment of a new record that added the extra edge of being recognised easily, for the airline division.
Sponsorship & Marketing The interrelationship between sponsorship and marketing is related to the process of gaining credible publicity in the market. These aspects are definitely interrelated, yet there is the need to understand the distinction of publicity that is cost-effectives against the advertisement ((McChesney, 2008). Though both are tools of marketing, yet the sponsorship appears most effective and lays serious impact of the brand image on the consumers as a whole. The selection of sponsorship as a marketing tool by Emirates Airline has added enough essence credibility to its brand awareness ventures, worldwide.
Analytical research led by Reed (2013) appreciates the sponsorship activities of Emirates Airline in the sports related activities and various international sports events. However, there is also the reference made towards the least possible participation of Emirates Airline in the networking of the social media. The entire approach of Emirates Airline is in meeting the mass population on a wide ranged spectrum rather than meeting them individually through social media. Moreover, it is important to note that the less participation of Emirates Airline in social media actually creates the image of being on hoardings for a positive cause rather than being restricted to the PCs (McChesney, 2008).
Sports Sponsorship The approach of considering sports sponsorship in the marketing domain, aims in meeting wide ranged audience in an international ground. As noted by ACL (2011), the selection of sports sponsorship by Emirates Airline is part of its strategic marketing, whereby the organisation successful in getting the ideological image for its brand, on a wider scale. As identified by Aaker and Erich (2000), on a global basis sports sponsorship appears more effective than any other marketing tool as it is strong in creating the higher competitive margin for the competitors. Nataraja and Al-Aali (2011) confirms this theoretical declaration of Aaker and Erich as effective in reference to Emirates Airline. For Emirates Airline, this margin has been achieved through its promotional mix of meeting targeted consumers and at the same time in terms of creating brand image widely. It’s role of sponsoring in various environmental activities and community services has actually made Emirates Airline one of the most popular organisations in the world. However, Nataraja and Al-Aali (2011) still emphasise that the omnipresent and strong brand image of Emirates Airline has been established mainly through sports sponsorship, along with its equal conscious about the comfort and profit of its employees as well as stakeholders in international business arena.
EA Aviation Marketing The marketing sponsorship of the aviation business in sports domain by Emirates Airline has been identified in diversified events. According to the list enlisted by Wilson (2015) sports sponsorships led by that Emirates as an organisation stands immense. Sponsorship of
6
Emirates Airline is distinct in football as they were involved in World Cup, Arsenal in EPL, Real Madrid in La Liga, Paris St Germain in Ligue Une, AC Milan in Series A, Humburger FC in Bundesliga, and even Olympiacos in Super League. Banners and hoardings of Emirates Airline are also very distinct in the Saudi League, in Asian Football Confederation, and New York Cosmos. Sponsoring popular games like rugby in USA Rugby, Emirates offered stylish eye-catching helmets and pads to the players. ATP World Tour, followed by US Open, World Rankings, Rogers Cup and BNP Paribas Cup, are the tennis game series that are also sponsored prominently by Emirates Airline. The marketing impression established by Emirates Airline is also very tactful. As for instance, the relaxed, comfortable and luxurious first class leather seats in the US open are the keys to make the spectator feel that the similar comfort will also be made available in the Airline services. Following the same thread, while sponsoring F1, the Emirates Airline even created a specialised TV channel dedicated to F1 extensively. Innovation and creativity are thus integral to the marketing of aviation business for Emirates Aviation. These are also seen in the sponsorship activities with sports like horse racing, as in the Melbourne Cup; 18 events as the Ryder Cup in Golf; being part of rugby union through the means of sponsoring the IPL, official ICC match, as ICC World Cup as well as Twenty20 World Cup. Marketing Strategies By the implementation of right marketing strategies, by 2018, Emirates Airline has planned to have more than 320 aircrafts and more than a count of 400 aircrafts by 2020. Considering the growth rates of Emirates Airline these assessments appears very practical.
The success story of Emirates Airline is not limited to mere publicity. The activities of publicity and advertisements through sponsorship are the means to show the world that the EA is very active and strong in meeting all those rules that can add authenticity and credibility to its services. As for instance, EA is very particular in supporting the IATA (International Air Transport Association) norms, like (Emirates, 2012)- investment make for the use of improved technology in airlines and airports effective means of managing operations at fleet & airports maintenance of efficient and hi-tech infrastructure for convenience approval of positive measures for economic development These are grass root strategic implementations that make the entire programme of sponsorship, a success without any major challenge. The keys of managing strategies for successful sponsorships are all based on the practical declarations and operational management of EA in the international market of aviation.
First Key: The very basic step is to have comprehensive and clear communicational objectives, initiated by the organisation for respective brand. For EA, this is done through the collaboration of responsive communication facilities maintained with the consumers. EA is very particular about its visibility by appearing in various popular sports event, worldwide. Its brand awareness and developmental associations with community services, says it all (Nataraja and Al-Aali (2011). Second Key: The second key is to remain proactive. The proactive initiation of EA is managing sponsorship has been well acclaimed already as the company selected the domain of sports to reach the ‘inner passion’ and every corner of human society through international
9
display of its participations (Emirates Group, 2014, p. 11). Considering sports as the ground for developing sponsorship makes EA a common and popular brand, globally. Third Key: The third key is to identify the gap to ‘fit in’ exceptionally. As marked by Aaker and Erich (2000), the process of fitting exceptionally between a particular event and the respective brand is though dicey, yet can offer instant success. EA is very bold and strong in taking this initiation. Even after being a brand from aviation industry, its presence in different kinds of sports events created room for its awareness among global population. It appears strange, yet amazing the way Emirates gained hold over the act of ‘fitting in exceptionally’. Fourth Key: The fourth key refers to own sponsorships, and for EA the huge back up is Emirates Group itself. The logo in general is strong enough to offer an incorporated banner to EA. Fifth Key: The 5 th phase refers to the act of being analytical to the publicity opportunities. It is here that EA refuse to remain active in the social media networking and concentrate more in international sports events (Reed, 2013). The motive is simple. EA through Emirates, just wanted to gain extensive recognition in public rather than meeting people individually on personal grounds. The approach is open and popular. Sixth Key: Sixth key is that of payoffs multiple sponsorship, which is very systematically managed by the Emirates group. The financial security and meeting the challenges of economic risks, are considered as a family matter by Emirates group and this EA gains the opportunity to maintain payoffs through multiple sponsorship. Seventh Key: The last key is to manage sponsorship actively and that is definitely gained by the inhouse management services of Emirates Group. However, apart from these key strategies, whereby Emirates Airline is much supported by Emirates Group; there are individual initiations noted for gaining exclusive dominance over the market and laying serious impact on the consumers. These keys are operational management leadership and necessary alliances, wherever needed.
Management Leadership The tactics and approaches of leadership for the attainment of a successful business have attained innumerable definitions. According to Bass, the aspects of organisational leadership in terms of accomplishing management practices needs to get structured in the form of “an
10
interaction between two or more members of a group that often involves a structuring or restructuring of the situation and the perceptions and expectations of group members” (1990, p. 19). Under the pressure of cross cultural management structures, there is the need to consider an admixture of transformational attributes, sharing of power as well as authority and responding to every issue in accordance to the current situation. In reference to Emirates Airline, the core consideration is for phenomenal growth that is made possible by the typically structured strong and very stable traits of leadership. As identified by Mnisri (2010) the key note to the trend of gaining success for Emirates is its capability to manage a stable continuity of the team of management. With a combination and team work of talented and experienced executives, Emirates Airline is very successful in gaining mutual management approaches in all its branches spread all over the world. Under the efficient guidelines of the CEO, Sheik Ahmed Bin Saeed Al‑Maktoum, the leadership of Emirates Airline is open to transformational, power-sharing, and situational combination of management structure. As for instance, Emirate Airline in Dubai gets transformed into more contemporary style in European nations. Being the fastest developing intercontinental carrier, the management of EA is flexible enough in considering the cultural differences of all the six continents, yet adding the developmental growth and sustainable services to the consumers. Allied Sponsorship It is the leadership trait of EA under the formulation of combining transformational, power- sharing, and situational approaches that the company is successful enough in establishing its allied sponsorships with much ease. The reports of Repucom (2015) declares that Emirates is very specific in selecting its sponsorship partner and it is this keenness and preciseness that the company earns a lot in gaining brand awareness in respective nations. As for instance, Repucom states that in the Arsenal FC, Emirates chose to be with Arsenal and this dual sponsorship appeared very beneficial to the company. The following graph shows the success rate in this matter –
Please do follow us Linkedin, Twitter, Facebook, Instagram, Google, Yahoo, Bing and so many search Engines worldwide.
We also Provide Advertising Space for Companies on Account of Blog post, Article Post, Banner post, Guest Post, Text Link post etc at a suitable prices, For Quotation, Please do write us with your Inquiry at : Info@findtutoronline.net or findtutoronline.net@gmail.com
Tourism today has grown significantly in both economic and social importance. Travel and tourism is the largest industry in the world on virtually any economic measure including : gross output,Value added,capital investment,employment and tax contributions. In 1992worldwide international arrivals had reached 467 million. In 1992, the Industry’s gross output was estimated to be $3.5 trillion,over 12% of all Consumer spending worldwide international tourism receipts rose by 6-7% in 1992 to $278 billion. The travel and tourism industry is the World’s largest employer, with almost 130 million jobs, or almost 7%Of all employees. This industry is the world’s leading industrial Contri-butor,producing over 6% of the world gross national product, and accounting for capital investment in excess of $422 billion in new faci-lities and equipment. In addition, it contributes almost $400 billion in direct,indirect and personal taxes each year.Tourism is the major source of income for a significant number of count-ries including
: 2 :
Italy,Spain,Switzerland, and most Caribean countries.All countries who have accorded priority to tourism development have Succeeded in attracting the targeted number of toursists. Spain attracts more than 40 million tourists a year.Singapore with relatively no tourism potential draws 7 to 8 million tourists per year. Walt Disney World has over 25 million visitors per year.
Tourism potential in India :
India potentially is the strongest tourism nation in the world. India is Richly endowed with limitless scope for mountain tourism,beach tourism,Historical tourism,cultural tourism,eco tourism,(nature specific activities)And desert tourism.The Himalays others unique prospects for the development of skiing,skating,white water rafting,trekking and other adventure tourism activities . The greatest adventure of all is scaling the Himalayan peaks. The Everest,Kunchenjunga and other mountain peaks offer perennial Challenges for the mountaineering enthusiasts.
The Himalayas is unequalled by any other mountain range in terms of Its sheer grandeur ,scenic beauty,variety of flora,fauna,landscape and Other natural endowments. A hundred million tourist visit the alps and Other mountain ranges every year.In view of what the Himalayas has toOffer and fact that they are located in the increasingly prosperous Asia,It should be possible for us to draw a minium of 3 to 4 million tourists a Year to the Himalayas alone. In addition to its natural advantages, it is Also home to some of the most colourful people of india such as the hutias,sikkimese,Tibetians and Nagas, each one of whom belongs to a Distinct race,each with a different language,food,attire,music,dance,etc.also the Buddhist monasteries,Hindu temples and the mystery surrounding the Himalayas makes it extremely attractive to the foreigntourist.The voletile Bay of Bengal and the serene Arabian sea with their vast Coastlines have excellent beaches unsoilt as yet by man. They provide Phenomenal scope for the development of beach tourism.Nostalgia is big business in the tourism industry. Our temples,forts,palace.
Apart from the tremendous potential for tourism, India has the advent-age of low salaries and wages which will make it possible for us to pro-vide personalized service to the visiting tourists. Educated men and women can converse in English effectively which will be a major advantage in promoting international tourism.Development of Inbound Tourism in India The increased international media coverage on India has generated a lot Of Interest among foreign tourists. This interest can be tapped by using the right mix of marketing and providing the necessary services. Inter-national businessman and professionals travelling to India have regis-tered a significant growth in the last one year and this is bound to increase in the coming months and years. These travelers can be made to spend extra time in India on leisure and tourism facilities.The economic reforms and liberalization makes it possible for Indian And foreign companies to invest in the development of infrastructure Including aviation,power,roads,transport,coastal shipping etc.
But before going to take up the issue it is better to be appointed with concept of Time Sharing Industry. As on Off- spring of tourism would the concept is take up in the next chapter.
: 8 : C H A P T E R —– II : TIME SHARING INDUSTRIES —As A CONCEPT
The Concept Time Sharing Industries mostly rotate around the leisure time utilization better known as holiday utilization. A Holiday is a period of relaxation,an excape from the daily routine. Psychologists are of the opinion that holidays are a vital component on one’s life, a chance for rest and rejuvenation, rather than a luxury.Unfortunately, holidays are expensive, and escalating costs make it diffi-Cult for more than a few people to contemplate taking an annual holiday. A lot of companies have come us to stand by the aspirants who can Afford with megre income and ability. One of such companies is Sterling. Sterling has made the holiday affordable by introducing the concept of “Timeshare”.
The different types of Time Sharing schemes are as follows :
: 12 :
Property Timeshare
When an individual became a member of this scheme he became a co-owner not only in the apartment he chose but also the entire resort complex. A portion of the price he paid goes towards a deposit for operations And maintenance which is called ASCF (Advance Subscription To-Wards Customer Facilities). This means that his property will be Looked after year/ and maintained in Prime condition for his use Year after at no additional cost. The customer can also exchange it With any other week,apartment or location which Sterling owns Now or in the future.
Flexxiweek Timeshare
: 13 :
This product was sold from March 1991 to 1992 with a view of Combining the best of both the fixed and floating week timeshares. While retaining the flexibility of the floating week, the Flexiweek Timeshare also provides access every alternate year to a prime time
Vacation during a fixed preallotted week.
Short Break timeshares
Inception :
This type of Timeshare was sold from May 1992 to September 1993.
Concept :
The reason behind this product was that people who could not afford to have a long holiday ( 6 nights/7 days ) could have a shortone which was tailor-made for them.
: 14 :
Therefore the Short Break Timeshare of 2 nights/3 days would be The right choice for them.
Target Group :
It was aimed at the Professionally busy individual, the elderly and Children who are looking for a short break.
Projects :
Oety, Yercaud and Kodaikanal.
Exchange
This timeshare is only for Season and Classic periods (Season can be Exchanged with Season/Classic while Classic can be exchanged with Classic only).
Please do follow us Linkedin, Twitter, Facebook, Instagram, Google, Yahoo, bing and so many search engines.
Interested Companies Can float their Advertisements at our Site/blog for Text Link Posting, Guest Post, Content Post,Blog post, Article post, Banner post, Digital Marketing etc. For Quotations Advertisement Inquiry, Pls do send with your details at : info@findtutoronline.net or findtutoronline.net@gmail.comhttps://findtutoronline.net
CQF Courseworkhelp January 2023 Cohort Exam 1-3 and Final Projects January 2023 Cohort Booking Online today via WhatsApp : +91 8697669523
Table of Contents TASK 1 3 1.1 Explain the link between strategic management and leadership 3 1.2 Analyse the impact of management and leadership styles on strategic decisions 5 1.3 Evaluate how leadership styles can be adapted to different situations 6 TASK 2 7 2.1 Review the impact that selected theories of management and leadership have on organizational strategy 7 2.2 Create a leadership strategy that supports organizational direction 9 TASK 3 11 3.1 Use appropriate methods to review current leadership requirements 11 3.2 Plan for the development of future situations requiring leadership 13 TASK 4 15 4.1 Plan the development of leadership skills for a specific requirement 15 4.2 Report on the usefulness of methods used to plan the development of leadership skills 17
TASK 1
1.1 Explain the link between strategic management and leadership Strategic management is defined as decisions taken by the managers in framing strategies in a way so as to augment organization’s performance and achieve competitive advantage (Thompson & Martin 2010) . Strategic leadership is referred as potentiality of a manager to utilize strategies and attain mission and vision of an organization as well as to guide and motivate other members of the organization to achieve organization’s objectives (Hill & Jones 2012) . Both leaders and managers act in the organization to achieve the common goal of the organization. Where managers are concerned about shaping strategic ideas and plans to achieve organizational goals leaders are concerned about undertaking strategic actions to attain the goal. The linkage between strategic management and leadership can be well described using the Drotter pipeline model which identifies six key passages through which a leader grows and is also helpful for the management to develop leaders in the organization (Charan et al. 2010) .
4 | Page
Figure 1 Leadership Pipeline model Source: (Charan et al. 2010) .
As per the pipeline model in case of first passage that is transition of a leader from managing self to managing others, organization need to ensure that the leader understands what is the organization’s expectations. At this passage a leader need to develop effective communication skill, able to handle conflicts, delegate work properly and should seek 360 degree feedback for own improvement. In case of transition from managing others to managing managers, a leader should inhibit the role of a coach and mentor. Leader should be able to create a competent team and use organization resources effectively. In case of third passage from managing mangers to functional manager, a leader need to think and act strategically and should be aware of the recent trends. In the fourth transition from functional manger to business manager, a leader needs to have a shift in values and perceptions so as to handle the entire business functions. During the fifth passage, from business manager to group manager, a leader need to have the capability to
broader long term goals of an organization and undertake strategic decisions. In the sixth transition from group manager to enterprise manager that is the CEO need to be responsible for building leadership, implementing various decision making methods to cite a few (Charan et al. 2010) . Siemens needs to apply the Drotter pipeline model to overcome the leadership issues in the organization such as the case of bribery (News 2012) . Moreover, organization needs to improve the link between management and leader since employees are reluctant to report to the management in case of any operational issues (The Economists, 2014) .
1.2 Analyse the impact of management and leadership styles on strategic decisions Strategic decisions of an organization are influenced by a number of factors such as style and nature of organization’s leaders, organization’s life cycle stage to cite a few. Leadership style inhibited by mangers especially at the top level forms the most vital factor in shaping strategies for the organization. Developing a competitive and clear strategy is a challenging task and is dependent highly on skills and competencies of a leader. A leader needs to have a style exhibiting the ability of flexibility, bringing necessary changes in organizational culture, long term viewpoint and need to be proactive in anticipating the contingencies to cite a few (Anon 2008) . Management and leadership styles have a considerable impact on the strategic decisions of an organization which is evident from the various organizational issues encountered due to poor leadership style exhibited by Siemens ( Becker 2014) . The organization is believed to have poor communication system. Employees in the organization were unaware regarding the
management’s decision of undergoing for an organization’s restructure. Employees got information only through external parties such as reports from press or agencies, webcast to cite a few. Employees didn’t have any knowledge regarding their job securities as well. As per the recent information strategy of the organization employees were not considered to be a family as considered earlier and hence transparency in information was no more maintained by the management with its employees (Becker 2014) . This type of leadership behavior affected the organization’s business and reputation negatively. Some of the problems faced by Siemens includes losses in running solar power unit, interruption in high speed train deliveries resulting into a fine worth of nearly €116 million in the year 2013, inability to relate offshore wind farms with power grid resulting into a fine nearly to Euro 570 million in the year 2012 (Troianovski 2013) .
1.3 Evaluate how leadership styles can be adapted to different situations Leadership is concerned about the needs of the organization and employees working in the organization. All leadership styles cannot be adopted by a leader as per ones convenience or liking. A leader needs to act differently in varied situations and circumstances so as to solve complex problems at times. Leadership styles need to be tailored by the leaders of any organization as per the demand and necessities of a particular situation. It also includes recognizing what people in the organization demands and what are the challenges that an organization is currently facing (Murray 2010) . The senior management in the Siemens organization wanted to expand its business portfolio. The organization seeks to enter into the world of digitization and automation along with electrification so as to augment business profitability. The management aims at bringing a change in organizational culture for such expansion (The Economists, 2014) . In order to change
7 | Page organizational culture the leaders in Siemens need to adapt transformational leadership style. A transformational leader is characterized by the ability to persuade or inspire others. As expectation from the team member is high this type of leadership style will help Siemens to inspire its employees to participate in bringing about an organizational culture change required to meet business expectations. This will in turn improve the productivity level and engagement of its employees (Ricketts & Ricketts 2010) . Siemens need to improve its operational performance as failure in number of projects has affected the profitability of the organization considerably. Reasons of such failure being employees fright to report to the management at times when problems were encountered during project execution (The Economists, 2014) . Such situation demands the management to adopt a democratic and participative leadership style (Ricketts & Ricketts 2010) . As per this style that is transformational leadership, Siemens will be able to improve employee participation in successful completion of the project by giving them ownership and rewarding them for reporting in case of any project related issues.
TASK 2
2.1 Review the impact that selected theories of management and leadership have on organizational strategy Management and leadership are the two most powerful and dynamic tool commanding people and guiding the organization’s activities. There are many contemporary as well as sophisticated theories on management and leadership that had been proposed by theorists. Some of the theories are Transformational theory, Transactional theories, Behavioural theory, Functional theory,
8 | Page Great man theory, Situational theory, Trait theory to name a few (Chemers 2014 ; Gill 2006 ; Waite & Chiefs 2008) . The management and leadership theories that have been selected are transformational and transactional theories to review the impact of these theories on organization’s strategy. Transformational theories: Transformational theory was framed by Burns (1978) and later by Bass (1995, 1998) (Bass & Riggio 2006) . As per this theory a transformational leader has the capability and skill to persuade and motivate its team members for the successful accomplishment of organization’s objectives by aligning individual’s goals and values with the organization values and goals. Howell and Avolio (1993), affirmed that a transformational leader is characterized by five key traits which are inspiration, simulation, vision, team building and coaching (Bass & Riggio 2006) . There are four components of a transformational leader which are idealized influence, inspirational motivation, intellectual simulation and individual consideration. A transformational leader develops strong communication network in the organization by disseminating organization’s objectives and vision clearly to the organization’s members (Bass & Riggio 2006) . Impact on Organizational strategy: Since the organization, Siemens is targeting for a change in organizational culture so as to expand its business operations from electrification to digitization and automation it is essential to communicate to the employees the need and benefit of an organizational change and to persuade and motivate them for such change. Moreover, in Siemens interpersonal skills between management and employees is very poor due to huge communication gap. A transformational leader will be able to communicate properly the organization’s strategy and overcome resistant to culture change.
9 | Page Transactional theories: As per Burns (1978), a transactional leader is one who is task oriented and has the ability to guide its members in a specific direction so as to achieve organizational goals (Martin 2006) . A transactional leader is characterized by contingent reward and management by exception (Chemers 2014) . Followers need to follow the instructions and guidance of the transactional leader and the leader in turn rewards its followers. Apart from rewards a transactional leader adopts various other approaches in order to accomplish organization’s goals such as appealing to the group members, punishment, being aggressive to cite a few. However, involvement of transactional leaders as far as group activity is concerned is less and intervenes when the group displays underperformance (Martin 2006) . Impact on Organizational strategy:Siemens have been facing various operational issues such as project failures, late deliveries to cite a few. The company’s ethical dimension was at stake due to bribery issues. One of the major concerns of Siemens is employees’ unenthusiastic attitude to report any problem with management which in turn is hampering its organizational performance. A transactional leader will be able to motivate employees through reward and proper guidance to improve performance and execute work properly.
2.2 Create a leadership strategy that supports organizational direction Leaders at any level in the organization require having expertise and skills in certain areas. Some of these areas are knowledge and competencies in technological area, good communication and interpersonal skills, competent conceptual proficiency so as to frame strategic decisions and solve complex issues (Leatherman & Leatherman 2008) . Siemens in order to bring a change in its organizational culture and improve business productivity needs to frame a leadership strategy which will support its organizational direction and strategy. Some of the proposed strategies are:
6 | Page
Self leadership: As per self leadership strategy a leader before leading other members in the organization need to be self influenced, self regulated and self committed. A leader needs to undergo self assessment so as to explore and identify that it possesses requisite skills, knowledge, qualities and nature of being an effective leader. It will help a leader to realize its capabilities to achieve organization’s success through the application of its skills and talents. Leaders at the Siemens organization need to align their vision with that of the organizational vision. A leader needs to be clear about organizational objectives, values and mission so that they can communicate the same clearly to other members of the organization and motivate them to attain the same (Neck 2006) . Team Building: Leaders at Siemens need to give priority in building an effective and productive team. People in an organization are from different ethnic and cultural backgrounds. Employees differ in terms of technical knowledge, skills, competencies, specializations as well. It is imperative for leaders to consider all these factors while building a team so as to maintain team cohesiveness and set team culture and values in alignment with the organizational culture and values (Malone 2009) . Clarity in role of every team members need to be maintained to avoid role conflict. Leaders also require taking the responsibility of assessing team performance and undertake team development process on continuous basis through effective training and development. This will help in improving productivity of team members and hence overall organizational performance will also improve (Malone 2009) . Mentoring: Mentoring refers to advising, motivating and inspiring to cite a few for uplifting employee’s behaviour. The main objective of a mentor is to help its mentee grow and develop in the organization (Rothwell & Chee 2013) . As per this strategy a leader in organization needs to play the role of a mentor that is advice and guides its employees so as to enhance employee’s
11 | Page motivation level. Siemens needs to adopt a mentoring approach to improve the productivity capacity and potentiality of its employees. This will also help the organization in building a learning organization as well. Through mentoring employees will be able to share the experience of leaders and gain knowledge through it which in turn will contribute to the overall success of the organization. Through this strategy Siemens will be in a position to develop an organizational culture which will exhibit high job satisfaction, less employee turnover and high level of employee development (Aubrey 2011) .
TASK 3
3.1 Use appropriate methods to review current leadership requirements For an organization it is inevitable to have competent and skilled leaders which will not only be a support to the employees but also aid in achievement of organizational objectives too. Leaders to a large extent are responsible for organizational success mainly becausetheir traits. Siemens presently is experiencing major restructuring which requires effective leadership skills. A complete overhaul of existing strategic approach is proposed in Siemens as it to a large extent suffers from issues related to bribery, inappropriate and inefficient communications, non- transparency in information sharing, instant decision making, late deliveries of contracts, casting off plans, declining profitability, negative impact on organizational image (Dietz & Gillespie 2012 ; The Economist 2013) . Along with this, existing organizational structure of Siemens designed by Peter Löscher with four major departments namely, energy, industry, health care infrastructure-and-cities was unable to support organizational operations and vision and thus resulted in internal operational inefficiencies (The Economist 2013) .
In order to review the leadership requirements of any organization for example Siemens in this case trait leadership theory is best applicable. It is mainly because this theory assists is indentifying varied traits required for an effective leader. Trait theory of leadership: The trait theory of leadership puts forward that definite set of characteristics establish the type of leadership that will be adopted by particular human being. These characteristics comprise of ability to take responsibilities, risks, authorities, approach and relationships with followers, capability of taking decisions, level of tolerance, level of self confidence, extent of social interactions, creative spirits are a few considered to be a few examples (Northouse 2012) . Along with a proficient leader should also posses skills related to efficient communication, management of time and stress, effective listening, planning, management of workforce, motivating workforce to name a few (Northouse 2012) . In order to review potential or current leadership requirements, the traits mainly required for leadership designation are identified (Mills et al. 2006) . Based on this list mapping between prospective leaders and leadership requirements is undertaken to determine the best suitable leader. With the help of trait leadership theory, an organization will not only be able to identify varied leadership traits required but also use them as benchmarks to critically scrutinize and assess leadership performance. Presently the culture of Siemens is infected with a number of issues mentioned above and thus change is highly essential. By adoption of this theory Siemens to a large extent will be in a position to identify the most appropriate leaders who will be successful in meeting the leadership requirements essential to bring about a change within the organization. Ultimately by identifying required leadership traits Siemens will be able to overcome organizational problems thereby smoothly undertaking overall restructuring and renovation of organizational set up. An effective
13 | Page leader with effective leadership qualities will be able to bring in innovative ideas for supporting organizational restructuring process and facilitate in bringing about a positive cultural change.
3.2 Plan for the development of future situations requiring leadership In order to efficiently execute their responsibilities and make appropriate decisions it is inevitable for leaders to be well informed along with being attentive peripheral activities within business environment (PriceWater House Coppers 2008) . Leaders also need to be conscious along with being responsive towards changes in technology, legal compliances and regulatory framework especially when operating on a global scale. Thus for leaders of Siemens need to consider not only the facets of business environment prevailing in Germany but also significantly consider the global ones also. For Siemens in order to grow economically in a sustained manner it is essential to foster leadership that will help the company is overcoming issues related to bribery, ineffective communication, and change resistance (Bradt 2013 ; Dietz & Gillespie 2012) . Along with these micro level issues, Siemens also need to overcome macro level issues related to declining organizational profitability and intensification of competition affecting Siemens’ basic existence (Bryant 2013) . The future goal of Siemens is specific which is defined in its statement of Vision2020 (Siemens 2014) . The statement outlines Siemens’s strong commitment towards gaining leadership by emerging as a sustainable company by consistently enhancing its performance and expanding business into company lucrative business ventures which will also trigger organizational growth (Siemens 2014) .Siemens’ dedication towards achievement of this vision is highly evident from the decisions taken by the organization. One such decision was changing its top management board along with shuffling of its teams responsible for corporate-oversight in the year 2013 (Boston 2013) . During these changes even the Chief Operating Officer (CEO) was also
14 | Page changed which was a shocking happening in Siemens (Bryant 2013) . Another massive jolt that was received by the people associated with Siemens was layoff of approximately 12000 employees under the organizational restructuring plan (Becker 2014) . This was mainly because these job cuts were not undertaken as a part of planned change. Further the employees were not very clearly communicated regarding the same which added to their utter dismay. In order to convert this ‘Vision 2020’ dream into reality having effective and efficient leadership for Siemens is the need of the hour. Highly result-oriented leaders with strong leadership are essential for different business functions of Siemens laid down under its matrix format ranging from manufacturing to finance, marketing to research and development and manpower management to administration (Trott 2008) . In order to aid in achievement of this vision of Siemens it is unavoidable for Siemens to have effective leaders. These leaders with their higher performance quotient will help in determining the course of action that needs to be pursued along with overcoming all the evils to which Siemens is presently subjected to. The future developments in Siemens are backed by principles of agility, leanness, flexibility and reliability (Bryant 2013) . Thus leadership requirement for Siemens needs to be developed accordingly. By appropriately planning for the future requirements, Siemens will be able to avoid situations that require sudden actions and thus proactively pursue control mechanisms through effective leadership.
TASK 4
4.1 Plan the development of leadership skills for a specific requirement
15 | Page Leadership plays a dominant role in crafting of organizational strategies that facilitates an organization is gaining competitive edge thus gaining long run sustainability and profitability. It is the leader which helps in shaping organizational vision along with varied strategic objectives that needs to be pursued for achievement of the same. Thus a leader lays the foundations for organizational culture and defines philosophy of an organization. In order to achieve theexpectedfuturistic situation, the leadership skills required in Siemens should be based upon the following parameters: Ethical Behavior to Restore Positive Image: The negative image due to rampant bribery practiced in Siemens is one of the most important challenges that present leaders needs to work upon (Dietz & Gillespie 2012) . Thus the focus would be on restoring positive image. In order to do so, the leaders need to preach and practice ethical behavior by defining values and developing standards for the same (Pelletier & Bligh 2008) . These values and standards will act as guidelines and thus inspire followers to fall in pursuit. Change Orientation: The present culture of Siemens which is 166-year old is highly resistant to change (Bradt 2013) . But in order to realize this vision developing a culture that is dynamic and not resistant to change is the only way out. Thus the leader should prepare its followers for tomorrow by motivating them to have a flexible approach towards change. Cultural change which with a more open attitude towards change is to be encouraged by the leader (Bradt 2013) . Effective Communications: Instances in Siemens highlight that presence of huge communication gaps within the system has not only plagued the organization but also resulted in occurrences of such massive problems. The leader thus should encourage two way communications along with promoting communication transparency. In order to do so, advanced
16 | Page technology should be adopted that would promote free flow of information across all functions and departments of Siemens thereby connecting global operations and employees working in different nations (Hernez-Broome & Hughes 2004) . In order to develop the above identified skills an integrated approach in which workshop learning and on-the-job learning will be developed (Nelson et al. 2011) . The plan would comprise of formal leadership development programs and action learning. Formal Leadership Development Programs: Siemens has been an acknowledged for its efforts undertaken to develop leaders from within the organization. The company has a personalized leadership development program that focuses on development of leadership by concentrating on 9 major perspectives namely, strategic-creativity, management of change,enlargement of teams, value, compassion towards intercultural aspects, focus and achievement of business results, alliances and persuasion, leadership and orientation towards customers (Inside HR 2014) . This leadership programs should be promoted more aggressively and concentrate on specific leadership skills required for overcoming current issues outlined above. Action Learning: In action learning leaders will be subjected to real life situations occurring within Siemens and thus learn while resolving practical issues (Saks et al. 2010) . Basically leaders will be either exposed to such problems with which are not common or to similar situations in unusual environment (Nelson et al. 2011) . This will nourish leadership skills among potential leaders by testing their existing capabilities.
4.2 Report on the usefulness of methods used to plan the development of leadership skills
The plan for development of leadership skills will only be successful when leaders resort to self- awareness plans. These plans help them in identifying their potential competencies and weak points which they can improvise upon when subjected to planned integrated leadership development approach (Raelin 2006) . The foundation of effective leadership and its development is laid upon experiences by a leader in different settings namely workshop learning and on-the- job learning. The basic objective of any leadership skills development program is to enhance an individual’s attitude, skills and knowledge thereby raising his or her efficiency levels to perform effectively in present and future circumstances. The usefulness of the above methods will be explored from dependability and honesty, self learning, and futuristic perspectives. Dependability and Honesty Perspective: Integrity implies consistency of performance delivered by a leader. The chosen methods for leadership development will primarily focus on enhancing leader’s behavior in a positive and ethical direction which will thus motivate followers to perform on similar lines (Peterson 2004) . To bring about a complete change within Siemens, transformational and charismatic leadership is required which is possible only when the leadership development models are based upon this perspective. These methods would focus on nurturing leadership skills by focusing on brining about change within the organization with ethical perspectives along with exercising control on intentions to be involved in negative or unethical activities (Palanski & Yammarino 2009) . With the aid of dependability and honesty perspective a leader will be in a position to resolve issues arising at differing organizational levels and thus smoothenachievement of Siemens’ vision. Self-Learning: Individualistic development is at the core of any leadership development program. These development programs would foster self-learning among leaders through the
18 | Page process of self-discovery of individual strengths and weaknesses (Raelin 2006) . The leaders by having an understanding about self will be able to take measures to overcome weaknesses and convert strengths in competitive advantages (Kolb 2014) . Self-learning will help leaders to take knowledgeable actions. The integrated leadership development program in Siemens will also focus on this perspective and thus will be useful in enhancing leadership skills. Futuristic Perspective: For leaders to be able to take proactive actions it is essential to have a futuristic perspective (popularly known as vision). Based on the present circumstances they should be in a position to forecast the future and take actions accordingly. These leadership development programs in Siemens will help in developing this futuristic perspective among organizational employees especially among potential leaders (Wang et al. 2005) . In a dynamic business environment in which companies are striving develop human assets to gain competitive advantage developing effective leaders is highly significant (Kolb 2014) . Developing leaders requires investment of scare resources and thus organizations need to be cautious while determining methods for doing so. Siemens is already experiencing a tough time and in on the verge of complete organizational change. Thus the leadership development programs need to consider this aspect and successful help the organization to undergo change. Ultimately the usefulness of leadership development programs will be tested during this hard- hitting time faced by Siemens.
#Disssertations Writing Services #Siemens #Thesis Writing Services #Academic Research Paper writing servies #CQF Cohort 2023 #CQF Tutors #CQF Online tutoring #CQF Help January 2023 Cohort #Machine Learning Institute London Cohort 2023 Exam Solutions guide #CQF Exam 1-3 solutions #CQF Final Projects solutions guide #Siemens Technology #Siemens Information Systems Ltd. #GLG #Findtutoronline.net #Ranadeb Singha #Advertisement Inquiry #Blog post #Guest Post #Article Post #Content Writing #Banner Post #Text Link Post #Digital Marketing #CQF Exam 1 January 23 solutions guide
CQF Exam 1 Solutions Guide January 2023 Cohort is ready for Instant delivery to your Inbox whose Last date of Submission is 23rd March 2023. Its Unique solutions for Each Deleagates. No Plagiarism. Good quality work with good scores assured. Interested Delegates should send their Inquiry via WhatsApp +91 8697669523 or email us : findtutoronline.net@gmail.com
Delegates wanted to book Exam 1-3 and final Projects at a time will avail good discounts facility. Extension Delegates for Exam 1 should get in touch with us immediately for Solutions guide.We Accept payments via Paypal, Remitly, Azimo, Western Union Bank transfer, Google Pay, Phone Pay etc.
Please do follow us Linkedin, Twitter, Facebook, Instagram, Google, Yahoo, Bing and so many search engines worldwide. We are top 10 Online tutoring Platform headquarter in United States. Free Consultations with us by making a dial at +91 8697669523
We also Provide Machine Learning Institute London All Cohort Exam solutions guide at a reasonable prices. #Machine Learning Institute London Cohort 2023 Cohort Exam Sonlutions guide Order Online today.
Special Note : We are not Authorized by CQF nor endorsed by CQF nor any Official support of CQF. #Findtutoronline.net is a separate legal entity having no connection with CQF at all.
#PHD Thesis Writing Services #CQF Trainer #Quant Trainer #CQF Tutors #Private Tutor CQF #Online tutoring #CQF Online tutoring #CQF Help January 23 Cohort #CQF Module Exam solutions #Advertisement Inquiry #Digital Marketing #Academic Research paper Writing Services #CQF Exam 1-3 solutions #CQF Final Projects #CQF India #CQF North America #CQF Europe #CQF Unitied Arab Emirates #CQF Saudi Arabia #Machine Learning Institute #Coding #Python #Machine Learning Institute Certification #Artificial Intelligence #Deep Learning #Coding #Report Writing Services #Matlab Code & report writing #MLI #GLG #Management Consulting #Training #Corporate Training #CQF Cohort 2023 #Machine Learning Institute London Cohort 2023 Exam Solutions guide Book Online