Important Thinkers of Management Their Contribution

Introduction amp; trends in HR 1-â€Å"The point is that these differences demand attention so that each person can maximize his or her potential, so that organizations can maximize their effectiveness and so that the society as a whole can make the wisest use of its human resources† (Cascio). 7-S framework created by McKinsey amp; Company distinguishes seven components in a company’s architecture: strategy, structure, systems, staff, style, skills and shared values. PF Drucker had remarked that â€Å"man, of all the resources available to man, can grow and develop purpose of human resource management is to improve the contribution made by people to organizations, (Davis) through effective and efficient use of resources HRM is,†¦show more content†¦Putnam and Diana McLain Smith, advocates an approach to research focusing on knowledge generation and practical problem solving. His main research explored the impact of formal organizational structures, control systems and management on the individual as well as his/her responses. INDIAN MANAGEMENT GURUS -Prahalad, Vijay Govindarajan, Ram Charan and Rakesh Khurana have made it to the Thinkers 50 rankings released in London on Thursday by Suntop Media in association with the European Foundation for Management Development (EFMD). While the previous ranking in 2003 had only two Indians-Sumantra Ghoshal (no. 11) and Prahalad (no. 12)-this years ranking has four. Besides Prahalad, the other three have made it to the list for the first time (Ghoshal died in 2004). These include CEO coach and business advisor Ram Charan (no. 24), Tuck Business School professor Vijay Govindarajan (no. 30) and Harvard Business School professor Rakesh Khurana (no. 33), who Dearlove and Crainer describe as a rising star. 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Developing Countries Experience A Natural Resource Curse

Explain why some developing countries experience a â€Å"natural resource curse† and evaluate the strategies that they can implement to avoid it. The natural resource curse, or the paradox of plenty , is the paradoxical idea that countries and areas with many available natural resources, more specifically non-renewable resources such as minerals and fuels, often tend to have less economic growth and slower development levels than countries with fewer natural resources. It was first noted in 1995 when Jeffrey Sachs and Andrew Warner found a negative relationship between natural resources and economic growth, leading many economists to accept that natural resources might be an obstacle to economic development. Examples of this economic theory are evident in resource rich areas of Africa which, when compared to countries in Europe, are incredibly underdeveloped both socially and economically. 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Contract Law Offeror And Offeree - Click To Get Solution

Question: Describe about the Contract Law for Offeror and Offeree. Answer: 1. Issue The central issue in the given case is to comment on the existence of lawful consideration and to conclude whether Jack has an enforceable agreement for the given case scenarios Jane offers her vehicle to Jack for free because she was going overseas Jane offers to sell her vehicle to Jack for $25,000 Jane offers to sell her vehicle to Jack for $2,500 Relevant law Valid agreement Valid offer and valid acceptance are the crucial aspects in regards to enactment of a valid agreement between the offeror and offeree. The person who makes the offer is named as offeror and the person who receives the offer and may accept or reject the offer is recognised as offeree as per the common law. It is essential that both the parties must have mutuality of obligations without any suspicion and must be competent enough to enact an agreement. A lawful acceptance from the offeree must be without any demand or condition against the offer. Any acceptance by the offeree covered with other conditions or demand is referred as counteroffer against the original offer (Andrews, 2011). Consideration Consideration is a pivotal component of any enforceable agreement. Consideration is expected by the offeror to the offeree with respect to the exchange of the offer. Consideration can be expressed as something in return against the promise/offer. Additionally, when the offeror does not mention any consideration value of the offer, in such cases the offer/promise is designated as gratuitous promise and results in null agreement (Carter, 2012). The Dunlop Pneumatic Tyre Co Ltd v Selfridge Co Ltd (1915), case is the testimony of the above aspect of the consideration. Any particular activity or favour performed by the offeree in the past would not be considered as an appropriate present consideration (Harvey, 2009). Adequacy of the consideration value is not essential in the enactment of the enforceable agreement. According to the contract law, any agreement becomes enforceable between the parties, when the offeror made a consideration value against the offer and it is noteworthy that t he worth of the consideration is not essential to be comparable with respect to the actual commercial worth of the offer (Latimer, 2005). This can be viewed under the verdict of Chappell Co Ltd v Nestl Co Ltd (1960) case. A piece of paper/ empty wrappers of the chocolates or even a peppercorn can be taken as a valid consideration as may be the discretion of the parties entering the contract. However, in some law cases where the unconscionable activity is incurred, then the adequacy of the consideration amount will be open to the scrutiny and judgement of the court (Lindgren, 2011). Application (Jane Offeror and Jack Offeree) (a) Jane offers her vehicle to Jack as free because she was going overseas Jane is going to reside in foreign land and thus, offers her Lotus Super 7 Sports car to Jack without asking for any return amount against the car. Jack has willingly accepted the offer without asking for the compensation. The commercial value of similar type of vehicle is nearly $25,000. According to the contract law, Jack does not have any enforceable agreement with Jane. The offer/promise formed by Jane is an example of gratuitous promise because of absence of consideration for Jane. The absence of consideration amount against the car results in the agreement being non-enforceable. (b) Jane offers to sell her vehicle to Jack for $25,000 In this case, Jane has offered her Lotus Super 7 Sports car with the compensation price of $25,000 to Jack. This offer and the compensation amount are unconditionally agreed by Jack . The compensation price of the car is same as the commercial price of the car in the market. In this case, all the three essential elements of enforceable agreement are present and enact the enforceable agreement for Jack. This can be viewed from the following facts Offer to sell the car (lawful offer) Accepted the offer without any further term and conditions (lawful acceptance) Compensation in return to the car i.e. $25,000 (valid consideration) This showed that the presence of valid consideration which results in an enforceable agreement between Jane and Jack in this case. (C) Jane offers to sell her vehicle to Jack for $2,500 Jane decides to sell her Lotus Super 7 Sports car to Jack. Hence, she offers her car to Jack with the reimbursement amount of $2,500. However, both the parties are aware that the commercial worth of similar kind car in good condition is nearly $25,000. Despite, this factor she offers her car at $ 2,500. There is a huge difference between the compensation and actual worth of the car. Moreover, Jack has confirmed to pay $2,500 against the car which is a lawful acceptance. The issue that arises in the present case is with regards to adequacy of consideration. Jane has clearly declared the consideration of $2,500 in the exchange of car to Jack but this amount is not same as the actual worth of the car. Moreover, there is no indication of any unconscionable action performed by the parties during the contractual phase, which means the adequacy of the consideration is required only to the satisfaction of the parties which is already present. Hence, the offered value of the car $2,500 is lab elled as valid consideration irrespective of the adequacy. The argument given in Chappell Co Ltd v Nestl Co Ltd (1960) case is the evidence of this fact. Therefore, Jack has an enforceable agreement with the consideration value of $2,500. Conclusion There is no enforceable agreement enacted in the first case due to the absence of valid consideration. In the second and third case Jack has an enforceable agreement with Jane due to presence of valid consideration amount. 2. Issue Considering the facts of the given contract and situational factors, opine on the likely chances of success that North Ocean Tankers stands in the recovery of $ 3 million payment. Rule For the execution of a contract that is legally enforceable and safeguards the interests of the parties, there are a host of requirements that need to be complied with. One factor that is essentially critical is the presence of free will and consent to the various terms that are detailed in the contract. Typically this would be case, when mutual consideration is present for the involved parties and also the terms are fair Carter, 2012). For contracts that seek to serve the interest of the dominant party, consent may not be granted by the other party and hence threat may be used in order to produce consent. The application of threat so as to ensure compliance on the contract terms is defined as duress (Andrews, 2011). As is apparent from the case verdict extended in the Generation Corporation t/as Verve Energy v. Woordside Energy Ltd. [2013] WA SCA 36 case, contracts that have elements of duress can be declared void if the aggrieved party demands so. Further, the aggrieved party id successful in establishing the presence of duress could also ensure recovery of losses on account of entering into the contract that was served to serve the interests of the dominant party (Paterson, Robertson Duke, 2015). The duress concept .has increasingly gained popularity in the recent times as its purview has been expanded from physical duress to also include economic duress which has a high incidence in the modern day transactions driven by commercial interests. In such transactions, the pressure tactics are indirect and physical force is rarely used in a direct manner (Pathinayake, 2014). In order to prove the presence of economic duress, there needs to be an abuse of economic power which typically includes threats regarding breach of contract so as to intentionally delay the contractual obligations fulfilment, Under such circumstances, it is imperative that the aggrieved party should be cornered and in order to safeguard the commercial interest not left with any choice but to comply with the unreasonable demand put up by the dominant party (Taylor Taylor, 2015). While proving that duress was indeed involved in the contract is one aspect, another pivotal aspect that demand discussion is the time during which such incidents should be reported in the court and relief sought through judicial intervention. It is ideal if such claims are filed with minimal delay after contractual duties have been taken care of (Davnport Parker, 2014). However, in case the same is not feasible, then the claim must be field before reasonable time passes by. The reasonable time is specific to every case and is decided by the court by taking into cognizance the specific circumstances and the reasons for delay (Lindgren, 2011). The case verdict of North Ocean Shipping v Hyundai Construction (The Atlantic Baron)[1979] QB 705 stands testimony to the significance of timing in the claim filing. Based on the above case facts, the court did establish that the aggrieved party had the right to claim damages caused due to the usage of economic duress by the party in economically superior position. However, the claims were denied since the aggrieved party brought the matter after reasonable time had already been passed since the delivery of the tanker. This delay was of eight months and amounted to automatic approval being given to the unreasonable demand (Harvey, 2009). Application Based on the given situation, an enforceable contract has been entered into with regards to building a tanker. The buyer of the tanker further finds a buyer for the same taking into consideration the expected delivery date promised by the seller. But due to devaluation in the value of USD, the seller approaches the buyer with additional payment request to the tune of $ 3million which is denied as the contract does not provide for any such payment. Later, when the seller threatens with stoppage in the building of tanker, the buyer agrees to pay as it cannot afford delays in delivery. Nine months post the tanker delivery, the buyer now wants to reclaim the $ 3 million extracted under duress. From the case facts, there is no denial that the seller abuses the superior bargaining position to its advantage since delay cannot be affordable for the buyer. Faced by the threat of possible delay and loss of customer, no viable option remained with the buyer but to make the aforesaid payment. It is noteworthy that there was initial denial and reluctance in making payment but later under duress it was made. Hence, economic duress is present which presents an opportunity to the buyer to claim the payment made at the time of the tanker building. However, in bringing this claim, the delay of nine months after delivery seems beyond reasonable time as viewed in the arguments of the North Ocean Shipping v Hyundai Construction (The Atlantic Baron)[1979] QB 705 case. Due to this delay, the right to claim does not exist and hence the buyer would not be successful in the recovery of money. Conclusion The claim for a refund of $ 3 million payment would not be successful in this case. References Andrews, N. (2011), Contract Law, Cambridge: Cambridge University Press, Carter, J. (2012), Contract Act in Australia, Sydney: LexisNexis Publications, Davenport, S. and Parker, D. (2014), Business and Law in Australia, Sydney: LexisNexis Publications Harvey, C. (2009), Foundations of Australian law. Victoria: Tilde University Press Latimer, P. (2005), Australian business law, Sydney: CCH Australia Ltd. Lindgren, K.E. (2011), Vermeesch and Lindgren's Business Law of Australia, Sydney: LexisNexis Publications Paterson, J., Robertson, A. and Duke, A. (2015), Principles of Contract Law, Sydney: Thomson Reuters Pathinayake, A. (2014), Commercial and Corporations Law, Sydney: Thomson-Reuters, Taylor, R. and Taylor, D. (2015), Contract Law, London: Oxford University Press

The Benihana Restaurants

What the Case Study is About The Benihana case study highlights the operational processes of a Japanese restaurant operating in America. Based on its operational challenges and the problems encountered by the company in expanding into new locations, the case study also highlights the strengths and weaknesses of the restaurant.Advertising We will write a custom case study sample on The Benihana Restaurants specifically for you for only $16.05 $11/page Learn More In line with this analogy, the article also compares the similarities and differences between Benihana restaurant and other restaurants in the US. To do so, it explains the history and development of the restaurant, and how it has succeeded by using a Japanese restaurant management strategy to guide its operations. Therefore, comprehensively, the case study explains the operational processes of the Benihana restaurant by highlighting its key design features and marketing strategies (Sasser, 1972). Issues Associated with the Case Study Some of the issues associated with the Benihana case study include the operational management efficiencies and brand success strategies of the restaurant. Other issues mentioned in the paper include training, business expansion, organization control, and advertisement strategies of the enterprise (Sasser, 1972). Difference between the Benihana Production Process and that of a Typical Restaurant The production process of Benihana restaurants differs with those of typical restaurants because it uses the hibachi table concept which allows the restaurant staff to prepare food in front of the customers. Rocky (the restaurant owner) introduced this concept in the 1960s after realizing that American customers often wanted to eat in exotic surroundings, but failed to order exotic foods because they did not trust foreign delicacies. Therefore, to mitigate this problem, Rocky introduced the hibachi table concept for his clients to see how they prepare th e â€Å"exotic† foods. This way, he expected the customers to trust foreign delicacies. The â€Å"gamble† paid off because the restaurant achieved tremendous success in this regard. Furthermore, it helped the restaurant managers to reduce their labor costs and maximize the business’s space productivity (Sasser, 1972). Analysis of Production Process (Major Design Choices that Generate Efficiencies) Benihana’s production process mainly centers on cooking through showmanship. This strategy involves the ability to cook food attractively and fast. Other restaurants are unable to adopt this production philosophy, partly because they do not have the skills and refined chefs to do so. For example, a key component of Benihana’s production process is the recruitment of skilled Japanese chefs.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The restaurant recrui ts them from Japan and through a free trade agreement with American authorities; they are allowed to work in the US. They have â€Å"exotic† skills for preparing Japanese foods. As seen in exhibit six of the case study, Benihana restaurants take a lot of time selecting and training these chefs (Sasser, 1972). They have to undergo a gruesome training process that involves a 2-year apprenticeship program in Japan and a comprehensive training program at the Benihana College of Chefs in Tokyo. When the chefs complete their training programs, they come to America when they are prepared to take on the challenging task of preparing food for American clients. Another component of Benihana’s production process is its management structure. Sitting at the helm of the operations department is Bill Susha (the vice president of the company). According to exhibit three of the case study, he oversees the operations of company franchises and company-owned units. However, he is surround ed by a team of agile Japanese and American managers. This blend of employees provides a dynamic understanding of the restaurant management process (Sasser, 1972). The hibachi production process has greatly contributed to Benihana’s success because its competitors are unable to match the same production standards that it provides. This assertion stems from the intense competition that Benihana experiences by operating in the competitive American hospitality industry. In terms of production competencies, other restaurants specialize in providing specialized customer services to a dynamic clientele. Comparatively, Benihana succeeds by operating a simple production process. By using a standard production process, the restaurant almost operates like a â€Å"flow† shop. This production process makes sure it enjoys a high efficiency and low production costs. The key to Benihana’s success is the large menu and the personalized food ordering and preparation processes. T herefore, while the average American customer orders for food and waits for chefs to prepare it in the kitchen, Benihana’s customers order food and watch professional chefs prepare it for them.Advertising We will write a custom case study sample on The Benihana Restaurants specifically for you for only $16.05 $11/page Learn More Although the restaurant adopts a standard production process, customers can make special requests to the chefs and have their food prepared in an â€Å"exciting† way (Sasser, 1972). This creative production process largely explains Benihana’s success. Benihana restaurants are also unique because they have an authentic historical value. For example, Rocky often disassembled valuable architectural installations from old Japanese houses and shipped them to the US. He used these pieces to decorate the restaurant, thereby giving it an authentic â€Å"Japanese feel† that other restaurants did not have. Alth ough an eatery outlined the main design component of Benihana restaurants, exhibit two shows that a bar was also a key design component of the restaurants (Sasser, 1972). The bar was not an original design feature of the enterprise because Rocky did not see it as playing an instrumental role in the restaurants’ operations. However, over time, he started to appreciate its importance. Consequently, the floor designs of Benihana restaurants have eight seats for bar patrons (Sasser, 1972). New Benihana outlets have more spaces for the bar. Now, it is a key design feature of the restaurants. The customer seating design is another key design feature of Benihana restaurants. The Hibachi seating design allows eight customers to sit around a table. This setting allows strangers to sit next to one another and interact in an environment that would otherwise not have permitted open interactions. The menu is also a key design feature of Benihana restaurants because it is simple (mainly co ntains three components – chicken, shrimp, and steak). The selections of favorite American dishes inform this design. For example, the restaurant reduced the menu components to only three main American dishes – steak, chicken, and shrimp. This process increased the organization’s efficiency by reducing storage costs and minimizing waste. In fact, depending on the price of meat, the restaurant enjoys cost efficiencies of up to 35% (Sasser, 1972). Furthermore, the menu comes with standard accompaniments that include rice, bean sprouts, and zucchini (among other food types) (Sasser, 1972).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More How I Understand These Issues The Benihana case study highlights issues that revolve around restaurant management processes. The operations management discipline mainly encompasses these issues. For example, it includes marketing, inventory management, employee management, customer service, public relations and such like concepts that are highlighted in the Benihana case study. In line with this reasoning, I believe restaurants should understand that, although their operations management processes may yield positive results, customers are always right. Therefore, their strategic management concepts should show a strong customer focus. Furthermore, restaurants need to have clear goals and appreciate the need for regular updates to their menus and operations. These principles highlight the evolving nature of operations management. If we extrapolate this finding to the Benihana case study, we find out that the Hibachi model should receive regular updates as well. Furthermore, there sho uld be more customer involvement in the restaurant management process. How these issues link with the Theories discussed (Concept and Experience Design) The Benihana case study gives information about the restaurant’s production process. Its main components highlight different management jargon used to explain such production processes. Stated differently, the operational management issues, highlighted in the case study, bring our attention to the expanded applicability of management literature, such as throughput capacity and demand variability, beyond manufacturing sectors (where they are predominantly used). Therefore, the case study shows how such concepts also apply to service-oriented industries. Lastly, the operational management issues, highlighted in the case study, also show how concepts affect operational outcomes. For example, the case study shows how input variations affect restaurant operations. Specifically, it shows how operational management issues affect res taurant profitability. Alternative Approach to Managing the Issues This paper has already shown that efficiency and operations management issues outline the main focus of the Benihana case study. It also shows how the restaurant has used the hibachi food preparation system to improve these key areas. While this strategy has proved to be largely successful, an alternative approach that would provide the same outcome is the â€Å"speedy† service system. Unlike the Hibachi system, which requires a few skilled workers to prepare food, the â€Å"speedy† service system relies on unskilled workers to perform different tasks in the food preparation process (Wilson, 2014). The workers do not need to be knowledgeable about the entire system; they only need to understand one step in this process. This strategy hails from the assembly line process (used in the automotive industry). Instead of having one group of employees who understand all vehicle assembly processes, automotive i ndustries require workers to specialize in only one assembly area. This approach could similarly work in the restaurant business. Besides re-organizing the food preparation process, it could also change the restaurant design and setup. This paper has already shown that Benihana restaurants do not have a kitchen because the food preparation process occurs on the client’s table. The â€Å"speedy† service system would require a kitchen, but unlike conventional restaurants, it would have few, but large, types of equipment for every step of the food preparation process. For example, restaurants that prepare burgers could have only one grill for this purpose. Similarly, the same restaurant could have only one condiment for adding one ingredient in the food preparation process. Many fast-food restaurants have used this food preparation model, successfully. For example, McDonald’s popularity stems from this alternative food preparation approach (Wilson, 2014). Impact of Alternative Approach Unlike the Hibachi strategy, where customers make special requirements to chefs during the food preparation process, the â€Å"speedy† model does not accommodate customized food processes. Workers prepare food in a standard way and all customers get the same quality of food. Compared to Benihana’s Hibachi strategy, this food preparation model shortens the food preparation process and avails it to customers in a relatively shorter time than Benihana restaurants do. References Sasser, E. (1972). Benihana of Tokyo. Web. Wilson, T. (2014). How Fast Food Works. Web. This case study on The Benihana Restaurants was written and submitted by user Alana Gutierrez to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.