Recruitment and Selection Process in Wipro - Free Essay Example

Sample details Pages: 10 Words: 3141 Downloads: 5 Date added: 2017/06/26 Category Management Essay Type Research paper Did you like this example? Wipro is Indias largest IT services provider with gross revenue of $6.03 billion in the past financial year. The company is into integrated business, technology and process solutions at a universal basis. The company employs more than 115000 people and is headquartered in Bangalore, India (Web 01). Don’t waste time! Our writers will create an original "Recruitment and Selection Process in Wipro" essay for you Create order The company is also in other sectors like consumer care, lighting, engineering and healthcare. The company was established in 1945 by M.H Premji. But it was his son and current chairman, Azim Premji who transformed the company into one of the most reputed brands in India. Solely due to his efforts, the company now has more than 40 Centers of Excellence and operates in 4 continents. Like every successful company, Wipro also gives high importance to Human Resource Management. The company is Indias 6th top employer. But the company is not even in the top 20 best employers of the country while their competitors like TCS, Infosys etc. are always in the top ten (Web 02). Therefore it can be judged that the HR functions in the company need to be thoroughly reviewed. In simple terms recruitment can be referred to as the process of searching and attracting competent employees for a particular job (Aswathappa, 2005). Companies invest a lot on recruitment process in order to avoid inappro priate selection. The recruitment process of Wipro is also structured in a detailed manner and involves three rounds: Round 1- Written test 1. Verbal: This is the first section of the written test where 15 questions will be asked to the candidates to test their proficiency in English language and include questions related to synonyms, opposites, similes, prepositions etc. A comprehension passage also might be included for the candidates to read. 2. Aptitude: This section also have 15 questions that are concerned with aptitude topics like Time Work, Time Distance, Puzzles, Calendars, Ratio proportions, Ages, Pipes etc. 3. Technical: This is quite an important part of the written test and involves 20 questions which are meant to test the technical knowledge of the applicant in C, C++, Java, Linux, UNIX, DBMS, SQL, Programming fundamentals, Hardware, Software Engineering, Micro-Processors etc. The questions will be mainly based upon the technical aspects studied as a part of university syllabus. Round 2: Technical Interview The second round is the most important elimination stage in the recruitment process. In this stage the candidates must have through knowledge in the basic technical skills in order get them cleared from t here. Therefore the candidates are asked to get prepared on their academic subjects before sitting for this round. Round 3: HR interview This is found to be the hardest part of the recruitment process. This round is found to be a real test for even the most competent candidates. The most common questions that re asked in this round include speak about oneself, why should the company hire the candidate, why did he wish to join Wipro, etc. The emotional quotient of the candidate is tested in this round in order to check whether he is able to withstand the pressures of the job. The other aspects that are being tested here involve communication and vocabulary of the candidate. Round 4: Placement Once the candidate is selected, he will be provided with an employee code number by the HR manager and a joining form will also be handed over to him which he has to fill up. This turns him from a candidate to an employee. Almost 40% of the employees of Wipro are selected directly from campus recruitments. Another source of recruitment is through the NSR (National Skill Registry). Wipro training model The above figure illustrates the Wipro training model which involves seven stages. These stages happen in a consecutive process. The main stages are: Identify training requirements Define the learning goals and objectives Conceptualize the training program Develop training content Reviews by stakeholders Pilot training content Rollout training content This model helps in identifying the exact training needs of the candidates and provides them with the most appropriate training. The company is also not behind in development initiatives. The Leadership Quality Survey of the company started in 1992 has immensely contributed in nurturing Wipros best business leaders. Wipro now has 8 qualities for leadership which are formulated on the basis of Wipro vision, values and business strategy. As a part of this development initiative, the company has introduced a 360 degree survey process which would enable in improving the competencies and skills of their business leaders. This process begins with receiving feedbacks from related people and finishes when every member frames a Personal Development Plan (PDP) on the basis of the responses received. This Personal Development Plan develops on the basis of a seven-step program that would help the individual to understand his strengths and weaknesses as well as determining the action steps. This program named Wings of Change to symbolize that it would bring up change or transformation in the individual. The Leadership Development Framework of Wipro is also a critical component for improving the leadership qualities of its employees. This framework is given below: This framework would help in understanding the major areas that form in relation to a leader in Wipro. Leadership Lifecycle Programs: The Company has formulated a strategy for Life Cycle Stage Development Plan. This program has been developed in order to frame distinct job profiles and map the competencies needed for each job r ole. The required competencies determine the success of each job role. The different programs under this LSDP are: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Entry-level program (ELP) This program as the name suggests is for entry level employees and intends to improve their managerial qualities. The main target group for this program is campus recruits and also candidates who entered through lateral entries. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ New Leaders Program (NLP) This is the second level of the LSDP. This level is higher to Entry-level program and is oriented for potential candidates who are most likely to be the leaders of company in the future. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Wipro Leaders Program (WLP) This program is intended for medium level managers with the capability of being a leader in the near future. Through this program, the managers are expected to improve their way of handling employees, operations, business development and project management tasks. The manager s who come up from this program become the forerunners of Wipro values and Wipros business operations. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Business Leaders Program (BLP) This is the program designed for the real leaders of the company i.e the senior level executives who hold highly responsible positions. At this level, these executives need not be trained for basic skills and hence it focuses on techniques for revenue generation. The other areas covered in this section involve sales orientation, CRM, team building and performance management. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Strategic Leaders Program (SLP) This is the top level program and is developed for the already existing leaders or top management employees of the company. The key areas included in the program will be Vision, Values, Strategy, Global Thinking, Customer Focus etc. Wipro has ties with many pioneer management institutions inside and outside India to conduct this leadership program for the leaders of the compan y. 1.3 Custom Content Development (CCD) This is a unique program offered by the company that provides new and economical learning content solutions. This service would help in meeting customer requirements as well as help them get a strategic advantage. Wipros CCD Service undergoes a thorough development cycle to make sure than the client gets quality solutions at precise time. Custom Content Development Service includes: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Application Training ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Process Training ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Compliance and Regulatory Training ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Product Training ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Rapid Training Solutions. 1.4 Human Resource Planning Wipro is the first company to implement many strategic HR and IT services globally. Some of them include People Capability Maturity Model (PCMM) Level 5, SEI Capability Maturity Model (CMM) Level 5 and version 1.1 of CMM. The people processes in the company are the best in the industry and involves most accepted practices in HR, knowledge management and OD so that the employees are equipped with the right skills to face the needs of dynamic business environment. 1.5 Capability Maturity Model (CMM) The expertise in Six-Sigma methodologies has been put to use to modify the prevailing processes in the organizations so that the decisions are made on the basis of metrics and measurements. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ The fundamental concept behind Six Sigma is that if you can compute how many defects you have in a process, you can systematically figure out how to reduce them and get as close to zero defects as possible. It begins with the application of numerical methods for translating information from clientele into specifications for products or services that are being developed or manufactured. Hence this can be considered as a business strategy and a philosophy of one working smarter not harder. Wipro is Indias first company to adopt the Six Sigma methodology and at present it has the most mature programs in the country. This makes sure that 91% of the works are completed on schedule which is quite above the industry average of 55%. Since they have over 10 years ex perience in this field, the company has made considerable efforts in order to improve the process. Apart from that the company has also scaled Six Sigma ladder which helped over 1000 project to reach completion. The main feature of this program is that it spreads exactly through the verticals and hence is able to influence a number of areas including project management, market development, resource utilization etc. 1.6 Conclusion Thus it is evident that Wipro is giving high importance to recruitment of employees. But even then the HR functions have certain flow which is the main reason why the company is not able to get into the best 10 employers in India. Hence it is the duty of the HR department to bring about a change in the processes so that better employees are hired and maintained. TASK 2 2.1 Introduction Performance management is a key HR function of any company. Oxford English dictionary has defined performance as accomplishment, execution, carrying out, and working out of anything ordered or undertaken. Performance is also defined as A matter that not only people achieve, but also how they achieve it (Armstrong and Baron, 2005). Hence it can be considered as a multidimensional concept and cannot be measured on the basis of a single factor. A common and accepted concept about performance is that it is not merely concerned about final outcomes but also with the actions performed for attaining these targets. 2.2 Performance management in Wipro Performance management is also a hard to define concept. The main reason behind this is the ignorance over performance measure issues. But a clearer definition to this concept was given by Armstrong (2000). In his words, performance management is A strategic and integrated process that delivers sustained success to organizations by improving the performance of people who work in them, and by developing the capabilities of individuals and teams. Wipro has a completely integrated end-to-end Performance Management Solution on its own for carrying out this critical HR function properly. This solution is formulated based upon the universally accepted HR processes adopted in the best organizations and thus helps them to update as well as restructure their performance evaluation processes. The above figure depicts the performance management solution adopted in Wipro. This solution helps the companies in many ways. It not only assists them in adopting the most suitable technique of p erformance management to that particular company but also reduces the time taken for the completion of Performance Management cycle. The unique feature of Wipros solution is that it does all this without compromising on the operations of other HR sub-functions like Work Planning Conference, objective setting, interim reviews, feedbacks, overall evaluation and rating, recording and documentation etc. Once the HR department makes a review of the organization, the assistant of the HR manager will update and record the score obtained by each employee in the database of the company. 2.3 Importance of performance appraisal in Wipro Performance management or appraisal holds considerable significance in Wipro since its success depends on the performance of employees to a large extent. Before explaining in detail about its importance in Wipro, it is advisable to understand its purpose. The main function behind PA is to make an employee differentiate between his actual performance and the expected performance (Boice Kleiner, 1997). But this holds a one-sided view since only the rater is benefited out of this. A more balanced view of performance appraisal states that only if both the parties i.e appraiser and appraise gets benefited can the process be considered as positive (Fletcher, 2006). Performance management on the other hand can be considered as use of interconnected strategies and techniques with an aim to enhance the performance of individuals, teams and organizations. An appropriate performance management can be regarded as the prime factor in achieving the business goals from the point of view of or ganization. Therefore performance appraisal is seen as the chief component or tool of performance management in Wipro. Hence the company must make sure that the performance management system adopted must be capable of meeting the needs of organization and the stakeholders (Humphreys, 2008). Thus performance management becomes a core component in promoting corporate governance (Bach Sisson, 2000). Since corporate governance is an issue of great relevance in todays business scenario, performance management becomes quite critical in Wipro. It forms a vital component of the corporate governance framework which helps the management or boards to direct, observe and react to the way the company reacts to the goals, mission and results that is expected from it. Performance management can be helpful to the company in three areas namely: Enhancing the individual productivity Identifying the training needs Allocating the precise rewards An effective method of performance man agement must inculcate a framework involving both corporate and individual performance planning. Therefore the HR must ensure that the framework involves: Clarification of performance objectives to the employees. This must include communicating the specific tasks, outcomes, behaviors, and other value systems related to ones job. The HR must make sure that these performance objectives are in alignment with the business objectives. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Individual or teams undergo periodical appraisals in order to evaluate their performance against the objectives set for them. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ The employee or appraise is provided with the feedback about his/her performance from this appraisal. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Proper recognition or reward is provided to the appraises for their performance as well as any improvement in their pay or salary based on the performance. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ There will be team and individua l development so that the skills and abilities of the team as well as members are building. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ In case there is poor performance, the employee is given proper counseling in order to guide him to the right path. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ To establish a connection between the progress of capabilities with corporate and business planning. That means there will not only be coming down from the results of business planning but also owning a system which feeds back up. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Having the ability to evaluate the contribution made by individual, team and organization for attaining its objectives. Performance management system can also be used in variety of purposes like auditing, evaluation, training, succession planning etc (Randell, 1994). Thus an effective system can be helpful for the employees and teams to understand their objectives and the business goals as well as enables to recognize how effectively they are achieving the corporate goals. This approach thus helps these parties to identify and clearly define their performance expectations which are an essential part of their job. If the people, processes and performance are integrated with the business goals, it would lead to developing the abilities of the individual as well as organization thus leading to their better performance. It is the performance appraisal process which expresses the work standards expected out of a specific job and the norms, values and behaviors that are associated with that job and finally communicating this with the concerned people. Performance management thus results in better performance which is more closely directed to the objectives and needs of organization. Performance appraisal and its feedback help the employees to understand the level of their performance and find out ways to improve them. Thus studies reveal that some researchers focus on achievement of business goals as the most important reas on behind implementing performance management system while some others view it as a scale for improving performance of one. In an organization like Wipro, it is suggested that a system which fulfills both organization as well as individual needs must be followed. 2.4 360 degree feedback This is a widely accepted technique of performance appraisal adopted by many companies. This method can be used in obtaining both qualitative and quantitative data about an individuals performance. Thus it involves a more holistic approach and here the person is rated based on the feedbacks obtained from people who work close to him i.e peers, superiors, subordinates etc. Apart from that the individual has to undergo a self-rating process also. This method of appraisal is quite suitable with the work environment and job nature in Wipro and can yield positive results. 2.5 Uses of Performance Appraisal System in Wipro: Wipro can have numerous benefits out of the performance management system if implemented properly. The major benefits derived out of it are: Performance management is more concerned about the outputs rather than mere activities or behaviors. Thus enacting that one person is busy would not help him get an appraisal or promotion. He has to achieve the predetermined results in order to get appraised. Performance Management helps in aligning the business processes and operations to the objectives of the organization. There is a chain process in PM which exists in order to make sure that they are in agreement with the organizational objectives. Nurture an organization-wide long-term view of the organization. An effective method of performance management should adopt a system-based approach which aims at the results or outputs of the business processes (Swanson, 1999). In other cases, the result is bound to have certain faults. Performance management would result in meaningfu l measurements which can be applied in numerous areas like benchmarking, framing standards for comparing the companys practices with the most industry accepted standards. They point out outcomes during development efforts, such as employee training, management development, quality programs, etc. Thus performance management makes sure that employees are equally treated and they receive rewards based on true performance. This way the employees will be able understand their strengths and weaknesses (Brets et.al. 1992). It would help them to be aware about the duties they have to bear and thus act according to his superiors expectations (Rees Porter, 2008). 2.6 Conclusion Thus performance management system in Wipro can help the employee to have a deep knowledge about the corporate objectives and effort required to attain them. This would help him to realize his present position in comparison to the expected level of performance so that he can try more to get to that level. This again leads to overall development of the employee.

Theories of Cognitive Development in Relation to...

Introduction: In order to survive the world around us that is fully designed on mathematical notions, young children need to acquire mathematical knowledge. Hence, this aspect when attained effectively places them in the right position to face the distinct real world of mathematics. Therefore, it is essential to acknowledge how these children obtain numeracy skills and their capabilities through the theories of cognitive development presented by many influential theorists. The following essay elaborates a chosen theory of cognitive development in relation to mathematical knowledge with a link to the Australian Curriculum to demonstrate how the document chosen allows for scaffolding of children’s learning for kindergarten students.†¦show more content†¦He saw that â€Å"scaffolding provides an effective way to reach potential levels of development† (Eddy, 2010). Therefore, children can easily learn and develop numeracy concepts when the teacher uses discussion and think i n a loud voice with students as well as, when teachers are â€Å"encouraging collaborative group work, peer assistance and discussion† highlighted by Westwood (2008, p30). Also, through identifying the child’s level of understanding and capabilities to offer guidance that assist the child to progress more. Thus, the (ACMSP011) stresses upon children answering â€Å"yes/no question to collect information†, this help children interpret data and develop reasoning skills. Comparison of cognitive development theories: On the other hand, Jean Piaget and Jerome Bruner have also offered theories about cognitive development for foundation year children. First, Piaget mainly approved on the interaction between the child and his environment. He believed the child can only learn when regularly interacting with his environment through â€Å"making mistakes and then learning from them† (Eddy, 2010). He saw the child as the only scientist who learns from his own experiences. Whilst, Bruner saw that young children are able to learn mathematics by exploring and discovering on their own. As well as, through interacting creatively with well-informed adults and peers who can offerShow MoreRelatedEDU10003 The World Of Maths Assessment 2 ESSAY SM1577 Words   |  7 Pages It is crucial to develop in children the ability to tackle problems with initiative and confidence†¦mathematics has changed from careful rehearsal of standard procedures to a focus on mathematical thinking and communication to prepare them for the world of tomorrow (Anghileri, 2006, p.2). Mathematical understanding influences all areas of life from social to private and civil. Therefore maths education is widely believed to be the single most important aspect to establishing opportunitiesRead MorePiaget s Theory On Cognitive Development1449 Words   |  6 Pagesstrengths and weaknesses of Piaget’s theory on cognitive development. It will focus on Piaget’s work highlighting positive attributes and how they’re being applied in modern day and also delve on key limitations of the theory. Piaget was a Swiss psychologist who was interested on why children would give similar but wrong answers in an intelligence test (Vidal, 1994). Based on his observations, he concluded that children undergo sequential cognitive development patterns which occur in defined stagesRead MorePiaget s Theory Of Cognitive Development983 Words   |  4 Pagesstudy of cognitive development; contributing a theory of child cognitive development, detailed observational studies of cognition in children, and a series of simple but ingenious tests to reveal different cognitive abilities (McLeod, 2009). Analysing of this information indicates that Piaget undertook multiple educational studies, which undoubtedly helped with the creation of his theory. Questions could be asked in relation to this theory, for example, what were the specifics of these theories and howRead MoreHow Mathematics Has Changed My Life934 Words   |  4 Pagesall daily activities include some form of mathematical procedure, whether people are aware of it or not. Possessing a solid learning foundation for math is vital to ensure a lifelong understanding of math. This essay will discuss why it is crucial to develop in children the ability to tackle problems with initiative and confidence (Anghileri, 2006, p. 2) and why mathematics has changed from careful rehearsal of standard procedures to a focus on mathematical thinking and communication to prepare themRead MoreDesigning A Curriculum For A Preschool1605 Words   |  7 Pagestheir personal, and academic development. It is crucial to design a developmentally appropriate environment, in order to help enhance a student’s cognitive, social, and language skills. The environment should consist of: ample spaces, props for dramatic play, development of a schedule that assures a balance of activities and choices, and opportunities for teacher observation and (learning, 2015). My ideal curriculum will be a blend of different philosophies, and theories, designed in correlation toRead MoreThe Theory Of Knowledge, Evans And Smith1632 Words   |  7 PagesIn presenting their theory of knowledge, Evans and Smith refer to the account of proper functioning as put forth by Alvin Plantinga. This account is foundational in the development of their own theory, specifically in regards to their conceptual dissection of what constitutes warrant. However, Plantinga s account of proper functioning supposes a theistic element that g enerates a discomfort in Evans and Smith, such that their own theory of knowledge tries for a secular, or naturalistic, procedureRead MoreMathematics : Mathematical Problem Solving1637 Words   |  7 PagesThe definition of mathematical problem-solving can be subjective and, as such, there is no clear interpretation (English and Kirshner, 2015; Ponte and Matos, 2012). Silver (2013) purports that mathematical problem-solving is a way of defining the discipline of mathematics, asserting that all mathematics involve creating and solving problems. Nevertheless, a problem can be defined as a task where the individual concerned does not initially know how the solution may be reached and that provides anRead MoreThe Role Of Nature And Nurture Affect Development Of A Child, Conception, And The Contemporary Theories1690 Words   |  7 PagesLife Span Development From the time of conception to the time of death, we are constantly developing and changing. Although some of the changes are as a result of personal adoptions and incidences, most changes experienced are as a result of our shared biological and mental heritage as humans and are shared by all individuals in the globe. A lot of studies have been dedicated to the study of human growth and development. In the book, Lifespan development, various concepts have been discussed in theRead MoreHoward Gardner s Theory Of Multiple Intelligences1466 Words   |  6 PagesPsychologist Howard Gardner’s research and theories embody Estrada’s quote. Gardner’s works as a developmental and cognitive psychologist have impacted the way children are taught in their early childhood. His findings are focused on how humans think and how they learn in different ways. Howard Gardner is considered one of the most influential psychologists of the 20th and 21st centuries because of his cogni tive and developmental research, most particularly his theory of Multiple Intelligences. HowardRead MoreThe Curriculum Design And Development1723 Words   |  7 PagesIntroduction At the dawn of technical education two major philosophies emerged. The philosophers behind these theories were quite divergent in their beliefs. Charles Prosser and David Snedden were advocates of the social efficacy doctrine and believed that the primary goal of vocational education was to prepare individuals for work and the needs of industry. Furthermore, they believed a liberal arts education was reserved for individuals of status (Gordon, 2014). John Dewey advocated an education

European Union Bringing Peace To Europe Free Essays

The wars bore the modern nations of Europe such as England, France, Germany, Russia, and Italy. Afterwards, they developed their own cultures, which are nationalities, languages, traditions and histories. Due to this characteristic mixed with these various cultures and its nation- centred international politics system of Europe, there rarely was period that ceased from wars in Europe. We will write a custom essay sample on European Union Bringing Peace To Europe or any similar topic only for you Order Now Furthermore, two world wars in XX century caused the collapse of all Europe’s peace and prosperity and Europe, as a result, was no longer the centre f the world. The world power was already moved on the U. S. A and the U. S. S. R. For this reason, people of Europe started to perceive the need of its combination and the European Union was made to restore political peace and economic prosperity of Europe (Nugent, 2006). At this point, it is needed to ask that the European Union has truly fetched peace and prosperity to Europe. It strongly appears to me that the European Union has contributed to political stability and economic growth to Europe. To demonstrate it, this essay will deal with the following aspects of the historical fforts and intergovernmental agreements which the European Union has made to contributed to political stability and economic growth of Europe in XX century. ‘Main Body Above all, it is essential to define the mutual relation between political peace and economic prosperity. These two important factors which can decide the rise and fall of each country tend to move together. It means that it is hard to say that there is prosperity without peace or peace without prosperity. For a recent example, economic status of Ireland was almost the lowest in the European Union in the past ut now is definitely regarded as a wealthy country in the European Union. This remarkable economic rise led to synchronize the decrease of al large number of armed conflicts in Northern Ireland, one of the most unstable areas in Northern Europe. In other words, this means that it is clear that political stability of a country was highly dependent on economic prosperity (Strong, 2006). Therefore, peace and prosperity are achieved separately rather simultaneously. Equally, it is needed to approach to political peace and economic prosperity of Europe in this way. Peace and prosperity of Europe through the European Union have not gained respectively but coincidently. The first significant movement that brought peace and prosperity to Europe was the treaty of ‘The European Coal and Steel Community. After the Second World War, it was widely diffused to aim at ‘United Europe’ for its peace and prosperity seeing Europe impoverished by war. Robert Schuman, the French Foreign Minister at that time, suggested epoch-making idea about creation of the consolidated organisation that Jointly supplies and controls strategically important esources such as coal and steel. This is called ‘The European Coal and Steel Community (ECSC)’ and it became the cornerstone of the European Union (http:// europa. eu/ecsc/results/index_en. htm). It was obvious that this ECSC treaty brought rise of living standards to overall European society with high economic growth of each country, based on common market, common goal and common organisation. In C provided witn not only co-operation ot the tield ot Coal and S but also political stability of Europe still surrounded with fear of war. It means that it ecame possible to check each other between nations of Europe by Joint distribution and Joint control of Coal and Steel, which is indispensible for war. The second important movement with respect to peace and prosperity of Europe is the Single European Act of 1986 (SEA). In the period of 1971-86, Europe was in heavy economic recession. This stagnation could be regarded as a result that EC members did not successfully cope three serious incidents such as the collapse of the Bretton Woods system, the oil crisis, and the resulting bad economic results’ (qiftq, 2005:476). Afterwards, in 1985-91, The European Union accomplished prompt growth in the process of economic integration of Europe. However, there was the budgetary crisis, which was an obstruction to progress economic integration of Europe. It was fortunately settled by Mitterrand’s consent in 1984 about sharing a great amount of the expenses with respective to the Common Agricultural Policy (CAP) budget. Consequently, these successive events extended into the creation of the Single European Act of 1986 (ibid). Beyond all, the main issue of the SEA was the accomplishment of internal single market of Europe. The SEA became the opportunity to support institutionally development of the internal single market and deregulation. Through the SEA, the integration process of European community was changed qualitatively. Internal single market is qualitatively different concept from free trade zone between nations or geographical extends of trade. In other words, this internal single market means that each government should be pushed to adopt common standards such as technology, regulations, and norms and so on. It means that all European countries should be responsible for mutual economic benefits. More importantly, needless to say each government, European commission and supranational capitals, this progress was supported by public opinion and even many trade unions such as public consensus (Benink, 1992). It means that the SEA brought economic growth to Europe and, at the same time, drew a conclusion, national consensus which can be developed to political stability. As a consequence, it is seen that peace and prosperity of Europe were not achieved separately. They mostly come together. The third remarkable movement related with peace and prosperity of Europe is the Maastricht treaty of 1992. This treaty brought the most innovative outcome. The Economic and Monetary Union of 2000 was inaugurated. This was definitely the climax of exertion of European Communitys countries that had accelerated European monetary integration for around 30 years and also the turning point in history, which proceeded to new stage of European integration (Grieco, 1995). As a result of this treaty, European single currency, the Euro was launched in 1999. By launching the Euro, it was vanished to lose the benefits due to extreme fluctuations in the exchange rate and became clear to know prices of other ountries’ merchandise. In addition, there was no longer exchange fee. These advantages of the Euro led to more active international trade between European nations and ultimately brought the economic prosperity of Europe. Moreover, in the Maastricht treaty, the Common Foreign and Security Policy (CFSP) was launched. The CFSP included all areas related to Joint security, Joint defense and diplomacy of the European Union. Despite that militarily importance of the United States of America was relatively reduced by extinction ot the USSR’s threat, it was still seen that European nations was dependent on the USA. This was mainly because the NATO, which still had important role in European security due to disability regarding dispute resolution of European nations, was practically moved by the USA. In this circumstance, a bond of sympathy that Europe needed its own military strength to cope Jointly increasing international terrorism and geopolitical conflicts began to be naturally formed. Subsequently, the Common Foreign and Security Policy (CFSP) was initiated according to the Maastricht treaty (Hurd, 1994). The purposes of the CFSP were to safeguard the common values, fundamental interests and independence of the Union and to develop and consolidate democracy and the rule of law, and the respect for human rights and fundamental freedoms. (Nugent, 2006:90). Hence, it can be told that the Maastricht treaty consequently begot peace and prosperity of Europe by pursuit of two objectives such as The Economic and Monetary Union and the Common Foreign and Security Policy. conclusion To sum up, by examining three significant treaties in this essay, it becomes self- vident that the European Union has constantly pursued peace and prosperity of Europe by advancing the treaties and implem enting them and they have finally built the new framework of peace and prosperity of Europe. Additionally, it is also crucial to comprehend that political peace and economic prosperity are concurrently fulfilled. It is true that the European Union has kept a large number of difficulties to stabilise national status for decades. Nevertheless, it is undoubtedly certain that the European Union will be a high-quality model of many areas where peace and prosperity need. How to cite European Union Bringing Peace To Europe, Papers

Calculating Price Elasticity of Demand †Free Samples to Students

Question: Discuss about the Calculating Price Elasticity of Demand. Answer: Introdcution: Price elasticity of demand gives information to the seller about the possible reaction that the buyers will have upon a price change (Moffatt, 2017). This is very important therefore in deciding the price to charge for the goods produced. The topic of elasticity helps in understanding the nature of the good depending on the magnitude of demand. A good with a high demand even when the prices are high is considered price inelastic (Pettinger, 2017). Similarly, a good that demand is low when prices are high is considered price elastic. Elasticity helps the investor therefore in determining the changes that will occur to the revenues when they vary their prices. It is crucial for the Board of Schmeckt Gut to understand that raising the price does not always result in an increased revenue; it only happens when demand is inelastic to price. If the demand is elastic to price, even a price rise could result in a reduced revenue. The board should also understand that lowering prices may at so metimes increase the producers revenue; this is the case where demand is price elastic; this is because more consumers will demand the good. In order to ensure that the introduction of Schmeckt Besser energy bar is smooth, the instructions the board should give the Schmeckt Gut Research Department are as follows. One is to determine the nature of the good which will determine the magnitude of need for this product. If the energy bar attests to be a necessity good, then the board should introduce the product at a higher price since demand will still be significant; otherwise it should be introduced at a lower price. The researchers should also identify the availability of close substitutes; if there are close substitutes, the energy bar will be price elastic and thus should be introduced at a lower price; otherwise it should be introduced at a higher price. The price should be equal or lower than for the close substitutes if available to make it more attractive in the market. Price ($ per Energy Bar) Quantity Demanded (Thousands per Day) PQ 1 30 30 1.5 25 37.5 2 20 40 2.5 15 37.5 3 10 30 $2 is the price that maximizes total revenue since it is giving the highest revenue of $40,000. The relationship between the Energy bars from Schmeckt Gut and those from Fly High is for complementary goods. This is because the movement between the quantity demanded for Schmeckt Gut Energy bars and the price for Fly High Energy bars is on opposite directions (Arnold, 2015). This is represented by the negative sign of the cross-elasticity of demand. The Schmeckt Besser energy bar could be smoothly introduced into the market by determining the nature of competition that exist in the market. Based on the argument that the Schmeckt is able to lower its prices so as to influence its quantity level, this makes this market an oligopoly. This is proved further by the influence of one price on the price of another producer. Further, we already confirm that this is not a perfectly competitive market because if it is, Schmeckt could not be concerned with the introduction price as it is already provided in the market. Thus, Schmeckt should understand how the players in the oligopoly markets influence the price and quantity level. This firm should also identify the target group and tailor its products according to this group so as to make the goods more competitive. Schmeckt Gut Research Department specific tasks include the identification of the other players and analyze their characteristics such as price charged and their supply level. It should also have constant track on the strategy taken by the other players. This is important because any strategy taken by any single player will affect all the other players including Schmeckt. References Arnold, R. (2015). Microeconomics. South-Western: Cengage Learning. Moffatt, M. (2017). A Primer on the Price Elasticity of Demand. ThoughtCo. Retrieved 21 October 2017, from https://www.thoughtco.com/price-elasticity-of-demand-overview-1146254. Pettinger, T. (2017). Calculating Price Elasticity of Demand. Economicshelp.org. Retrieved 21 October 2017, from https://www.economicshelp.org/blog/195/economics/calculating-price-elasticity-of-demand/.