Systems Design and Management Strategy Essay Example | Topics and Well Written Essays - 2000 words

Systems Design and Management Strategy - Essay Example Global business can penetrate the remotest areas of the countryside. We can communicate to anyone whose location maybe in any part of the globe because of technology, mobile communications, the internet, Information Technology, and so on. Technological changes have brought about further innovations and inequalities because of the digital divide in the community setting where there is lack of technological attention from the government. But organizations with their advanced technology and availability of manpower are more benefitted. Global organizations have their websites and most of them conduct business online. People sell and buy products and services through the internet. There is also the emergence of the knowledge economy, a new innovation in business which is performed, conducted and enhanced through the knowledge, talents and capabilities of employees. In this set up, knowledge is both a product and resource. The organization is more concerned with the people and the knowled ge they possess. Firms value people-embodied knowhow. They invest much on labor capital. Organizations like this produce ‘stars’ in the industry. According to Groysberg et al. (2008), stars are among the best in the industry and are far superior than colleagues in performance. They usually do â€Å"estimates, accessibility and responsiveness, service quality, stock selection, industry knowledge and written reports† (Groysberg et al., 2008, p. 5). The knowledge that stars acquire include the knowledge and experience they have inside the organization, and it is not good to hire or pirate stars from other companies because they usually perform not quite well in the new organization. Their expertise was attained in the organization they blossomed and therefore it matches with the organization. In the new environment, the so-called star won’t perform well. 1.1 Trends in management A management trend in the age of globalization is clustering or team working. Thi s requires some skill and talent, and cannot be simply taken for granted. It requires determination to put individual talents into a single force to work for change or introduce ideas that can provide further innovations for the organization. By having clusters and groups, talents and capabilities of members are maximized. The ways in which the workforce gets direct orders from top management – the deeply centralized order – is seldom done any longer. With globalization, the technique is to manage the organization horizontally. The internet can do wonders. Mobile communications also are valuable tools. Communication is fast and effective. Team formation is considered a special feature for improved organizational performance. Introducing the principles of team formation in the workplace is like implementing total quality management. They present a strong foundation for global organizations in the present system, and can be an effective way of providing work and life bal ance for the workforce. (Knights and Willmott, 2007, p. 125) Through team building members become flexible and respond to new challenges or solve problems within (or beyond) their reach. Members are more motivated to work because of the responsibility and power bestowed upon them by management. Allowing individual members to hold responsibilities of problem-solving – even decision-making which is traditionally done by top management –

A Critical Assessment of the Requirement of Utmost Good Faith in Essay

A Critical Assessment of the Requirement of Utmost Good Faith in Marine Insurance Contracts - Essay Example However, in a world with modern technological methods of obtaining and sharing information, the duty of utmost good faith, particularly the duty to disclose all material information appears to be a bit harsh.5 More troubling perhaps is the fact that a failure to disclose material facts, regardless of the absence of fraud or specific intent renders the contract voidable ab initio. As such the result can be entirely disproportionate and unduly harsh. However, it is accepted that the insurers not only underwrite risks but assess them based on the facts known to them at the time of underwriting the risk. It therefore follows that information solely in the possession of the insured is crucial for this purpose.6 This research study provides a critical assessment of the duty of utmost good faith in marine insurance contracts with a view to determining the rationale for the duty and whether or not the duty can and should be reformed. The main issue is whether or not reforms can equitably add ress the harsh consequences and to ensure that the duty to disclose corresponds with the realities of the relationship between the insured and the insurer and the current state of modern technology. This paper is therefore divided into three parts. The first part of the paper examines the origins of the duty of utmost good faith in the common law. The second part of the paper examines the developments of the duty of utmost good faith and the final part of the paper analyses possible reforms that can effectively create more balance between the insured and the insurer having regard to the purpose of the doctrine of utmost good faith and modern technological advances. I. Origins of the Duty of Utmost Good... This essay stresses that insurance contracts in general represent a special class of contracts since they are bound by the uberrimae fedei doctrine. As a result all contracting parties have a duty to ensure that they do not misrepresent crucial facts and are likewise under a persistent duty to disclose all facts that might induce insurers to assume the risk. Understandably, the duty of utmost good faith was necessary during the 18th century. However, in a world with modern technological methods of obtaining and sharing information, the duty of utmost good faith, particularly the duty to disclose all material information appears to be a bit harsh. This paper makes a conclusion that the duty of utmost good faith or uberrimae fidei sets an unrealistic high standard on the insured and functions to liberate the insurer to such an extent that insurance claims can be avoided for the slightest misstep on the part of the insured. The duty of utmost good faith, although 200 years old, has evolved about as far as the courts can take it. It is obvious that over the last 10 years of so, the courts have taken as much latitude as the separation of powers will allow to modify the existing doctrine so as to minimize the harsh results. However, the courts are bound by the implementation of the Marine Insurance Act 1906 which is perhaps the most likely reason for the perpetuation of the unjust functioning of the duty of utmost good faith.