Managing Human Resources Coursework Example | Topics and Well Written Essays - 2500 words

Managing Human Resources - Coursework Example man resource management has changed its role from primarily administrative to a more influencing and facilitating position with an aim of adopting a commercial approach to HRM. Human Resources Management is business today is the hardest duty of a manager as coordination of capabilities of humans is central to the business’s achievement of the set goals. However, HR manager is faced with challenges as humans are constantly in conflict with their psychology, assumptions, aspirations and attitudes. HRM involves activities such as development strategies, employee training, coordination of employee benefits, performance management and recruiting and hiring employees (Tichy, Fombrum and Devanna, 1982). Although both human resource management and personal management are concepts involved with management of human labor in an organization, there are notable differences between the two concepts. Personal management is a traditional style while HRM is the new and modern version. Personal management is more inclined to focus on labor relations, employee welfare and personnel administration as opposed to motivation and sustainability and acquisition and development of human resources. During the 1990s when the concept of HRM took root in organizations, the two concepts were interchangeably used to mean the same things. However, social and economic development in the structure of organizations since 1990s have seen the evolution of HRM in order to cope with the needs of the ever changing business environment. Key areas of distinction between HRM and personal management can be examined in relation to leadership and management roles, contract of employment, job design and pay policy and the nature of relations. HRM has been described as a concept that takes two different forms; hard and soft HRM. The soft model is concerned with the humans and their self-direction with a view of emphasizing centrally on self- regulating behavior, trust and commitment. On the other hand, the

Marine Finance and Insurance - Coursework 3 Essay

Marine Finance and Insurance - Coursework 3 - Essay Example In this particular case, no tax rate is given. 7Capital investment appraisal or capital budgeting is primarily concerned with incremental cash flows therefore depreciation should be added back to arrive at the projected cash flow from operations, because there is no actual cash outflow for depreciation (Brigham, et al, 1999). 3The discounted cash flows are the resulting cash flows after applying the cost of capital which is 14% or , projected cash flow during the year/ (1.14)t, where t represents the time or nth year, 1 is constant, and .14 or 14% is Tower’s cost of capital. To illustrate: Discounted Cash Flow for the first year is computed as: 2,890,000.00/ (1.14)1. For the second year, it is, 6,370,000.00/ (1.14)2, and so on until the sixth year. We will use the discounted cash flows in calculating the discounted payback period and the profitability index or PI (Gapenski, et al, 1999). Regular Payback Method. This method of appraising investment tells the number of operating years needed to recover the initial investment or cash outlay. It is the number of years required until the accumulated cash inflows will equal to the amount of the initial investment. The exact payback period is computed using the formula: Payback = Year before full recovery + (Unrecovered Cost at the start of Year/Cash Flow during the Year). If the capital is recovered within the shortest possible time, then this is good for the company (Brigham et al 1999). If the payback period is less than the companys required payback period for the investment, the proposal is accepted, otherwise it is rejected. However, this method does not consider significant cash flows or profit after the payback period. Therefore, this could not be a sound basis for deciding on the profitability of the investment (Bucklery 1996). For Towers, it will take 3 years before full recovery of proposed investment, total accumulated inflows