The Importance Of Shareholder Wealth Maximization In Firms Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 1999 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? My opinion is that the shareholder wealth maximization should be a superior objective over stakeholder interest because that is a common trend of firms development in a comparative market. However, in the reality companies do not just focus on the shareholders. To understand and make it clearer, we should pay attention to several definitions of shareholder, stakeholder and theories of shareholder and stakeholder and what the differences between them are, and what debates between them? First, what is shareholder? According to the web page of defining the world of investing-Investor Glossary, A  shareholder  is an individual or organization owning  stock  in a company. Shareholders have a legal claim on a percentage of the companys  earnings  and assets, and share the same level of limited liability as the company itself. In cases of bankruptcy, shareholders generally lose the entire value of their holdings. Next, w hat is stakeholder? According to Business dictionary.com, it is a person, a  group, or an organization that has a direct or indirect stake in an organization because it can affect or be affected by the organizations actions, objectives and policies. Key stakeholders in a  business  organization include creditors, customers, directors, employees, government (and its agencies), owners  (shareholders),  suppliers, unions, and the  community  from which the business draws its  resources. Form the financial point view, the objective of a firm is to maximize the wealth to the shareholders. Nevertheless, nowadays people say that the wealth maximization is only focused on its shareholders. The followings below are some views supporting and not supporting to demonstrate to the things above. According to H. Jeff Smith (2003), Shareholder theory asserts that shareholder advances capital to a companys managers, who are supposed to sp end corporate funds only in ways that have been authorized by the shareholders. Furthermore, Milton Friedman (1970) is the man supporting this theory very much. He made the most well-known version of the shareholder theory in the following passage in Capitalism and Freedom: In such an economy [a free economy], there is one and only one social responsibility of business to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the gameÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦without deception or fraud. In his essay The Social Responsibility of Business Is To Increase Its Profits Friedman gives a somewhat different statement of the theory: In a free-enterprise, private property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance to with their desires, which will generally be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and in ethical custom. One more view supporting this theory is posted by Todd Henderson (2010). He argued that while the duty to maximize shareholder value may be a useful short hand for a corporate manager to think about how to act on a day to day basis, this is not legally required or enforceable. The only constraint on board decision making is a pair of duties the duty of care and the duty of loyalty.The duty of care requires boards to be well informed and to make deliberate decisions after careful consideration of the issues. Importantly, board members are entitled to rely on experts and corporate officers for their information, can easily comply with duty of care obligations by spending shareholder money on lawyers and process, and, in any event, are routinely indemnified against damages for any breaches of this duty. The duty of loyalty self evidently requires board members to put the i nterests of the corporation ahead of their own personal interest. And, Dodge v. Ford Motor Co., (1919) supposed corporations are organized and acted for carrying on primarily profit of the stockholders. Directors are employed on behalf of owners, has responsibility to bring more profit into strongbox of employers. They are simultaneously assigned power and duty for making decision so as to reach purpose of proprietors. Different with the above mentioned views, the stakeholder theory says that corporations should be run for the benefit of all stakeholders, not just the shareholders (Thomas L. Carson -2003). Also, R. Edward Freeman (2004) is the most prominent defender of the stakeholder theory. In his paper A Stakeholder Theory of the Modern Corporation Freeman writes: Corporations shall be managed in the interests of its stakeholder, defined as employees, financiers, customers and commodities. Moreover, in an earlier paper written together with William Evan, Freeman states as follows: The corporation should be managed for the benefit of its stakeholder: its customers, suppliers, owners, employees, and local communities. The rights of these groups must be ensured, and further, the groups must participate in some sense in decisions that substantially affect their welfare. Management bears a fiduciary relationship to stakeholders and to the corporation as an abstract entity. It must act in the interests of the shareholders as their agent, and it must act in the interests of the corporation to ensure the survival of the firm, safeguarding the long-term stakes of each group. Also, according to H. Jeff Smith stakeholder theory asserts that managers have a duty to both the corporations shareholder and individuals and constituencies that contribute, either voluntarily or involuntarily, to [a companys] wealth-creating capacity and activities, and who are therefore its potential beneficiaries and/or risk bearers. Managers are agents of all stakeholders and have two responsibilities: to ensure that the ethical rights of no stakeholder are violated and to balance the legitimate interests of the stakeholders when making decisions. The objective is to balance profit maximization with the long-term ability of the corporation to remain a going concern. From the above views of the shareholder and stakeholder theory, I support the ideal shareholder wealth maximization should be a superior objective over stakeholder interest because as follows: As we know, from a modern financial perspective a firms main objective is to maximize its shareholder wealth. The wealth is shown via the market by the price of companys common stock, which is a reflection of the 3 key variables: timing of cash flows, magnitude of cash flows and the risk of the cash flows that investors expect a firm to generate over time. Normally, profit maximization after tax (ETA) is considered as the main purpose of the firm, but it is not regarded as a objective to maximize s hareholder wealth because earnings per share (EPS) will be more important than total profits.  A company can increase its total profits by making an issue of stocks and using the returns to invest in other bonds for profits.  Even maximizing profit per share, but, is not a completely suitable goal, firstly because it does not show the time factor or period of expected interest. Secondly, next mistake of maximizing EPS is that it does not take interest in the risk or uncertainty of the future return flow. So, there are several investment projects will more risky than others.  Consequently, the prospective flow of EPS would not be more ensured if these projects were undertaken.  Besides, a firm will be more or less risky to be conditional on the total of debt relevant to equity in its capital structure.  This risk is considered as financial risk and it contributes to the uncertainty of the future flow of earnings per share too.  For instance, there are two companies A and B with the same of the expected future EPS. However, the earnings flow of the company A depends significantly more uncertainty than the earnings flow of the company B, so the market price per share of the company As stock may be lower. For the mentioned-above reasons, a maximization objective of EPS may not be the same as those maximizing market price per share.  The value of a companys stock in the market shows the focal judgment of overall market participants with what the value is of the specific business.  It mentions to present and prospective EPS, the timing, duration, and risk of these returns, and any other factors relating to market price of stock. The market price is regarded as a performance index of firms progress and this let us know that how well management is running in behalf of its stockholders. In some circumstances the management goals perhaps differ from those of the firm stockholders.  In a corporation (es pecially it goes stock market) whose stock is extensively held, stockholders give a bit of their control or influence over the company operations.  When the company control is segregated from its ownership, management does not completely try their best to do jobs for the best benefits of the stockholders. They perhaps feel satisfied to run and seek a growth level accepted and concerned a lot with maintaining their own existence than with firms value maximization to its shareholders.  The top important purpose to this management may be its own survival.  Consequently, this leads to unwilling to face with reasonable risks for their fear of making a mistake, hence becoming easily seen to the suppliers of capital from outside. Then, these suppliers may give out a threat to managements existence. To exist over a long time, management has to know to behave by a way that is reasonably suitable with maximization of shareholder value. However, the objectives of the parti es are not always necessary the same.  Maximizing shareholder value, subsequently, is a consistent example for how a firm  should  act.  When management does not follow these guides, we must recognize this as a restriction and make decision for the opportunity cost. This cost is measurable only if we decide what the result would be had the firm attempted to maximize value to shareholder. The purpose of capital markets is to effectively apportion savings in an economy from last savers to last users of capital who invest in real properties. If savings are interested in the top auspicious investment chances, a reasonable economic criteria must exist that manages their flows. In general, the savings allocation in an economy happens on the foundation of expected earnings and risk. The value of a businesss stock in the market is both of these factors. Accordingly, it reflects the markets equilibration process between returns and risk. If making decisions in accordance with the probably effect upon the market value of its stock, a business will only be able to attract capital from outside when its investment chances defend the use of that capital in the whole economy. However, this does not mean management will not mention to social responsibility and stakeholders interests. Namely, Social responsibility of a firm towards shareholders is to ensure good return on investment, towards employees is fair pay and working conditions, towards suppliers is prompt payment and fair procurement process, towards customers is fair price, safe product and after sales service and towards local community is providing jobs and supporting the community development activities, supporting education, and becoming actively involved in environmental issues like clean air and water. Hence, the stakeholders interest is the interest of stakeholders said above. The stakeholder interests sometimes conflict or influence with the shareholders interests in maxim izing wealth. Furthermore, the criteria for social responsibility and stakeholders interests are not clearly specified, making formulation of an appropriate goal function difficult. Therefore, manager has to know to coordinate between the shareholder wealth maximization and its stakeholder interests with superior financial results. In conclusion, maximizing shareholder wealth is a superior objective which a business firm must obligatorily fulfill to survive. If firms do not operate with the goal of shareholder wealth maximization in mind, shareholders will have little incentive to accept the risk necessary for a business to thrive. However, this maximization of wealth is not understood to be at all costs. It will be a contented combination between shareholder and stakeholder interests with best financial results. Depending on each specific situation, each specific circumstance and each specific condition of firms, they can sort out what is the best solution for their organization . Don’t waste time! Our writers will create an original "The Importance Of Shareholder Wealth Maximization In Firms Finance Essay" essay for you Create order

The Math in the Game of Volleyball Essay - 2274 Words

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Personal Plan For Leadership Leadership Essay - 1796 Words

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Entrepreneurship along with Business Risk-Free-Samples for Students

Question: Write a Literature review of business , regarding new business trends. Answer: Introduction It is evident from various surveys that micro, small, along with medium enterprises account for at least sixty percent of the total jobs around the society. Therefore, such enterprises pose the fundamental influence on the growth of the economy of different countries. The availability together with access to business development services providers tend to be vital for the micro, small and medium enterprises to be able to learn and acquire advanced understanding in relation to operations, marketing, management, advancement in technology, resourcing, and innovation. Therefore, it is important that the desk review is made on past investigation that focuses on the topic of the risk-taking propensity amongst entrepreneur (Petrakis 2014, p. 89). Besides, the literature reviewed will comprise of some relevant studies that had been done in the past specifically those that relate to the issue of investigation. Additionally, investigations related to the general concern of entrepreneurship wil l also receive effective review to shed additional insight on the matter of study. This investigation commences with the examination of the concept of entrepreneurship with special references to the process of the entrepreneurial process along with how entrepreneurs play their function in the process. The examination is then followed by the examination of risk as well as its usefulness to the global economy. Objectives of the project The principal objective of this research paperwork is to examine the entrepreneur risks involved in operation of different businesses around global society. Other specific objective include To investigate causes of entrepreneurship risks To examine how to control cases of risk occurrences in business marketplaces To investigate risk taking propensity in entrepreneurship Scope of the research It targets to examine different entrepreneurship processes that continue to be the same and the functions. The paperwork aim at examining the nature of entrepreneur that is universal regardless of business operations. Besides, it concentrates on illustrating how presence of hereditary risks exists in every process that commences from the ideation, creation of enterprise, conceptualization, commercialization, together with ending with the development of the enterprise. Furthermore, it concentrates on illustrating how all business operations around the world face risk within their activities regardless of its size. The focus of the paper largely focus on illustrating how business operators have to identify, manage, assess, and monitor the business opportunities and risks of organizations. It remains to be a wide survey that illustrates how disappointments in the current business operations are always caused by misjudgments, management of risk, along with changes in corporate requiremen ts of governance. There are also increasing expectations of stakeholder for entrepreneurs to efficiently manage all risks that occur within the organization. Entrepreneurship Entrepreneurship remains to be the process that is universally linked with the founding of ventures of business by acquiring or expanding the existing operations of the business. Entrepreneurs have been considered as bearers for risks along with uncertainties in process of making choices of business. Entrepreneurship helps in making innovations for advanced goods, advanced approaches to production, the new marketplace, and new kinds of industrial organizations. Lawless (2012, p. 1230) concurred those entrepreneurs tend to assumed risk with the intention to improve operations of the business. Besides, Fourati et al., (2017, p. 1049) was able to recognize entrepreneur to be the manager or business owner who is not employed elsewhere in marketplaces. Furthermore, Nitani and Riding (2014, p. 257)described the entrepreneur to be the manager of any business who has the function of making decisions and taking different responsibility as the decision maker while taking responsibility for the attained decisions. Therefore, from the above definitions, many researchers can be capable to conclude of the micro, small and medium enterprises where they may not be the founder but not only consist of responsibility in process of attaining decision and but also takes the responsibility together with risk for the decision reached. Endeavors of entrepreneurship comprise of the process of gathering of productive resources in the attempt to start the business operations with the expectation with the expectation of offering the reasonable income to the entrepreneurship or operators of the small business. These resources comprise of manpower, devices, time, money, and fundamental raw materials that may comprise of some risks in procuring resources. For instance, the risk in the business of not attaining basic raw materials as required to producing the ideal product or damage to the equipment as well as devices means losses to the entrepreneur (Miles 2014, p. 14). The available risk with associated risk needs to be recognized and managed to help in cases of minimizing losses and to improve revenues. Micro, small, and medium enterprises These enterprises are and will stay to be the backbone of economic progress around the global society. Without any doubt, micro, small, as well as medium companies contribute largely to the strength of the economy of most nations. Therefore, the definition of micro, small, as well as medium-sized enterprises need to be grouped within the context of the nation in which they perform their functions, but their functions vary according to the region of operation. Schwartz et al., (2013, p. 1583) defined micro, small, together with medium-sized enterprises in marketplaces to be the firm that is capable of employing one hundred and fifty full-time employees with production sales turnover of at most twenty-five million dollars. The definition of these enterprises covers the process of manufacturing that comprise of service deliveries, primary agriculture, agro-based activities, and advancement in technology usage among other factors. The risk in business operations Risk has become common in the field of economies from early days of the 1920s. It started to be the major area of focus in the learning discipline to note it cause and how to control and eliminate it in the business sector. Therefore, the definition of risk in business operations has been extended within the sector that deals with the process of making decisions by use of several kinds of literature in the field of management, insurance, environmental, along with psychology among other subjects. Therefore, risk along with its elements in business comprises of complicated definition viewed and considered differently in relation to the taxonomy that the person uses it during its operations (Mayer 2013, p. 1498). Besides, the general definition of risk remains to be the cases of uncertainty that happen due to the occurrence of losses during business operations. The risk remains to be the degree of different cases of uncertainty along with potential loss that may follow from the specifie d behavior. These cases of uncertainties are in relation to the occurrence of the event that may be undesirable for business operations. Apart from the cases of difference in the definition of risk, two themes that are common in risk remain to be lost together with uncertainty in business operations. The term probability of the risk occurring in business operations may comprise of the connotation of the likelihood of particular individual as compared to the chance to other individuals. Most entrepreneurs are risk takers in their operation by nature (Parnell 2015, p. 231). The entrepreneur faces losing everything that they had invested in the business startup. Therefore, there are several risks that every entrepreneur faces when the plan to begin the new business operations. In the competitive marketplace and increasingly populated ecosystem, entrepreneurs still face several challenges when commencing the new business, some of these challenges can result in loss of profit and cases of bankruptcy (Hambock et al., 2017, p. 1052). Therefore, with any fresh venture of business, there is the element of risk involved along w ith various thoughts needs to be given to the kind of business an individual plan to commence. Uncertainty can be a unique work specifically if the term of uncertainty in business operations refers to the element of risk and uncertainty as for the state of mind of the person that processes the risk (Leonard and Clementson 2012, p. 3). The risk in business operations involves the loss of operations leading to undesirable outcomes during business operations. The loss in business operations through the rising of risks remains to be the involuntary reduction in the capacity of the entity towards satisfies wants of people. Therefore, many scholars have failed to agree in separating the awareness of people, their perception, along with attitude from the general concept of business operational risks. Entrepreneurial risk No matter how well an individual plan as well as prepare, starting any business operation in any global marketplace is a gamble. The entrepreneur remains to be the risk taker as it is prone to assume risks of the business. Any error in making the decision on business operations is the probable source of threat or chance in assuring the business success during operation (Baumgartner et al., 2013, p. 1099). Any error in the process of establishing business decision continues to be the probable source of treat or chance in assuring the business success. The distinctiveness of business entrepreneurs, tight, and rivalry situation of the economy has obligated capability of entrepreneurs on predicting the risks of business operations (Clogston 2016, p. 382). Therefore, ability to take the risk as being the inherent attribute of the venture of entrepreneur shows that the entrepreneur remains to be profit from the potential that is unexploited making an individual also be inevitably deal with the massive degree of uncertainty. Risks within business operations occur from the uncertainty that concern the future along with the impact of present judgments. Therefore, choices of business operations need to comprise of the assessment of their results along with the possibility that the results might differ from expectation. There is always the need for entrepreneurs to confront the rising problem of uncertainty in business operations. Besides, there are many types of risk in the present business operations (Aspromourgos 2014, p. 32). The occurrences of risk on business can be applicable to entrepreneur business in process of making decisions on their operations. Some of these risks comprise of credit risks, price risks, along with pure risks. The cases of price risks consist of marketplace risks that associate to the victory of the plan of every business operation, the various demands of commodities, along with issue relating to price and cost that include the price of output and risks in the input of prices. Mo reover, price risk in operation of business relates to financial risks that comprise of credit, the flow of cash, foreign currency, together with working capital (Eraydin et al., 2010, p. 531). Every risk associated with operations of the business are not monetary, yet the appropriate deal of risk is risks resulted from business pressures that relate to the growth of the business, the culture of the organization, together with management of business information. Additionally, another kind of business operational risks includes credit risks. The credit risks in business operations refer to the chance along with the magnitude of financial loss that occurs in the process of spending money. Major types of business operation risks include pure risks. Such kind of risks always influence operations of business due to the reduction in the valuation of assets of business like the wreck or demolition of construction, records of the business, equipment, inventory, or other property. The pure risk can occur in any business operations as a result of costs incurred after the break of fires, flooding, or any other disaster that negatively affect ideal operations of the business (Burns et al., 2015, p. 99). Moreover, pure risk also comprises of losses that the company incur due to the damages incurred during shipping or losses that occur because of rising in criminal cases that comprise of robbery or misappropriation. Therefore, most entrepreneurs ace the range of pure risks in their operations and they need to control as well as manage lest they endanger the future operations of the business of the companies (Nitani and Riding 2014, p. 265). Additionally, pure risks in business op erations comprise of legal liability for damages for harm to clients, shareholders, and suppliers, along with the injury to workers that result from different accidents, harmful commodities, and inappropriate practices of business, professional malpractice, and omission of essential elements in business operations (Kim and Min 2015, p. 43). The other pure risk in operations of entrepreneurs remains to be the risk associated with paying benefits to workers that get injured under laws that look at the safety of employees. Risk taking propensity Investigation of the process of behavior towards the ideal process of making decisions has categorized the risk into different elements. Some of these risks comprise of perception, propensity, along with preparedness to take the risk. Risk propensity in operations of business refers to the perceived probability that aims at attaining rewards that associate with achievement of planned scenario needed through entity prior subjection to different consequences that associates with failures, the alternative scenario that offer less reward, along with less severe effects that the proposed situation (Bernat et al., 2016, p. 273). The idea of risk-taking around business operations remains to be one of the different dimensions of the orientation of entrepreneurship of a corporation. It stands to be the readiness of every business organization to consign important resources to chances that might remain to be uncertain. Besides, the perception of risk stays to be the subjective interpretation o f loss expected affected by different views of people of the uncertainty of the decision made and the impact of the decision (Hambock et al., 2017, p. 1053). Besides, risk propensity within business operation stays to be the general tendency of an individual towards taking or avoiding risk within the specified type of context in process of making operational decisions. Therefore, risk propensity within entrepreneur is the shared tendency for business stakeholders to accept or avert risks during their operations. All these factors concerning risk propensity make most entrepreneurs be risk takers by nature of their operations. Sometimes, entrepreneurs face losing their business inputs or everything that they invest into the starting of a business (Fourati and Affes 2014, p. 2). Therefore, when choosing ideal business operation activities, entrepreneurs have to leave behind the security as the wage earned behind along with the extra time and resources to use in other operations. In many cases, entrepreneurs face the point when different unplanned events happen as the result of failed attempts at endeavors of risk. The cases of ups and downs of the economy and new trends of market pose the danger to new operations of businesses (Fellnhofer 2017, p. 173). Lack of proper management of businesses tends to get affected depending on nature along with business location, prospective competition, along with product pricing. Therefore, market risks can then be effectively managed trough idea of conductin g ideal marketplace analysis. Conclusion This literature paperwork presents the review of previous data on the risk-taking propensity of entrepreneurs. The research on this article has attempted to organize the past survey outcomes to develop the understanding in relation to the topic of entrepreneurship and risks as a new business trend around markets. The article has summarized the empirical evidence of ideas of entrepreneurship and risks so as to address the major concerns for the focus on this investigation. From the literature work above, the discussion on entrepreneurs risks taking propensity centered on two variables that affect the risk-taking propensity such as demographic together with characteristics of the business. The impact of these variable predictors on entrepreneurs risk-taking propensity has also been investigated. From the explanation, it is clear that demographic along with business traits are the essential components of risk-taking propensity. Therefore, considering the inadequate empirical investigati on for micro, small, medium corporations risk-taking propensity in different places around the globe, there is a need for further investigation to address these issues. It will be essential in the next proposal to study the conduct investigations on different risks that affect operations of micro, small and medium enterprises. The chapter should also offer insight into appropriate survey design employed to interrogate the survey problem with particular reference to activities of sampling, methods of collection of data, along with the techniques employed in analyzing collected data. List of References Aspromourgos, T 2014, 'Entrepreneurship, risk and income distribution in Adam Smith', European Journal of the History of Economic Thought, vol. 21, no. 1, pp. 21-40. Available from: 10.1080/09672567.2012.683025. [24 April 2018]. Baumgartner, D, Ptz, M, Seidl, I 2013, 'What Kind of Entrepreneurship Drives Regional Development in European Non-core Regions? A Literature Review on Empirical Entrepreneurship Research', European Planning Studies, vol. 21, no. 8, pp. 1095-1127. Available from: 10.1080/09654313.2012.722937. [24 April 2018]. Bernat, T., Maciejewska-Skrendo, A. and Sawczuk, M. (2016). Entrepreneurship Risk Genes, experimental study. Part 1 - entrepreneurship and risk relation. Journal of International Studies, 9(3), pp.270-278. Burns, B., Barney, J., Angus, R. and Herrick, H. (2015). Enrolling Stakeholders under Conditions of Risk and Uncertainty. Strategic Entrepreneurship Journal, 10(1), pp.97-106. Clogston, J 2016, 'The Repeal of the Fairness Doctrine and the Irony of Talk Radio: A Story of Political Entrepreneurship, Risk, and Cover', Journal of Policy History, vol. 28, no. 2, pp. 375-396. Available from: 10.1017/S0898030616000105. [24 April 2018]. Eraydin, A, Tasan-Kok, T, Vranken, J 2010, 'Diversity Matters: Immigrant Entrepreneurship and Contribution of Different Forms of Social Integration in Economic Performance of Cities', European Planning Studies, vol. 18, no. 4, pp. 521-543. Available from: 10.1080/09654311003593556. [24 April 2018]. Fellnhofer, K. (2017). Financing entrepreneurship by risk capital - evidence revisited. J. for International Business and Entrepreneurship Development, 10(2), p.173. Fourati, H. and Affes, H. (2014). Risk as a Threat, Risk as a Missing Opportunity, the Owner Finance and Entrepreneurship. Entrepreneurship Research Journal, 4(4). Hambck, C., Hopp, C., Keles, C. and Vetschera, R. (2017). Risk aversion in Entrepreneurship Panels: Measurement Problems and Alternative Explanations. Managerial and Decision Economics, 38(7), pp.1046-1057. Kim, S. and Min, S. (2015). Business Model Innovation Performance: When does Adding a New Business Model Benefit an Incumbent?. Strategic Entrepreneurship Journal, 9(1), pp.34-57. Lawless, M. (2012). Entrepreneurial Risk: Jordan Baltimore and Oyster Digital Media. Entrepreneurship Theory and Practice, 37(5), pp.1229-1245. Leonard, E, Clementson, B 2012, 'Business Librarians and Entrepreneurship: Innovation Trends and Characteristics', New Review of Information Networking, vol. 17, no. 1, pp. 1-21. Available from: 10.1080/13614576.2012.671715. [24 April 2018]. Mayer, H 2013, 'Firm Building and Entrepreneurship in Second-Tier High-Tech Regions', European Planning Studies, vol. 21, no. 9, pp. 1392-1417. Available from: 10.1080/09654313.2012.755833. [24 April 2018]. Miles, D. (2014). Developing a taxonomy for identifying entrepreneurial risk: an empirical study on entrepreneurial risk patterns of business enterprises. Journal of Developmental Entrepreneurship, 19(01), p.1450002. Nitani, M. and Riding, A. (2014). Risk factors and the Canada Small Business Financing Program. Journal of Small Business Entrepreneurship, 27(3), pp.251-274. Parnell, JA 2015, 'Crisis Management and Strategic Orientation in Small and Medium-Sized Enterprises ( SMEs) in Peru, Mexico and the United States', Journal of Contingencies Crisis Management, vol. 23, no. 4, pp. 221-233. Available from: 10.1111/1468-5973.12060. [24 April 2018]. Petrakis, P. (2014). Entrepreneurship and Risk Premium. Small Business Economics, 23(2), pp.85-98. Schwartz, M, Goethner, M, Michelsen, C, Waldmann, N 2013, 'Start-up Competitions as an Instrument of Entrepreneurship Policy: The German Experience', European Planning Studies, vol. 21, no. 10, pp. 1578-1597. Available from: 10.1080/09654313.2012.722960. [24 April 2018]. Smith, KA 2017, 'Entrepreneurship empowers: students with career readiness', Techniques: Connecting Education Careers, vol. 92, no. 5, pp. 22-26. Zelekha, Y 2013, 'The Effect of Immigration on Entrepreneurship', Kyklos, vol. 66, no. 3, pp. 438-465. Available from: 10.1111/kykl.12031. 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Project Scheduling Issues for Triple Constrains- myassignmenthelp

Question: Discuss about theProject Scheduling Issues for Triple Constrains. Answer: Connection of the scheduling issues with the triple constrains: Resources: Resource scheduling is the way or the methodology, which is used to assign a set of resources to the particular task in a sequential and logical manner (Leyman and Vanhoucke 2016). The scheduling of the project and the start and end date of the project depends on the availability of the resources (Tavana, Abtahi and Khalili-Damghani 2014). In case, if the scheduling of the resources is not done in a proper way, there is a chance, that the project may get delayed and the wastage of the resources may happen. Time: The time is a an important factor for the project as generally there is a deadline assigned for the project . The proper scheduling of the project can help to complete the project within the assigned time frame. In that case, the tasks of the projects are rescheduled in a certain way that it can meet the deadline (Schwindt and Zimmermann 2015) . In case if the deadline of the project is reduces, the cost and resources of the project are needed to be increased. The project may not meet the deadline if the tasks of the project are not scheduled properly. Money: Money is another important constrains in the project management. The spending of money in the project is dependent on the scheduling of the project. Initially the budget of the project is determined (Kopanos et al. 2014). Proper scheduling of the tasks in the project can help to complete the project within the given budget. On the other hand, without proper scheduling, the sequencing of the tasks may get disrupted , resulting spending of more money for completing the project. Triple constrains: Cost: Each project has the fixed budget and it is desirable to complete the project within the given budget. In order to reduce the cost the scope of the project may have to reduce. Time: Each project has a assigned time which is called project deadline. It is desirable to finish the project within the time. In order to reduce the time the cost of the project may have to increase. Resources: Certain project needs certain resources. The effectiveness and the compilation time of the project depend on the availability of the resources. Three factors that causes the scheduling issues: Unavailability of the resources: The project scheduling can be affected negatively if the resources are unavailable or cannot be accessed easily. Scope creep: Initially, the requirements of the project are made clear by the clients. In certain cases, if the scope creeps, which the change in the requirement happens, the scheduling issues may arise, as the project is needed to be rescheduled as per the new requirements. Change in the human resource: The project has fixed team members, and they have a certain contribution in the project. In case, if some of the team member role off from the project, this may cause the project scheduling issues. References Kopanos, G.M., Kyriakidis, T.S. and Georgiadis, M.C., 2014. New continuous-time and discrete-time mathematical formulations for resource-constrained project scheduling problems.Computers Chemical Engineering,68, pp.96-106. Leyman, P. and Vanhoucke, M., 2016. Payment models and net present value optimization for resource-constrained project scheduling.Computers Industrial Engineering,91, pp.139-153. Schwindt, C. and Zimmermann, J., 2015. Handbook on Project Management and Scheduling Vol. 1.Cham: Springer International Publishing. Tavana, M., Abtahi, A.R. and Khalili-Damghani, K., 2014. A new multi-objective multi-mode model for solving preemptive timecostquality trade-off project scheduling problems.Expert Systems with Applications,41(4), pp.1830-1846.