AGENCY 1. DEFINITION OF AGENCY "Agency is the relationship that exists between two persons‚ when one‚ called the agent‚ is considered in law to represent the other‚ called the principal‚ in such a way as to be able to affect the principal ’s legal position in respect of strangers to the relationship by the making of contracts or the [sale or purchase] of property." So‚ an agent is someone who represents another‚ called the principal‚ in dealings with third persons. Agency is therefore an
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The Principal Agent-Theory as a base for the organization of company innovation process There are many settings in which one economic actor (the principal) delegates authority and/or responsibilities to an agent to act on his behalf. The primary reason for doing so is that the agent has an advantage in terms of expertise or information. This informational advantage‚ or information asymmetry‚ poses a problem for the principal—how can the principal be sure that the agent has in fact acted in her
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1. How can Lafarge-Aget differentiate its position in the eyes of customers? Aget is operating in a commodity market. Is only way to avoid price wars and to gain more market share is by differentiating themselfs from the other suppliers by providing there customers additional value. Aget should invest in establishing a customer – supplier relationship. This relationship should address the following issues: * More frequent written/electronic communication – lower acquisition costs for firms
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Assessment of the Internal (Micro/Operating) Environment What is the organization’s current strategic vision? * Southwest Airlines has a mission‚ vision‚ and Triple Bottom Line Commitment to performance‚ people‚ and the planet. * The mission of Southwest airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth‚ friendliness‚ individual pride‚ and Company Spirit. * The strategic vision includes a low-price and no-frills strategy‚ with a low-cost
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the resolution “We should question authority” the following parts are vague: “we”‚ “question” and “authority”. By we I mean all people‚ by question I mean to think rationally about it and by authority I mean anybody who has to power to give us orders. Unfortunately in everyday live a lot of people follow orders blindly leading to dangerous situations. 3. Therefore I made the following case: “We should think rationally before following orders from the authority”. Points: 1st point 1. My first
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CHANGE AGENT 1 THE ROLE OF LEADER AS A CHANGE AGENT 2 Organizations face numerous changes in their work environments. There is a need for individuals who are capable of turning strategy into reality. This requirement is why change agents are key elements in an organization’s business strategy. Generally speaking‚ the most important contributions to be made by the change agent are
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the shareholder-principal conflict with manager-agents known as the principal-agent problem. To mitigate agency problems between senior executives and shareholders‚ should the compensation committee of the board devote more to executive salary and bonus (cash compensation) or more to long-term incentives? Why? What role does each type of pay play in motivating managers? There are several dimensions to the principal-agent conflict. Principal-Agent Relationships exist whenever one person or party
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a travel agent is to avoid having to do all the research and planning yourself. Agents must be leaders and be able to take charge over all arrangements in order to bring clients’ dream vacations to fruition. 2. Computer Literacy * Helpful travel information is acquired by computer and travel publications—from weather conditions to travel documents‚ money exchange rates‚ local customs and popular tourist attractions. Proficient computer skills are a must. In particular‚ agents must skillfully
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Agent Ruby is an interactive program‚ which would collect information from users around the world‚ developing and functioning as a result of human input. I choose this artwork because it caught my attention to talk to a computer program. Before I started finding information about the artist who made this artwork‚ I wanted to interact with Agent Ruby to see how it really feels to talk and express myself to something that is not a human being. There are moments in life that you just need a break‚ to
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FBI agents go under rigirous training to become an agent. It takes a lot of skill and have plenty of physical training. Theres a lot of experience and education you need to become and FBI agent. There are also many requirements you need to pass like you need to be between the ages of 23 and 37 and you need to be a U.S. citizen. You need to have 20/20 vision in at least one eye. You need to have a bachelors degree in a really good college. You need to major in law‚ accounting‚ science‚ or language
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