International Journal of Accounting and Financial Essay

ABSTRACT The role of Indian mutual fund industry as significant financial service in financial market has really been noteworthy. In fact, the mutual fund industry has emerged as an important segment of financial market of India, especially in channelizing the savings of millions of individuals into the investment in equity and debt instruments. Mutual funds are seemingly the easiest and the least stressful way to invest in the stock market. Quiet a large amount of money has been invested in mutual funds during the past few years. Any investor would like to invest in a reputed Mutual Fund organization. Mutual funds are financial intermediaries concerned with mobilizing savings of those who have surplus and the canalization of these savings in those avenues where there is a demand for funds. These intermediaries employ their resources in such a manner as to provide combined benefits of low risk, steady return, high liquidity and capital appreciation through diversification and expert management. Reforms in the  Indian economic system and the opening up of the economy have been the reasons for the tremendous growth in the Indian capital market. This study analyzes the impact of different demographic variables on the attitude of investors towards mutual funds. Apart from this, it also focuses on the benefits delivered by mutual funds to investors. To this end, 200 respondents of Solapur City, having different demographic profiles were surveyed. The study reveals that the majority of investors have still not formed any attitude towards mutual fund investments. KEYWORDS: Mutual Fund, Investors, Solapur City INTRODUCTION Mutual fund is a pool of money collected from investors and is invested according to certain investment options. A mutual fund is a trust that pools the saving of a no. of investors who share a common financial goal. A mutual fund is created when investors put their money together. It is, therefore, a pool of investor’s fund. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the no. of units owned by them. The most important characteristics of a fund are that the contributors and the beneficiaries of the fund are the same class of people namely the investors. The term mutual fund means the investors contribute to the pool and also benefit from the pool. The pool of funds held mutually by investors is the mutual fund. A mutual fund business is to invest the funds thus collected according to the wishes of the investors who created the pool. Usually the investor’s appoint professional investment managers create a product and offer it for investment to the investors. This project represents a share in the pool and pre status investment  Pritam P. Kothari & Shivganga C. Mindargi  objectives. Thus, a mutual fund is the most suitable investment for a common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at relatively low cost. EVOLUTION OF INDIAN MUTUAL FUND INDUSTRY The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963. The primary objective at that time was to attract the small investors and it was made possible through the collective efforts of the Government of India and the Reserve Bank of India. The history of mutual fund industry in India can be better understood divided into following phases: Establishment and Growth of Unit Trust of India – 1964-87 Unit Trust of India enjoyed complete monopoly when it was established in the year 1963 by an act of Parliament. UTI was set up by the Reserve Bank of India and it continued to operate under the regulatory control of the RBI until the two were de-linked in 1978 and the entire control was transferred in the hands of Industrial Development Bank of India (IDBI). UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which attracted the largest number of investors in any single investment scheme over the years. UTI launched more innovative schemes in 1970s and 80s to suit the needs of different investors. It launched ULIP in 1971, six more schemes between 1981-84, Children’s Gift Growth Fund and India Fund (India’s first offshore fund) in 1986, Mastershare (Inida’s first equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns) during 1990s. By the end of 1987, UTI’s assets under management grew ten times to Rs 6700 crores. Entry of Public Sector Funds – 1987-1993 The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canbank Mutual Fund, LIC Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share. 1992-93 UTI Public Sector Total Amount Mobilised 11,057 1,964 13,021 Assets Under Management 38,247 8,757 47,004 Mobilisation as % of Gross Domestic Savings 5.20% 0.90% 6.10% Emergence of Private Secor Funds – 1993-96 The permission given to private sector funds including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the mutal fund industry in 1993, provided a wide range of choice to investors and more competition in the industry. Private funds introduced innovative products, investment techniques and investor-servicing technology. By 1994-95, about 11 private sector funds had launched their schemes. Growth and SEBI Regulation – 1996-2004 The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilization of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City Investors’ interests were safeguarded by SEBI and the Government offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programmes were launched during this phase, both by SEBI and AMFI, with an objective to educate investors and make them informed about the mutual fund industry. Growth and Consolidation – 2004 Onwards The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players. Indian mutual fund industry reached Rs 1,50,537 crore by March 2004. It is estimated that by 2010 March-end, the total assets of all scheduled commercial banks should be Rs 40,90,000 crore. The annual composite rate of growth is expected 13.4% during the rest of the decade. In the last 5 years there is an annual growth rate of 9%. According to the current growth rate, by year 2010, Mutual fund  India assets will be double FEATURES THOSE INVESTORS LIKE IN MUTUAL FUND If mutual funds are emerging as the favorite investment vehicle it is because of the many advantages. They have over other forms and avenues of investing parties for the investors who has limited resources available in terms of Capital and ability to carry out detailed reserves and market monitoring. These are the major advantages offered by mutual fund to all investors: Professional Management Mutual Funds provide the services of experienced and skilled professionals, backed by a dedicated investment research team that analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme. Diversification Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. You achieve this diversification through a Mutual Fund with far less money than you can do on your own. Convenient Administration Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries, delayed payments and follow up with brokers and companies. Mutual Funds save your time and make investing easy and convenient. Return Potential Over a medium to long-term, Mutual Funds have the potential to provide a higher return as they invest in a diversified basket of selected securities. Pritam P. Kothari & Shivganga C. Mindargi Low Costs Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs for investors Liquidity In open-end schemes, the investor gets the money back promptly at net asset value related prices from the Mutual Fund. In closed-end schemes, the units can be sold on a stock exchange at the prevailing market price or the investor can avail of the facility of direct repurchase at NAV related prices by the Mutual Fund Transparency You get regular information on the value of your investment in addition to disclosure on the specific investments made by your scheme, the proportion invested in each class of assets and the fund managers investment strategy and outlook Flexibility Through features such as regular investment plans, regular withdrawal plans and dividend reinvestment plans, you can systematically invest or withdraw funds according to your needs and convenience Affordability Investors individually may lack sufficient funds to invest in high-grade stocks. A mutual fund because of its large corpus allows even a small investor to take the benefit of its investment strategy. Well Regulated All Mutual Funds are registered with SEBI and they function within the provisions of strict regulations designed to protect the interests of investors. The operations of Mutual Funds are regularly monitored by SEBI. DISADVANTAGES OF MUTUAL FUNDS Above I have mentioned the various advantages of Mutual Funds but it also suffers from a lot of drawbacks as the market is volatile and it is ever affected by national as well as international factors, these days we can see that crude oil prices in International market has become an important factor  in determining the market movement. Here are some disadvantages as cited by me and by survey: Fluctuating Returns Mutual funds are like many other investments without a guaranteed return: there is always the possibility that the value of your mutual fund will depreciate. Unlike fixed-income products, such as bonds and Treasury bills, mutual funds experience price fluctuations along with the stocks that make up the fund. When deciding on a particular fund to buy, you need to research the risks involved – just because a professional manager is looking after the fund, that doesn’t mean the performance will be always good Diversification Although diversification is one of the keys to successful investing, many mutual fund investors tend to over diversify. The idea of diversification is to reduce the risks associated with holding a single security; over diversification (also known as diversification) occurs when investors acquire many funds that are highly related and, as a result, don’t get A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City the risk reducing benefits of diversification. At the other extreme, just because you own mutual funds doesn’t mean you are automatically diversified. For example, a fund that invests only in a particular industry or region is still relatively risky. For example: Sect oral Funds Cash and More Cash As you know already, mutual funds pool money from thousands of investors, so everyday investors are putting money into the fund as well as withdrawing investments. To maintain liquidity and the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios as cash. Having ample cash is great for liquidity, but money  sitting around as cash is not working for you and thus is not very advantageous. Costs Mutual funds provide investors with professional management, but it comes at a cost. Funds will typically have a range of different fees that reduce the overall payout. In mutual funds, the fees are classified into two categories: shareholder fees and annual operating fees. The shareholder fees, in the forms of loads and redemption fees are paid directly by shareholders purchasing or selling the funds. The annual fund operating fees are charged as an annual percentage – usually ranging from 1-3%. These fees are assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn’t make money, these fees only magnify losses. Figure 1: Structure of Mutual Fund A mutual is a set up in the form of trust, which has sponsor, trustee, assets management company (AMC) and custodian. Sponsor is the person who acts alone or in combination with another body corporate and establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of the investment managed and meet the eligibility criteria prescribed under the Securities and Exchange Board of India (Mutual Funds) regulations, 1996. The sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the schemes beyond the initial contribution made by it towards setting up of Mutual Fund. The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882 by the Sponsor. Trustee is usually a company (corporate body) or a board of trustees (body of individuals). The main responsibility of the trustee is to safeguard the interest of the unit holders and also ensure that AMC functions in the interest of investors’ and in accordance with the Securities and Exchange Board of India (Mutual Fund) Regulations 1996 the provisions of the Trust deed and the offer Document of the respective schemes. The AMC is appointed by the Trustees Pritam P. Kothari & Shivganga C. Mindargi as the investment Manager of the Mutual Fund. The AMC is required to be approved by SEBI to act as an asset management company of the Mutual Fund. The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to agent the mutual fund. The registrar processes the application form, redemption requests and dispatches account statements to the unit holders. The Registrar and Transfer agent also handles communications with investors’ and updates investor records. REVIEW OF LITERATURE Lenard et., al. (2003) empirically investigated investor’s attitudes toward mutual funds. The results indicate that the decision to switch funds within a fund family is affected by investor’s attitude towards risk, current asset allocation, investment losses, investment mix, capital base of the fund age, initial fund performance, investment mix, fund and portfolio diversification. The study reported that these factors are crucial to be considered before switching funds regardless of whether they invest in non-employer plans or in both employer and non-employer plans. Bollen (2006) studied the dynamics of investor fund flows in a sample of socially screened equity mutual funds and compared the relation between annual fund flows & lagged performance in SR funds to the same relation in a matched sample of conventional funds. The result revealed that the extra-financial SR attribute serves to dampen the rate at which SR investors trade mutual funds. The study noted that the differences between SR funds and their conventional counterparts are robust over time and persist as funds age. The study found that the preferences of SR investors may be represented by conditional multi-attribute utility function (especially when SR funds deliver positive returns). The study remarked that mutual fund companies can expect SR investors to be more loyal than investors in ordinary funds. Walia and Kiran (2009) studied investor’s risk and return perception towards mutual funds. The study examined investor’s perception towards risk involved in mutual funds, return from mutual funds in comparison to other financial avenues, transparency and disclosure practices. The study investigated  problems of investors encountered with due to unprofessional services of mutual funds. The study found that majority of individual investors doesn’t consider mutual funds as highly risky investment. In fact on a ranking scale it is considered to be on higher side when compared with other financial avenues. The study also reported that significant relationship of interdependence exists between income level of investors and their perception for investment returns from mutual funds investment. Saini et., al. (2011) analyzed investor’s behavior, investors’ opinion and perception relating to various issues like type of mutual fund scheme, its objective, role of financial advisors / brokers, sources of information, deficiencies in the provision of services, investors’ opinion relating to factors that attract them to invest in mutual and challenges before the Indian mutual fund industry etc. The study found that investors seek for liquidity, simplicity in offer documents, online trading, regular updates through SMS and stringent follow up of provisions laid by AMFI. Singh (2012) conducted an empirical study of Indian investors and observed that most of the respondents do not have much awareness about the various function of mutual funds and they are bit confused regarding investment in mutual funds. The study found that some demographic factors like gender, income and level of education have their significant impact over the attitude towards mutual funds. On the contrary age and occupation have not been found influencing the investor’s attitude. The study noticed that return potential and liquidity have been perceived to be most lucrative benefits of investment in mutual funds and the same are followed by flexibility, transparency and affordability. STATEMENT OF THE PROBLEM Mutual funds have their drawbacks and may not be for everyone. No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money. All funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or â€Å"loads† to compensate brokers, financial consultants, or financial planners. When he invests in a mutual fund, they depend on the fund’s manager to make the right decisions regarding the fund’s portfolio. If the invests in Index Funds, they foregoes management risk, because these funds do not employ managers. Though these are the problems in the investment of mutual funds, in the recent days most of the investors preferred to invest their funds on mutual funds. In this background, the research has made an attempt to study the investors’ preference for mutual funds in Solapur City. LIMITATIONS OF THE STUDY The present study is based upon the results of survey conducted on 200 mutual fund investors. The implications of the study are subject to the limitations of sample size, psychological and emotional characteristics of surveyed population. SCOPE OF THE STUDY This paper provides Future of Mutual Funds industry information as well as awareness level amongst people for Mutual Funds. Also this project report of Mutual Funds gives an outlook to management as to how the mutual funds are performing in the current market situation as a result what may be the future of this industry. This paper on mutual funds is informative the students who want to understand and undertake assignments in the industry. This study also facilitates the general people who can understand the importance and explore the new option for investment in Mutual Funds. Different financial institutions provide services that are both complementary to and competitive with each other. A well built financial system directly contributes to the growth of the country. RESEARCH METHODOLOGY This study is descriptive in nature based on survey method. The study aims at finding out the attitude of the investors towards investment in mutual funds in Solapur city. This study was based mainly on primary sources. The primary data was collected from the investors of mutual funds with help of the questionnaire. The secondary data were collected from the books, records and journals. By adopting convenience sampling, 200 respondents were selected for this study. The essential data were collected with the help of questionnaire. The data collected from the period of January 2011 to April 2011. DATA ANALYSIS AND INTERPRETATION Figure: 2 Showing Pattern of Investment Pritam P. Kothari & Shivganga C. Mindargi From above figure it is clear that 75% investors are invested in open ended schemes where as 15% invested in closed ended schemes in mutual fund. Figure: 3 Reason for Investment in Mutual Fund From above figure it is clear that and 42% investors say that they invested money in mutual fund for tax assumption. 33% investors say that they invested money in mutual fund for higher returns. 16% investors say that they invested money in mutual fund for value creation in fund. 9% investors say that they invested money in mutual fund for other reason. Figure: 4 Showing the Reason of Investors that not Invested Money in Mutual Fund From above figure is clear that 50% investors say that they not interested to invest money in mutual fund. 33% investors say that they have imperfect knowledge in mutual fund, so they are not invested. 8.5% investors say that they invested in govt. bond. 8.5% investors has other reason so they not invested money in mutual fund. Figure: 5 Showing Type of Investment Investors Should be Preferred A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City From above figure it is clear that investors invest money in fixed deposits. 15 25% investors invest money in gold/real estates. 17% investors invest money in mutual fund. 8% investors invest money in bond/debentures. Remaining 17% investors invest money in shares. Figure: 6 Showing Returns Investor get from their Investment From above figure it is clear that 70% investors are gaining 5-15% returns from their investment. 23% are gaining 15-30% returns from their investment. 5% investors are gaining 30-45% returns from their investment. Remaining only 2% investors is gaining above 45% returns from their investment. Figure: 7 Showing Duration of Investment From above it is clear 80% investors are dealing in short term duration whereas 20% investors are dealing in long term duration. Figure: 8 Showing the Investors Experience in Mutual Fund Pritam P. Kothari & Shivganga C. Mindargi From above figure it is clear that 73% investors say that they are having bad experience in mutual fund. 12% investors say that they are having good experience in mutual fund. Remaining 15% investors say that their experience is ok. FINDINGS AND SUGGESTIONS Findings †¢The trend for investment is changing rapidly besides the traditional pattern of investment and people today they are ready to undertake risk and also bear the volatility of changing mutual fund market scenario. †¢This shows that people with Middle Income Group are more attractive this market and are ready to bear the risk. †¢It is observed that 75% investors have invested open ended schemes that they want higher returns on their investment rather than investing in closed ended schemes in mutual fund. †¢It is observed that 42% investors have invested money for tax assumption.33% investors have invested money for higher returns in their investment.16% investors have invested money for value creation in fund. And remaining 9% investors have invested money for other reason. †¢It is observed that 50% investors have not interested to invest money in mutual fund.33% investors have imperfect knowledge so they not invested money in mutual fund.9% investors find govt. securities bond is better that’s way they not invested money in mutual fund. And remaining 8% investors have other reason so they not invested money in mutual fund. †¢It is observed that more businessmen were inclined towards investing in current account. The ladies were inclined to invest their money in Gold and jewelleries. Service class people and retired class people prefer more saving and fixed deposits People with high income. †¢It is observed that 70% investors have invested to getting returns in the range of 5-15% which shows in short span of time they are getting good returns and more than expectations. †¢It is observed that 80% investors have invested in short term duration which indicates the investors have not ready to invest in long term period due to various risks associated with long term duration of investment. †¢On asking how they get knowledge of mutual fund a large number of them attributed to print media. Even banks today follow the role of the investment advisors. Very few get any information from the e-media or Hence, AMCs must increase the awareness about their product through Electronic media (TVs, Cables, Radios etc.) as well as and should not just constrained itself to the print advertisement those who do not read newspaper. SUGGESTIONS Investor’s Point of View The question that entire customer, irrespective of the age group and financial status, think of is- Are mutual funds are a safe option? What makes them safe? The basis of mutual fund industry’s safety is the way the business is defined and regulation of law. Since the mutual fund invests in the capital market instruments, so proper knowledge is essential. Hence the essential requirement is well informed seller and equally informed buyer who  understands and helped them to understand the product (here we can say the capital market and the money market instruments) is the essential preconditions. A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City Being Prudent Investor One Should †¢Ask one’s agent to give details of different schemes and match the appropriate ones. †¢Go to the company records or the fund house regarding any queries if one is not satisfied by the agents. †¢Investors should always keep an eye on the performance of the scheme and other good schemes as well which are available in the market for the closed comparison. †¢Never invest blindly in the investments before going through the fact sheets, annual reports etc. of the company. Since, according to the Guidelines of SEBI The AMCs are bound to disclose all the relevant data that is necessary for the investment purpose of investors. Company’s (Mutual Fund Companies) Point of View  Following measures can be taken by the company for getting higher investments in the mutual fund schemes: †¢Educate the agents or the salesmen properly so that they can take up the queries of the customer effectively. †¢Set up separate customer care divisions where the customers can anytime pose their query, regarding the scheme or the current NAV etc. These customer care units can work out in accordance with the requirements of the customer and facilitates them to choose the scheme that suits their financial status. †¢Conduct seminars or programs about mutual fund where every information about the product is outlined including the risk factor associated with the different classes of assets. †¢Brokers should reduce the brokerage charges for intra day and delivery based so that the investor can save more amounts to generate extra investment for the investor as well as for the Mutual Fund companies. †¢Mutual Fund companies should try to increase the promotion and advertisement strategies for awareness of Mutual fund in solapur city. CONCLUSIONS The mutual fund industry is growing at a tremendous pace. A large number of plans have come up from different financial resources. With the stock markets oaring the investors are attracted towards these schemes. Only a small segment of the investors still in Mutual Funds and the main source  sources of information still are the financial advisors followed by advertisements in different media. The Indian investors generally invest over period of 2-3 years. Also there is a tendency to invest in fixed deposits due to the security attached to it. In order to excel and make mutual funds a success, companies still need to create awareness and understand the psyche of the Indian customer. REFERENCES Agapova, Anna, 2011, „The Role of Money Market Mutual Funds in Mutual Fund Families , Journal of Applied ‟ 1. Finance, Vol. 21, Issue. 1, pp. 87-102. Agarwal, Vikas; Boyson, Nicole M.; Naik, Narayan Y, 2009, „Hedge Funds for Retail Investors? An Examination of Hedged Mutual Funds , Journal of Financial & Quantitative Analysis, Vol. 44, Issue 2, pp. 273-305. ‟ 2. 12 Pritam P. Kothari & Shivganga C. Mindargi 3. A. Vennila, R. Nandhagopal(2012) â€Å"Investors’ Preference towards Mutual Funds in Coimbatore City European Journal of Social Sciences ISSN 1450-2267 Vol.29 No.1 (2012), pp. 115-125 4. Binod Kumar Singh (2011) â€Å"A Study on Investors’ Attitude towards Mutual Funds as an Investment Option† JOURNAL OF ASIAN BUSINESS STRATEGY, VOL. 1(2): 8-15 5. Badrinath, S.G & Gubellini, S, (2011), „On the characteristics and performance of long-short, market-neutral and bear mutual funds , Journal of Banking & Finance, Vol. 35 Issue 7, pp.1762-1776. ‟ 6. Dranikoff L, Koller, T. and Schneider, A, â€Å"Divestiture: Strategy’s Missing Link†, Harvard Business Review, May 2002, 80 (5). 7. Dr.Nishi Sharma (2009) â€Å"Indian Inverstors Perception towards mutual funds† Business Management Dynamics Vol.2, No.2, Aug 2012, pp.01-09 8. Gil-Bazo, Javier; Ruiz & Verd, Pablo, 2009, „The Relation between Price and Performance in the Mutual Fund Industry , Journal of Finance, Vol. 64, Issue 5, pp. 2153-2183. ‟ 9. Hansen M and Nohria N, â€Å"What’s your Strategy for Managing Knowledge?† Harvard Business Review, MarchApril, 1999, 77 (2).1 10. Journal of Marketing, 32 (October), 65-68, 1968. 11. Rajeswari, T.R., and V.E. RamaMoorthy, 2001, An Empirical Study on Factors Influencing the Mutual Fund Scheme Selection by Retail Investors . Retrieved on May 2010 < http://www.utiicm .com/Cmc/PDFs/ ‟ 2001/rajeswari.pdf>. 12. Singh, Chander, 2004, „Performance of mutual funds in India – an empirical evidence , ICFAI journal of applied ‟ finance December, pp. 81-98. 13. Subbash C. Jain, â€Å"Marketing Planning and Strategy†, South Western College Publishing, Sixth Edition, 2000. 14. Singh, B. K. and Jha, A.K. 2009, „An empirical study on awareness & acceptability of mutual fund , Regional ‟ Student s Conference, ICWAI, pp. 49-55. ‟ 15. Winer, C. Strategic Thinking: An executive Perspective, Upper Saddle River, Prentice Hall, 2000

Wendell berry, “that distant land”

In Wendell Berry’s short story â€Å"That Distant Land,† the narrator returns to his rural childhood home to help tend his dying grandfather and gets back in touch not only with the land, but with the work of tobacco farming. The story conveys not only a love for the land, but also insights to how farming as a vocation attests to farmers’ special qualities. Though the narrator has lived and worked in an unnamed city for years, he returns to take care of his elderly grandfather and assist with running his tobacco farm.Though forced to return to the country, he speaks of it with reverence and without seeming to miss city life; there is clearly no sense of the city’s superiority, and he never looks down on farmers as ignorant, backward, or any other derogatory trait. Much of the story focuses on the tobacco harvest, in which neighboring farmers help each other cut and load the year’s crops. Here, Berry gives clear insights on the vocation of farming an d sees it as rather noble in its own way, and very distinct from white-collar careers. First, he sees his neighbors’ work as a craft, even an art: â€Å". . .[They] worked well, as smoothly and precisely as dancers. To see them moving side by side against the standing crop . . . was momentous and beautiful, and touchingly, touchingly mortal† (315). They also approach the work seriously but without formality or decorum; the men are free to be themselves yet are valued for their hard work and skill. Often, they sing or tell stories as they go, working steadily but without a sense of pressure or dislike for their labor. They seem at one with the land and each other, and while they could make it competitive, they refrain from this, which shows a degree of respect for the older, slower-moving men.In this capacity, even elderly Jarrat is valued; as he says of himself, â€Å"I’m old and wore out and not worth a damn. But every row I cut is a cut row† (314), mean ing that while he can no longer compete, he can still contribute, and he is respected for this. A strong sense of community guides this, allowing anyone who can contribute to do so and declaring no one redundant if they can work. The narrator finds that while his presence is welcomed, he is also kept in his place by older men, who subtly remind him that he lacks not only his grandfather’s age, but also the wisdom and experience that accompany it.When he wears a pair of his grandfather’s shoes to the fields one day, an older neighbor sidles up in a friendly manner and tells him, â€Å"making the truth plain and bearable to us both: ‘You can wear ‘em, honey. But you can’t fill ‘em’† (316). Here, he realizes that, despite his education and former white-collar career, he is not his grandfather’s equal, since his grandfather’s lifelong success as a farmer speaks volumes about the differences between the two men. In farmin g, skill and longevity matter most.When the narrator’s grandfather dies, it reveals not only his neighbors’ affection for him, but also attests to the kind of leadership that exists among farmers. Age is the key to the hierarchy, not education or other non-essential attributes, since longevity at the vocation attests to one’s success. The grandfather had been the town’s oldest male; upon his death, the mantle of leadership passed to the oldest survivor without any discussion. The narrator describes the moment when they learn of his grandfather’s passing: â€Å"We were, I realized, waiting on Jarrat.It was Elton’s farm, but Jarrat was now the oldest man, and we were waiting on him† (318). They seem to instinctively equate age with experience and authority. The story shows farming not as drudgery, but as a strongly communal activity, almost as an art. It bonds people to the land and each other in a non-competitive way and respects age a nd experience as much as hard work, and it gives those engaged in it a sense of perspective and where they belong within their community. Berry, Wendell. That Distant Land. Washington DC: Shoemaker Hoard, 2004.

SME's Agains Large Corporations Dissertation Example | Topics and Well Written Essays - 10000 words

SME's Agains Large Corporations - Dissertation Example For the paper, the researcher had chosen the single case study for the reason that through case study one would be able to understand the phenomenon within   real—life context and the event being studied was further clarified through the review of literature related to the subject matter. In this regard, as the a the paper seeks to understand and clarify the current status of the connection between SMEs and technological development and whether the adoption of a technological development of SMEs leads to a competitive edge, the researcher had conducted survey of literature pertinent to the subject matter. Likewise, the researcher also conducted a qualitative research using interview to get an idea as to how SME managers-owners look at the problem of the research. This approach is chosen on the premise that the problem of the research can be best addresses following an interpretivism , since the researcher believes that it is the research philosophy that will help the clarify the issue of teh study. This study declares that  as the single case study is adopted for the research methodology. As the research sought to understand whether technological developments bring advantages to SMEs over LEs, the case study provided the researcher the chance to undertake   â€Å"an empirical inquiry that investigates a contemporary phenomenon in depth and within its real-life context†.  To address the question of the research, the research was conducted in two phases. The first phase is the literature review and the second phase is the qualitative research which used interview approach. A literature review is an evaluation of the work that has been published by scholars in a particular topic area (Patton 1990). The purpose of the literature review is to summarize and synthesize the available research in such an area. By evaluating the work of others, it is possible to identify research trends and research that still needs to be done in the chosen topic area (Patton 1990). As such, the reader gets an idea as to how contemporary scholars are presenting and discussing the problems raised in this study (Scott, 2006). For this research, the researcher conducted a documentary research to get the necessary academic literatures addressing the issue of this study. Literatures written about small and medium –sized enterprises, technological development, large enterprises, globalisation, internalisation, e-commerce and global market had been searched in order to shed light to the possible conceptual ambiguities that maybe inherent in the concepts inherent in the study. For the second phase of the study, primary research has also been conducted. The primary research allows the research to understand the concepts and problems of the research based on the actual experienced of actual people involve in SMEs. Primary research entails the first hand

Marketing library & information services Essay Example | Topics and Well Written Essays - 2500 words

Marketing library & information services - Essay Example In order to provide MLIS, understanding of the working of a library and its purpose and ideology is of great importance. Marketing has played a crucial role in the Australian academic libraries. Accelerating rates of change has become the marketing reality in current times (Kotler & Caslione, 2009). The scope of marketing in MLIS has seen increase in the recent years. This is partly due to technological advancement and partly due to changes in the educational requirements that the library aims to meet. In addition to that, new marketing methods have evolved that make it necessary for libraries to incorporate effective marketing into the delivery of resources to customers. The library needs to be speaking the language of the buyer in order to market well (Scott, 2007). Also marketing serves as a useful tool in promoting and advertising the resources of the library; this can have mutual benefits for both the library and its customers: to the library since it can attract more number of customers and to its customers in easily locating and accessing the services that they need. In Australian academic libraries, the role of marketing has received a lot of attention since educational advances and technological developments along with limited budgets have made students demand more in return for the membership fees that they are paying for libraries. One of the most significant contributions of marketing to LIS is that it helps in fostering a healthy marketing relationship with its customers. A good marketing strategy aims to identify potential customers and identifying their needs. It further requires the designing of products that meet these needs. Organizations are seeing the benefits of customer loyalty and are taking a customer-centric approach to strategy (Jain & Singh, 2010). If marketing is customer-focused, it helps to assert the importance of the customer over all other

Reading and Writing Skills Essay Example | Topics and Well Written Essays - 750 words

Reading and Writing Skills - Essay Example The book "Rereading America† was very helpful to me. The essay â€Å"Learning to read† by Malcolm X was very inspiring. Malcolm X explained how he learned to read despite the challenging conditions he faced in life. I liked the way he struggled to learn how to read and write. He claimed, â€Å"I had commanded attention when I said something. But now, trying to write simple English, I not only wasn’t articulate, I wasn’t even functional†.His struggle in jail as he tried to learn how to read and write was a great challenge to me. At least, I had helpful and understanding lecturers, friends, as well as useful reading and writing materials. At first, he started by copying everything in the first page of the book he got into his tablet, including the punctuation marks. He went on copying the contents of the dictionary in his tablet, and after some time, he started making meaningful progress. He claimed that after so much practice in writing, he gained up writing speed. I have copied the same idea and I write a lot to improve my writing skills. I believe that I have learned a lot of writing skills. The only challenging part is that I have not yet gained the full understanding of all the vocabulary in the English world. I still need more work to understand the underlying meanings of some of the complicated words. The essay by Jonathan Kozol â€Å"Still ‘separate, still unequal† was the most challenging piece of reading, yet most educative.... The essay by Jonathan Kozol â€Å"Still ‘separate, still unequal† was the most challenging piece of reading, yet most educative. It is undeniable that Kozol gave an extensive research on the status of education in America by exploring the different society issues which affect the education system. Most of his facts in the essay were illustrated with statistical figures. I learned that in order to make a strong point and to be convictive to the readers, facts represented using statistical figures could be very efficient. It is true that the education system in America is changing for the better, but for the times of Kozol, things were out of proportion. He claimed, â€Å"Even these statistics, as stark as they are, cannot begin to convey how deeply isolated children in the poorest and most segregated sections of these cities have become† (Colombo, Cullen & Lisle, 2010, p. 219). The piece of work really developed the title of his work. Indeed, he presented the image of the society just the way it was. Racial segregation and discrimination were the most difficult society issues at the time. Perhaps, the same still remains in some regions. The most luxurious privatized learning institutions serve the whites, whereas the low-end learning institutions serve the less privileged black Americans in the American society. Although the learning environments may be different, I have learned from Malcolm X that determination is what matters most. It is possible to go to privatized luxurious institution and fail or attend a low-class learning institution and become successful depending on your attitude, focus, and commitment to education. I read this essay several times and I feel that it

Electrolux challenges in the appliance industry Essay

Electrolux challenges in the appliance industry - Essay Example Moreover, reducing the cost always could be an efficient way for the Electrolux’s sustainability, the company has relocated approximate 60% of its manufactures to low cost countries like China, India, and Mexico, and it also has reduced its overall energy consumption. In addition, Electrolux has focused on few issues, such as climate change, sound business practices, responsible sourcing and restructuring (Hill & Jones, 2012). Those new strategies helped Electrolux to gain more customer, saved more asset for more investment, furthermore, the strategies helped company to receive more subsidize from the government, this was a major way helped the company’s sustainability directly. The strengths of Electrolux is that it is a well-established company who has kept their head above water and have emerged a greater threat in the market due to their cost efficiency strategy. Electrolux does encounter weakness in their market, mainly currency risk due to operating in dozens of separate counties. Due to their manufacturing utilizing 20% of raw materials they face a larger manufacturing cost as well (Hill & Jones, 2012). Electrolux’s major threats are their number one competitor Whirlpool, as well as increase in labor costs due to Asian wage rises. However Electrolux does have many opportunities they can capitalize on such as becoming the leading socially responsible company in their market. Also the rise in the middle class population suggests that appliances demands should rise which leads to an increase in sales revenue (see appendix A). To measure the efficiency of Electrolux, it is noticeable that the company is not efficient due to its low operating margin. To fix this problem, Electrolux should consider the economic recession and focus more on the inelastic products such as washers and dryers. Since they are a necessity, consumer will spend money on them regardless of

Freedom and Determinism Essay Example | Topics and Well Written Essays - 750 words

Freedom and Determinism - Essay Example Through determinism concept, freedom is driven by several aspects in human live including mental status, past life experience, physical factors, theological matters, biological concerns and so on. However, criminals also try all evasion avenues possible to escape any convictions, possibly using their lawyers. With this understanding, the stand of the attorney general and the jury that Penry's behavior may be a scheme purposed to deception, as opposed to arguments on childhood abuse and diminished mental capacity may be worth. Penry's side felt that his behavior was as a result of mental disturbance, with the other side believing that the behavior was out of ignorance but not mental retardation. Penry's lawyers hold that moral responsibility depends on mental stability. They suggest that the case should be waved because could the accused be smart mentally, then the crime could not take place (Doob, 2006, 11). Several aspects of determinism can be used to explain the varied views and opinions of the two sides. Nomological or causal determinism can be used to necessitate and explain present and past events. The horrific treatment of Penry by his mother should have impacted on the way he behaved by the belief that the past can influence the present. This is backed by scientific determinism or deterministic dogma which provides that cause, effect and precise eventual combination engenders particular outcomes at given moments. Events that Penry underwent at young ages accumulated to influence his behavior. Horrific treatment of the accused by his mother tells us what character the mother was. Biological determinism argues that desire, belief and behavior of an individual can be mould by endowment of genetics (Doob, 2006, 13). As a result, Penry may have inherited bad habits from her mother. In defining a disease, genetics is treated as a vital element, meaning that ailments are linked to gene tics. In theological determinism, daily happens are determined by God. This takes place through a form of omniscience, knowing ones actions in advance and decreeing ones actions in advance. The controversy of this determinism is how free will can be deemed free when someone has already planned for it. Thus it can be argued that this is the way God programmed the life of Penry. The above concepts of determinism link it to excuses of behaving unethically. Hard determinism applies environmental and hereditary means in influencing morality. Therefore, people do not have to belief ethically if they don't believe in uncaused free will. Soft determinists say that causation isn't acted unpredictably neither should it be viewed as compulsory or else a constraint (Doob, 2006, 12). Based on the above facts about determinism, prosecution judges should be very careful in establishing whether the conduct of the accused was genuine. This is the starting point for fairness to both sides and legal system itself. In the same line of thought, the society requires justice from legal institutions. These institutions are primarily set up to safeguard the rights of individuals and the general society. As above stated, the jury should take time to determine what made the man behave this way. If it was intentional, then the man is a potential threat to the society, indicating

Public Management and Administration Case Study Example | Topics and Well Written Essays - 750 words

Public Management and Administration - Case Study Example Government by proxy has grown into a more diverse, pervasive, and an all-encompassing phenomenon that is here to stay. It is imperative that public administration scholars and policy makers offer proposals to reduce or eliminate the problems created by third party government and in turn improve government performance. Government needs partners to do its job. These partners present themselves in the form of for profit and non-profit organizations as well as state and local agencies. From the case study ‘should private contractors be guarding public buildings?’, it is stated that the Federal Protective security- FPS employs 1225 persons who are responsible for 2360 federal facilities. This shows a clear gap that gets filled by the government through proxy. By contacting out to fill the security gap required for public buildings, the FPS turns from a direct service provider to a generator of public value. It is vital that all federal building become well-guarded to protect national interests and property which gets funded by taxpayers’ money. If the government is unable to employ and train the required number of security guards required to man this buildings, contracting out seems a viable option. Government by proxy offers innovation and the ability of the contracted firms to tailor their services to meet customer demands. Contracted security firms get to train their guards on the requirements and challenges posed by the job contracted. These private security firms dedicate their time and capital into offering the ultimate service for their customer as they are in competition with other firms too. From the given case study, the author states of a meeting with private security guard who told him that he was trained on twenty one different weapons. This indicates the training level to which private firms engage their guards in preparing them to meet with the rising threats of insecurity

Mosquito- Shadow Animal Totem Essay Example for Free

Mosquito- Shadow Animal Totem Essay The mosquito is my shadow animal totem because it tests me to overcome small irritations. When a mosquito bites me, I’m usually not too happy about it. Even though it is just a small bump on me, it allows the mosquito to lay its eggs as the small amount of blood they suck is enough to last for a few days. After I have been bitten I need to find the patience to overcome the itchiness. Realistically, a mosquito bite is just a small inconvenience but I am afraid to stop worrying about it and move on to the bigger things that actually need my attention. The mosquito reminds you to listen to the lessons you are experiencing. It allows you recognize the attitudes of others and not only personal attitudes. Also, it makes you think about what that small irritation has done for the food chain or one animal in particular. Another thing the mosquito shows us we need to trust our bodies to take care of the bump or it will itch later on if we scratch it. The bump will be taken care of by our body so our job is to focus on the things that matter in life. Mosquitoes give us a chance to test ourselves and revitalize our spirits. I seem to fail this test a lot, which is why the mosquito appeared to me as my shadow animal totem. When I can overcome a bite from a mosquito, I will have learned to be more patient and trust my body to do its job. Mosquitoes live on still water until they reach adulthood and then they follow a trail of carbon dioxide which will be its blood source. They can suck blood from a lot of creatures but they choose mainly humans, herbivorous mammals, and birds. Only the female mosquito sucks blood because it needs the protein and iron in our blood to develop its eggs. Both females and males use plant nectar, fruit juices, and liquids that ooze from plants as another food source. A mosquito has a long, slim body with 6 legs, a mouthpiece called a proboscis designed to suck in food, and two antennae. Mosquitoes are nocturnal but they do rest in dense vegetation, caves, tree holes, chicken coops, stables, and basements during daytime. When a male mosquito wants to find a mate it will listen to the sound of the female’s wings as they reach a higher frequency than the male can get to. Even as they are mating, they will change the beat of the wings to different frequencies and create a â€Å"duetâ⠂¬ .

Airport Security Essay Example for Free

Airport Security Essay The department of homeland security has spent $40 billion rebuilding the aviation security system since September 11, 2001. Since then airport security has changed drastically, changed the whole world’s attitude towards airport security. The terrorist attack also showed the entire world how easily the old system was to manipulate and how much improvement airports need before they can truly be considered secure. The attacks forced the airline industry to renew and strengthen their focus on security. Many airports in the U.S. have introduced ethnic profiling since September 11, 2001 and the evidence shows this method has helped improve airport security. â€Å"The suspects who have since 9/11/01 been picked up are at least mostly Arabs† (Gale â€Å"Airport Security.† Opposing Viewpoints Online Collection). Security checks are not intended to embarrass or harm anybody; they are a necessary precaution to protect all passengers including Muslims. Not only does the TSA keep an eye on airline security around the globe, but also they have many different layers of security in our nation’s airports. The newest and most controversially is the full body scanner. These x-ray machines strip a person down to their birthday suit. Airport screeners are now federal employees. People are now having to wait longer to be able to pass thru security line to check in. many travelers get pulled aside for full body searches. There are 40 active full body scanners at 19 different airports, by the end of the year officials would like 500 in place. Today forty five thousand employees are working as passenger’s screeners in more than four hundred airports around the country. â€Å"Our top priority is the safety of the traveling public, and TSA constantly strives to explore and implement new technologies that enhance security and strengthen privacy protections for the traveling public†. (â€Å"TSA Takes Next Steps to Further Enhance Passenger Privacy.†) Though airport security was enforced, there was another incident. On Christmas December 25,2009, a twenty-three year old Nigerian named Umar Farouk Abdulmutallab attempted to detonate explosives aboard a Northwest Airlines flight traveling from Amsterdam to Detroit, Michigan. Abdulmutallab had hidden plastic explosives in his underwear, which had gone undetected during the passenger screening process. Abdulmutallab had also been identified as having connection to the terrorist organization Al-Qaeda less than two months before the attempted bombing, and his own father had contacted the American embassy in Nigeria to warn them of his son’s extremist beliefs. The only reason the bombing  Failed was because abdulmutallab did not properly activate the device, and other passengers aboard the plane subdued him. Two weeks after that incident Obama administration mandated extra scrutiny- including full body pat downs- for people flying into the United States from 14 mostly Muslim countries. Under the new rules, all citizens of Afghanistan, Algeria, Lebanon, Libya, Iraq, Nigeria, Pakistan, Saudi Arabia, Somalia and Yemen must receive a pat down and an extra check of their carry-on bags before boarding a plane bound for the united states, officials said. Citizens of Cuba, Iran, Sudan and Syria- nations considered â€Å"state sponsors of terrorism† (â€Å"Airport Security† January 6,2010). Airlines are still responsible for checking passenger information against government-issued watch lists intended to flag potentially dangerous travelers. Two of the lists are often referred to as the â€Å"No-Fly† (â€Å"Airport Security† January 6,2010) list, are the â€Å"Terrorist Watch List†, (â€Å"Airport Security† January 6,2010) and travelers appearing on these lists are subject to more detailed search or in the case of the â€Å"No Fly† list, are denied the ability to travel. We should appreciate that the airport security is making our trip safe and secure. Any inconvenience people feel is unimportant compared with saving lives by preventing terrorist attacks.

Giddens Theory of Social Practices | Analysis

Giddens Theory of Social Practices | Analysis The aim of this paper is to critically evaluate the rationale behind Giddens theory of social practices and offer in depth of complexity and its complex adaptive systems in relation to managing strategic discourse. Several views and ideas have been expressed by many authors and practitioners concerning complexity and strategy. Therefore the scope of the paper is limited to how strategy evolves in a complex adaptive system. In this context, complexity will be explained, highlight on core competencies and resource-based view of the firms; then debate on strategy while discussing the characteristics of strategic thinking and planning and those involved in it. The paper is concluded having critically analysed the kind of leadership style suited for managing diverse human behaviour and its surroundings during the strategic actions. Mitleton-Kelly (2002) linked social practices to a self-organisational context, whereby group of individuals suddenly congregate to perform a task, the group decides on what to do, why they should perform that task, who will be involved and how will it be done. So there is an interdependency and inter-connectivity among the entities involved (Kauffman, 1993). According to Wenger and Snyder (2000) social practices evolve from community of practice which shows how people interact with their surroundings and solving problems through human relationships. So Giddens (1979) opine that â€Å"social practices are situated activities† brings to bare the social interaction of human actions within a structure and the system. According to Cooper et al. (1992) the increasing competition, rise of global markets and growing economic integration has brought dramatic change in industrial developments and management. And these have increased uncertainty, greater conflict and even complexities running across all organisations. Citing example is conflicts between profit maximization within the industry an organisation operates and care for the environment. This is causing organisations to constantly redefine their mindsets (Senge, 1990) to radically rethink of how to gain competitive advantage in the dynamic business environment (McHardy, 1997). Mitleton-Kelly (2001, p. 3) viewed organisational complexity as: â€Å"being associated with the intricate inter-relationships of individuals, of individuals with artefacts (such as IT) and with ideas, and with effects of inter-actions within the organisation, as well as between institutions within a social ecosystem†. Holland (1975) who impelled Complex Adaptive System (CAS) viewed it as â€Å"non-linear systems whose behaviour is determined by the interaction of its adaptive parts†. The interaction is between the organisation and its environment (Sherif, 2006). Cilliers (2000) stated that the non-linearity of the interactions in a system is a precondition for complexity. According to Mitleton-Kelly (2001) the ideology on strategy and changes in management is due to the fact that organisations is observed as a complex evolving systems whereby the interacting agents changes with time (Cillier, 2000). Today, businesses faces more challenges because of the intricacy global network of organisations which propels managers to take pragmatics decisions (Pathak, et al., 2007). According to Choi and Hong (2002) the structural complexities of the supply chain interconnectedness and ability for an organisation to rapidly learn and get acclimatized to the dynamic environment to ensure long-term survival (Brown and Eisenhardt, 1998) has been the embryonic themes that managers usually encounter in decision making. Amaral and Uzzi (2007) commented on the complexity in the managerial context, stating that complex systems occurs when more interacting agents are impel to act on their limited resources and local information. The agents may be individuals, group, specialized knowledge, organisations, industries, etc, (Holland and Miller, 1991: Allen, 1997). Author such as Kanter (1989) acknowledged the significance for an organisation to endeavour to do more with less, stating that â€Å"the imperative to do more with less is a common management theme across a range of industries†. Thus becoming productive and efficient with fewer resources. According to Bovaird (2008) the complexity theory which demonstrates the concept of planning in an open system is abstractly embedded with elemental difficulties. The implementation of CAS oriented approach and behavioral adaptive system helps organization to improve their decision making that will increase the efficiency and the awareness of competition and as much as preparing for external uncertainties (Abell et al. 1999). Example of a company that have benefited from implementing the CAS principles into their operational activities include; Boeings move which reduced its risk of expensive tumble supply networks delays by redesigning of the 787 Dreamliner supply network. Equally, companies such as Nokia, quickly learn to be adaptive in their behaviour in ‘hyper-competitive environment. In the case of Nokia and Ericsson, a fire outbreak to their sole supplier (Philips) for particular chip interrupted the supply of chips to both manufactures. Whiles Ericsson suffered an estima ted loss of $2.34 billion, Nokia quickly connected with Philips to create an alternative supply options that will ensure regular supply of the chips to Nokia (Sheffi and Rice, 2005). Barney (1991) identified the economic and ‘hyper-competitive environment as drivers of resource-base viewed which requires strategic and self-management of the cost and scarcity of resources (Griffiths, 2004) so as to generate superior returns (Priem and Butler, 2001). So the hyper-competitive environment also influences the frequency and level of strategic activities (Eisenhardt and Santos, 2002). Mintzberg (1987) defined strategy in five terms: plan; ploy; pattern; position; and perspective. Similarly, Abraham (2005) viewed strategic thinking as identifying possible business models that results in customer value. According to Pryor et al. (1998) the traditional way of strategic planning was familiarize to quantitative analysis where the strategies were planned based on results or analysed data without strategically thinking of the implementers (low level employees) of the strategic plan. Mintzberg (1994) and Boar (2000) distinguish strategic planning or action as the progeny of strategic thinking. Thus, whereas the thinking involves synthesis encouraging intuitive, innovative and creative thinking at all levels of the organisation, the planning is concern with analysis establishing and formalising systems and procedures (Heracleous, 1998). This is shown in figure 1. Mintzberg (1994) and Boar (2000) concluded that good strategic planning can only be implemented after strategic thinking had occurred. Mitleton-Kelly (2001) express that the ideology on strategy and changes in management is due to the fact that organisations is observed as a complex evolving systems whereby the interacting agents changes with time (Cillier, 2000). Kauffman (1997) and Maturana (1997) argue that strategies should be designed as an adaptive move towards the changing business environment. However, adaptive organisations encounter conflicting constraints within their internal organisation an d the environment within which it interacts. This Kauffman refers to as ‘complexity catastrophe (Kauffman, 1993). Kauffman and Macready (1995) identified Information Technology (IT) and the growing of social network as the major constraints to adaptive system. Therefore, modelling of complexity requires the strategist and practitioners to model organisations especially how human and structural capitals interact with the use of IT systems as well as modelling of the environment to overcome the complexity catastrophe (Sanderson, 1998). Masaaki Imai, a leading Tokyo based management consultant argued that identifying an organisations resource-based view such as its resources and capabilities is critical in determining its strategic action (Imai, n.d). In support of this, Hitt et al. (2009) express that a firms chosen business strategy should be made to exploit its core competences relative to the anticipated opportunities in the external environment. According to Porter (1996) an organisation will survive in this dynamic business environment when it is able to differentiate its strategy by creating its core competency that gives the organisation a competitive advantage over its competitors. Porter re-emphasise that an organisation can boast of good strategy only when its difficult for its competitors to catch up/imitate what it does. He argued that a business model that does not offer an organisation a sustainable competitive advantage is not a good strategy since its competitors can offer the same product to the ma rket. Bonn (2001) suggested three core attributes as the prerequisite for the successful occurrence of strategic thinking. These include recognising the linkages and complexity of the relationships existing between an organisation and its environment in a holistic way, creativity by reviewing the old ideas and practices and merging it with new ideas and having a vision for the organisation. Nonetheless, a viable vision and mission of an organisation should be flexible so as to conform to an ever-changing business environment (Wilson, 1998). Besides the outcome of managing the firms tangible and intangible resources will be the firms strategic competitiveness (Hitt et al., 2009). The diagram illustrates the outcome of strategic actions. According to Abraham (2005) the strategy is all about winning and can only be achieved through strategic thinking and planning. Strategic processes have shifted from the processes of strategic learning by organizations (Crossan and Berdrow, 2003) to an increasing strategy as a social practice (Jarzabkowski, 2005). Similarly, Eisenhardt and Brown (1998) argue that modern strategy has shifted from the traditional way of building long-term defensible positions to a continuous adaptation and improvement into the business environment. Abraham (2005) pointed out that differentiation in terms of finding a technique/innovative way to obtain a sustainable competitive advantage (increasing customer value and profit) is one of the challenges of strategic thinking. However, Sanderson (1998) claim that in this modern era, the ability for an organisation to manage knowledge and the resultant changes in organisation is the main key to think of and obtain strategic advantage and become successfully competitive. On the other hand, the complex changes and continuous quest to gain competitive advantage (Abraham, 2005) has led to the growth of co-operation such as strategic alliances and joint venture to respond to the hostile and turbulent environment (Sanderson, 1998). In a keynote speech by the president and chief operating officer of Coca Cola Company Munich, Kent (2008) stated that the sustainable future of an organisation is not achievable without sustainable leaders and leadership. Moreover sustainable leadership will necessitate organisations to build strong culture of sustainability. Leadership plays a major role in affecting decision processes (Chung and McLarney, 1999) since members within a structure mostly depends on powerful leaders to initiate decisions (Schneider and Shrivastava, 1988). According to Hambrick and Mason (1984) strategy is usually made and executed at the upper hierrarchial levels. Thus the most strategists within an organization is the Chief Executive Officers (CEOs) and their top management teams and the board of directors of which Whittington (2006) classified them as practitioners. Simultaneously, their profession which includes writing, presenting, communicating, meetings, consulting, etc also requires certain practices such as thinking, analyzing and acting (Angwin et al., 2009). However, Macus (2008) perceive the boards as a strategic resource of an organization that influences its performance. Figure 3 illustrates strategic as practice approach. Boar (2000) stated that a strategist thinks about many issues in multiple dimensions at many levels of abstraction and detail over time (past, present and future) whiles the planning or action processes of the strategy requires cost and time of which all strategists must take that into consideration (Linn, 2008). So the role of strategists is to instill a sense of vision that the staffs of the organisation will work towards (Hamal and Prahalad, 1993) and not to specify every move in advance. According to Simpson (1998) strategy is centered towards the future, hence an effective and efficient strategists is to understand the history of the organisation, its leadership and the industry it operates, then study the successful and unsuccessful initiative the organisation has engaged over the past 5-10 years as well as to enable plan for the future years. In the situation whereby different entities engage in an interaction to undertake a project, a complex inter-relationship is created (Mitleton-Kelly 2001). In this case, a consultant can be hired to help both entities in strategising the planning of the project in order to reap mutual benefit ( ). Also the transfer of knowledge and information to accomplish any task is determine by the level of connectedness and relationship within the actors (Kauffman, 1993). However, Mitzberg (1994 ) criticize the proponents of strategic planning stating that it is deceptive for strategists who are detached from the business operations to f orecast occurrences for an organisation and its industry of operation and that formalising procedures to produce strategy is also a fallacy instead of operationalising on already existing strategies. Equally Collins and Parcas (1994) argue it is a myth that â€Å"successful companies make their best moves by brilliant and complex strategic planning†. Instead the moves made by visionary companies is through series of experiments, trials and error and then take opportunity on those that work perfectly for them. In view of this, Mitleton-Kelly (2001) also stated that trying different strategies exposes organisations to risk. Wenger and Snyder (2000) suggested setting up of â€Å"communities of practice† as one of the best structures for developing strategic thinking. This structure creates thinking environment which involves experienced managers and employees from different sectors and geographical areas to share their skill, knowledge and experiences to develop strategies or business models that influences the future of the company considering the three timing dimensions- past, present and future (Boar, 2000). This structure is similar to the multi-disciplinary project team. Bonn (2001) identified strategic forum as another structures for developing strategic thinking. She argued that this proactive approach should involve successful managers with a proven track record in their own disciplines to focus on areas that will benefit the long-term health of the organisation. According to Kennedy (2005) the diverse cultural values of employees makes managers grapple with complex issues and systems which requires many intangible aspects as tangible ones. Mantere and Whittington (2007) stated that understanding human behavior in a system is really complex. MacGregor‘s (1960) classical division in management theories distinguishes human beings into Theory X and Y. The former are the individuals who are self-interested, work-avoiding and passive whiles the later refers to those who are responsible, communitarian and willing to learn. McGregor (1960) re-emphasize that strategic action will successfully be implemented only when the managers are able to determine the behaviours of the subordinates, the value system and their confidence in the subordinate (Tannenbaum and Schmidt, 1958) and influence them to achieve positive result. Argyris (1956) argue that subordinates who are immature (Theory X) requires an autocratic leadership style whereas the matured ones (Theory Y) require a democratic leadership style. Morison (1967) on the other hand re-emphasized that organisation whose management flexibly gives its staff lot of latitude to plan strategically are better-off than organisations whose managers are autocratic in making decisions. In view of this, Fiedlers (1967) contingency model suggest that the ability of the managers is to carefully assess the situation and choose a suitable dominant style to improve their leadership role in revitalizing the vision of the organization. However, Calder et al. (1977) argued that despite complexity involves managing human being; the existence of leadership is only a perception. Simpson (1998) identified communication, performance measures, reward systems and training programs as the main driving force that influences strategic actions. Effective communication through knowledge and information sharing in an organisation will enable the strategy to be acted upon in the appropriate direction. Hopkins and Hopkins (2002) stated that interactions among group of people simultaneously influences their group actions and is observed as the key predictor of group performance (Kanki et al., 1991). Tziner and Vardi (1983) pointed out â€Å"higher quality of problem solving, greater productivity and efficiency, better achievement and greater group satisfaction† as the benefits of smooth interactions among members of a group. However, Ziegler et al. (2000) argues that the effectiveness of group interaction can be negatively affected (Steiner, 1976) in the situation whereby a single person is dominating a group interaction to solve complex task. Simpson (1998) conti nue to express that measuring the performance of the executed plan will assist the organisation to spotlight on the most important whiles improving upon the performances. Rewards and compensation on the other hand motivates the staffs to make the strategic plan a reality by achieving positive results. Moreover the organisation should organise training programs to psychologically work on the staffs attitudes and skills whiles executing the strategic plans. Furthermore, Stasser et al. (1989) made an interesting comment that most of the best contribution and supports to solutions or complex task is normally generated from ad hoc informal board interactions which occurs outside committee or board meetings among the directors. Ruppert (2009) also emphasise that informal discussion among board members, top management and stakeholders, occurs at the golf course, spending sometime at the beach, pub or restaurant when drinking beer. According to Coutts et al. (2005) the aforementioned places by Ruppert (2009) leads to social development and contributes to team performance within an organisation. DAvani and MacMillan (1990) suggest that managers should not dwell much on previous success because of the dynamic business environment as it is easy for such managers to fall prey to what Duhaime and Schwenk (1985) term as â€Å"illusion of control†. In addition Ansoff (1984) argue that general managers who perform satisfactorily and succeed in an environment does not give them the assurance of succeeding on a different environment where there is lower or higher level of business turbulence (cited in Mantere and Whittington, 2007). According to Linn (2008) one of the concepts that organisations must consider during strategic planning processes is the SWOT analysis. This gives detailed account of the organisation strengths and weaknesses as well as the opportunities and threats of the competitive environment. Mantere and Whittington (2007) claim that the SWOT analysis is one of the most popular strategic tool that has been adopted as business policy to flexibly develop and sha pe strategists and practitioners. The outcome of strategic actions from interacting with the environmental forces provides the platform for organisational learning when the experiences of these outcomes is then feed back into the scanning and interpretation processes (Chung and McLarney, 1999). In support of this, Ashby (1969) re-emphasise that an organisation can survive in a complex system by exploring its space of possibilities thus continuously scanning the landscape and encouraging alternative strategies. On the other hand, the feedback helps in identifying ones strength and specifity of asset (Sherif, 2006). Furthermore, Prigogine and stengers (1985) claim that feedback from implemented strategic plans either being positive or negative helps to create stability in complex system through a precise prediction of the agents behaviour and planning accordingly (cited in Mtleton-Kelly, 2001). Strategic processes have some shortcomings (Tavakoli and Lawton, 2005). The authors argue that normally the knowledge and experience of the front line employees are not incorporated into the information gathered during the strategic thinking process. On the other hand, the authors argue that the absence of the senior management may also mismatch the mission of the organisation. Even though strategic planning usually occurs at the top of organizations (Christensen et al., 1982), Bourgeois and Brodwins (1984) claim that organizations perform better when strategic thinking and planning is delegated downwards so as to benefit from the information gathered at frontline. Moreover, Hambrick (1987) argue that strategic success is assured when the entire top management team share common values and posses qualities that robustly fits into evolving competitive environment. To conclude strategy is recognized as an organizational phenomenon which is significant for organizational performance and growth. Strategic practices never ends so long as there continue to be complex evolving system hence understanding the nature of complex system is important. Therefore adapting to such systems which has been challenged by practitioners requires good leadership that will promote knowledge sharing and learning in engaging into strategic thinking and planning. 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(1998) New approaches to strategy: new ways of thinking for the millennium, Management Decision, Vol. 36, No. 1, pp. 9-13. Schneider, S.C. and Shrivastava, P. (1988) Basic assu Rationalism in Architecture: 18th and 20th Century Rationalism in Architecture: 18th and 20th Century Introduction Rationalism began as a 17th century ideology that led to the Enlightenment, a period in history where reason was the primary instrument for justifying and understanding the hows and whys of things and circumstances. The Enlightenment was a time where concrete evidence through scientific research flourished and Rationalism influenced all field of endeavors and even simple daily tasks.[1] In layman terms, to be rational is to be understandable, measurable or definite. Using this as premise, Rationalism in architecture therefore pertains to accuracy in designing and building the height, breadth or depth of a structure. Architectural Rationalism was a solid evidence of the Enlightenment influence in the field of architecture. It continues to persist in the modern world as an independent art movement though much of the modern Rationalist designs have little resemblance to Enlightenment architecture. Henceforth, this essay attempts to contextualize Rationalism by differentiating its two variants: 18th century Rationalism and the recent 20th century development. The similarities and differences of their respective designs and, if possible, functions are noted to give us an idea on how Rationalism has evolved as an architectural ideology. The essay also includes discussions on sub-movements, their pioneers and their trademarks. 18th Century Rationalism The Enlightenment Architectural Rationalism was focused on being symmetrical, having accurate measurements of classic shapes, and functionality. It clearly reflected the spirit of the times where science, mathematics and logic were at the peak of their influence. Neoclassicism was a widespread movement under the Rationalist wing. It was established in reaction to the flamboyant and seemingly excessive Baroque and Rococo styles. During the neoclassicist boom, many artworks and structural designs of the classical Graeco-Roman era were recalled together with the architectural works of Italian Andrea Palladio.[2] The movement was named neoclassical, as opposed to pure classicism, as not every classical design was applied therein. Neoclassicists only selected from the wide array of designs those feasible to society. Neoclassicist designs were characterized as follows: symmetry, columns that functioned as support, minimalistic design composed of basic geometric shapes, and an overlaid triangular gable commonly known as pediment. The symmetry, functionality, and geometrical aspects of the neoclassicist movement were defining characteristics of the Rationalist ideology.[3] The Pediment[4] A Column[5] Existing in the 16th century towards the culmination of the Renaissance period, Andrea Palladio was the first known architect to revive and apply the classical designs of Graeco-Roman society in many villas, palaces and basilicas. His architecture became an essential foundation of Enlightenment Architecture. As a dedicated follower of Vitruvius and his timeless principle of firmitas, utilitas, venustas, Palladio carefully ensured that his structural designs were durable, useful, and attractive as stipulated by Vitruvius in his ten-volume masterpiece De Architectura. Palladio was also particular about proportions and putting a purpose on every structural component.[6] For instance, a portico or terrace must be utilized in such a way that the surrounding scenery was seen in its full glory. He wanted geographical attributes of the estate to match with the houses structural design. The palazzos, villas and basilicas he designed displayed the intermingling values of beauty and the social environment and position of their respective owners. An urban palazzo was different from a provincial palazzo; likewise, an agricultural villa was different from a residential villa. Palladio designed structures according to their context.[7] Palladio had contributed several design innovations in public buildings and churches. Most Palladian works were made of affordable materials, usually stucco, traditionally made with lime, sand and water, to cover and bind bricks. His urban structures for prestigious Venetian owners had high classical porticos with pediments that extended as far as the second floor and were supported by giant colonnades. These porticos were raised above ground level and on the same level as the rest of the ground floor. This raised floor called piano nobile, was reused in later variations of neoclassical architecture. Palazzo Chiericati in the city of Vicenza was a fine example of this urban structure.[8] Palazzo Chiericati (1550-1557)[9] Rural villas were rather different. Instead of the piano nobile, there was an elevated podium bordered by lower service wings, connected with an elegant curving flight of stairs. The owner maintained residence at the elevated portion. Villa Foscari (also La Malcontenta) was among the mid-16th century designs of Palladio that employed this renowned building format. Villa Foscari (1559)[10] The 1570 publishing of Palladios work Quattro Libri dellArchitettura (The Four Books of Architecture), stretched his influence far beyond his home country Italy. Palladios architectural drawings and discussions contained in the book set the stage for neoclassicist expansion in the key European countries of France, Britain, Ireland, Spain and Germany.[11] Even more remarkable was his influence in colonial and post-colonial America, where his designs were replicated in the houses of well-known families, state buildings and even the private abode of Thomas Jefferson, the freedom President.[12] Along with Palladios treatise, the unearthing and discovery of Pompeii and Herculaneum, Roman towns destroyed by volcanic eruption during the classical period, was thought to inspire the interior designs of 18th century European houses and edifices.[13] The Ruins of Pompeii[14] Interior View of a Herculaneum House[15] In Europe, neoclassicist architecture developed at different paces. Some sources estimated that the movement reached its peak in France with Étienne-Louis Boullà ©e and Claude Nicolas Ledoux. The two architects followed principles of rationality into their Graeco-Roman inspired designs. Boullà ©e was known for fusing geometry with the standard classics. This original neoclassical deviation might have been influenced by his work as an educator and philosopher at École Nationale Des Ponts et Chaussà ©es. Like most neoclassicists, his designs were minimalistic, devoid of ornamentation, bold enough to repeat certain structural components, especially if they were functional (i.e. columns), and sought to emphasize the purpose of the structure and its parts. Boullà ©e also proposed a cenotaph, an approximately 500-foot sphere rooted on a round foundation, for the English scientist Isaac Newton. This was not feasible to build but as a professional engraving, the style gained prom inence. Boullà ©es works were later revived by 20th century Rationalists and more popularly by renowned Modernist architect, Aldo Rossi. Contemporary architects found his designs unique and very inventive although some would consider them illusions of grandeur. The Hà ´tel Alexandre in Paris, known for its flanking courtyard doors and Corinthian columns, was one of Boullà ©es surviving works.[16] Cenotaph for Newton (1784)[17] Hà ´tel Alexandre (1763-66)[18] Like his compatriot, Ledoux was very idealistic in his architecture, always wanting to build with a purpose. For this he and Boullà ©e were branded Utopians.'[19] Ledoux designed many theatres, hotels, residential homes, and buildings, supplied with rotundas, columns and domes from the Graeco-Roman period. His known architectural innovation was the architectonic order, best exhibited through his design on the Royal Saltworks at Arc-et-Senans. He was appointed Royal Architect for the express purpose of building a structural design for efficiently extracting salt. The Royal Saltworks became a significant example of 18th century Architectural Rationalism for its extensive use of geometry and logical arrangement of shapes to facilitate the extraction and transportation processes. Another design was drawn after the first was disapproved.[20] Facade of the Royal Saltworks, France[21] Aerial View of Ledoux Second Design (1804)[22] There were many other prominent figures under the neoclassical movement but few were as Utopian as the works of Boullà ©e and Ledoux. French writer-teacher-architect Jean-Nicolas-Louis Durand influenced several German Rationalists by adding principles of economy and convenience to the existing architectural Utopia.[23] The later renditions of neoclassicism in Britain, America, and Spain disregarded the attachment to symmetry and geometry that Palladio himself and the French neoclassicists were very particular. However, they did retain much of the functionality aspect. For example, neo-Palladian British architects William Kent and Indigo Jones invented the flanking wings to give more space in the house interior.[24] This concern for utilizing space was still an archetype of 18th century Rationalism. 20th Century Rationalism 20th century Rationalist architecture was interchangeably called Neo-Rationalist. Although the designs were different from 18th century rationalism, neo-Rationalists continued to practice important principles of Rationalist Architecture. The simplistic form and ornamentation was still retained; the functionality aspect became known as theme. In fact, as many historians claimed, neo-Rationalism was an evolution of 18th century Enlightenment Architecture.[25] The need to justify architectural works remained strong as it had then. The Enlightenment brought about the Industrial Revolution around 18th-19th centuries. The effects lasted and were carried over to the 20th century, where industrialization became a fad. Economic advancement was no longer associated with brick and wood but with new elements like steel, iron and glass. As industrialization reached its peak in the 20th century, the growing importance of machinery led to the development of an industrial architecture, composed of t hose new elements.[26] Modernism was the dominant rationalist movement of the 1900s. It basically aimed to employ new materials suited to the spirit of industrialization and free architects from the bondage of styles, which curtailed individual touches. The works of early Modernists Ludwig Mies van der Rohe and Walter Gropius in Germany and Frenchman Le Corbusier were mostly products of socio-political revolutions. Following World War I, the German Modernist ventured into new structures that meet social needs.'[27] The Bauhaus design school resulted from this venture. Bauhaus became identified as the International Style, adopted by many Modern structural designs in various countries.[28] The following are famous examples of Bauhaus architecture: The UN New York Base by Le Corbusier[29] The Gropius Residence in Lincoln[30] The International Style was characterized by rational principles of minimalism and functional design and structure. Neoclassical pediments, columns and flanking wings were replaced by rectangular shapes of concrete cement, steel, and other new elements. There were hardly traces of particular cultures or social context and a neutral architecture that was universally applicable prevailed.[31] Modernists like Frank Lloyd Wright tried to balance nature and structural designs.[32] Later, Postmodernist movements emerged to deconstruct the universality of Bauhaus and infuse local identities into modern architecture so it can connect with peoples sentiments.[33] Aldo Rossi, Italian theorist-architect-designer-artist, was among the celebrated Postmodernists. His valuable contribution to urban architecture was building contemporary structures without neglecting the historical value of the city or site where it would be built. He stressed the social significance of monuments and cemeteries and also advocated that structures be strong enough for succeeding generations to witness.[34] San Cataldo Cemetery expanded by Rossi (1971)[35] Bonnefanten Museum, Maastricht by Rossi (1990-1994)[36] Conclusion 18th and 20th century Architectural Rationalists are linked by the ancient principles of utilitas, firmitas, venustas. Their respective movements were generally non-ornamental and useful in structure, design and theme. In the area of symmetry, the use of geometrical shapes, and projecting cultural and individual sentiments, the two Rationalist regimes differ. 18th century Rationalists were unified in advocating truth and beauty in architecture while neo-Rationalists had individual contradictions.[37] Nevertheless, both strands justified Architectures major roles in society and in peoples lives. Sources [1] Hackett Lewis. (1992) The age if enlightenment, History World International at http://history-world.org/age_of_enlightenment.htm [2] Steve Fallon Nicola Williams. (2008) Paris: city guide, United Kingdom, Lonely Planet Publications, p. 48. [4] University of Pittsburgh at http://www.pitt.edu/~medart/menuglossary/pediment.htm [5] Old House Web at http://www.oldhouseweb.com/architecture-and-design/greek-revival-1820-1850.shtml [6] Bernd Evers, Christof Thoenes Kunstbibliothek. (2003) Architectural theory: from the renaissance to the present, Germany, TASCHEN pp. 6-7. [7] Sam Smiles Stephanie Moser. (2005) Envisioning the past: archaeology and the image, Maine, Blackwell Publishing pp. 98-114. [8] Douglas Lewis, Andrea Palladio International Exhibitions Foundation. (1981) The drawings of Andrea Palladio, Texas, The Foundation, pp. 158-163. [9] Essential Architecture at http://www.essential-architecture.com/STYLE/STY-E14.htm [11] Caroline Clifton-Mogg. (1991) The neoclassical source book, New York, Rizzoli, pp. 88-175. [12] David Watkin. (2005) A history of western architecture, London, Laurence King pp. 114-513. [13] H. Keethe Beebe. (1975) Domestic Architecture and the New Testament, The Biblical Archaeologists, volume 38, number 3/4, pp. 89-104. [14] Virtual Tourist at http://cache.virtualtourist.com/1898061-Pompeii-Pompeii.jpg [16] Helen Rosenau. (1976) Boullà ©e visionary architecture, New York, Harmony Books pp. 1-27. [19] Barry Bergdoll. (2000) European architecture, 1750-1890, New York, Oxford University Press p. 97. [20] Elizabeth Basye Gilmore Holt. (1966) From the classicists to the impressionists: art and architecture in the nineteenth century, Connecticut, Yale University Press pp. 227-311. [21] United Nations Educational, Scientific and Cultural Organization at http://whc.unesco.org/en/list/203 [23] Joy Monice Malnar Frank Vodvarka. (2004) Sensor design, Minneapolis, The University of Minnesota Press p. 8. [24] Inigo Jones, William Kent. (1727) The designs of Inigo Jones: consisting of plans and elevations for publick, England, W. Kent pp. 1-73. [25] Christopher Crouch. (2000) Modernism in Art Design and Architecture, New York, St. Martins Press pp. 1-10. [26] Industrial architecture, EncyclopÃÆ' ¦dia Britannica Online at http://www.britannica.com/EBchecked/topic/286910/industrial-architecture [27] Richard J. Evans. (2003) The coming of the third reich, New York, The Penguin Press, pp. 122-123. [28] Henry Russell Hitchcock Philip Johnson. (1997)The International Style, New York, W. W. Norton Company, pp. 1-5. [29] International Style at http://architecture.about.com/od/20thcenturytrends/ig/Modern-Architecture/International-Style.htm [30] The Digital Archive of American Architecture at http://www.bc.edu/bc_org/avp/cas/fnart/fa267/gropius.html [31] Hazel Conway Rowan Roenisch. (1994) Understanding architecture: an introduction to architecture and architectural history, London, Routledge pp. 22-24. [32] Kathleen Karlsen. Saving Civilization Through Architecture Rationalism and the International Style, at http://ezinearticles.com/?Saving-Civilization-Through-ArchitectureRationalism-and-the-International-Styleid=888138 [33] Hazel Conway Rowan Roenisch. (1994) Understanding architecture: an introduction to architecture and architectural history, London, Routledge pp. 22. [34] Terry Kirk. (2005) The architecture of modern Italy, volume 2: visions of utopia 1900-present, New York, Princeton University Press pp. 208-214. [35] Cornell University Blog at http://blogs.cornell.edu/tim/2008/09/21/cities-sites/ [36] Brian Rose at http://www.brianrose.com/portfolio/bonnefanten/bonnefan.htm [37] Sarah Williams Goldhagen. Ultraviolet: Alvar Aaltos embodied Rationalism, Harvard Design Magazine at http://www.sarahwilliamsgoldhagen.com/articles/Ultraviolet.pdf