Financial Benefits of Traffic Management Case Study of Haringey Council Free Essays

string(37) " of the bond issue \(HKS, Undated\)\." Introduction Haringey council is a public sector organisation that is involved in financing many local projects. This paper aims at providing a literature review on the financial benefits of traffic management focusing on the case study of Haringey Council. The literature review focuses on 3 main areas including financing for public sector organisations, financing for local councils and financing in the Parking Department. We will write a custom essay sample on Financial Benefits of Traffic Management: Case Study of Haringey Council or any similar topic only for you Order Now Public Sector Financing The government is responsible for collecting tax revenues as well as allocating these revenues to suitable projects such payment of wages to employees, road and railway construction and maintenance, education, health, and defence. The government must provide such projects because left to the private sector alone, these projects will not be provided efficiently. Governments not only raise money from taxes. Some governments find it difficult to cover all its expenditure with tax revenue. Under such circumstances, the government is obliged to borrow either internally through the issue of bonds or externally from other countries. The government is therefore accountable to its citizens on its sources and uses of funds. In order to effectively serve the public, the public sector in many countries is decentralised. Most public goods and services are delivered by local councils. Local councils are responsible for collecting local taxes are delivering local projects to the citizens. For examp le in the United Kingdom, the council is responsible for many delivering many goods and services to citizens within its territory. As a result of the inefficiencies that may result if all goods and services are offered by the private sector, the public sector has emerged as a very important sector of the economy. The public sector is made up of a number of organisations known as public sector organisations. These organisations are responsible for responding to the needs of society that cannot be provided by the private sector. Public sector organisations differ from private sector organisations in a variety of ways at both the functional and organisational levels. Public sector organisations also differ from private sector organisations in terms of their specific objectives, policies, objectives, target products and services. Public sector organisations are particularly interested in achieving social objectives as opposed to private sector organisations which focus on commercial goals (Ramos et al., 2007). Private sector organisations are interested in making profit and creating value for the owners or sharehold ers. As a result, private sector organisations measure their performance using finance. Public sector organisations on the other hand do not focus on making profit. In addition, they do not measure performance solely on financial grounds. Like private sector bodies, public sector organisations have a number of stakeholders with a number of expectations from the organisation (Goodwin, 2000; Ramos et al., 2007). Major stakeholders of the public sector include taxpayers, trade unions, customers, government ministries, social responsibility interest groups, trade unions, trading funds and public corporations (Pollitt, 2000; Ramos et al., 2007) A key difference between the two sectors is the mode in which in sector is financed. Unlike the private sector which relies on debt and equity sources of funding, the main source of funding for the public sector is taxation. This has led to the concept of public finance. Public finance is defined as the financing of goods and services provides by the national and local government through taxation and other means. In other words it is the means by which public sector organisations raise finance for proposed projects and other expenses. In the United States for example, Financing takes the form of debt and can be general obligation bond or revenue bond (HKS, Undated). General obligation bonds are bonds that are issued by government agencies. These are backed by the full faith and credit and taxing authority of the issuer/borrower. General obligation bonds therefore enable the taxing authority to raise necessary funds in anticipation that taxes will cover the repayment of those funds. R evenue bonds on the other hand are backed by the revenue to be generated from the project that is being funded through the bonds (HKS, Undated). These bonds are issued for the financing of special projects including transportation and airport projects. A variety of entities and organisations are involved in the bond issuing process and thus in the financing of public sector entities. These include issuers, investment banks, rating agencies, financial advisors to municipal bond issuers, bond insurers, public fund investment managers and advisors, and investors. In the United State, issuers include Federal, State, local and other agencies and entities including special purpose entities. Investment banks are responsible for helping public sector organisations to raise money. This group include large investment firms such as JP Morgan, Goldman Sachs, Citi Group, Morgan Stanley, Morgan Keegan, and Siebert Brandford Shank and Co (HKS, Undated). Credit rating agencies are responsible for providing ratings to the bonds issued by public sector entities. Popular rating agencies in the United States include Standard Poor’s, Moody’s and Fitch. The objective of financial advisors to municipal bond issuers is to provide local auth orities with advice on how to raise capital, manage their entities effectively and invest assets in an effective and efficient manner. A typical example of a financial advisor in the United States is Assured Guaranty Corp. Bond insurers are responsible for insuring the bond issues. Public fund investment advisors may be hired by municipal authorities to manage the proceeds of the bond offering until they are needed for the intended purpose. Public fund advisors may also be hired to manage the revenues collected throughout the year from projects funded by the bond issue until they are spent. Investors are the entities that purchase municipal bonds. These include retail and institutional investors such as insurance companies and pension funds. Other organisations involved in the financing of public sector organisations include lawyers who may be required to provide legal advice to issuers on the legal issues related to a transaction as well as the structuring of the bond issue (HKS, Undated). You read "Financial Benefits of Traffic Management: Case Study of Haringey Council" in category "Essay examples" A number of studies have investigated how public sector organisations across different parts of the world are financed. For example, Tang et al. (2012) introduce and formulate a carbon revenue bond a financing tool that can be used as a complement to environmental credit markets to encourage investment in renewable energy. The study provides evidence that the issuing of a carbon revenue bond with a 10-year maturity can fund a significant portion of the initial outlay of a project (Tang et al., 2012). Financing For Local Government Local governments are responsible for providing public services at the local level. In order to effectively provide these goods and services, local governments must be able to generate revenue. According to the decentralisation theorem suggested by Oates (1972) â€Å"local governments should provide services to identifiable recipients up to the point where the value placed on the last (marginal) amount of services for which recipients are willing to pay is equal to the benefits they receive†. The practical implication of the above theorem is that local authorities must have some authority to exercise â€Å"own-source† taxation to be able to meet the marginal costs of providing local goods and services (Yilmaz et al., 2008). Local governments are assumed to be more accountable to citizens when relying on their own tax bases and less accountable when the pleasure of spending is separated from the difficulties associated with generating revenue through taxation (Bahl and Schroeder 1983). The foregoing suggests that, if the central government is responsible for generating tax revenue on behalf of the local government and providing them with grants and subsidies to cover expenditure for the provision of local services, local governments will be less cautious when spending, since they have no knowledge on the difficulties associated with collecting taxes. Allowing them to collect taxes themselves puts them under immense pressure to make good use of the revenue collected. The above suggests that local governments need to be financed through local taxation. Despite the above proposition, local governments across different countries are financed through both local taxes and central government grants and subsidies. For example, in Ireland for example, a significant portion of local government expenditure is financed by grants from the central government (Indecon International Economic, 2005). The local authorities have limited discretion, insufficient revenue buoyancy and an inequitable financing system (Indecon International Economic, 2005). Furthermore, the situation appears to have worsened since 1996 given that central government’s contribution to local government expenditure has increased since 1996. A similar situation is apparent in the Republic of Ireland. Local councils generated only 58% of the revenue in 2012 from business rates and as well as from goods and services. The remaining 42% was contributed by the central government grants and subsidies. Although a significant amount of capital expenditure comes from various government departments, local authorities also generate significant capital income from the growth in construction and the reform of the development contribution System (Department of the Environment, Heritage and Local Goverment, 2012). The situation in Denmark is different where local governments finance more than 75% of their expenditures from local taxation (Lotz, 2005). In the United Kingdom in general, local government is financed through council tax, capital receipts, user charges, borrowing, interest charges and government grants (Adam et al., 2007). Local governments can only budget to pay for expenses such as wages and other day-to-day running costs from only a couple of these financing sources. Local governments are not allowed to sell assets or borrow out rightly to cover current spending. In addition, some of the central government grants are restricted only to capital expenditure (Adam et al., 2007). Financing in the Parking Department Empirical evidence of suggests that the council can benefit from management and delivery of many services. However, most studies have focused on different areas. One area that has been widely studied is curb parking. Some studies have examined how local councils can manage curb parking. For example, it has been argued that allowing motorists to park freely on the curb creates a classic commons problem (Shoup, 2003). As a result local governments tend to restrict parking on curb spaces to approximately 1 or 2 hour limits. Despite these restrictions, motorists tend not to respect the limits, making it difficult for their enforcement. Occupying all curb spaces increases turnover thus making it difficult for motorists to find a parking space. This means that drivers need to continue driving in order to locate a space that is being relinquished by a departing motorist. The higher the numbers of cars competing for curb parking spaces, the longer is the time taken to locate a space. Cruisin g therefore creates a moving queue of cars each waiting to locate a vacancy on the curb. However, it is difficult to distinguish between cruisers and cars that are actually going elsewhere. A number of studies have been conducted to determine the actual number of cars that are cruising. The first study was conducted by Simpson (1927 cited in Shoup, 2003) by measuring traffic by counting the number of cars as they repeatedly passed observation points at two locations in Detroit’s CBD from 14:00 to 18:00. The results suggest that 19 percent of cars passing through point one and 34 percent of cars passing through point two were in search of a vacancy on the curb. Cruising is considered a negative form of vehicle travel because it increases the amount of time travelled by the vehicle known as vehicle mile travel (VMT) without taking into account other travel time. VMT is referred to as searching for parking once motorists reach their destinations. Cars simply circle a particular block without going anywhere. Cruising is also capable of reducing travel to congested areas if potential visitors imagine that nobody is going there anymore because it is overcrowded (Shoup, 2003). Cruising therefore creates an impression of crowding which can in turn deter visitors who would otherwise be willing to pay a premium if they could park without cruising and as such limits patronage of the business that cheap curb parking is supposed to help. The foregoing suggests that low priced parking on the curb creates a classic commons problem. Empirical evidence suggests that approximately 8% and 7% of cars in congested traffic were cruising in search of curb parking and that the average cruising time ranged between 3 and 14 minutes. In order to eliminate cruising and thus reduce congestion, curb parking needs to be charged at market-clearing prices. This can result in approximately 5% and 8% of the total land rent in a city. Moreover, in some neighbourhoods, market clearing prices on the curb can provide more revenue to the local authority that the property tax that is being charged on the land (Shoup, 2003). Charging for curb parking is not meant to be a source of local government revenue (Shoup, 2003; Arnott and Rowse,1999). Charging for curb parking is meant to reduce the length of time that a particular car can use the curb. This is because if a single car uses the curb for a very long time it will result in a build-up of traffic. Charing for curb parking is therefore, barely a means of reducing cruising and thus traffic congestion during busy periods. The objective is to limit the occupancy rate to 85%. Therefore, once the occupancy rate is below 85%, curb parking should be free (Shoup, 2003). Once demand increases above this rate, curb parking is no longer a public good because it takes time to find a vacant space and the marginal cost of adding another user increases. Since curb parking is fixed in supply, an increase in demand must result to an increase in price to ensure that the occupancy rate is limited at 85% (Ellickson, 1973). Goodwin (2001) employs prices to manage the deman d of transportation by making a distinction between two policies. The first policy is to get the prices right when travel is undercharged and the second policy is to decide how much traffic is required and then make use of prices to achieve it. The second policy is achieved by setting the occupancy rate for curb parking (Goodwin, 2001). The right price is not chosen by the administration. Rather, the right price is determined by the right occupancy rate. Charging for curb parking also makes it possible for local councils to abandon time limits as a way of reducing congestion in the city. In another study, Shoup (2003) argues that argues based on the 19th-century reformer Henry George by arguing that land rent represents the most appropriate means of generating revenue for the government. Despite the importance of traffic management, there is apparently no literature investigating its potential financial benefits to the society. A study commissioned by the OECD (2007) provides some i nsights on how traffic management through the management of congestion can improve the functioning of urban cities. Congestion imposes a burden on urban travellers. By using effective land planning and appropriate levels of public transport services traffic congestion can be reduced. Reducing traffic congestion provides road users with reliable door-to-door trips. Less congestion facilitates the movement of people, goods and services from one place to another. This reduces the cost of delays thus resulting in overall financial benefits for the overall economy. Low congestion also benefits the council financially in that results in cost savings for the council (OECD, 2007). Litman (2012) in another study investigates how the improvement of parking management can benefit society. While the study does not provide a discussion of the direct financial benefits of parking management, the study provides insights which show that enormous financial benefits can be derived from effective park ing management. The study argues that developing a comprehensive parking management program that incorporates an appropriate combination of cost-effective strategies can usually reduce the amount of parking required at a destination by 20-40% thus providing economic and social benefits (Litman, 2012). The economic benefits can come from reduced congestion which ensures that people, goods and services can move freely from one place to another. In addition, this strategy increases the revenue that local authorities can collect from parking charges. Osborn (2003) focuses on the benefits of Parking Management. The study provides evidence that parking management can result in a wide range of benefits including meeting the economic needs of the community; meeting the financial needs of the developmemt community, supporting the transportation infrastructure and providing opportunities for better streetscape design (Osborn, 2003). Again, the study by Osborn (2003) suggests some potential be nefits of traffic management. However, the study fails to provide an in-depth analysis of the financial benefits. Traffic management is important for Haringey Council because it reduces traffic congestion, improves safety, and reduces environmental pollution. In order to effectively manage traffic, the Council consults with local residents to gain an understanding of their views prior to introduction new traffic rules (Haringey Councl, 2012) The Council also endeavours to publish formal notices regarding traffic measures in the press. Local residents are normally given a three week period to provide objections regarding the introduction of new measures (Haringey Councl, 2012). Once formal objections have been received, they are reviewed and schemes may be redesigned with further notices being published prior to implementation of a legally enforceable Traffic Order. Despite the importance of traffic management to Haringey Council, it can be observed that no study has been conducted to determine what the financial benefits of traffic management can be to Councils in General and to Haringey Council in particular. While some studies have attempted to study traffic management by local authorities, most of the studies have focused only on one aspect of traffic management – charging for curb parking and most of the studies have focused on cities in the United States with very limited attention given to cities in the United Kingdom. This study therefore aims at contributing to the literature in that it focuses on Haringey Council, which is based in the United Kingdom and considers a wider range of traffic management tools as discussed above. In particular the paper extends the literature by evaluating the parking financial strategy and objectives of Haringey council parking services. These issues have not been considered in previous studies despite their significance for traffic management strategic financial planning. In addition, the study focuses on understanding the financial outcomes achieved by parking services in Haringey council in relation to the income generated and investments made in parking projects. The paper also evaluates how financial analysis can promote the success of parking services. Finally, the study aims at making recommendations that will help Haringey council in particular and local authorities in general to improve their traffic management. Conclusions The objective of this paper was to provide a literature review on the financial benefits of traffic management using the case study of Haringey Council. The literature review focused on the financing of public sector organisations, financing of local authorities and traffic management at Haringey Council. With regards to financing public sector organisations, the literature review that public sector organisations are financed mainly through taxes and borrowing. Local authorities on their part are financed through local taxation, borrowing and central government grants and subsidies. With respect to traffic management at Haringey Council, the literature revealed that the Council has made significant investments in managing traffic so as to improve road safety and reduce traffic congestion. References Adam, S., Emmerson, C., Kenley, A. (2007) A Survey of UK Local Government Finance, Institute for Fiscal Studies, IFS Briefing Note No. 74, available online at: http://www.ifs.org.uk/bns/bn74.pdf [accessed: 9th December 2012]. Bahl, Roy, and Larry Schroeder. 1983. Intergovernmental Fiscal Relations. In Local Government Finance in the Third World: A Case Study of the Philippines, ed. R. Bahl and B. Miller. New York: Praeger. Department of the Environment, Heritage and Local Goverment (2012). Local Government Finance, available online at: http://www.environ.ie/en/GreenPaper/html/greenp_chaptwelve.html [accessed: 10th December 2012]. Ellickson, B., 1973. A generalization of the pure theory of public goods. American Economic Review, vol. 63, No.3, June, pp. 417– 432. Godwin N. (2000). Leadership and the UK Health Service. Health Policy. Vol. 51 Pp 49-60. Goodwin, P., 2001. Traffic reduction. In: Button, K., Hensher, D. (Ed.), Handbook of Transport Systems and Traffic Control. Pergamon, Amsterdam, pp. 21– 32. HKS (Undated) Public Finance, Havard Kennedy School, available online at: http://www.hks.harvard.edu/var/ezp_site/storage/fckeditor/file/pdfs/degree-programs/oca/Gateway_PublicFinance2011.pdf [accessed: 10th December 2012]. Indecon International Economic (2005) Indecon Review of Local Government Financing Report Commissioned by the Minister for the Environment, Heritage and Local Government, available online at: http://www.environ.ie/en/LocalGovernment/LocalGovernmentAdministration/LocalGovernmentFinance/PublicationsDocuments/FileDownLoad,1944,en.pdf [accessed: 10th December 2012]. Law, J., Smullen, J. (2008) â€Å"Public Finance† in A Dictionary of Finance and Banking (4 rev ed.) Oxford University Press. Lotz, J. (2005) Accountability and Control in the Financing of Local Government in Denmark, OECD Journal On Budgeting, 5(2) Oates, W. 1972. Fiscal Federalism. New York: Harcourt, Brace and Jovanovic. Pollitt, Christopher. Bouckaert, Geert. (2000). Public Management Reform: A Comparative Analysis, Oxford University Press. Ramos T.B., Alves I., Melo J. J. (2007). Environmental performance policy indicators for the public sector: The case of the defence sector. Journal of Environmental Management. Vol. 82 Pp 410-432. Shoup, D. C. (2003)The ideal source of local public revenue, Regional Science and Urban Economic,s 34 ,753– 784 Tang, A., Chiara, N., Taylor, J. E. (2012) Financing renewable energy infrastructure: Formulation, pricing and impact of a carbon revenue bond, Energy Policy 45, 691–703 Yilmaz, S., Beris, Y., Serrano-Berthe, R. (2008) Local Government Discretion and Accountability: A Diagnostic Framework for Local Governance, Social Development Papers, Local Governance Accountability Series Paper No. 113 / July. Osborn, L. (2003) Parking Management Programs as Effective TDM Land Use Strategies ACT International Conference – Parking Management Strategies-September 2003 Litman, T. (2012) Parking Management Strategies, Evaluation and Planning, [online] Victoria Transport Policy Institute: Available at: http://www.vtpi.org/park_man.pdf [accessed: 11th January 2013]. OECD (2007) Managing Urban Traffic Congestion, [online] Organisation for Economic Corporation and Development: Available at: http://www.internationaltransportforum.org/jtrc/CongestionSummary.pdf [accessed: 11th January 2013]. Arnott, R., Rowse, J., 1999. How to cite Financial Benefits of Traffic Management: Case Study of Haringey Council, Free Case study samples

Essay Foot Health Diploma

Question: Write an essay on foot health diploma Answer: Injuries can happen to the human at the point of age and due to any reason, as human are prone to the injuries. The knock at any part of the body is painful and the area behind the knee known as popliteal fossa can be more painful. The nerve that passes through the particular part is the popliteal nerve and the nerve runs towards the lower part of the leg and finally to the foot. The nerve according to DiNubile and Scali (2010) provides both motor strength and sensation to the foot. Any sort of injury at the particular part of popliteal fossa or popliteal nerve shows the symptoms of numbness, pain, weakness and tingling at the lower part of the leg including ankle and foot. Any sort of vascular injury causes bleeding from the popliteal artery or vein causing a pool of blood or hematoma that result in severe pain in the particular location. The main injuries in the muscle that may occur are like soft tissues, nerve, ligaments, muscle, menisci, artery or vein. Injury in the soft tissues may cause redness and some scratches may occur. If proper care is not taken at appropriate time then severe infection may cause in the soft tissue known as Cellulitis (Tocci et al. 2010). The plantaris muscle that passes through the popliteal fossa may tear due to the injury. Too much of motor deficits or deformity will not take place due to the tear but there may be a severe pain in the area. The hamstrings that pass near the area of the popliteal fossa may get affected and causes severe pain and motion becomes difficult. Rupture in the popliteal fossa may cause damage in the vein or artery or rupture of the large vessel. This rupture may cause more bleeding in the area and the blood may get clotted which will result in the severe pain. The blood clot needs to be removed through vascular repair or surgical evacuation (Stannard et al. 2010). The symptoms that are observed due to the damage in the nerve may be observed due to the compression in the nerve cell resulting in the hematoma. Disability or severe pain may result if there is damage in the ligaments. As explained by Comfort and Abrahamson (2010) motor dysfunction or serious pain in the movement may take place if the pain or the knock is caused due to the injury during the sport and affects the lateral ligament and posterior cruciate ligament. The following ligaments are the important part through which the easy movement, knee extension and flexibility causes. Rupture of the ligaments and swelling of the particular part may sometimes result in the fractures, and sort of such indication must be treated and taken proper care at the particular time to avoid any risk for the near future. As the knee is a very sensitive part and the region behind the knee is the important structure that includes arteries, veins, muscle components and nerves, therefore a hard knock at that particular region should be avoided by taking protection of the knee. References Comfort, P. and Abrahamson, E. (2010). Sports rehabilitation and injury prevention. Chichester, West Sussex, UK: Wiley-Blackwell. DiNubile, N. and Scali, B. (2010). Framework for the knee. Emmaus, Pa.: Rodale. Stannard, J., Lopez, R. and Volgas, D. (2010). Soft Tissue Injury of the Knee after Tibial Plateau Fractures. Journal of Knee Surgery, 23(04), pp.187-192. Tocci, S., Heard, W., Fadale, P., Brody, J. and Born, C. (2010). Magnetic Resonance Angiography for the Evaluation of Vascular Injury in Knee Dislocations. Journal of Knee Surgery, 23(04), pp.201-208.

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Approaches To Leadership In Tata Group Management Essay Introduction: Leadership is an integrated part of our life. According to corporate chief and former US presidential candidate Ross Perot, the principles of leadership are timeless because, in a rapidly changing world, human nature remains a constant. We all experience leadership in our life from early childhood in our families, through friendships, social sports activities, school higher education, in politics, in government and of course in our work. We all recognize leadership in other people and often in ourselves. In government, global corporations and small businesses alike, the leadership role is becoming more demanding, more open to scrutiny and more difficult [Gill, R. 2006]. The development of leadership theory also parallels the development of organizational theory. The bureaucratic form of business organization is characterized by laissez-faire leadership whereby so-called leaders tend to avoid taking a stand, ignore problems, not follow up, and refrain from intervening or transactional leadership, in which leaders practise management by exception, focusing only on deviations from what is required, and contingent reward, rewarding people (either materially or psychologically) for achieving what is required. The emergence of the post-bureaucratic form of organization in the late nineteenth century reflects the development of the concept of transformational leadership [Gill, R. 2006]. Theory Approaches to Leadership: Many Leadership theories and approaches have been evolved around Style, Trait, Behaviour, Situation and Charisma. Many researchers made efforts linking these theories across these leadership approaches. However, each leadership model has its merit, assumptions and limitations. Most recent researches are conducted on Situational Transformational leadership styles. Various leadership Gurus presented new models as variations to the already existing models. Max Weber, MacGregor, Bass, Bennis Nanus are some of the most important researchers in the area of transformational leadership. The difference between transactional and transformational leadership is vital in getting the whole concept of transformational leadership theory. In general, a relationship between two people is based on the level of exchange they have. The more exchange they have the stronger the relationship. Managers expects more productivity from employee in order to give good rewards. In this way, if something is done to anyone based on the return then that relation is called Transactional type. In business, leaders announce rewards in turn to the productivity. These relations are all about requirements, conditions and rewards (wordpress.com). In our life at various stages some things are happen without any expectation from other side e.g. mothers love for her babies. This is one for of transformational approach. Transformational Leaders work toward a common goal with followers: put followers in front and develop them, take followers to next level, inspire followers to transcend their own self-interests in achieving superior results (wordpress.com). Here we discuss the various forms of leadership and Table 1, given below shows how Basss full range model of leadership works [DBS Notes]. Table 1 By studying the evolution of leadership approach of the TATA Group, an in-depth analysis of importance of leadership model is given now onwards. Leadership Approach in TATA Group: TATA Group founded in 1868, is an Indian multinational conglomerate headquartered in Mumbai. The Group has more than half million employees spread across over six continents (more than 100 countries) and is the largest private corporate group in India. The estimated market capitalization of the group is worth $80bn. It is the biggest employer in UK as well, employing more than 50,000 people. It has main interests in communications, IT, engineering, materials, services, energy, consumer products and chemicals. Its present chairman, Ratan Tata is the most influential business leaders in India. He is also one of the worlds most influential people as per Forbs magazine. The Group is known for ethics and value based business approach. Evolution of Leadership in TATA Group: Under the leadership of the Ratan Tata, the Group has incorporated more leadership changes which were essential in current environment to drive towards to be more competitive. In terms of leadership style, the Group has adopted a team-led culture and collective effort approach. Trust became a major factor and theme of the group. Ratan has put a complete organisational restructuring, since he became chairman of the group in 1991, by taking a more matrix-style approach building teams. These changes have transformed a lot in the group business, senior managers have to be on their toes and flexibility and adaptability became essential qualities to have. The leadership changed from a centralised, command centre to a much more distributed form with employees and all managers enjoying greater responsibility and knowledge, which in turn motivated them to work harder and as a group. From well established leadership models such as the McGregor Theory X and Y; in which the theory X manager believes workers dislike work, are not creative and avoid all responsibility whilst the theory Y manager believes that workers get as much enjoyment from work as they can derive with leisure, accept responsibility and be creative. Theory Y approach has been adopted by the Ratan Tata. He wanted all his managers to be modelled as closely to Theory Y and he himself could be called a Theory Y facilitator. He encourages managers to be more innovative and share all their ideas, consulting actively with them and giving them more responsibility and importantly encouraging team-working. Five Factor Leadership Model: Emotional Stability: Ratan has very low anxiety within him and has great sense of security with his future leadership. Extraversion: Even being a bachelor Ratan is very sociable. He has produced very positive affect on future leadership of the Group. Openness: He believes in originality and versatility. By making  £1200/- car he has shown his great interest with and innovation seeking personality. Agreeableness: Within his management team and outside world, Ratan is well trusted and very friendly. Conscientiousness: He is very dutifulness. He spent most of his life working for Group without having any self-interest. He leads a very well organised life. Style (Behaviour) Theory in TATA Group: As per style theory, there are three kind of leadership models are available in literatures. These are as given below. Autocratic Democratic Laissez-faire Ratan Tata is a leader who engages in more democratic style of leadership approach and occasionally shows the other two leadership styles as well. He is more democratic because he always encourages his group leadership to be creating good communication and participation. The budding leadership are well informed about group future strategy and they are very well engaged in decision making process. Most of the group long-term and short-term strategies are formulated by the lower rank of the leadership and are treated as stake holders. Ratan has occasionally shown some short of autocratic style of leadership. Sometimes when needed especially when quick and informed decisions have to be taken, but he is never too commanding in his nature, being a man of few words and being more of a man of action. This is evident from the manner he aggressively pushes for bold international deals, such as during the global acquisitions of business powerhouses such as Corus, JLR, and Tetley. One of his se nior leadership team members, Muthuraman refers him Ratan was the chief architect of the Corus deal. I was worried about the magnitude and the amount of money. But he instilled confidence. In daily routine matters and in developing the leadership, Ratan also uses the Laissez-Faire model such as the delegation of important duties and decision-making, he also do not interfere with any managers functioning, he might make a broad strategic assessment but he does not interfere in operational issues and details, which shows that he has his trust and faith in his managers and believes in their ability. Another quote from Gopalakrishnan, an executive director of the company, expresses how much value Ratan places on his trust, this can be highly motivating for managers and workers alike, I remember what Ratan told us at a meeting. He said that he will continue to trust all his managers, but once they lose that trust, he will go after them. I think that is a very fair deal. Max Webers Leadership Model in TATA Group: Looking at Max Webers Transactional and Transformational Leadership models, where leadership is classed in three forms, Bureaucratic, Charismatic and Traditional, where a Bureaucratic leader is one who is always bound by the set rule and never go beyond them; a Traditional leader is one who does and follows everything from a history and always loyal to obey these traditions and a Charismatic leader is one who uses his own wit or abilities to inspire and is one who can be described as radically opposed to administrative rules and set principles. From these models, Ratan Tata falls into the Charismatic form because he is one who leads by example, coming up with highly innovative ideas such as  £1200 (Rs. One Lakh) car the Nano, budget hotels or low-end watches, he brought radical change to the Tata Group as a whole, changing it from its Traditional mindset to new more flexible and adaptive cultural mindset in global world. Bennis Nanus Transformational Leadership Model in TATA Group: We can see from Bennis and Nanuss Transformational Leadership model that the transformational leaders groom their followers into self-empowered leaders and their main focus is to articulate vision and values clearly so these self-empowered leaders know where to go. Their traits include logical thinking, persistence, empowerment and self-control. Benniss and Nanus has evolved the model which emphasis on the four Is of Transformational leadership, which are Idealised Influence (being a role model) Inspirational Motivation (creating a team spirit, motivating and provide a challenge) Intellectual Stimulation (innovation and creativity) Individual Consideration (mentoring and providing support for followers) Ratan Tata has been proved a true transformational leader. We can see all Is built-in in Ratan Tata. He is the leader with great vision hence he knows right approach to groom future leadership. He has created the team spirit in whole group at every level. He has empowered all his managers and executives and has complete faith in them. He is extremely innovative and is credited for much of the Groups new products; he places a great deal of importance to his RD department. He deeply cares about the welfare of all his employees and managers. During the Mumbais terrorist attack in Taj Hotel (belongs to TATA Group), he took front line in leading at the time of crises. In his leadership statement he articulated One hundred years from now, I expect TATA Group to be much bigger, of course, than it is now. Best in the manner in which we operate, best in the products we deliver and best in our value system and ethics. [tata.com] As a leader of a global business group, Ratan, knows the fierce competition experienced by group business empire. He put a lot of effort in making his business competitive at global level. Through transformational leadership process, the group has made their processes and technology up to date. Ratan Tata said to his managers in his leadership speech A company or business which remains static is a business that will die; a company that constantly changes and accepts that there are better ways to do things than the way they are done today, is a company that will survive in the global market that we face. From this statement we can infer that he knows the importance of developing a good leadership within group to take Group to new heights. Ratan, involves strategy in leadership. He is a deep thinker and a brilliant strategist as is described by one of his Executive Directors, Alan Rosling, He is a deep thinker and extremely strategic. He is always 2-3 steps ahead. Ratan Tata is a man o f strong integrity, ethics and valued principles. He cultivated the same across the Group companies. One of his companies CEO said Tata has shown that there is no other way he will do business other than do it ethically. He believes in strong value based leadership approach in doing business. Ratan Tata has led the TATA Group to transforming from local business group to become a global leader. Leadership Development in TATA Group: TATA Group has long standing leadership program in-place. Their leadership program is based in British Administrative Service model. Groups leadership development programme aims at grooming the managers of today into the leaders of tomorrow. The leadership development programme conceived by JRD Tata, the late chairman of Group in 1950s. The idea behind the leadership programme known as Tata Administrative Services (TAS) was to select and groom young managers, provide them opportunity for professional growth, and make them leaders of tomorrow. This is TATAs in-house programme and has goal is to provide training to high performers, act as a cradle of change and develop the leadership qualities. Most of the Group companies are traditionally led by these in-house groomed leaders. Cons in Leadership Development in TATA Group: Although Ratan Tata has been very successful in leading the group to a new height, but as in case of every leadership he lacks in few of the areas, these areas includes his successor and integration of his own companies in smaller numbers. Due to large number of companies within group, there is chance of internal conflict between its own companies leadership. There have been cases when the Ratan Tatas leadership has been ineffective in dealing with some critical situation. Ratan Tata will be retiring next year and the group is still struggling to get his replacement. He made himself bigger than the group as a whole. Most of the group leadership hover around him and whole leadership has become Ratan centric. Due to recent scam in 2G spectrum allocation in India, the group reputation has been affected severely. Its few of the top leadership were involved in different scams which could prove detrimental to group business in future. Furthermore TATA Group leadership lacks international f lavour. This could be a major hindrance for the group in becoming a major global player. Conclusions: Ratan Tata has transformed TATA as global brand under his leadership. He has created a rank of leadership to whom he can easily pass the leadership baton. Grooming 98 CEO/MD (TATA Group has 98 companies in its group) is a challenging job in which Group has been very successful so far. He has provided inspiration to leaders within his own company. Ratan Tata has successfully led and motivated its CEO/MD of the group companies to be ambitious. Ratan Tata has adopted a management by consensus style. Leading a large group of companies in current business scenario of changing regulations, increasing competition and global economy could be a tough challenge for many business leaders. Leading the business through these tough times and growing multi-folding revenues could be a dream for many business leaders. Achieving this requires clear vision, innate conviction, ability to inspire and guide along the way. Ratan Tata established himself to be the right leader who has helped the company sai l through the turbulent waters and reach the desired lands. Appendix: Reference List DBS Managing People Lecture Notes Roger Gill, Theory and Practice of Leadership, Sage Publication, 2006 Robins, S.P Judge T.A (2010) 10th Edition, Essentials of Organizational Behaviour, Pearson, ISBN 0-13-815763-4 http://leadershipchamps.wordpress.com/2008/08/04/transactional-leadership-vs-transformational-leadership/ http://business.outlookindia.com/inner.aspx?articleid=682editionid=22catgid=70subcatgid=464 http://www.tata.com/company/Articles/inside.aspx?artid=YJbf7uiUY0M= Visionary Leadership: Creating a Compelling Sense of Direction for Your Organization (Jossey Bass Business and Management Series): Burt Nanus Tata Group Annual Reports (1991 -2011)