Concepts of Effective Leadership

Concepts of Effective Leadership Meaning of leadership; the characteristics and qualities of effective leaders The success of any corporate body or organisation depends on its leader’s ability to coordinate and manage the utilisation of its resources, for achievement of common organisational goals. Therefore, an effective leader should be able to coordinate and manage all affairs of an organisation, through supplying and setting in an organisation achievable visions and coordinating all employees’ efforts, for purposes of achieving common organisational goals. Advertising We will write a custom essay sample on Concepts of Effective Leadership specifically for you for only $16.05 $11/page Learn More In addition, an effective leader should ensure that, in the long run both an organisation and employees’ goals or needs are achieved. On the other hand, an effective leader is a king leader who provides positive influences to a company. Considering this, effective leadership entails the practice of influencing or coordinating employee’s efforts, for purposes of achieving â€Å"extraordinary† organisational goals. To achieve success beyond the set standards a leader must hold high standards of integrity, be motivating, creative, influential, a good problem solver, and have ability to formulate achievable goals and appropriate communication channels within an organisation. Further, a good leader must be hardworking and have the ability to create a good working environment; environments that will encourage innovativeness and cooperation between all organs of an organisation. Personal Experience For me, the most valuable leadership practice was my initiative to organize and to improve a professional course for the analysts of HNA Group. HNA Group is a large Chinese based company which has developed itself from a single purpose airline company to a diversified corporation across 8 different industries. In 2009, the company planned to expand its territory to the international Hospitality Industry, since the world had suffered a great economic recession, making the value of the entire industry generally low. At the time, I was an analyst and an assistant for the COO of the company and faced a lot of difficult in doing my job when the company started looking for target companies to acquire. Traditionally, a successful investment requires exhaustive financial analysis to understand the target industry and the performance of the target company. It also requires analysts who are suddenly thrust in the new position to evaluate businesses based upon unfamiliar technology and financial system. Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Throughout my research about the hospitality industry, I struggled to grasp the significance of core technologies but did not get the clue, a fact that I discovered was common among colle agues. The investment bankers offered us many valuable options but, without proper researches, the core intelligence team could not convincingly evaluate the options and define the ones that were bests for our company. I thereby realized that the analysis team needs technical support to improve their knowledge. As an analyst, it was hard for me to get enough attention and support from the head of the management team, forcing me to get the information through collecting opinions from my colleagues. Through coordinating with my colleagues I was able to write a business proposal, which provided solutions to the problem to the management team. After analysing the proposal, the management supported the solution plan, because after that the management team arranged a series of seminars that were led by the industry experts of the company. At the beginning of the seminars, the internal experts enlightened us about the nature of the industry and the particular interests of the company; h owever, I soon realized that internal experts were not qualified to teach us about international finance and cross-board acquisition since of their experiences were primarily China-based. In response, my colleges and I started to communicate with other analysts to discover the alternatives. After collecting responses from the analysts, I realized that the most effective alternative for the company was to hire technology consultants from the outside sources, because in this way, the analysts could get more comprehensive and technical knowledge. Although the new solution was good, unlike the old one that was less costly, to implement the new one the company had to incur extra costs. This made it very hard fro the managers to approve it, because it required wide consultation among all top management organs. Therefore, I decided to make a complete proposal to the managers to convince them that the company needed expensive alternative to help the analysts perform their duties effective ly. To make sure that I had the necessary convincing power, I also consulted with my superiors who were very beneficial in helping me to improve my convincing power. Through persuasion, the management team approved my alternative plan, after reviewing the analysts’ responses about the seminars and my research on the alternatives. Using my colleague’s comments and the managers’ evaluation report, the external experts greatly improved the company’s ability to analyze target companies as well as advised the managers more intelligently on how to enhance their practise.Advertising We will write a custom essay sample on Concepts of Effective Leadership specifically for you for only $16.05 $11/page Learn More Areas I Plan to Develop This experience made me to acknowledge that, communication is a very important component of any organisation; because it is through communication that one can pass any message they want to pass effectively, for purposes of winning the confidence of others. This is something I realised, because of the difficulties that I faced in selling my expensive alternative to the management. In addition, to the significance of communication, I also learnt the significance of developing solid professional relationships with workmates. Therefore to enhance my communication and convincing skills, I intend to do more researches on how to become an effective business communicator and learn more about the art of writing and presenting convincing business proposals.

Binomial Table for n=2, n=3, n=4, n=5 and n=6

Binomial Table for n=2, n=3, n=4, n=5 and n=6 One important discrete random variable is a binomial random variable. The distribution of this type of variable, referred to as the binomial distribution, is completely determined by two parameters: n   and p.   Here n is the number of trials and p is the probability of success. The tables below are for n 2, 3, 4, 5 and 6. The probabilities in each are rounded to three decimal places. Before using the table, it is important to determine if a binomial distribution should be used. In order to use this type of distribution, we must make sure that the following conditions are met: We have a finite number of observations or trials.The outcome of teach trial can be classified as either a success or a failure.The probability of success remains constant.The observations are independent of one another. The binomial distribution gives the probability of r successes in an experiment with a total of n independent trials, each having probability of success p.  Ã‚   Probabilities are calculated by the formula C(n, r)pr(1 - p)n - r where C(n, r) is the formula for combinations. Each entry in the table is arranged by the values of p and of r.   There is a different table for each value of n.   Other Tables For other binomial distribution tables: n 7 to 9, n 10 to 11.   For situations in which np  and n(1 - p) are greater than or equal to 10, we can use the normal approximation to the binomial distribution.   In this case, the approximation is very good and does not require the calculation of binomial coefficients.   This provides a great advantage because these binomial calculations can be quite involved. Example To see how to use the table, we will consider the following example from genetics.   Suppose that we are interested in studying the offspring of two parents who we know both have a recessive and dominant gene.   The probability that an offspring will inherit two copies of the recessive gene (and hence have the recessive trait) is 1/4.   Suppose we want to consider the probability that a certain number of children in a six-member family possesses this trait.   Let X be the number of children with this trait.   We look at the table for n 6 and the column with p 0.25, and see the following: 0.178, 0.356, 0.297, 0.132, 0.033, 0.004, 0.000 This means for our example that P(X 0) 17.8%, which is the probability that none of the children has the recessive trait.P(X 1) 35.6%, which is the probability that one of the children has the recessive trait.P(X 2) 29.7%, which is the probability that two of the children have the recessive trait.P(X 3) 13.2%, which is the probability that three of the children have the recessive trait.P(X 4) 3.3%, which is the probability that four of the children have the recessive trait.P(X 5) 0.4%, which is the probability that five of the children have the recessive trait. Tables for n2 to n6 n 2 p .01 .05 .10 .15 .20 .25 .30 .35 .40 .45 .50 .55 .60 .65 .70 .75 .80 .85 .90 .95 r 0 .980 .902 .810 .723 .640 .563 .490 .423 .360 .303 .250 .203 .160 .123 .090 .063 .040 .023 .010 .002 1 .020 .095 .180 .255 .320 .375 .420 .455 .480 .495 .500 .495 .480 .455 .420 .375 .320 .255 .180 .095 2 .000 .002 .010 .023 .040 .063 .090 .123 .160 .203 .250 .303 .360 .423 .490 .563 .640 .723 .810 .902 n 3 p .01 .05 .10 .15 .20 .25 .30 .35 .40 .45 .50 .55 .60 .65 .70 .75 .80 .85 .90 .95 r 0 .970 .857 .729 .614 .512 .422 .343 .275 .216 .166 .125 .091 .064 .043 .027 .016 .008 .003 .001 .000 1 .029 .135 .243 .325 .384 .422 .441 .444 .432 .408 .375 .334 .288 .239 .189 .141 .096 .057 .027 .007 2 .000 .007 .027 .057 .096 .141 .189 .239 .288 .334 .375 .408 .432 .444 .441 .422 .384 .325 .243 .135 3 .000 .000 .001 .003 .008 .016 .027 .043 .064 .091 .125 .166 .216 .275 .343 .422 .512 .614 .729 .857 n 4 p .01 .05 .10 .15 .20 .25 .30 .35 .40 .45 .50 .55 .60 .65 .70 .75 .80 .85 .90 .95 r 0 .961 .815 .656 .522 .410 .316 .240 .179 .130 .092 .062 .041 .026 .015 .008 .004 .002 .001 .000 .000 1 .039 .171 .292 .368 .410 .422 .412 .384 .346 .300 .250 .200 .154 .112 .076 .047 .026 .011 .004 .000 2 .001 .014 .049 .098 .154 .211 .265 .311 .346 .368 .375 .368 .346 .311 .265 .211 .154 .098 .049 .014 3 .000 .000 .004 .011 .026 .047 .076 .112 .154 .200 .250 .300 .346 .384 .412 .422 .410 .368 .292 .171 4 .000 .000 .000 .001 .002 .004 .008 .015 .026 .041 .062 .092 .130 .179 .240 .316 .410 .522 .656 .815 n 5 p .01 .05 .10 .15 .20 .25 .30 .35 .40 .45 .50 .55 .60 .65 .70 .75 .80 .85 .90 .95 r 0 .951 .774 .590 .444 .328 .237 .168 .116 .078 .050 .031 .019 .010 .005 .002 .001 .000 .000 .000 .000 1 .048 .204 .328 .392 .410 .396 .360 .312 .259 .206 .156 .113 .077 .049 .028 .015 .006 .002 .000 .000 2 .001 .021 .073 .138 .205 .264 .309 .336 .346 .337 .312 .276 .230 .181 .132 .088 .051 .024 .008 .001 3 .000 .001 .008 .024 .051 .088 .132 .181 .230 .276 .312 .337 .346 .336 .309 .264 .205 .138 .073 .021 4 .000 .000 .000 .002 .006 .015 .028 .049 .077 .113 .156 .206 .259 .312 .360 .396 .410 .392 .328 .204 5 .000 .000 .000 .000 .000 .001 .002 .005 .010 .019 .031 .050 .078 .116 .168 .237 .328 .444 .590 .774 n 6 p .01 .05 .10 .15 .20 .25 .30 .35 .40 .45 .50 .55 .60 .65 .70 .75 .80 .85 .90 .95 r 0 .941 .735 .531 .377 .262 .178 .118 .075 .047 .028 .016 .008 .004 .002 .001 .000 .000 .000 .000 .000 1 .057 .232 .354 .399 .393 .356 .303 .244 .187 .136 .094 .061 .037 .020 .010 .004 .002 .000 .000 .000 2 .001 .031 .098 .176 .246 .297 .324 .328 .311 .278 .234 .186 .138 .095 .060 .033 .015 .006 .001 .000 3 .000 .002 .015 .042 .082 .132 .185 .236 .276 .303 .312 .303 .276 .236 .185 .132 .082 .042 .015 .002 4 .000 .000 .001 .006 .015 .033 .060 .095 .138 .186 .234 .278 .311 .328 .324 .297 .246 .176 .098 .031 5 .000 .000 .000 .000 .002 .004 .010 .020 .037 .061 .094 .136 .187 .244 .303 .356 .393 .399 .354 .232 6 .000 .000 .000 .000 .000 .000 .001 .002 .004 .008 .016 .028 .047 .075 .118 .178 .262 .377 .531 .735