Change Management Essay Example | Topics and Well Written Essays - 1250 words

Change Management - Essay Example The first stage involves creating a sense of urgency and advocating for change through strong leadership. Kotter advises organizations to hire new leaders or designate change champions who act as the driving force of change (Kotter, 1996, P. 125). The second stage is the engagement of senior managers in the implementation of change. Senior managers form a guiding coalition which is committed to excellence through renewal. This coalition exists outside normal hierarchy and is guided through efforts and the commitment of the top management. The next stage is the creation of a vision by the guiding coalition. The vision is a guiding strategy that clarifies the direction which the organisation intends to take. The ideal vision is brief and concise (Kotter, 1996, P. 125). The fourth step is communicating the vision through newsletters and speeches. If downsizing is part of the vision, new growth possibilities and commitment to fair treatment of those who are laid off is critical. Executives should constantly use the existing communication channels to broadcast the vision. The next stage involves removing of obstacles to change such obstacles include constraints in the compensation or performance appraisal systems and a rigid organizational structure. It is important for the appraisal and reward system to be consistent with the vision (Kotter, 1996, P. 125; (Wilson, 1999, P. 57)). The transformation process should accommodate short-term wins. As such, the process should set short-term goals to be met and celebrated. Managers should actively design ways to obtain performance improvements and to achieve objectives with the people involved being rewarded and celebrated. Victory is not attained until the changes are embedded in the organisation culture. Rather than declaring victory managers should use the milestones achieved by short-term gains to tackle bigger challenges (Kotter, 1996,

Business Statistics Term Paper Example | Topics and Well Written Essays - 500 words

Business Statistics - Term Paper Example It is imperative to note that there might be extra variables which cause movement in the observed variables and these are not taken into account when analyzing the correlation between the two variables.It is imperative to note that there might be extra variables which cause movement in the observed variables and these are not taken into account when analyzing the correlation between the two variables.Correlation establishes the association between two variables, whereas regression is to establish a numerical connection between the two variables. In other words, correlation answers the questions if two variables X and Y are related whereas regression gives the numerical connection between them.a) Straight Line Regression: The regression line is of the form: Y = a + b X, where Y is the dependent variable X is the independent variable a represents the y- intercept, i.e., the value of Y when X is equal to zero b represents the slope of the regression line indicating the sensitivity of Y to changes in Xb) Least Squares Method: The regression line can be estimated based on the Least Squares Method. The method is based on the concept that the best regression line is the line which is at a minimum distance possible from all the data points) The regression line gives the relationship between the two variables in the form of an equation.d) The least squares method gives us the equation of the line of best fit. It is, however, essential to estimate the reliability or ‘goodness of fit’ of this regression equation) The coefficient of determination is the square of the value of R (R2). The coefficient of determination is expressed as a percentage. In case R is +1 or -1, the R2 value is 1 indicating a perfect fit or a 100 % fit.