The Causes of the Great Depression :: American America History

The Causes of the Great Depression Since the beginning of the Industrial Revolution early in the nineteenth century the United States ad experienced recessions or panics at least every twenty years. But none was as severe or lasted as long as the Great Depression. Only as the economy shifted toward a war mobilization in the late 1930s did the grip of the depression finally ease. Stock prices had been rising steadily since 1921, but in 1928 and 1929 they surged forward, with the average price of stocks rising over 40 percent. The stock market was totally unregulated. Margin buying in particular proceeded at a feverish pace as customers borrowed up to 75 percent of the purchase price of stocks. That easy credit lured more speculators and less creditworthy investors into the stock market. The Federal Reserve board warned member banks not to lend money for stock speculation because if prices dropped, many investors would not be able to pay back their debts. No one listened. The stock market began sliding in early September, but people ignored the warning. Then on "black Thursday" (October 24, 1929) and again on "black Tuesday" (October 29, 1929) the ball dropped. More than 28 million shares changed hands in frantic trading. Overextended investors, suddenly finding themselves in heavily in debt, began selling their stocks. Many found that no one would buy anythin g at any price. Overnight, stock values fell from a peak value of 87 billion dollars to 55 billion dollars. The crash was felt far beyond the trading floors. Speculators who borrowed money from the banks to buy their stocks could not repay the loans because they could not sell stocks. This caused many banks to fail. Since bank deposits were uninsured before the 1930s depositors' their money, which in many cases was all that many people had. The stock market crash intensified the course of the Great Depression in many ways. Besides wiping out the savings of thousands, it hurt commercial banks that had invested heavily in corporate stocks. It also caused a loss of confidence in the market prolonging the depression. The downturn began slowly and almost unnoticeably. After 1927, consumer spending declined and housing construction slowed. Inventories piled up, and in1928 and 1929 manufacturers began to cut back on production and lay off workers. Reduced income and buying power in turn reinforced the downturn. By the summer of 1929 the economy was clearly in a recession.

Public finance

The researcher by introduction which includes background to the problem, Statement of the problem, Research questions, Objective of the study, Significance of the study, and the scope and limitation of the study. In the second chapter there is literature review, both theoretical and empirical literature review in which there are some terms defined with relevant theories. The third chapter explains about now the study wick be conducted and techniques that will be used in conducting the research study The third chapter shows and explains the schedule of activities, references and bibliography.The fourth chapter give much details of the research topic by answering the research questions both specific and general research questions. It gives a detailed information gathered during the research period so as to give the real situation of the Ministry in relation to the research topic. The last fifth chapter gives the conclusion and recommendation of the researcher in the research area in re lation to the research topic whether the Ministry conduct the situation satisfactory and if there are some added criteria in order to improve the situation in the research area.CPSP: Certified Procurement and Supplies Professional. MTB: Ministerial Tender Board NBMM: National Board for Materials Management PPA : Public Procurement Act IAA: Institute of Accountancy Arusha Head of Department HOD. PMU. Procurement Management Unit NGO: Non Governmental Organization . United States of America USA' CICA. Competition in Contracting Act : Member of the Parliament MP The Ministry of Infrastructure Development (MID) Head Office is located at the City Centre in Dar-es-salaam at llala Municipal, Pamba Road (Tancot House).The name was officially launched in 1995 and was formerly known as Ministry of works. The ew ministry is the combination of the former Ministry of Works and the Ministry of Communication ; Transportation. It is headed by the Minister Hon. Mr. Andrew Chenge (MP), assisted by Hon . Dr. Maua Daftari (MP) and Dr. Makongoro Mahanga as Deputy Ministers. The ministry of Infrastructures Development is split into two Divisions, namely: 1. Transport Division 2.Communication Division After the introduction of PMS in the year 2003,the ministry adopted a new vision and mission, the proposed functions and structures has put into the new vision, mission and objectives of the ministry. The overall responsibilities of MolD is to structure the transport and communication Infrastructure that is well maintained, providing safe and efficient environment that is friendly and affordable to all parts of Tanzania and one that integrates all modes of transport and communication system economically.Vision of the Ministry: The vision of the ministry is to have efficient and cost effective domestic and international communication and Transport meteorology service to all segments of the population and sectors of National economy with maximum safety and minimum environmental Degradation . Mission of the Ministry: The mission of the Ministry is to have safe, effective and efficient transport and communication and meteorological infrastructures and operations which best meet the socio-Economic needs by improving levels of services at lower costs in a manner which support Government strategies for economically and environment sustainability.Objectives of the Ministry: In order to fulfill the above vision and mission of the sector, the ministry has got the following objectives: To facilitate the provision of adequate, affordable and efficient transport and communication and meteorology infrastructure and services with aximum safety and minimum environment degradation. To ensure a conducive environment for investment in the sector. To improve revenue collection from transport, communication and meteorology service rendered by the sector.To harmonize transport, communication and meteorology standards to those of regional and international groups in which Tanzania is a me mber. To improve services and reduce HIV/AID Intection. Functions of the Ministry. The general function of the Ministry of Communications and Transport are: To initiate and coordinate polices, objectives and strategies on road, railway, pipeline, arine, air transport, posts and Telecommunications. Oversee and co-ordinate performance standards. Monitor and evaluate overall performance contracts.To commercialize and privatize the parastatals in the transport and communication sector The organizational structure of the MolD In order to achieve the objectives, the ministry implements the objectives using five specialized departments at the Head quarter, three regulatory and three Executive agencies: Specialized Departments at the Head Quarters: Department of Administration and Personnel Department of Transport and Communication Department of Accounts and Finance Central Transport Licensing Authority.Regulatory Bodies: Tanzania Civil aviation Authority Tanzania Communication Regulatory A uthority Surface and Marine Regulatory Authority Executive Agencies: Tanzania Airport authority Tanzania Government Flight Agency Tanzania Meteorological Agency. 1. 1 Background to the study Tendering is the method of procurement where by Suppliers, Contractors, and Consultants are invited by procuring entity to compete each other in submitting priced tenders for goods, works, or services (PPA 2004).It is the most popular method recommended by the Act due to its openness, transparency, efficient, and Economy. The history of Procurement Legislation in Tanzania of which tendering found its origin can be traced as far back to 1961 when the Exchequer and Audit Ordinance No. 21 of 1961 was enacted as a Legal mechanism for the purpose of controlling the Public Procurement and Supplies activities. Five years later i. e. 1965 the financial Order part Ill (Stores Regulation 5th Edition 1965) was enacted by the parliament as the guideline to the public Fund by Government officials.Due to the weakness of the old legislation, there was a number of studies carried out in the Country funded by the World Bank to review the Public Procurement System hich eventually found that there was a need for more effective legislation to govern Procurement in the Public Sector to repeal and replace the Exchequer ; Audit Ordinance of 1961, and consequently, Public Procurement Act No. 21 of 2001 came into the e ttect to cater tor the detlciencies ot the old legislations. The enactment of PPA 2001 was only part of the on going Public Procurement reforms.These reforms resulted into the enactment of the PPA 2004 which repealed PPA 2001. The enactment of PPA 2004 was aimed at addressing the deficiencies of the old legislation(s), by enforcing the best practices and professional standards of inancial Management and control of Public properties and resources It is because of this important historical background that TENDERING as a Procurement Method is accorded Importance by the Act due to its o penness, efficiency, economy, and as far as Public Expenditure is concerned.Good practice of tendering reduces total transaction costs and produce timely result, and efficiency use of resources, Poor practice of tendering led to waste and delays and often the cause of allegation of corruption and inefficiency (MasanJa 2004). It follows that the Public Sector particularly the Ministry of Infrastructure Development hould realize the values for money procurement and tendering, among other methods, it must be done in accordance to the existing procedures. 1. 2 Statement of the problem The service oriented organization has a core interest to attain vision and mission.Public Sector in Tanzania, Ministry of Infrastructure Development being one of it, is there to deliver better services to the society, in other hand it spent about 80% of the National Budget on the procurement of goods, Services and works. On realization of this truth the Government has enacted the procurement laws as the gu ide to ensure roper utilization of Pubic Funds. One feature of procurement laws is open/unrestricted tendering characterized by fairness, transparency, and economy.The procedure requires some steps to be accomplished before the contract for delivering of goods, services or execution of work is awarded to the prospective bidder. Open tendering is the most popular procurement method envisage by the Public Procurement Act No. 3 of 2004. It follow that the role of effective open tendering procedures and regulation is to ensure that the system is operated in such away that it reduces the transaction costs, fficiency use of the resources available, efficiency utilization of the time required, and ensure that the system is understood and can be handled by the concerned parties properly.This will Justify the proper use of Public Fund and the attainment of Entitys objectives. The efficiency and adequacies of tendering procedures and quality performance is the end result realization. This is to say that if open tendering is adhered and administrated according to the laid down effective procedures and regulation the end result will be quality of goods, works and services delivered. 1. 3 Research Questions 1. 3. 1 General Question Is open Tendering as a procurement method in Public Sector e 71 32 Specitlc Questions O Are the people involved in procurement?I. e. members, the knowledge of Public Procurement Act 2004? Ministerial Tender Board PMIJ member and HOD have O Are the procedures and Regulation as directed by PPA for open tendering adhered by tender board members or tender evaluation committee or the PMIJ? O Are the tender documents prepared using standard tendering documents as issued by PPRA ? O Can lack of training and understanding of PPA 2004 and their respective regulations contribute to the ineffectiveness of tendering as procurement method? . 4 Study Objectives 1. 4. General Objective The general objective of the study is to evaluate factors that affect the e ffectiveness of open tendering as procurement method in Public Sector. 1. 4. 2 Specific Objectives OTO find out whether the procedures and regulations used for open tendering in the Public Sector are inline with PPA requirements OTO evaluate whether those people i. e. PMU, CTB,;HOD are well involved in the procurement and have the knowledge of the PPA and Regulations. OTO find out whether the lack of procurement capacity in Public Sector contributes to the ineffectiveness of open tendering.OTO check out hether tender documents are prepared according to Standard Tendering Documents and other guidelines (if any) issued by PPRA. 1. 5 Significance of the Study This study has shown clearly problems involved in tendering process including as well as factors hindering proper adhering procedures in Public Sectors. The study may attract the government, donors and NGOs on the need to build Procurement Capacity in the Public Sectors in Tanzania. On the other hand, this study has further served as guidelines for the future reference for those intending to study on procurement laws notably in the area of tendering transactions. . Scope and Limitation of the study his study has been conducted at the Ministry of Infrastructure Development Head Office, which is located in Dar-es-salaam City at llala Municipal. The study has based specifically on such areas as Procurement and Purchasing section, Tendering section and Supplies section. The study has examined the factors affecting the effectiveness of open tendering as procurement method in the Public sector. The coverage included system of procurement in tendering process, tendering documents and prospective laws applied.During the research period the researcher expected the following limitations: O On the Job training took a lot of time for researcher to do other work which has no relation with the researcher topic so time for research has beeen limited to acquire the required data through interviews and questionnaires. (J Som e ot the employees that the researcher managed to nave spot interview they became reluctant to give what is real practiced in the organization in fear that the information collected can be presented to the management and investigation can be made to the concerned staff.Successful Tender â€Å"Means a tender selected by the procuring entity as; offering the lowest evaluated cost in case the method of procurement used was competitive tendering or being the most responsive to the needs of procuring entity if the procurement method used as competitive quotations, single sources procurement, competitive selection or where goods or services are of minor value†. Supplier â€Å"Means company, corporation organization, partnership, or individual person supplying goods, or services, hiring equipment or providing transport services and who is according to the contract is a potential party with the procuring entity' Tender â€Å"Means offer, proposal or quotation made by a supplier, co ntractor, or consultant in response to a request drawn by a procuring entity' Works â€Å"All works associated with the construction, reconstruction, demolition, repair or enovation of a building structure, road or airfield†.Lowest Evaluated Costs ‘Means the priced offered by supplier, contractor or consultant that is found to be the lowest after consideration of all relevant factors and the calculation of any weighing for these factors, provided that such factors have been specified in the tender document†. 2. 3 Theoretical basic of the study. Mhilu (2006) in his paper presented during the 21st NBMM Professional Annual Conference contended that an open tendering is the preferred way to promote open and effective competition. He however agreed on the need to bring a balance etween tendering cost and the benefit received, he further enumerated circumstances where open tendering may not be the preferable method to include if; O There is Justification for single sour ce or emergence procurement or OThe cost of an open tendering exceed direct savings that might be enjoyed or OThere are other benefits foregone by using another procurement method.The World Bank guideline (1999) maintained that the objective of tendering is to attain both the classical and contemporary procurement objectives that include transparent and all aspects contributing towards proper administration of tender, hese are proper goods, works and services of right price, through authorization and in a transparent manner. The guideline further continue that, competitive bidding or tendering is the most effective method in attaining the above mentioned objective when properly administered. i Open Tender This is tendering process which is done through open advertisement through widely circulated media such as newspapers of wide circulation. Through the advertisement a procuring entity states its requirements through specification and terms of purchase. Potential suppliers / Contrac tors & Consultants respond to the

Design Process A Model Process Essay - 1254 Words

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Male And Female Sentencing A Look Into Alternative...

Female V Male Sentencing A Look into Alternative Sentencing Ritchey, Christian American Military University Author Note This paper was prepared for CRMJ201. Abstract With incarceration rates rising and jail and prison populations at an all-time high, alternative sentencing is being used more often with non-violent offenders. This paper looks at male and female incarceration rates, the use of alternative programs for sentencing between the two and the effectiveness of such programs. During the paper we will analyze sentencing differences between male and female offenders. We will also analyze the use of alternative programs for sentencing and their effectiveness. Female V Male Sentencing A Look into Alternative Sentencing The sentencing†¦show more content†¦These A look at statistics According to the 1998 Census Bureau (which was revised in 2000) female offenders made up 51.6% of the population while male offenders made up 48.4%. This indicates that women account for more than half of the population age 10 and older. (bjs.gov) In order to look further into alternative sentencing we need to ask ourselves: 1. What is alternative sentencing? 2. Who is eligible for alternative sentencing? 3. What is the goal of alternative sentencing? 4. Does it work? What is alternative sentencing? â€Å"An alternative to incarceration is any kind of punishment other than time in prison or jail that can be given to a person who commits a crime†. (famm.org) These types of â€Å"punishment† have several benefits. They can help provide things for communities, lower prison and jail costs, help rehabilitate and treat offenders who are addicted to drugs or are mentally ill. Some forms of alternative sentencing are drug-court, probation, house arrest, community service, half-way houses and fines/restitution. Drug-courts are special branches of courts that exist within courts that already exist. Drug-courts provide offenders with court supervised treatment. Probation/parole allows the offender to be â€Å"free† of incarceration, but, keeps the offender from leaving the community. While on probation/parole the offender will have to report to the probation/parole officer. This keeps the offender accountable and helps deter them

Essay about HN205 Unit 6 - 1613 Words

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Deabte analysis free essay sample

The industrial Revolution occurred in Europe from 1750 to 1850. During this time there was also a huge increase in illegitimacy rate, which is the number of babies being born to unmarried women. The big question becomes, did the industrial revolution cause a sexual revolution or not? There are many historians and people with different views about topic. At the start of the industrial revolution there were close to zero babies being born the unmarried women and by the end in 1850 there was 1 in every 3 women having babies that weren’t married. There are two main points of view on this debate; one from Edward Shorter and the other from Louise Tilly, Joan Scott, and Miriam Cohen. Historian Edward Shorter states that the industrial revolution created many opportunities for women to work which he says led to a rise in the illegitimacy rate. He connects this to the sexual emancipation, or sexual freedom, of unmarried, working-class women. Historians Louise A. Tilly, Joan W. Scott, and Miriam Cohen counter that unmarried women started working during the industrial revolution to meet an economic need, not to gain personal freedom. They state that the rise in illegitimacy rates rose due to broken marriages and the absence of traditional support from family, community, and the church. With women starting to work this caused a change in people’s lifestyles. Shorter and Tilly, Scott, and Cohen both have a legitimate argument to if the industrial revolution was the cause of the sexual revolution. You raise the key issues here. It doesn’t need to be this long, but that’s OK. Edward Shorter agrees that women of the upper class in the nineteenth century underwent a female emancipation along with the slave emancipation, but he says that it doesn’t account for the women with families. Young, low status women underwent a radical movement in female emancipation in the late eighteenth century because of the involvement in the economy of the market place. This emancipation started with the young women of low status to older women of higher status. There were some general characteristics describing women during this time. There were many famous women making stands for women’s independence and rights, that it was hard to see the position of all women or the norms of women. One thing Shorter states is, except for the few  exceptions of famous women, most of them were still powerless and dependent. Female emancipation was all about becoming independent. Married women wanted household political power and a family where they have their own rights, sexual gratifications, and emotional freedom. Unmarried women started ignoring the strict views and opinions of parents and community to satisfy their personal needs. All women started disregarding outside controls for personal freedom and sexuality for individual self-fulfillment. Up to here is satisfactory, but more info than necessary and not completely clear. These changes may be linked to the economic changes towards capitalism, an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. Good. One change was that capitalism made subcultures of wage-earning people. These people began to create their own rules and standards on how to run their community. Some of the rules where sexual behavior, target family size, and new techniques for contraception and abortion. The new young people were sexually active and it became a social norm to have sex before marriage. Shorter thinks that some aspect of industrialism must be held accountable for the expressly permissive sexual content of the subcultures. Another change dealing with capitalism was the mentality of the market place. As women began working in the market place they began to bring the principles of the market place into other areas of their lives. Shorter believes that the labor markets were the most direct source of personal freedom. Capitalism’s metal habits of maximizing one’s self-interest and sacrificing community goals to get individual profit was what women learned in the market place and it’s what they wanted in all aspects of life including their family and their freedom. Lastly, the industrial advance along with capitalism removed many external controls upon female sexual freedom. As women were bringing home paychecks meant they contributed to the family’s resources and would be entitled to a greater voice in how these resources were used. This lead to women being more equal and the premarital sex codes became more permissive as her status  was completely dependent on the husbands. Shorter came to state that capitalism entitled a source for females to be independent and have sexual freedom. The low wage, young people started the involvement in the market economy. The prosperous women soon followed in the nineteenth century. For unmarried women capitalism meant personal and sexual freedom. Young women were able to go against parental controls with her sexual and emotional independence because she knew the market would still hire her and give her self-sufficiency, and if needed, would move her to a town where she could work. This lead to the absence of birth control and therefore illegitimacy. You say more than necessary in the first paragraph of this section; your explanation of the argument could be stronger.

Changes In Culture Business Organisations â€Myassignmenthelp.Com

Question: Discuss About Changes In The Culture Of Their Business Organisations? Answer: Introduction The Australia and New Zealand Banking Group Limited, also known as the ANZ, is one of the five largest successful companies in Australia. The bank is also the largest company in New Zealand. The company was formed out of the Bank of Australasia, while it established its first Melbourne office in 1838 and its headquarters in New Zealand. The bank provides a range of services to a diverse pool of clients. As of today, the company is publically listed with almost 376,813 shareholders and a workforce of 35,000 people. The company serves more than six million customers throughout the world. The company demonstrated excellent performance results in 2008 even when the year was tough for the global financial industry. ANZ was never this successful throughout its foundation. During the early 1990s, the bank was facing a number of issues, such as bad debts, poor organisation, employee morale and poor customer satisfaction rates. After experiencing such poor performance and workplace conditions, the company appointed John McFarlane as the CEO of the bank in the late 1990s. It was under the leadership of the new CEO and his freshly formed management team that the bank was able to revive its market position and become successful through a series of planned changes and transformations. Main features of organisational transformation during McFarlanes tenure at ANZ Bank One of the biggest reasons behind the worldwide success of ANZ Bank was the planned changes or the organisational transformation that the new CEO of the company, McFarlane, was about to introduce over a period of time. The change program implemented by the new CEO, along with his new management team, had certain features that helped the management in ensuring a successful transformation and reinforce the changes in the longer run. Some of the features of the organisational transformation program implemented by McFarlane are given below: First of all, the transformation program implemented during the tenure of McFarlane was a well-designed change management program that targeted the entire organisation on the whole. The transformation program involved all the stakeholders in the change and was properly designed before it was implemented. The new CEO of the company was able to understand the role that the culture of the workplace plays in the overall performance of the employees and considered organisational culture to be a topmost priority while planning the change program. By inviting a research company to conduct a survey on the discrepancies between the existing bank values and culture, the new CEO made sure that they could identify those areas where the company required changes. Through such initiatives, the new management was able to discover that there was too much bureaucracy and hierarchy in the organisation, which was hindering the performance levels of the employees. as a result, the transformations program was designed to bring about changes in the values of the organisation on the basis of employee inputs while the existing values had been incorporation into the culture by the senior managers. Secondly, the new management formulated a dedicated breakout and cultural transformation team to assist the management in implementing the planned transformation strategies. Breakout workshops were arranging in which the employees were made more aware of their values, the values of the organisation and how they had an influence in driving their behaviour. Such breakout units helped the new management in continuously diagnosing the behaviour of the employees and identifying the effect that the transformations were having on the stakeholders. Further, the breakout teams acted as change facilitators, which are a necessity for increasing the chances of success of a change program. Thirdly, the new management of the company was able to implement a performance management system, which helped it in increasing the success rate of its transformational strategies. The company used performance scorecards and key performance indicators to assess the performance levels of the employees across various fields, such as financial, customer, etc. The performance management system was divided into three parts i.e. performance planning, performance coaching and performance assessment (Henshaw, 2011). The management designed an effective performance management plant that measured the right performance objectives using the right performance indicators and metrics. Such an effective performance management system helped the company in ensuring greater chances of success in its change management initiatives (OGBA, 2009). Finally, the management followed an effective approach to ensure organisation wide support from the stakeholders during the transformational program, which could otherwise lead to the failure of the program. The new management at the ANZ company followed a top-bottom as well as a bottom to top change implementation strategy that ensured greater trust and communication amongst the stakeholders (Cummings, 2013). Thus, the ability of the management to establish trust and communicate the transformation program clearly to the stakeholders helped it in ensuring a greater success rate for its change program. Challenges for managers in implementing transformation strategies It is often said that a change is not the problem, resistance to change is. An organisation can experience a variety of changes that can have an effect on individual units, processes and sometimes on the entire organisation as a whole. Cultural change is an organisation wide change that has an impact on the entire organisation as a whole and is considered to be one of the most difficult changes to be implemented in any organisation. Cultural changes can bring about changes in job roles and responsibilities, operations, dealing with clients, buyers and suppliers, etc. As a result, cultural changes receive a great deal of resistance from the stakeholders and the managers responsible for implementing a cultural change has to face a number of challenges in their attempts to achieve a successful transformation. Some of the challenges that the managers working in companies like the ANZ and trying to implement a cultural changes face are discussed below: First of all, when the change is related with the culture of an organisation, it becomes very difficult for the managers to build organisation wide trust and establish effective communication networks, which was also a challenge that the management of ANZ Bank faced while attempting to bring about changes in their organisation culture. Building trust and communicating the change program is one of the most important pillars of success while trying to transform the culture of an organisation and in their absence, the stakeholders can create panic due to fear of the unknown and can offer a great deal of resistance to the change program (RICK, 2015). As a result, it can become difficult for the managers to implement a cultural change successfully and can fail in their attempt to achieve a successful transition. Secondly, cultural changes can also involve alterations in the job roles and responsibilities of certain employees, which can further result into a change in their power status or status quo. Such a condition can trigger a lot of resistance to the change program as the employees working on the topmost position might feel a threat to their powers and can offer very strong resistance to the change management program (BRADFIELD, 2006). Further, cultural changes can also involve elimination of certain job profiles from the organisational hierarchy, which can generate stress amongst the employees and can have an effect on their performance levels. As a result, it becomes an important challenge that the managers face while trying to transform the culture of their organisations. Thirdly, it is a natural tendency of human beings to resist changes as they bring them out of their comfort zones. In case of cultural changes, it is obvious that the entire organisation will have to undergo a major change, which will definitely bring a lot of employees out of their comfort zones (Ryan, 2014). As a result, the employees offer a higher resistance to such changes that can have a huge and a long lasting impact on their jobs. Therefore, this is another challenge that the managers trying to transform the culture of an organisation are bound to face. Lastly, cultural changes also become a challenge for the managers because a talk about cultural change can initiate a lot of group dynamics and politics within the organisation. A culture of an is defined as the way in which an organisation carries out its work operations and how the things are done in a company. The culture of an organisation is the only thing which binds the entire workforce together and when there is a change being planned for the culture of an organisation, the stakeholders can create panic and can become part of group dynamics, which can make it difficult for the managers to implement the transformation strategies successfully. Attributes of key leaders at the ANZ Bank and role of leaders in managing change programs A leader is a person who has the skills to make the other people follow and get things done by keeping them motivated. A great leader is the one who has the potential to bring the best out of his followers and contribute more towards the overall success of an organisation. The way in which, under the leadership of John McFarlane, the ANZ Bank emerged as one of the top companies in the areas where it had its operations clearly proves the efficiency and effectiveness of John as a leader. During his ten-year tenure, John proved to be successful in increasing the customer satisfaction rates, higher staff engagement, community recognition and above all, turning around the financial performance of the company and delivering on the promises that were made to the shareholders. John McFarlane proved to be a successful leader and even at the end of his tenure, most of the stakeholders did not want him to leave the company and felt that his tenure should be extended. John McFarlane had a great deal of knowledge about the operations of the bank and knew how to involve all the stakeholders, which helped him in ensuring higher engagement levels. Further, as a leader of a company, John also had the ability to analyse the market trends and undertake strategies that would help the company in becoming more successful in the times to come. He followed a futuristic approach and made some important decisions that helped the company in grabbing a greater market share and reviving its position in the market. Organisational leaders have a great role to play in the implementation of change management programs and can bridge the gap between success and failure. John, as the leader of ANZ Bank, played an important role in influencing, directing and managing the change process at ANZ. First of all, John worked hard to carry out extensive research and surveys through professional organisations so that they could identify the areas where the organisation required changes. It helped the company in identifying those operational areas which were inefficient and prepare change management programs to deal with the inefficiencies identified. Secondly, John worked hard with his management so that they could avoid situations that could give rise to resistance to the change program. They implemented strategies that enabled them to establish trust in the organisation and communicate the change program to the stakeholders in the best possible manner. The decision to improve communication and establish trust helped the management at ANZ to effectively manage resistance to change. Thirdly, John also designed and implemented a performance management system that helped the management to continuously analyse the progress that it had been making in the implementation of the change program. It also helped the management in identifying the areas that were proving to be ineffective and turning them effective by performance coaching. Furthermore, the system of performance management also helped the company in reinforcing the changes that had been successfully implemented so that the employees could not switch back to their previous cultural values or behaviour. Conclusion Managing a change program is never an easy task as many organisations have lost their market share to their competitors because of their failures to implement changes successfully. ANZ Bank is a perfect example of how leadership can play an important role in ensuring success for a change management program as it was able to greatly revive itself under the efficient leadership of John McFarlane. The ability of the company to successfully transform its cultural values was made possible by the leader of their organisation, who worked hard in influencing, directing and managing the change process. References Henshaw, J., 2011. Performance Management: Are you clear on what you want from your employees?. [Online] Available at: https://managing-employee-performance.com/clear-what-want-from-employees/[Accessed 11 September 2017]. OGBA, C. N., 2009. MANAGING CHANGE THROUGH PERFORMANCE MANAGEMENT. [Online] Available at: https://www.unn.edu.ng/publications/files/images/OGBA,%20CHIKA%20NGOZI.pdf [Accessed 11 September 2017]. Cummings, K., 2013. Trust, Communication, and Leadership: The Three Laws of Influence. [Online] Available at: https://www.td.org/Publications/Blogs/Management-Blog/2013/04/Trust-Communication-and-Leadership-the-Three-Laws-of-Influence [Accessed 11 September 2017]. RICK, T., 2015. WHY IS ORGANIZATIONAL CULTURE CHANGE DIFFICULT. 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