Hdfc Bank Essay Example for Free

Hdfc Bank Essay The first modern bank was founded in Italy in Genoa in 1406, its name was Banco di San Giorgio (Bank of St. George). Many other financial activities were added over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks are the primary owners of industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of cross share holding entity known as zaibatsu. In France Bancassurance is highly present, as most banks offer insurance services (and now real estate services) to their clients. 1.2 DEFINITION: The definition of a bank varies from country to country. Under English law, a bank is defined as a person who carries on the business of banking, which is specified as: †¢ Conducting current accounts for his customers †¢ Paying cheques drawn on him, and †¢ Collecting cheques for his customers. 1.3 OBJECTIVE OF THE STUDY: The Objective of this on the job training is to study the importance of the potential customers and their value to the bank and creating the awareness among them about the importance of current accounts and keep a good relationship with them for the bank’s benefit. 1.4 ORIGIN OF THE BANK: The name bank derives from the Italian word banco desk/bench, used during the Renaissance by Florentines bankers, who used to make their transactions above a desk covered by a green tablecloth. However, there are traces of banking activity even in ancient times. In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely convert the foreign currency into the only legal tender in Rome- that of the Imperial Mint. 1.5 PRESENT STATUS OF THE BANK: Worldwide assets of the largest 1,000 banks grew 15.5% in 2005 to reach a record $60.5 trillion. This follows a 19.3% increase in the previous year. EU banks held the largest share, 50% at the end of 2005, up from 38% a decade earlier. The growth in Europe’s share was mostly at the expense of Japanese banks whose share more than halved during this period from 33% to 13%. The share of US banks also rose, from 10% to 14%. Most of the remainder was from other Asian and European countries. . The US had by far the most banks (7,540 at end-2005) and branches (75,000) in the world. The large number of banks in the US is an indicator of its geography and regulatory structure, resulting in a large number of small to medium sized institutions in its banking system. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy had more than 30,000 branches each—more than double the 15,000 branches in the UK. 1,6 FUTURE OF THE BANK : The future is integration as people will have less time for banking. People will want to process more transactions on the Internet. There will be more activity in terms of applications and services on the mobile. Geography will not be an inhibitor any more as everything is executable on the Net. Integration is the next real big thing. As a customer you will want a one-stop shop that will take care of all your needs. For instance people will want to buy their mutual funds, redeem their mutual fund, buy insurance policies, renew policies, buy cinema tickets, railway tickets, and numerous similar transactions through the bank. The ATM will still serve as a cash dispensing medium, but the Internet and mobile will be very active. [pic] 2.1 ORIGIN OF THE ORGANIZATION : H.D.F.C was set up on 17th October, 1977 by I.C.I.C.I. out of the consideration that a specialized institution was needed to channel household savings as well as funds from the capital market into the housing sector. H.D.F.C. has emerged as the largest mortgage finance institution in the country. The main objective of H.D.F.C. is to develop significant expertise in retail mortgage loans to different market segments and to have a large corporate client base for its housing related credit facilities. The main aim of H.D.F.C. is to support or aid in the promotion of home ownership. H.D.F.C. is Indias leading housing finance company and for all practical purposes is synonymous with the domestic housing finance industry. The primary objective of H.D.F.C is to enhance residential housing stock and promote home ownership. One of its major objectives is to increase flow of resources for housing through the integration of housing financial institutions with the domestic market. H.D.F.C. has developed a strong market reputation large shareholder base and unique consumer franchise. H.D.F.C. is Indias premier housing finance company in India as well as in international markets. It has maintained a consistent and healthy growth in its operations to remain the clear market leader in mortgages in India. The company has been constantly engaged into innovation and innovative practices since its birth. 2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION: HDFC Bank reported a 43 percent growth in net profit at Rs.75.5 crore for the third quarter ended December 31, 2001, as against Rs 52.8 crore in the corresponding quarter previous fiscal. The jump in net profit was primarily due to other income which almost doubled to Rs 85.5 crore from Rs 47.5 crore. Speaking to analysts at a conference call today, January 15, 2002, Paresh Suthankar, head – credit risk and investments, reiterated the bank’s earlier guidance of a 25-30 per cent compounded annual growth rate (CAGR) in its top line for the next two to three years. The bank does not see any reason to revisit its guidance and stands by it. It expects the projections to hold true as long as the market environment is relatively stable and does not move to an extreme of either a boom or a total bottoming out. The bank is open to acquisitions as a vehicle of growth, but any growth via acquisitions would be over and above its projected growth rate of 25-30 per cent. At present, it is not working on any deal but there are acquisition prospects in the Indian scene, giving rise to opportunities for inorganic growth. The bank’s exposure to capital markets is around 6-7 per cent, against the Reserve Bank of India (RBI) norms of 5 per cent. The bank expects to bring it down to within the stipulated limit by the end of this fiscal. The bank has made a lot of headway in its retail thrust with retail accounts going up to 1.9 million from 1.4 million a year back. The branch network now stands at 147 outlets in 63 cities and the ATM network at 360 compared to 231 ATMs as on March 31, 2001. The debit card base is at six lakh. On the advances side, car loans have really picked up and now form almost 50 per cent of the total retail advances, with the remaining being accounted for by loan against securities and other loans. In fact in case of car loans, the bank now covers around 30 cities against just eight-nine a year back. 2.3 PRESENT STATUS OF THE ORGANIZATION: HDFC Bank Limited provides various financial products and services. It operates in three segments: Personal Banking, NRI Banking, and Wholesale Banking. The Personal Banking segment provides savings, and current and fixed deposit accounts. It also offers personal, home, two wheeler, new car, used car, gold, education, healthcare, commercial vehicle, working capital, construction equipment, and warehouse receipt loans. In addition, this segment provides safe deposit lockers; credit, debit, and prepaid cards; mutual funds, general and health insurance, bonds, and equities and derivatives products; and forex and payment services. The NRI Banking segment’s deposit products include rupee savings accounts, rupee current accounts, rupee fixed deposits, foreign currency deposits, and accounts for returning Indians. Its loan products comprise home loans, loans against securities, loans against deposits, and gold credit cards. The Wholesale Banking segment offers funded services, which consist of working capital finance, short term finance, bill discounting, and export credit; and non-funded services, such as letters of credit, bank guarantees, and collection of documents to corporations, and small and medium enterprises. It also various services to banks, financial institutions, mutual funds, stock brokers, insurance companies, commodity businesses, and trusts. As of March 31, 2008, it had a network of 761 branches and 1,977 automated teller machines in 327 cities in India. [pic] 2.4 FUNCTIONAL DEPARTMENT OF THE ORGANIZATION: HDFC Bank Limited is located in New Friends Colony, New Delhi. This organization Includes functional departments as follows: 1. Current Account Department 2. Saving Account Department 3. Trade Department 4. Salary Department 5. Cash Department 6. Demat Account Department 2.5 ORGANIZATION STRUCTURE AND CHART: [pic] 2.6 PRODUCT AND SERVICE PROFILE OF THE ORGANIZATION: HDFC Bank mainly provides three kinds of banking services: †¢ Personal Banking †¢ NRI Banking †¢ Wholesale Banking The following are the products and services provided by the HDFC bank HDFC Bank provides loans like Personal Loans , Home Loans , Educational Loans , Two Wheeler Loans , New car Loans, Used Car Loans, Overdraft Against Car, Express Loans, etc. HDFC Bank provides Credit, Debit and Prepaid Cards to help you meet your financial objectives. HDFC Bank provides facilities like Mutual Funds, Insurance, General Health Insurance, Bonds, Financial Planning, Knowledge Center, Equities Derivatives, and Mudra Gold bar. If you need to deal in foreign currency and keep tabs on exchange rates every now and then, transfer funds to India, make payments etc., HDFC Bank has a range of products and services that you can choose from to transact smoothly, efficiently and in a timely manner. With HDFC Bank’s payment services, you can bid goodbye to queues and paper work. HDFC’s range of payment options make it easy to pay for a variety of utilities and services. HDFC Bank provides many types of accounts like: †¢ Saving Account †¢ Current Account †¢ Demat Account †¢ Salary Account HDFC Bank has designed two programs to make banking easier for the customers and they are †¢ HDFC Bank Preferred Programme †¢ HDFC Bank Classic Programme. HDFC Bank offers Private Banking services to high net worth individuals and institutions. HDFC Bank offers you quick, economical and convenient options to remit and transfer funds to India. Corporate Banking reflects HDFC Bank’s strengths in providing our corporate clients in India, a wide array of commercial, transactional and electronic banking products. HDFC Bank acts as an active medium between the government and the customers by means of various services. 2.7 CURRENT ACCOUNT IN DETAIL: Features Benefits: [pic]Free Account to account funds transfer between HDFC Bank accounts Free payment and collection through RTGS. Free payment and collection using NEFT (through Net banking) Free up to 50 Demand Drafts per month and can be issued from any HDFC Bank Branch Free up to 50 Pay Orders (PO) per month and can be issued from any HDFC Bank Branch. Free anywhere collection payment transactions (clearing) within HDFC Bank branch network (except Dahej), up to Rs.100 lacs per month. Convenience to withdraw deposit cash at all our branches* Free 300 At Par cheques leaves per month. Register for InstaAlert service and receive updates on your account as and when the select transaction happens all this without visiting the branch or ATM! HDFC Bank offers you Doorstep Banking*, a channel, which is convenient, secure and hassle-free. Now, you can enjoy the benefits of banking right at your doorstep. The Bank will arrange to render the services like Cash Cheque Pickup and Cash Delivery, through a reputed agency. Enjoy facilities like 24-hour Phone Banking, Net Banking and Mobile Banking that helps you check your balance transaction details, find out the status of your cheque or stop cheque payment. Fees Charges for Plus Current Account: Minimum Balance (Average Quarterly Balance)-Rs. 100,000/- Non-Maintenance Charges per quarterCharge of Rs.6,000/- per quarter, if AQB is less than Rs.50,000/- Charge of Rs.1, 500/- per quarter, if AQB is less than Rs. 100,000/- but = Rs. 50,000/- Cheque Book Charges (Issued by Bank)-Payable-at-par Free 300 cheques leave per month. Charges Rs 2/- per leaf beyond 300 leaves Remittance facility through own Bank: Demand Drafts (DD) payable HDFC Bank Locations (Issued from any branch) / Duplicate DDFree up to 50 DDs per month. Above 50 transactions, charges @ Rs. 25/- per Demand draft Pay Orders (PO) on HDFC Bank Locations (Issued from Any Branch) / Duplicate PO Free up to 50 POs per month. Above 50 transactions, charges @ Rs. 25/- per Pay-order Issuance of DD/ PO through Phone BankingAll standard charges for DD / PO are applicable as above. Only DD / PO amount up to Rs 500,000/- are accepted at Phone banking. DD/PO-Cancellation/RevalidationRs.50/- per instrument NEFT/EFT Transactions: Payments-Free CollectionsFree RTGS Transactions: Payments-Free CollectionsFree Local Transactions (At home branch location) : Local cheques collections paymentsFree Account to Account Fund Transfer within HDFC Bank- Free Anywhere Transactions (except Dahej) Account to Account Fund Transfer within HDFC Bank-Free Payments Collections at HDFC Bank Locations-Free up to Rs.100 lacs per month, beyond which charges @ Rs. 0.50/1000, min Rs. 25 Bulk Transaction ChargesAll transactions are subject to a maximum of 250 transactions per month, beyond which charges @ Rs.5/- per transaction would be levied. Includes all Local / Anyhwere clearing and transfer transactions Remittance facility through other Bank: Issue of Demand Drafts (DD) / Duplicate DD (Correspondent tieup)Rs.2.00 per Rs.1000/- Minimum Rs.50/- DD-Cancellation / Revalidation-Rs.50/- per instrument Cheque Collection: Outstation through own bankCollection: Free, only courier charges of Rs 20 per instrument Outstation through another bank (Correspondent bank locations) : Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) Non-MICR Cheques: Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25) Cash Transactions : 1. Cash Deposit Cash Deposit-Home Branch Location-Free up to Rs.10 lacs per month or 50 transactions which ever is lower, Deposit in excess of Rs.10 lacs or 50 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home-branch city subject to limit of Rs.100, 000/- per account per day) Cash Deposit -Non Home locationMaximum Rs.100, 000/- per day. Charges @ Rs. 3/1000, min Rs. 50 2. Cash Withdrawal Cash Withdrawal-Home BranchFree at Home Branch Cash Withdrawal-Non Home Branch-Intercity IntracityFree up to Rs.50,000/- per day, beyond which charges @ Rs.2/1000, min Rs.50/- (Only for incremental amount), Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction. Features Benefits [pic]Free Account to account funds transfer between HDFC Bank accounts. Free RTGS/NEFT Transactions. Free up to 30 Demand Drafts (DD) per month and can be issued from any HDFC Bank Branch. Free up to 30 Pay Orders (PO) per month and can be issued from any HDFC Bank Branch. Free anywhere collection payment within HDFC Bank branch network (except Dahej), up to Rs.50 lacs per month. Convenience to withdraw deposit cash at all our branches* Free 200 At Par cheque leaves per month. Register for InstaAlert service and receive updates on your account as and when the select transaction happens all this without visiting the branch or ATM! Fees Charges for Trade Current Account [pic]Description of Charges Minimum Balance (Average Quarterly Balance) -Rs. 40,000/- Non-Maintenance Charges per quarterCharge of Rs.1,200/- per quarter, if AQB is less than Rs.40,000/- Cheque Book Charges (Issued by Bank) -Payable-at-par 200 cheques leave Free per month. Charges Rs 2/- per leaf beyond 200 leaves Remittance facility through own Bank Demand Drafts (DD) payable HDFC Bank Locations (Issued from any branch) / Duplicate DD Free up to 30 DDs per month. Above 30 transactions, charges @ Rs. 25/- per Demand draft Pay Orders (PO) on HDFC Bank Locations (Issued from Any Branch) / Duplicate PO Free up to 30 POs per month. Above 30 transactions, charges @ Rs. 25/- per Pay-order Issuance of DD/ PO through Phone Banking All standard charges for DD / PO are applicable as above. Only DD / PO amount up to Rs. 500,000/- are accepted at Phone banking. DD/PO-Cancellation/Revalidation-Rs.50/- per instrument NEFT/EFT Transactions: PaymentsFree CollectionsFree RTGS Transactions : PaymentsFree CollectionsFree Local Transactions (At home branch location) Local cheques collections payments-Free Account to Account Fund Transfer within HDFC Bank -Free Anynhwere Transactions (except Dahej) Account to Account Fund Transfer within HDFC BankFree Payments Collections at HDFC Bank LocationsFree up to Rs.50 lacs per month, beyond which charges @ Rs. 0.50/1000, min Rs. 25 Bulk Transaction Charges All transactions are subject to a maximum of 150 transactions per month, beyond which charges @ Rs.5/- per transaction would be levied. Includes all Local / Anywhere clearing and transfer transactions. Remittance facility through other Bank Issue of Demand Drafts (DD) / Duplicate DD (Correspondent tie up) Rs.2.00 per Rs.1000/- Minimum Rs.50/- DD-Cancellation / Revalidation-Rs.50/- per instrument Cheque Collection Outstation through own bankRs. 0.50/1000, min Rs. 25 per instrument Outstation through another bank-Correspondent bank locations: Rs.4/- per Rs. 1, 000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) Non-MICR Cheques: Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25) Cash Transactions 1. Cash Deposit Cash Deposit-Home Branch Location Free up to Rs.5 lacs per month or 40 transactions which ever is lower, Deposit in excess of Rs.5 lacs or 40 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 50,000/- per account per day) Cash Deposit -Non Home location Maximum Rs.50, 000/- per day. Charges @ Rs. 3/1000, min Rs. 50 2. Cash Withdrawal Cash Withdrawal-Home Branch Free at Home Branch Cash Withdrawal-Non Home Branch-Intercity Intracity Free cash withdrawals up to Rs.50, 000/- per day, beyond which charges @ Rs.2/1000, min Rs.50/- (Only for incremental amount), Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction. HDFC Bank Trade offers you a host of features that sets it apart from regular Current Accounts that most banks offer. They are: Free inter-city clearing between HDFC Bank branch locations (except Dahej) up to Rs.50 lakhs per month. Free Accounts to account funds transfer between HDFC Bank accounts, inter-city. Free up to 30 Pay-orders per month. Free up to 30 demand-drafts per month. Free RTGS NEFT Transactions. Features Benefits Free anywhere collection payment within HDFC Bank branch network (except Dahej), up to Rs.25 lacs per month, incremental amount to be charged @ Rs.1.50 per Rs.1,000/-, min Rs.25/- Free NEFT Transactions. Free RTGS collection. RTGS payment @ Rs.100/- per transaction. Inter-city Account to accounts funds transfer between HDFC Bank accounts at a nominal charge of Rs.15/- per transactions. Free Demand Drafts (DD) above Rs.100,000/-. Demand drafts up to Rs.50,000/- at flat cost of Rs.40/-. DDs above Rs.50,000/- up to Rs.100,000/- at nominal cost of Rs.25/- and can be issued from any HDFC Bank Branch . Free Pay Order (PO) above Rs.100,000/-. Pay Order up to Rs.50,000/- at flat cost of Rs.40/-. POs above Rs.50,000/- up to Rs.100,000/- at nominal cost of Rs.25/- and can be issued from any HDFC Bank Branch . Free 100 At Par cheque leaves per month Register for InstaAlert service and receive updates on your account as and when the select transaction happens all this without visiting the branch or ATM! Fees Charges for Premium C/A Description of Charges Minimum Balance (Average Quarterly Balance) -Rs. 25,000/- Non-Maintenance Charges per quarterCharge of Rs.900/- per quarter, if AQB is less than Rs.25, 000/- Cheque Book Charges (Issued by Bank) Payable-at-par100 cheques leaves Free per month. Charges Rs 2/- per leaf beyond 100 leaves Other Current Account facilities Issue of Duplicate / Adhoc Statement Branch: Rs 100/- per statement * Phone Banking: Rs 50/- per statement (Non IVR) and Rs 30/- per statement (IVR) Net Banking: Rs 30/- per statement ATM Mobile Banking: Rs 50/- per statement. Mode of calculation of minimum average quarterly balance Average of daily closing balances of each day spread over a period of three months. Remittance facility through own Bank Demand Drafts (DD) payable HDFC Bank Locations (Issued from any branch) / Duplicate DD DD Amount Up to Rs. 50,000 charges Rs. 40/- per DD, Above Rs. 50,000 and up to Rs. 100,000- Rs. 25/-, Above Rs. 100,000- Free Pay Orders (PO) -on HDFC Bank Locations (Issued from Any Branch) / Duplicate PO PO amount Up to Rs. 50,000 charges Rs. 40/- per PO, Above Rs. 50,000 and up to Rs. 100,000 Rs. 25/-, Above Rs. 100,000- Free Issuance of DD/ PO through Phone Banking: All standard charges for DD / PO are applicable as above. Only DD / PO amount up to Rs 500,000/- are accepted at Phone banking. DD/PO-Cancellation/RevalidationRs.50/- per instrument NEFT/EFT Transactions: PaymentsFree Collections-Free RTGS Transactions: PaymentsRs. 100/- per transaction Collections-Free Local Transactions (At home branch location) Local cheques collections payments-Free Account to Account Fund Transfer within HDFC Bank -Free Anywhere Transactions (except Dahej) Account to Account Fund Transfer within HDFC Bank Rs.15/- per transaction Payments Collections at HDFC Bank Locations Free up to Rs. 25 lacs per month, Charges at Rs.1.50/1000, min Rs. 25 Bulk Transaction Charges: All transactions are subject to a maximum of 100 transactions per month, beyond which charges @ Rs.5/- per transaction would be levied. Includes all Local / Anywhere clearing and transfer transactions. Remittance facility through other Bank: Issue of Demand Drafts (DD) / Duplicate DD (Correspondent tie up) -Rs.2.00 per Rs.1000/- Minimum Rs.50/- DD-Cancellation / Revalidation-Rs.50/- per instrument Cheque Collection: Outstation through own bank Rs.2.50 per Rs.1, 000/- for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. Outstation through another bank Correspondent bank locations: Rs.4/- per Rs.1, 000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) Non-MICR Cheques: Rs.6.5/- per Rs.1, 000/-, min Rs 50 (inclusive of courier charge of Rs 25) Cash Transactions 1. Cash Deposit Cash Deposit-Home Branch Location Free up to Rs.3 lacs per month or 25 transactions which ever is lower, Deposit in excess of Rs.3 lacs or 25 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 25,000/- per account per day) Cash Deposit -Non Home location Maximum Rs.25, 000/- per day. Charges @ Rs. 3/1000, min Rs. 50 2. Cash Withdrawal Cash Withdrawal-Home Branch-Free at Home Branch Cash Withdrawal-Non Home Branch-Intercity Intracity Free cash withdrawals up to Rs.25,000/- per day, beyond which charges @ Rs.2/1000, min Rs. 50/- (Only for incremental amount), Third party cash withdrawal allowed only up to maximum Rs.50,000/- per transaction. With HDFC Bank Flexi Current Account your Cash Deposit and Anywhere Transaction limits are a multiple of the balance you maintain in your Current Account. So, during peak seasons, you get the benefit of higher transaction limits due to the higher average balances maintained in your account. What’s more, during lean seasons, you need not bother about maintaining huge balances to enjoy high transaction limits, which you anyway may not need. Flexi Current Account requires you to maintain a minimum Average Monthly Balance (AMB) of just Rs. 75,000. Features Benefits Enjoy dynamic free limits on Intercity Payments, Collections Funds Transfer as well as Cash Deposit at home location branches based on the AMB maintained* For example, you maintain an AMB of Rs.2,00,000/- in a particular month. Your dynamic free transaction limits for that month would be as per the following table: [pic] TransactionDynamic Free Limits* Cash Deposit at Home Branch Location Anywhere Payments, Collections Funds Transfer (except Dahej) Free up to Rs.1, 00, 00,000/- in that particular month Pay your vendors on a real time basis using Real Time Gross Settlement (RTGS) available across 23,000 Bank Branches*. What’s more, payments and collections through RTGS are completely free! Make and receive remittances to from your vendors customers across 20,000 + Bank Branches of more than 50 Banks through Net Banking using National Electronic Fund Transfer (NEFT), Absolutely Free! Free 40 Demand Drafts Free 40 Pay Orders issued from any HDFC Bank Branch* Convenience to withdraw and deposit cash at all our branches*. Competitive pricing on Demand Drafts drawn on Correspondent Banking Locations as well as Outstation Cheque Collection at HDFC Bank Locations InstaAlert service receive updates on your account as and when the select transaction happens – all this without visiting the Branch or ATM! The top position is always the coveted position. With the Apex current account, take your business to a new high. On maintaining an average quarterly balance of Rs. 10 lakhs, this account makes sure you make the most of every business opportunities coming your way. Unlimited, free, anywhere Banking experience at the APEX is reserved for you. Features Benefits Maximum transactional benefits with faster mobilization of funds Average quarterly balance requirement of Rs. 10, 00,000/- Access to more than 750 branches Huge cost savings in inter-city transactions for payable-at-par cheque issuance, funds transfers, NEFT, RTGS or Demand Draft / Pay Order Faster collection of outstation cheques Free Intercity Cheque Collection Payments within HDFC Bank Network (excluding Dahej). Free Account to Account funds transfer between HDFC Bank accounts. Free payment and collection through RTGS Free payment and collection using NEFT (through NetBanking) Free Demand Drafts which can be issued from any HDFC Bank branch Free Pay Orders which can be issued from any HDFC Bank branch Convenience to withdraw and deposit cash at all our branches* Free Cash Deposit up to Rs. 100 lacs per month across all home branches (subject to a maximum of 50 transactions per month and a per day limit of Rs.1,00,000/- on cash deposit at a non home branch) Choice of local / Payable at Par Cheques. Free 500 leaves per month Register for InstaAlert service and receive updates on your account as and when the select transaction happens – all this without visiting the branch or ATM! . Fees and Charges for Apex Current Account:[pic] Minimum Balance (Average Quarterly Balance)Rs. 10, 00,000/- per quarter Non-Maintenance Charges per quarter:Charge of Rs.5,000/- per quarter if AQB is less than Rs.10,00,000 but greater than or equal to Rs. 5,00,000/-; Rs.10,000/- per quarter if AQB is less than Rs. 5,00,000/- Cheque Book Charges (Issued By Bank) Payable-at-par 500 cheque leaves free per month. Charges Rs 2/- per leaf beyond 500 leaves Other Current Account Facilities Issue of Duplicate / Adhoc StatementRs. 100 at Branch, Rs. 30 per statement through Net Banking and Phone Banking (IVR), Rs. 50 per statement through Phone Banking (non-IVR), ATM and Mobile Banking Mode of calculation of minimum average quarterly balanceAverage of daily closing balances of each day spread over a period of three months Remittance facility through own Bank Demand Drafts (DD) Payable at HDFC Bank Locations (Issued from Any branch)/ Duplicate DDFree without limit Pay Orders (PO) – on HDFC Bank Location (Issued from Any branch)/ Duplicate PO Free without limit Issuance of DD / PO through Phone Banking-Free without limit Only DD amount up to Rs. 5, 00,000 for Current Apex Account holders accepted at Phone Banking DD/PO-Cancellation/RevalidationRs.50/- per instrument NEFT/EFT Transactions: Payments-Free CollectionsFree RTGS Transactions: Payments-Free CollectionsFree Local Transactions (At home branch location) Local cheques collections paymentsFree Account to Account Fund Transfer within HDFC Bank-Free Anywhere Transactions (except Dahej) Account-to-Account Fund Transfer within HDFC BankFree Clearing Transactions-Collections Payment at HDFC Bank locations-Free Bulk Transaction Charges: All transactions are subject to a maximum of 500 transactions per month, beyond which charges @ Rs.5/- per transaction would be levied. Includes all Local / Anywhere clearing and funds transfer transactions. Remittance facility through other Bank Issue of Demand Drafts (DD) / Duplicate DD (Correspondent tie up)-Free up to Rs 15 Lacs per month, beyond which charges of Rs. 1.50 per 1000, Minimum Rs. 50/- per instrument DD-Cancellation / Revalidation-Rs.50/- per instrument Cheque Collection Outstation Cheque collection on HDFC Bank Locations-Free Outstation Cheque Collection on non-branch locationsCorrespondent bank locations: Rs.3/- per Rs.1, 000/-, min Rs. 50/-. For Clean locations (non-correspondent bank locations) non-MICR cheques: Rs 4.5/- per Rs 1000/-, min of Rs 50 per transaction (includes courier charges) Cash Transactions 1. Cash Deposit Cash Deposit-Home Branch CityFree up to Rs. 100 Lakh per month or 50 Transactions whichever is lower. Deposit in excess of Rs. 100 Lakh per month or 50 transactions will be charged @ Rs.1/- per Rs. 1000/-, minimum Rs.50/-. (Cash deposit at non- home branches within home branch city subject to limit of Rs.1,00,000/- per account per day) Cash Deposit Non Home Branch City Charges @ Rs 3 per Rs 1000/-, minimum of Rs 50 per transaction. (Maximum deposit allowed up to Rs 1, 00,000/- per day) 2. Cash Withdrawal Cash Withdrawal-Home BranchFree. Cash Withdrawal-Non Home Branch-Intercity IntracityFree cash withdrawals up to Rs.2,00,000/- per day, beyond which charges @ Rs. 2/- per Rs.1000/-, min Presenting maximum benefits and minimum hassles for you with Max Current Account! With a Rs. 5 lakhs average quarterly balance requirement, we present to you a world of privileges that helps your business expand and grow. Features like maximum free transaction limits including other beneficial features on this current account truly enhances your business potential to the Maximum. Features Benefits Maximum transactional benefits with faster mobilization of funds Average quarterly balance requirement of Rs. 5, 00,000/- Access to more than 750 branches Huge cost savings in inter-city transactions for payable-at-par cheque issuance, funds transfers, NEFT, RTGS or Demand Draft / Pay Order Faster collection of outstation cheques: Free Account to Account funds transfer between HDFC Bank accounts Free payment and collection through RTGS Free payment and collection using NEFT (through Net Banking) Free Demand Drafts which can be issued from any HDFC Bank branch Free Pay Orders which can be issued from any HDFC Bank branch Free anywhere collection payment (clearing) up to Rs. 5 Crore per month within HDFC Bank branch network (except Dahej) Convenience to withdraw and deposit cash at all our branches* Free cash deposit up to Rs. 50 Lakh per month across all home branches (subject to a maximum of 50 transactions per month and a per day limit of Rs.1, 00,000/- on cash deposit at a non home branch) Choice of local / Payable at Par cheques. 500 leaves free per month Register for InstaAlert service and receive updates on your account as and when the select transaction happens all this without visiting the branch or ATM! Fees and Charges for Max Current Account †¢ [pic]Description of Charges Minimum Balance (Average Quarterly Balance) Rs. 5, 00,000/- per quarter †¢ Non-Maintenance Charges per quarter Charge of Rs.3,000/- per quarter if AQB is less than Rs.5,00,000 but greater than or equal to Rs. 2,50,000/-; Rs.8,000/- per quarter if AQB is less than Rs. 2,50,000/- Cheque Book Charges (Issued by Bank) 500 cheques leave Free per month. Charges Rs. 2/- per leaf beyond 500 leaves †¢ Other Current Account facilities Issue of Duplicate / Adhoc Statement Rs. 100 at Branch, Rs. 30 per statement through Net Banking Phone Banking (IVR), Rs. 50 per statement through Phone Banking (non-IVR), ATM Mobile Banking Mode of Calculation of Minimum Average Quarterly Balance Average of daily closing balances of each day spread over a period of 3 months. Remittance facility through own Bank: Demand Drafts (DD) Payable at HDFC Bank Locations (Issued from Any branch)/ Duplicate DD Free without limit Pay Orders (PO) – on HDFC Bank Locations (Issued from Any branch)/ Duplicate PO Free without limit Issuance of DD / PO through Phone Banking Free without limit Only DD amount up to Rs. 5, 00,000 for Current Max Accountholders accepted at Phone Banking. DD/PO-Cancellation/Revalidation Rs.50/- per instrument NEFT/EFT Transactions: Payments-Free CollectionsFree RTGS Transactions: PaymentsFree Collections-Free Local Transactions (At home branch location) Local cheques collections paymentsFree Account to Account Fund Transfer within HDFC BankFree Anywhere Transactions (except Dahej) Account to Account Funds Transfer within HDFC BankFree Payments Collections at HDFC Bank Locations (except Dahej) Free up to Rs. 500 Lakh per month, beyond which charges @ Rs. 0.50/1000, min Rs.25/-. †¢ Bulk Transaction Charges All transactions are subject to a maximum of 300 transactions per month, beyond which charges @ Rs.5/- per transaction would be levied. Includes all Local / Anywhere clearing and funds transfer transactions. †¢ Remittance facility through other Bank Issue of Demand Drafts (DD) / Duplicate DD (Correspondent tie up) Rs. 1.50 per 1000, Minimum Rs. 50/- per instrument DD-Cancellation / RevalidationRs.50/- per instrument †¢ Cheque Collection Outstation through own bankFree †¢ Outstation through another bank Correspondent bank locations: Rs.3/- per Rs.1, 000/-, min Rs. 50/-. For Clean locations (non-correspondent bank locations) Non-MICR Cheques: Rs. 4.5 per Rs.1, 000/-, min Rs. 50/- (inclusive of courier charge) Cash Transactions 1. Cash Deposit Cash Deposit-Home Branch City Free up to Rs. 50 Lakh per month or 50 Transactions whichever is lower. Deposit in excess of Rs. 50 Lakh per month or 50 transactions will be charged @ Rs.1/- per Rs. 1000/-, minimum Rs.50/-. (Cash deposit at non- home branches within home branch location subject to limit of Rs.1, 00,000/- per account per day) Cash Deposit Non Home City Maximum Rs.1, 00,000/- per day. Charges @ Rs.3/- per Rs.1,000/-, minimum Rs. 50/- 2. Cash Withdrawal Cash Withdrawal-Home BranchFree at Home Branch Cash Withdrawal-Non Home Branch-Intracity Intracity Free cash withdrawals up to Rs. 1,00,00/- per day, beyond which charges @ Rs. 2/- per Rs.1000/-, min Rs.50/- (Only for incremental amount), Third party cash withdrawal allowed only up to maximum Rs.50,000/- per transaction. 2.8 MARKET PROFILE OF THE ORGANIZATION: Company Profile:HDFC Bank Limited Ticker:500180 Exchanges:OTH BOM 2008 Sales:124,140,000,000 Major Industry:Financial Sub Industry:Commercial Banks Country:INDIA Employees:37836 3.1 STUDENT’S WORK PROFILE (ROLE AND RESPONSIBILITIES): I have completed my summer taining in HDFC Bank Limited as a SALES EXECUTIVE. During this training I played some roles and responsibilities are as: ROLE- I have worked as a sales Executive in sales department in HDFC Bank Ltd. My role was to buildup better relationship with Customers. HDFC Bank expects its employees to take up the work of opening current account in their respective locations. My main role was to contact customers and make deal for opening current account, in meeting with customers I represent a demo to customer for current account, are as: RESPONSIBILITIES- †¢ To generate leads for the Bank. †¢ To buildup better relationship with customers. †¢ To increase the sales of the Bank. †¢ To provide awareness about the current account. †¢ To achieve company’s target. 3.2 DESCRIPTION OF LIVE EXPERIENCE: Working with HDFC Bank It was a nice experience. When I entered into the bank, I was very nerves. However after entering I knew the real mean of working with the big organization. We need to follow the rules and regulations of the company. Coming at the exact time in the bank is very important. These things are very important which we need to learn : †¢ How should behave in the organization? †¢ How behave and coordinate with the customer? †¢ How we need to talk to our Boss, our superior and colleges? Working with the HDFC I increased my communication skills. Also I knew the Importance of the coordination among all the employees. All the employees are working as a team. When I was new, the entire employees helped me to learn the work culture HDFC Bank. In this company my work is to buildup the relationship with customers and to provide leads to the company for opening current account and making relationship with the bank. In present time the customers are not very well aware about the HDFC’s products. 3.3 STUDENT CONTRIBUTION TO ORGANIZATION: In this Company I am working as a Sales Executive. In this Organization my role is to buildup better relationship with Customers, and I promote the current account. My contribution towards this organization like: †¢ I provide leads everyday for opening current account. †¢ I make good relationship between Bank and customers. †¢ I provide awareness about the current account through some demos and calling. †¢ I help in making some useful marketing strategies. 1. RESEARCH INSTRUMENT : A questionnaire was prepared with the relevant questions consisting mainly of closed end questions especially dichotomous type which offered the respondents between only two alternatives either (Yes/No). The respondents were personally met and the collection of information was properly administered to avoid non-respondent error. The primary data is collected by cold calling from respected place of branch. The data is collected by using a questionnaire, which is given as an Appendix at the end of this report. 2. SOURCE OF DATA : The study is based on both primary and secondary data. Most of the findings are based on the data collection through interaction with customers. A structured disguised questionnaire is prepared together the information. Close as well as open-ended questions are asked. Some multiple-choice questions are also included. 3. RESEARCH DESIGN AND METHODOLOGY: Main Methodology -: Collection of Primary data (Consumer and Market Research) through Personal Questionnaires Collection of Secondary Data (Study of various Current Account) through Computer Data, Web sites, Books and Magazines. FIELDWORK: The respondents are personally interviewed, for about 3 to 5 minutes on an average to collect the data. The format prepared beforehand was strictly adhered to. Though it was sufficient in itself and could be matched to prospective respondents, personal interviews are conducted to be able to make first hand observation that would reveal some useful information about the subject of study. RESEARCH ANALYSIS: After the collection of data I have categorize the data into – †¢ Primary Data †¢ Secondary Data As we know the data collected in primary mode is more reliable in the comparison of secondary data. So we depend more on the primary data. SOURCES OF PRIMARY DATA: †¢ Survey †¢ Personal SOURCES OF SECONDARY DATA: †¢ Through internet †¢ Branch manager approvals †¢ Personal vehicle dealers †¢ Brochure of the bank 4. SUMMARY OF FINDINGS: The Housing Development Finance Corporation Limited was introduced in 1994, after the Reserve Bank of India approved private sector banking. Operating in over 300 Indian cities, HDFC Bank has over 700 branches and 1600 ATMs. It offers personal, NRI and wholesale banking services. Net profit for the March 2006-2007 reached Rs. 1,141.5 crore. In early 2007, HDFC officially entered the microfinance market and opened branches that provide funding to self-help microfinance group. After finding primary and secondary data I find: 1. Customers don’t know about the advantage of our current account. 2. Customers are less aware about the benefits Providing Company. 3. Customers have no more knowledge about the HDFC Bank limited. 4. HDFC reduces the complexity of current account. 5. HDFC provides best way to earn more profit. 6. HDFC is beneficial for making profit and various types of works. 7. The procedure of HDFC is very easy. [pic] 1. SUMMARY OF LEARNING EXPERENCE: HDFC Ltd has the objective to enhance residential housing stock and promote home ownership. Their offerings range from hassle-free home loans and deposit products, to property related services and a training facility. They also offer specialized financial services to the customer base through partnerships with some of the best financial institutions worldwide. HDFC Bank began operations in 1995 with a simple mission: to be a World-class Indian Bank. We realized that only a single-minded focus on product quality and service excellence would help us get there. Today, we are proud to say that we are well on our way towards that goal. It is extremely gratifying that our efforts towards providing customer convenience have been appreciated both nationally and internationally. So that I learn many important things from HDFC and market are as: 1. I have gained live experience of marketing. 2. I find all types of help from my training in charge. 3. I have gained knowledge in the field of HDFC. 4. I find there are many customers are not aware about the HDFC. 5. I find there are lots of opportunities in the Banking Sector. 2. CONCLUSIONS AND RECOMMENDATIONS: Conclusion HDFC Ltd has the objective to enhance residential housing stock and promote home ownership. Their offerings range from hassle-free home loans and deposit products, to property related services and a training facility. They also offer specialized financial services to the customer base through partnerships with some of the best financial institutions worldwide. HDFC Bank began operations in 1995 with a simple mission: to be a World-class Indian Bank. We realized that only a single-minded focus on product quality and service excellence would help us get there. Today, we are proud to say that we are well on our way towards that goal. It is extremely gratifying that our efforts towards providing customer convenience have been appreciated both nationally and internationally. . Besides we also have a dedicated technical team as well as customer care services and its procedure is also very simple. Recommendations 1. To provides awareness about Current Account and its uses to customers. 2. To open maximum and Big accounts for getting more profit. 3. To target not only metro cities, target all big and small city or village. 4. To build the customer relationship 5. To improve its marketing strategies 6. To improve its selling process [pic] COPY OF QUESTIONNAIRE: 1. Are you aware about Current Account? a. Yes b. No 2. Are you aware about current account providing HDFC Bank? a. Yes b. No 3. Are you aware about HDFC Bank Limited? a. Yes b. No 4. Are you aware about the procedure of Current Account? a. Yes b. No 5. Is HDFC reduces the complexity of Current Account procedure? a. Yes b. No 6. Is HDFC provides you cheap and best way to earn money and to make you a independent owner? a. Yes b. No 7. Are you aware about the profit volume ratio doing business with HDFC? a. Yes b. No 8. Are you interested to open current account in HDFC Bank ? a. Yes b. No BIBLIOGRAPHY: 1. www.hdfcbankltd.com 2. www.hdfc.in 3. www.google.com 4. Business Today 5. India Today [pic] Sales Executive Team Leader Sales Manager Area Sales Manager Area Sales Head Regional Sales Manager Zonal Sales Manager National Sales Manager

Admissions Essay: Facing Tragedy -- Medicine College Admissions Essays

Admissions Essay: Facing Tragedy    On January 26th, 2001 a major earthquake rocked the state with a measured severity of 6.9 on the Richter scale. During my travels throughout the state of Gujarat, I witnessed the after effects of the earthquake. In addition, I worked as a volunteer at Ahemedabad's Civil Hospital, which was the main hospital used to treat that city's earthquake victims.    Although reports have previously indicated that nearly 35,000 people perished in the natural disaster, the final state reported numbers were 20,083 casualties and 166,836 injured. The largest damage was in the Kutch region of Gujarat, which is mostly desert. I spent the majority of my summer in Svarastra, a region including cities affected such as Ahemedabad, Rajkot, and Jamnagar. There were 370,000 homes destroyed and a total of 1,020,000 homes damaged. Some of the largest casualties came from the nearly 20 high-rise apartment complexes in... ...here has been extensive recovery on all fronts. It was wonderful to help out at Ahemedabad's Civil Hospital and BJ medical college. I also enjoyed spending time at M.P. Shah medical college and the Guru Gobind Singh Hospital in Jamnagar. This overseas experience gave me the chance to truly volunteer where help was needed most, and as I begin my studies at Oxford in a few weeks, the realization that public service is never done will continue to grow in my conscience.   

Nothing Impossible

Management Introduction Review of Management Articles Article assigned ANALYSING the thinking of F. W. Taylor using cognitive mapping Introduction Scientific management is one of the three major branches within the classical approach to management. Although the concept was suggested approximately a century ago, it still makes a significantly important role in 21st century management with new conditions and a considerable number of challenges. Frederick Winslow Taylor who was regarded as the father of scientific management suggested his concepts in 1911.Scientific management is defined as a theory that emphasises careful selection and training of workers, and supervisory support (Taylor, 1911). Taylor (1911) believed that precise procedures that were developed after careful study of an individual at work should replace the tradition on decision-making. The purpose of this essay is to review three articles that analyses the Taylorism and present how Taylorism is applied in current mana gement sphere. Analysis of Assigned Article Cossette, P. 2002. Analysing the thinking of F.W. Taylor using cognitive mapping. Management Decision, 40 (2): 168-182 The author of this article used the cognitive map and the Decision Explorer to present and analyse the thinking of F. W. Taylor to produce a more in-depth and detailed knowledge and understanding of his ideas. Cossette (2002) demonstrated that the two key variables in Taylor’s scientific management were â€Å"Maintenance of a rapid pace†¦Loafing or soldiering† and â€Å"Harmonious relations between employers and men aware of their mutual interests†.As Taylor’s scientific management related to efficiency, the first concept that the author highlighted had completely reflected the Taylorism. Cossette (2002) concluded that â€Å"the maintenance of a rapid pace† was the most important concept for Taylor, since it was also by far the most important â€Å"consequence† of the cognitiv e map. Taylor’s scientific management was always considered as the division of labour pushed to its logical extreme, with a consequent de-skilling of the worker and dehumanisation of the workplace (Kanigel, 1999).However, the author showed another aspect of Taylor’s idea which was related to harmony. In cognitive map, the concept of â€Å"Harmonious relations between employers and men aware of their mutual interests† had the second largest number of direct links and the third centrality score compared to other concepts (Cossette, 2002). In addition, Cossette (2002) stated that â€Å"the prior conditions required to improve production and the results of this improvement for both employees and employers, are the two main dimensions that Taylor appears to use as a basis for his conception of the organization of work. Although a small number of concepts from Taylorism were less relevant, they suggested that Taylor’s thinking was not significantly complicated . This article helped us have a better understanding of the ideas of F. W. Taylor, demonstrated the relative importance of the concepts suggested by Taylor and revealed another side of Taylorism. Analysis of Article 1 Wrege, C. D. & Hodgetts, R. M. 2000. Frederick W. Taylor’s 1899 pig iron observations: Examining fact, fiction and lessons for the new millennium.Academy of Management Journal, 43 (6): 1283-1291 However, the authors of this article were in dispute with Taylor in a particular circumstance. Wrege & Hodgetts (2000) stated that Taylor simplified the observation by presenting only some of the information and, he omitted many significant facts. The insight thinking of the authors was that contemporary organisation should apply new tools and techniques to achieve their objectives, and managers should increasingly concentrate on data collection and analysis and fight the tendency to accept anecdotes and hearsay as accurate (Wrege & Hodgetts, 2000).The authors studied an d analysed the case called pig iron observation, which came from Taylor’s scientific management principle, and concluded that although Taylor had made a great contribution to management history, he did neglect some significant real facts in this case such as failure to take the cost of damaging gondolas into account.In addition, the authors suggested five points that we could learn from this observation, which are â€Å"anecdotal data are often erroneous, primary sources must be consulted, all data have inconsistencies, replication is hallmark of good science and digital archiving is now critical† (Wrege & Hodgetts, 2000). Moreover, the authors had concluded some suggestions that are valuable for the managers in new millennium. Wrege & Hodgetts (2000) demonstrated that researchers’ being more systematic and sophisticated was important in their approach to chieving their goals, and that â€Å"benchmarking† was going to be a critical activity in the 21st ce ntury. This article revealed the limitation of Taylor’s scientific management, and the authors of this article recommended a considerable number of approaches and methods to help today’s managers reach their objectives successfully and efficiently. Analysis of Article 2 Boyns, T. 2001. Hans and Charles Renold: entrepreneurs in the introduction of scientific management techniques in Britain.Management Decision, 39 (9): 719-728 The author of this article used the case study of Hans Renold Ltd to extend Taylor’s scientific management theory, and explained how it was applied in this enterprise during the first and second decades of the twentieth century. The core ideals of the author were to confirm the contribution that Hans and Charles Renold made to introduce and develop scientific management in Britain, and distinguish the different methodology between Hans and Charles. It has been accepted that Hans Renold Ltd has been the first company to introduce Taylor†™s scientific management in Britain (Boyns, 2001).Hans Renold â€Å"probably was the first British industrialist to appreciate the work of F. W. Taylor and adapt it to British management practice† (Urwick, 1956). He started to change the organisational structure and introduced a new functional organisation supported by a system of committees in 1908 (Boyns, 2001). Although there were some problems arising such as little resistance from the bulk of the workforce, scientific management principles were eventual successfully adopted at Hans Renold Ltd eventually (Boyns, 2001).The author of this article introduced the first application of Taylor’s scientific management in Britain and emphasized the fundamental position of scientific management in management history as it has already been applied for a century and it still plays a significantly important role in increasing the efficiency in the organisations in the 21st century. Application to Current Management Practice A round the Twentieth Century, Taylor’s scientific management theory had been widely used in the manufacturing and services industries.In the 21st century, scientific management does play an important role, and it is applied in several modern organizations. McDonalds is the world’s most famous brands, which is leading in the globally branded quick service restaurant applied the scientific management successfully in their business operations. Initially, Taylor (1911) stated that wage systems without incentive result in low productivity if no matter how much is produced the employee will gain the same pay. McDonalds stimulates employees in many effective ways.Regardless of the base pay, McDonalds develops competitive wage and promotion programs, hard work, motivation and results are recorded and rewarded at McDonalds (McDonalds, 2006). In addition, McDonalds also establishes great incentive programs in which employees have an access to gift and free food (McDonalds, 2006). McDonalds also offers an incentive pay system and provide the opportunity to earn competitive total compensation for employees when they successfully achieve the goals (McDonalds, 2006).Moreover, Long-term incentives are ensured to employees who are qualified to both reward and long-term creation at McDonalds (McDonalds 2006). Secondly, one of the most important principles of Scientific Management is scientifical training. Taylor (1911) suggested that each company should train the workers scientifically rather than passively leave them to train themselves. McDonalds has a strong belief in training, and training becomes a tradition at McDonalds, because they know its value to the bottom line of their business.Everyone in the business should attend a significantly important training, whether part, full time, hourly paid staff or salaried managers undergoing their compulsory restaurant training (McDonalds 2006). When a new employee joins McDonalds and starts his first working day, he will accept training at once. McDonalds even set up a Hamburger University, and the purpose of this action is to provide all McDonalds Corporation and Franchisees employees with training exclusively in various aspects of the business (McDonalds 2006). Those training systems make their staff more efficient and professional.Finally, Taylor (1911) taught that the only one method of work that maximized efficiency was to develop a standard method of performing each job efficiently by companies. McDonalds builds up a series of detailed and strict working standards, which guarantee that every product from any chain restaurant has high quality (McDonalds 2006). Moreover, McDonalds staff is specialized in different production procedure (McDonalds 2006). McDonalds has developed a standard method of performing each job and the employees can perform efficiently. ConclusionIn conclusion, the authors of the above three articles explained the Taylorism precisely and explicitly. The core thinking o f Taylor’s scientific management was efficiency particularly was speed, and it is widely applied in most modern organizations such as McDonalds to help increase the productivity. Although Taylor’s scientific management has some limitation as sometimes managers could overlook to collect important data by relying on it excessively, it still made an important contribution to the business world in the 21st century.Taylor laid the foundation of management, and with the application of scientific management, production efficiency has improved. Much of core of Scientific Management remains with us today, only been modified, updated and given a human face (Freeman, 1996). Term Paper on Functions of Management Eritrea Education Sector Development Program – Program Management Unit ESDP-PMU Management Functions 1. Introduction: Management is defined as the process of getting activities completed efficiently and effectively with and through other people . It encompasses an a rray of functions with which it accomplishes different tasks done successfully.These functions include planning, staffing, organizing, directing, and controlling. The Eritrea Education Sector Development Program – Program Management Unit, abbreviated as ESDP-PMU, is an institution destined to accomplish education sector program objectives that have to be viewed in terms of the government policy to boost the education sector in all aspects. Through the educational sector intervention, ESDP-PMU works to ensure increase in access, improve quality, boost capacities in all levels of the sector, and ensure equity in delivery education services.This paper explores the management functions in the ESDP, highlights strengths and weaknesses in view of the theoretical aspect of management function. Finally, it highlights some few salient points that are worth mentioning and by way of recommendations it tries to shed lights on issues that need improvement. 2. Overview of the management fu nctions: Henry Fayol defines management as a science of forecasting, planning, organizing, commanding, coordinating, and controlling. The most commonly cited management functions are planning, staffing, organizing, directing, and controlling.Planning refers to the base of the other management functions. It is the management of the organizations’ future in an uncertain environment . Plans can be strategic, tactical, and operational. They can also be long-term or short-term. Plan should be built on specific, attainable, and challenging objectives. In the materials for the management course of SMAP it is mentioned that planning is important in that it offsets uncertainty and change, focuses attention on objectives, helps in coordination, gains economy of operation, helps in control, and increases organizational effectiveness.In that sense it divides plans to standing and single-use plans. Organizing refers to the organization of resources in an organization. Such organization ca n be charted on an organizational chart . Through this function management tries to determine the inside directorial configuration, establish and maintain relationships, and also assign required resources of the organization. Staffing functions follows the organizing function of management. Staffing refers to the filling and keeping filled positions on positions created by the preceding organizing function .Thus, staffing encompasses tasks such as recruitment, selection, training and retraining of employees. Directing refers to the control and supervision of the actions of the staff, thus, enables them to achieve the company’s goals and also accomplishing their personal or career goals which can be powered motivation, communication, department dynamics, and department leadership . Controlling refers to activities related to setting performance standards based on the objectives of the organization, measuring and reporting actual performance, comparing the two, and taking corre ctive or preventive action as necessary.As management is a creative problem solving , the coordination of the various functions mentioned above contribute to an efficient and effective accomplishment of tasks. The section below review the management functions in the ESDP-PMU. 3. Review of the management functions in the ESDP-PMU: The ESDP-PMU is destined to accomplish education related projects. These projects are financed through the proceeds coming from International organizations such as the World Bank, African Development Bank, European Union, as well as other UN bodies such as UNICEF and UNFPA.Each financier or development partner requires the need to follow ones procedures. The other dimension of the matter that needs attention is that each financier or development partner is set up to achieve each project objectives. Thus, there are kind of awkwardness in reaching a harmonized program objectives. Planning function in the PMU The PMU believes that proper planning is a prerequi site to success. It is concerned with the future impact of today’s decisions. In the PMU there is a section that deals with planning issues.It prepares tactical and operational planning in view of the project objectives. The planning that is made part of the Financing Agreements with the respective development partner can be taken as a strategic one. The Planning Section of the PMU prepares an Annual Work Plan and Budget (AWPB). On the basis of which, the procurement section derives its procurement plan, and the finance section derives its financial and disbursement plan. Therefore, we can see the following relationship in the planning function of the PMU. Graph 1.Planning function relationship From the foregoing planning relations graph, we can observe that all the activities envisaged to be done in a year or a year and half through the plans of the respective sections. Overall, all these plans reflect the scenarios â€Å"where we are now? †, â€Å"where do we want t o be? †, and â€Å"how do we get there? †. It is good also to note that the submission of plans and seeking approvals is mandatory. This procedure is deemed appropriate and practically does positively affect the projects. Organizing function in the PMUTo the PMU organizing function refers to establishing the internal organizational structure of the business. The focus is on division, coordination, and control of tasks and the flow of information within the organization. It is through this function that the manager distributes responsibility and authority to employees. The organizational structure of the PMU is shown below. It takes into consideration the objectives and tactics already identified in the planning stage. The structure decides the division of labor, delegation of authority, departmentation, span of control nd coordination issues. When we come to the division of labor, the PMU is divided into 5 sections, viz. , Planning, Monitoring, and Evaluation (PM&E), Pr ocurement, Finance, Engineering, and Administration sections. And all the employees are recruited in such a way that they are fully occupied. In regards to the delegation of authority, as reflected in the organizational structure, the authority is exercised as per the stipulated structure. The sections coordinate their work so as to achieve the objectives. This means that no section can stand alone.Staffing function in the PMU Staffing encompasses the tasks of recruiting, hiring, training, lay-off, and compensation of employees. The PMU recruits its staff with due regards to the management and labor needs. In so doing, it prepares job description, builds a pool of applicants, review the applications and select those to be interviewed, do the interview, check references, and select the best suited candidate and hire him. The PMU provides training to its staff in view of the timely job related developments and requirements.For instance, the staffs are made to be actively involved in t he endeavors to upgrade themselves. Similarly, the PMU lays off its staff in view of staff’s reflections of incapacities in doing the tasks or showing other behaviors that are believed against the norms of the organization. It is the right of the employees to receive the needed compensation related with the job they undertook during their stay in the PMU. Directing function in the PMU Directing is influencing people's behavior through motivation, communication, group dynamics, leadership and discipline.The purpose of directing is to channel the behavior of all personnel to accomplish the organization's mission and objectives while simultaneously helping them accomplish their own career objectives. Highly motivated people perform better than unmotivated people. Motivation covers up ability and skill deficiencies in employees. The PMU gives motivation top priority. Employees are motivated through the material, financial, as well as work environment privileges. This is very impo rtant aspect that expedites the realizations of the objectives.Besides, the communication issues are very important as part of the directing function of management in the PMU. The staffs are careful enough in their communicative efforts such as with the financiers, partners, suppliers etc. The staffs are appraised for what they do, and disciplinary measures are taken for incidents of misbehaviors. Controlling function of the PMU Controlling in the PMU is done in view of the performance standards (indicators) set in each financing agreement back before the start of the implementation of projects.The Planning, Monitoring, and Evaluation Section of the PMU take care of such tasks as monitoring activities and evaluating against standards. The Planning, Monitoring, and Evaluation Section undertake routine or surprise checks of activities. At the mid term and final term of projects, they also conduct evaluations. In so doing, the section seeks preventive and corrective measures such as th e incorporation of new mechanisms of implementations. The controlling function is done in all aspects of the program, such as controlling assets owned by the office, control on the staff in terms of their work hours. . General Observations in the PMU The PMU is known for its staff that is aware of the virtues out of team working, learning by doing, and complementarities. These attributes are very important for the management function to achieve effectiveness and efficiency in the tasks that are destined to accomplish. Most of the staff members are young professionals that they can learn easily from experiences of others, and that they possess the merit to catch up things through continuous reading. The team work in the PMU has assisted the effective accomplishments of activities as scheduled.Synergism is common place, and supporting one another is highly worked upon. 5. Recommendations From the foregoing we can understand that the PMU fully undertaking management functions. In order to cement the positive sides of what is going on in the PMU, I recommend the following points: †¢ that the various projects need to be harmonized †¢ that the staffing function be done in view of the experiences already nurtured. This means the job description in trying to hire staff has to be used in such a way that team work is given greater weight. that more training need to be provided to the staff †¢ that the young professionals be retained as a team in order to pursue the implementation of similar projects in other sectors such as agriculture, etc 6. Conclusion Efficiency and effectiveness are key words related to the realization of plans. The realization of this is the task of management. Management does these through the coordination of its functions. These functions are planning, organizing, staffing, directing, and controlling.The PMU is reputed for pursuing a management style that assists in the realizations of set objectives effectively and efficiently. Al l management functions are employed in the PMU, and thus the fruits of these concerted efforts are tangibly realized. 7. Works cited Website http://choo. fis. utoronto. ca/fis/courses/lis1230/lis1230sharma/plan1. htm http://www. ag. ohio-state. edu/~mgtexcel/Function. html http://www. ag. ohio-state. edu/~mgtexcel/Staffing. html http://www. buzzle. com/articles/management-concepts-the-four-functions-of-management. tml http://choo. fis. utoronto. ca/fis/courses/lis1230/lis1230sharma/history4. htm Kiflemariam Abraham, Reading on Principles of Management. March 2007 Management Term Paper * * Help Desk Operations for the Operating Forces Wilfredo Santiago Park University Author Note This is an insider view on how to streamline and improve the services provided by MCTSSA (Marine Corps Tactical Systems Support Activity) Help Desk to the Operating Forces. Abstract MCTSSA Help Desk was established over 10 years ago to provide technical support to the operating forces.Today the Help Desk is referred to as OFTSSC (Operating Forces Tactical Systems Support Center) with a specific mission stated as: to provide continuous, distributed technical support, troubleshooting, and problem resolution for Command, Control, Communications, Computers and Intelligence (C4I) systems, in order to optimize those systems as force multipliers in assisting Marines to win battles. While the OFTSSC focuses on the needs of the Marine Corps, it offers technical assistance to all C4I system users across the entire Department of Defense (DoD), U. S. Government and all U.S. Foreign National Allies. The OFTSSC provides its customers with remote technical assistance by facilitating online access to supported system documentation, system software and offering live interaction with system subject matter experts (SMEs), via phone, online chat, and email. If a solution to a customer problem is not immediately available, OFTSSC personnel will actively work to obtain a solution by elevating customer issue s to MCTSSA support engineers, system vendors, Marine Corps Systems Command program managers or other commercial or DoD customer support agencies.Help Desk Operations for the Operating Forces The OFTSSC from the start operated in an ad-hoc manner maintaining its mission capability with a support staff composed of contractors and civilian government analysts and a limited number of uniformed personnel. This odd mix of employees with identical goals as a mission end state has presented a management challenge that has hampered efficiency and responsiveness in providing the services as defined in the stated mission. This paper will address three persistent problems that exist within OFTSSC.First, the lack of a verifiable control measure to gauge analyst productivity and quantified work output. Staffing is also a source of issues that continue to impact OFTSSC’s ability to maintain its credibility as a reliable source of SME (Subject Matter Experts) and it has a continuing difficu lty at retaining well trained employees to stick around. In fulfilling its function as a help-desk/support center for the operating forces, employees routinely receive calls from customers describing problems they encounter when employing tactical systems whether in garrison or on deployment.These calls are inducted into a database repository, Remedy. Here the adequacy of Remedy in providing as an output control comes into question. Although Remedy is widely used in the help desk community it is a system that requires a lot of labor intensive modifications to get take advantage of its capabilities as a help desk database tool. Currently, Remedy is employed as an out of the box software with limited modifications. Remedy can be modified as an output control tool that will enable management to effectively monitor employee productivity and efficiency.By design Remedy not only archives problems customers refer for solutions it also is a repository of all solutions created by analysts wh ich is then made available for future use or reference as a knowledge based article (KBA). As calls are received from customers analysts input all data related to problems being referred for assistance into Remedy. The information will include system type and nature of the problem and complete customer information. All these information is populated onto a standard template. The analyst then proceeds to research the KBA archives by using a key word search related to the problem.If a solution match is found this is provided to the customer and the problem is marked resolved and archived. The utility of the Remedy database is not fully exploited as any type of record created is only available only thru accessed. With all these information available within a central repository it should be made available for for all analysts at a glance providing a snapshot of the problem, the status, whether pending, resolved or in progress. This should be displayed on a large monitor for all to see. With this information on display all analysts will have current status of all problems available at a glance.At a minimum this should display two weeks worth of activity. This display will serve as visible output control measure to gauge analyst activity and productivity. This quantifiable and measurable display of work output can be used as an objective measure of performance and used as a basis for compensation rewards. For the analyst this will also serve as a current constant visible reminder of work that is pending, in progress or completed. Today the mix of employee analysts within OFTSSC has a variety of skill sets whose qualifications for the jobs are based on their past work experience with a particular system.This has been a detriment to OFTSSC’s ability to provide reliable analysts consistently without periodic unavailability due to SME absence. This is a cause for concern because of its impact on the service reputation that is expected by the customers – av ailability among others. To fill this requirement gap it is imperative that the depth of analyst skill sets be enhanced. There are thirty analysts currently employed supporting over forty varying systems which include a variety of tactical radios. The systems are grouped into Command and Control (C2) or Tactical Applications (TacApps) with tactical radios included into TacApps.This grouping is done for purposes of limited management and tasking deconfliction. Personnel tasking however blurs the lines of personnel assignments as analysts are often randomly assigned to provide assistance on systems that he or she is not officially assigned. The practice has in many situations caused unexpected disruptions in service quality. Because too often analysts assigned to tasks do not possess the subject matter expertise to provide support requested. To mitigate this situation a training program that will involved cross training all analysts need to be instituted within OFTSSC.Staffing has to be reviewed and a reorganization of the analyst teams will have to be done in a manner that permits a well defined tasking of all analysts based on skill sets and grouping them based on previous assignments. Within each grouping a program of OJT (On the Job Training) will be initiated by pairing each analyst together and each one go thru a training program designed to increase their depth of skill and familiarity with systems other than those they are qualified on as an expert. During the training period ample opportunity will be dedicated to having the trainer and trainee to conduct business as a team.This process will be akin to a mentoring process that facilitates the transfer of knowledge and skill that will improve the services provided to customers. Reorganization and staffing once completed will result in a reliable and available analyst well trained on the system supported. The improved skill sets will require to be maintained if the quality of service is to be credible, thi s can be achieved with a programmed sustainment training that should include in-service training and follow-on continuing education to keep current with the dynamic nature of technology.Summary The operation of a support center such as OFTSSC is unique in that its main customer is the operating thus the focus of its services are the uniformed personnel who maybe in harm’s way, because of this it is critical that the quality and accuracy of service and information provide require a level of expertise that is above the norm. Analysts are assumed to be the experts on the systems they support therefore it is imperative that their training and quality of service measure up to the standards.If the service provided is to have any value or credibility the provider must have the requisite knowledge and training to be consistent with the required standards. At the onset staffing should focus on critical skill sets that are vital to the operational demands of the customers and they shou ld sustain the currency of those skills. In order to maintain and improve the depth of knowledge and skill sets training is essential and once established sustainment will be required.Hiring standard is another area that will have to be visited to ensure that standards are maintained and qualified personnel are selected. This will preclude the impact of substandard services to the customer. References -3 points for not utilizing MG352 text to support term paper. 1. Operations Chief: OFTSSC Standard Operating Procedures, 2010 2. The Information Technology Infrastructure Library (ITIL) version 3, 2011 3. http://www. bmc. com/solutions/itsm/it-service-management. tml -3 points for improper citing of reference; below is how article from the Internet should be cited Author (2012, May 15). Name of Article, Date retrieved from the internet & http://www. link. com 4. http://www. marines. mil/unit/marcorsyscom/mctssa/Pages/OFTSSC. aspx -3 points for improper citing of reference; below is how article from the Internet should be cited Author (2012, May 15). Name of Article, Date retrieved from the internet & http://www. link. com

Miller Shettleworth Essay - 21273 Words

Journal of Experimental Psychology: Animal Behavior Processes 2007, Vol. 33, No. 3, 191–212 Copyright 2007 by the American Psychological Association 0097-7403/07/$12.00 DOI: 10.1037/0097-7403.33.3.191 Learning About Environmental Geometry: An Associative Model Noam Y. Miller and Sara J. Shettleworth University of Toronto K. Cheng (1986) suggested that learning the geometry of enclosing surfaces takes place in a geometric module blind to other spatial information. Failures to find blocking or overshadowing of geometry learning by features near a goal seem consistent with this view. The authors present an operant model in which learning spatial features competes with geometry learning, as in the Rescorla–Wagner model. Relative total†¦show more content†¦The signature phenomena of cue competition in conditioning are overshadowing and blocking. In overshadowing (Pavlov, 1927), when two cues are redundant predictors of the same outcome, less is learned about either than when it is the sole predictor of the outcome. In blocking (Kamin, 1969), training with a single cue reduces (blocks) learning about a second, redundant cue added later. Several studies have looked for blocking or overshadowing of geometric information by features (for a review, see Cheng Newcombe, 2005). Most studies have concluded that a predictive feature near a goal does not block learning about the shape of an enclosure (e.g., Hayward, Good, Pearce, 2004; Pearce et al., 2001; Wall et al., 2004). Moreover, in contrast with the expected competition between cues, geometry is sometimes learned better in the presence than in the absence of informative features. Pearce et al. (2001), for example, found that a beacon improved learning about the geometry of a triangular water tank. Other researchers have come across hints of this same phenomenon (e.g., Hayward et al., 2004; Hayward, McGregor, Good, Pearce, 2003). Using a geometrically unambiguous kite-shaped water tank, Graham, Good, McGregor, and Pearce (2006) demonstrated in rats substantial potentiation of geometry learning by a feature. Kelly and Spetch (2004a, 2004b) also found clear evidence of potentiation of geometry learning by a feature in an operant task in which people and pigeons were