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Background Information on Max Lionel Realty

Question:

Discuss About The Empirical Study Affect Statistical Education?

The documentation of Max Lionel Realty shows that the company is a limited company and is a member of Real Estate Institute of Victoria (REIV)[1]. The documents of the company shows that it aims to abide by the laws in force in Australia and Victoria like Safe Work Act[2]. These documents are evident of the ethical and law abiding modes of operations of Max Lionel Realty. These ethical and legal ways of operations enable the company to benefit customers, clients, brokers, employees and the management. The same is revealed the risk management and the detailed accident reports which the company maintains and updates as shown in the appendix 2[3].

The scenario given below reveals that Max Lionel Realty (MLR) needed to develop a charter of ethics which should be enforced within the entire company irrespective of levels. The company serves mainly clients, brokers and tenants who lack proper education regarding codes of conduct of REIV. The agents are either unaware or reluctant about codes of conduct they should follow to work with the company. The clients or owners of the projects are similarly unaware or not particular about MLR codes of conduct and there lies a prominent lack of understanding of business conditions between the clients and company[4]. This actually leads the company before future disputes, loss of clients and business risks in the future. The tenants feel that the company is not responsible to them and often indulge in unlawful activities like letting their rented properties without approval of MLR. This clearly points out that MLR requires educating and training these three groups of stakeholders and implementing a new charter to change the existing operations within the company. The aim is to bring about an organizational change in terms of operations and not necessarily in terms of designations or positions[5].

Action no.

Items

Milestone date

Responsibility

1

Adoption of new ethical charter

01.04.2018

Apex management, middle level management

2

Interview of clients, agents and tenants

15.04.2018

Marketing department

3

Hiring of human resources and booking of room

20.04.2018

HR department

4

Training of clients

26.04.2018

WHS trainer

5

Training of brokers

27.04.2018

Lawyer, WHS trainer

6

Training of tenants

30.04.2018

Anti-discrimination expert

Total number of days for action plan: 1 month

The budget for the change strategy towards enforcement of ethical charter on clients, brokers and tenants has been developed and attached. The budget shows that amount of AU$ 12000 towards this change management in their modus operandi is insufficient and the same should be communicated to the CFO, Mr. Mehra.

What

Who

Purpose

When/Frequency

Types/Methods

Adoption of new ethical charter

Apex management, middle level management

Enforcement of ethics and legal operations upon clients, brokers and tenants

Before launching the project

Conference, meeting with the CEO, emails

Interview of clients, agents and tenants

Marketing department

Information about their level of knowledge of MLR codes of conduct,

Before starting the project

Conferences, meetings and emails

Hiring of human resources and booking of room

HR department

Training of clients, brokers and tenants

Prior initiation of the project

Emails, meetings

Training of clients

WHS trainer

Increase of their understanding of MLR codes of conduct.

As a part of the project

In house training using conference systems

Training of brokers

Lawyer, WHS trainer

Increase of their understanding of MLR codes of conduct and align them with the ethical charter

As a part of the project

In house training using conference systems

Training of tenants

Anti-discrimination expert

Increase in their understanding of the ethical charter of MLR and the new policies

As a part of the project

In house training using conference systems

The following aspects would be highlighted in the meeting with the CEO

The appropriate leadership style would be a combination of autocratic and participative leadership style. This is because the tenants, clients and agents were not following the MLR codes of conduct and enforcement of the ethical charter required the apex management deal with them authoritatively. Then during the training the appropriate leadership style would be participative leadership style. This would ensure more active participation of the clients, agents and tenants[6].

The discussion of the budget would form an important part of the meeting agenda. It would be pointed out that the change management and enforcement of the ethics would require allocation of more funds. Moreover, it must also be pointed out that the training according to the plan has to be restricted within 2 days due to shortage of funds. Additional support from the CEO regarding the action plan and budget would be obtained[7].

Challenges faced by Max Lionel Realty

The training plan would educate the tenants, clients and brokers about the new MLR codes of conduct and align them to organizational policies, as per organizational plans. It would also make their operations more aligned to the laws, the aligning them to the legal requirements of the real estate industry of Victoria, Australia[8].

Communication of the new ethical charter accounts in a big way contribute to the success of the company to align its business partners stated above with its business and legal policies. The internal stakeholders like employees and management would be communicated about the change through emails and conferences. The external groups of stakeholders like clients, the governments and the tenants of MLR would be communicated about the change through emails and through media. This would help the company promote its stakeholder-centered operations thus, reflective of its positive image and strengthening its goodwill[9].

The modes of communication to be used would be PPT presentations, posters, flyers, specialized training sessions and notes through emails.

The training of clients and agents on the organizational codes of conduct would align them with the ethical and business codes of MLR. Thus, they would conduct business more ethically. This would help MLR manage the financial risk or losses it faces due to losing customers due to unethical business practices of its agents. Thus, the new ethical plan can be aligned with the risk management plan to manage the financial risks[10].

The managers would be consulted for their supports and inputs towards implementation of the plan.

The shortage of funds allocated to the budget was already pointed out to the CEO. It has been assumed that he has allowed an additional amount of AU$ 8000. The same has been adjusted in the revised budget attached.

The managers would be consulted regarding the implementation of the training based on the revised budget. Their feedback and support would be sought towards the implementation of the change management strategy[11].

The appropriate leadership style would be participative leadership style.

The training should follow Utilitarianism theory of ethical modes which focuses on rightness of the outcomes of activities[12].

The budget would be revised after consultation with the managers. It has been assumed that the managers based on the extra amount approved by the , have approved the training of clients, agents and tenants for 2 hours. The appropriate changes have been incorporated in the revised budget 2 and the same has been attached[13].

References:

"About Us". in , , 2018, <https://reiv.com.au/?__cf_waf_tk__=006396002AbGChiiNoHfXzEOSTfJjDiQfeMQ> [accessed 26 February 2018].

"All Acts and Regulations". in , , 2018, <https://www.worksafe.vic.gov.au/laws/all-acts-and-regulations> [accessed 27 February 2018].

"Constitution and replaceable rules | ASIC - Australian Securities and Investments Commission". in , , 2018, <https://asic.gov.au/for-business/registering-a-company/steps-to-register-a-company/constitution-and-replaceable-rules/> [accessed 26 February 2018].

"Consumer protection agencies". in , , 2018, <https://www.accc.gov.au/contact-us/other-helpful-agencies/consumer-protection-agencies> [accessed 27 February 2018].

"Home - Australian Securities Exchange - ASX". in , , 2018, <https://www.asx.com.au/index.htm> [accessed 27 February 2018].

"Occupational Health and Safety Act 2004". in , , 2018, <https://www.legislation.vic.gov.au/domino/web_notes/ldms/pubstatbook.nsf/f932b66241ecf1b7ca256e92000e23be/750e0d9e0b2b387fca256f71001fa7be/%24file/04-107a.pdf> [accessed 26 February 2018].

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Action Plan for Implementing an Ethical Charter Education

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Bromiley, Philip, Michael McShane, Anil Nair, and Elzotbek Rustambekov. "Enterprise risk management: Review, critique, and research directions." Long range planning 48, no. 4 (2015): 265-276.

Chiarazzo, Vincenza, Leonardo Caggiani, Mario Marinelli, and Michele Ottomanelli. "A Neural Network based model for real estate price estimation considering environmental quality of property location." Transportation Research Procedia 3 (2014): 810-817.

Chung, Henry FL, Zhilin Yang, and Pei-How Huang. "How does organizational learning matter in strategic business performance? The contingency role of guanxi networking." Journal of Business Research 68, no. 6 (2015): 1216-1224.

Cooke, Howard, H. A. J. A. Appel-Meulenbroek, T. A. Arentze, and Bauke de Vries. Adjustment of corporate real estate during a period of significant business change. No. eres2017_38. European Real Estate Society (ERES), 2017.

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Ismyrlis, Vasileios, Odysseas Moschidis, and George Tsiotras. "Critical success factors examined in ISO 9001: 2008-certified Greek companies using multidimensional statistics." International Journal of Quality & Reliability Management 32, no. 2 (2015): 114-131.

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Piacquadio, Paolo Giovanni. "A fairness justification of utilitarianism." Econometrica 85, no. 4 (2017): 1261-1276.

Sawyer, Steve, Kevin Crowston, and Rolf T. Wigand. "Digital assemblages: evidence and theorising from the computerisation of the US residential real estate industry." New Technology, Work and Employment 29, no. 1 (2014): 40-56.

Schnieder, Lars, Anna-Maria Ademeit, Marta Barrilero, Nadine Schlueter, Jan-Peter Nicklas, Petra Winzer, B. Starzy?ska, Agnieszka Kujawi?ska, and Jacek Diakun. "Systematic improvement of customer satisfaction for passengers with special mobility needs." WitPress (2015): 375-390.

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Tsou, Hung-Tai, and Yao-Wen Huang. "Empirical Study of the Affecting Statistical Education on Customer Relationship Management and Customer Value in Hi-tech Industry." Eurasia Journal of Mathematics, Science and Technology Education 14, no. 4 (2018): 1287-1294.

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