Answer the questions below. 1. What have been the main failings of managers in recent times? Managers didn’t really think about long term consequences of their decisions, which led to inappropriate risk-management and as the result company failures. “risk management was just as inept, and just as focused on maximising short-term profits (and their pay packets) without thinking too hard about what would happen when the good times ended.” 2. What do Rakesh Khurana and Nitin Nohria suggest could be done to make managers more professional? Some kind of code of conduct should be made, it can be as easy as: “I pledge that considerations of personal benefit will never supersede the interests of the enterprise I am entrusted to manage” and “I vow to represent my enterprise's performance accurately and transparently to all relevant parties”. 3. What are the most striking differences between the career paths of Bill Gates and Jeffrey Skilling? Jeffrey Skilling – holds an MBA from Harvard, Bill Gates – might suggest that a lack of formal management training was a positive advantage in becoming a successful entrepreneur. 4. Why is profit not necessarily a good indicator of a manager’s performance? Profit doesn’t correlate directly with managers decisions 5. Why might it be difficult to enforce universal standards of education and training for all business professionals? Compare Jeffrey Skilling and Bill Gates, one was tought based on standard, other one was not. First didn’t succeed second did, so there is no direct correlation between having a standard and not having one. Furthermore, code of conduct is better in creating moral obligations: “Codes create and sustain a feeling of community and mutual obligation that members have toward each other and toward the profession”. 6. Why does the author of the article suggest that businesses urgently need to address the problem of professionalization? Because public and politicians tend to blame businesses more often for current economical problems. Which of the following statements reflect the recommendations that Rakesh and Nitin have made? All businesses managers shouls: 1. 2. 3. 4. 5. 6. Prioritise short term profit. Only be allowed to practise after passing a degree in law. Have precise definitions of the training requirements of the their jobs. Be fined for inappropriate behaviour. Undergo periodic retraining. Take a standardised exam before being allowed to ptactise. Match the words from the text (1-6) with a synonym-antonym pair (a-f). 1. 2. 3. 4. 5. 6. 1–b Deviate Supersede Adhere Stringent Concede Transparency a) b) c) d) e) f) Tough/lenient Follow/disregard Replace/precede Acknowledge/deny Openness/opacity Diverge/conform 2–c 3–d 4–a 5–f 6–e What synonyms and antonyms can you find in the text for the following words? 1. Soaring – rising up, raises, upstart 2. Inept – lack of professionalism, failing, competency, stringent knowledge, educated, professionalism 3. A lack – fewer, popularity, largely, 4. Criticism – argument, rumblings, argue
