Skills for Project Leadership and Team Building

Skills for Project Leadership and Team Building ABSTRACT This report is based on project leadership and team building i.e. PLTB. The various skills required for PLTB, human resources needs and challenges in PLTB and the role of PLTB in adding the value to the project management scenario. The implementation of self directed teams into the project management has been increased and has replaced the traditional manufacturing ways. According to many experiments done, self directed teams provide the performance effectiveness to the organization. For a successful project management, the organization has to define various key performance contributors like selection of team, clear project objectives, innovation and the commitment of the project team members. All the four aspects are important for the success of any project. First of all the concepts like project management, product life cycle, team building, human resource development theories and innovation for team building are discussed. After that a case study RL Wolfe, a pipe manufacturer, has been taken and the impact of implementation of self directed teams on the organization is discussed. Further the recommendations and conclusion are made. INTRODUCTION The scenario today has changed to a kind of frame where the self direction, self motivation are the main concerns. The project management if understood in simple words is nothing but the set of stages where the each stage has got the equal importance. The success of a project is mostly dependent on the project manager or project leader because the leader will have to make the goals, get the employees together and make them as a team and ultimately guide them till the end. The team selection or building team in itself is a very tedious and intelligent task because it is always very difficult to understand the capabilities and hidden qualities of the employee and the way to use it for the project. The cross-cultural conflicts are also to be dealt with in order to confirm the success of the project The report will include the necessary the practical, theoretical and empirical examples to support the statement of the report. The report will be guided with the help of relevant case studies as well wherever needed. MAIN BODY Project Management The project management does not simply means to execute a certain job, rather it is set of activities one followed after the other and in some cases it some activities are not even in the to do list but are instant and demand for prompt response. The project management is supposed to be the set of activities which includes the planning, initiating, monitoring and finishing the project. This is basically the art to get the work done form the various elements involved. As Peter Drucker once said that management is doing the things right, leadership is doing right things, this means there has to be a proper balance in the management and leadership. As it has been a matter of debate since the beginning that what the difference between the leader and manger is, can a manager be a leader or vice-versa. The trait theory has said that there are certain traits which decide whether the particular person is a leader or not and it can be concluded from other theories as well that there are certa in traits which are innate and some qualities can be learnt with the experience over the period of time. A per Lock D (2007:8), Project management has got one purpose to foresee or predict as many dangers and problems as possible and to plan, organise and control activities so that the projects are completed successfully in spite of all the risks. He has also argued further that the role of a project manager is to justify his/her existence by satisfying the stakeholders by cost cutting and successful ending. There has to be particular model for the particular project but general there are the following steps: Integration Scope Time Cost Quality Human resource Risk Communication Procurement The project leadership is the point which is there to direct and control the task. The leaders are always gaining the trust; there is a relation of trust between the leader and followers. This point is justified by the lecture given by Murray Johannsen that managers are the one which are having the subordinates to help them or to listen to them whereas the leaders have the followers. The difference here lies in the way to get the work done. It is pertinent to mention the fact a follower will never feel uneasy to do any task given by leader but a subordinate will always find the faults in the managers work. This is the basic human tendency which the leaders always win upon. The project management is also further defined as Project management is a set of principles, methods, tools, and techniques for the effective management of objective-oriented work in the context of a specific and unique organizational environment Knutson, J. Bitz, I., (1991:2). The common methods used for achievin g the targets are PERT, CPM. The main logic of using the scientific methods for project management is to minimize the risk factor and be competitive. The project leadership is a very important in todays market place because the team building has grown very critical. The one most important thing is that the project leader should use empowerment and let the employees take some crucial decisions. It has been demonstrated through several scholarly researches that the most important and valuable concept in self directed teams is of empowerment. Empowerment in simple manner can be understood as gaining the power by giving away the power or authority. As per a web source, according to Harvey, L, (2004-9) Empowerment is a continuous process comprising a series of conscious steps taken by individuals to gain access resources; to better express and defend their rights and in the process. Empowerment is not about wresting power from an individual or group of individuals and handling it over to another. It is the means to an end, not an end in itself. Also, the time does not allow today to give the reaction after the action, rather the projec t leader should be proactive in nature and should try to foresee the changes and should form a team which always gives critical remarks. This will ultimately help in the successful completion of the project. As it has been quoted several a times that leadership is ultimately held responsible for the things. This is also supported by the article of Dr. Keith Mathis where he says Everything rises and falls on leadership. This quote is especially true in running successful projects. You must have strong leadership, or things fall through the crack. Every individual must be committed to do what they say they will do. Source: http://www.projectsmart.co.uk/six-ways-to-give-proper-project-leadership.html Cited on: 25/03/2011 Project Life Cycle The diagram below shows the four common stages of the Project life cycle: Source: http://www.onestopsap.com/images/project-lifecycle-v2.jpg Cited on: 20/03/2011 As per westland, J., 2007 the four stages can be understood as following along with their relevance: Within the initiation phase, the business problem or any conflict or risk or opportunity is found and further a solution is found. This is followed by the team building. In Project Planning, is all about creating a framework, assigning duties and taking care of risk issues. In project Execution, the plan is followed upon, the various measures are employed and it is checked whether some alteration is needed or not In project Closure, included the final derivates to the end consumers in the desired format, some lessons are learnt for the future form eth experience of the whole project. Now this particular concept has to be related to the self directed teams and the team should be well aware of all the steps. The advantage of using self directed team is clearly understood in the case study of R L Wolfe the pipe manufacturer company, which has employed it in 2004 and the results were seen very soon. The self directed teams are nothing but the Self directed teams SDT are natural work groups. Each SDT is responsible for a business process that delivers a product or service to an internal or external customer. Each SDT manages its business is continued improvements for the success of the business are the measurements of its performance. (Wentz, 1998, p. 59) There is one more thing that counts a lot in terms of the success of project i.e. Project Initiation Document (PID). This is a kind of checklist which reminds of the certain things to be upright at all times which includes the controlling of risk factor, budget factor, deviation control and human factor control. The project leadership should always keep in mind the critical success factors. Let us understand this with an example from the real estate field. While launching a new project there are several things that can make it a success or sell it at a faster pace. The project manager should employ some special people for the particular projects because the word of mouth marketing plays a vital role in real estate. The flexibility of the prices and the total expenses on the marketing should be kept in mind along with the break even points. The another example can be thought of electronic gaint SONY, whenever SONY launches any new product in the market it has still got the beats and sound system because that is its USP. Scenario of the Question Now in this particular section this will be discussed that why the company has hired the group of consultants. On a very simple logical note this can be thought of if the company is working properly why will it be hiring any consultants. Now the situation here arises that: there might be some change or a new project, which is scheduled to be taken place There is some conflict in the company which needs to be care of The company is working fine but it wants to be more competitive because the competitors are more solid on the balance sheets Also, this can be the case that there are some aspects in the company which can be useful for cost cutting, but the company is not having any expertise on that matter. As per the scenario it is clear here that the company which is of concern here has recognized some of the facts which are related to the human resource management and development and more specifically to the team building. Here the company thinks and it is logical as well to think that team selection, clear objectives and innovation are key success factors. The company is now moving forward and is ready to invest on the human resource aspect. As said above that the consultants are the group of people which have different expertise, but in this case more of them will be form the team building or human resource management side. Now the consultants here will work to form the self directed teams and to train them in the specific context for the success of project. The term which is meant to define is self directed teams, it simply means the group of people working together in order to achieve something on the similar platform but are much focussed and self driven and self motivated. Normally when there is a team of consultants it includes the people of various expertises like from marketing, sales, finance, operations management etc. so in this scenario as well there will be different expertise working together because the project management calls for collective effort of the human resource Team Building Now here comes the main part of the report and the role of consultants. The team building or getting some people along to work is a very tedious task. The reason for this is that the different people have got the different backgrounds, learning, roles or simply speaking the postionality of every individual is very different. The conflict management and cross cultural management is the key factor for the success of the project. The effective leadership has to take care of this, especially in this case. The company should always take care of all the issues related to the employees, the relation with the employees is the one which needs to be managed. For example, if someone in the morning feels sad about going to the office, that employee cannot be an asset for the company; rather the company should try to make him so enthusiastic that every morning the employees should be willing to go the office. There have been several theories on this that what can motivate an employee or what can foster in to the employee the zeal to work and achieve. Malows Need Hierarchy Theory This model has been a very famous and well applied as far as the needs and motivation factors are concerned for the team building. This should always be kept in mind while team building by the project leadership. For example, a small monetary gift cannot be the motivation for the upper management but is a too much appreciation for the lower grade employees. Source: http://www.businessballs.com/images/maslow%27s_hierarchy_businessballs.jpg Cited: 25/03/2011 Herzbergs Two Factor Theory This theory states that motivation and job satisfaction are the factors which if taken care of can result in a very good team building. The project leadership should take well care of the factors that cause satisfaction and which cause dissatisfaction. There are some hygiene factors, which are not the exact satisfaction factor but their absence will cause some de-motivation like fringe benefits, salary hikes and all. HRD/HRM Theories Now comes another step in the project management is that how to get the proper people for the project. The project leadership should take this thing very carefully otherwise it can result in a disaster. The human resourcing and team building also shows the efficiency of the project leader in ensuring the project. In building the right team it should be taken care of that there is proper communication channel upwards and downward so that the information is exchanged. The objectives and goals are properly inculcated into the team members in to be truly efficient and effective. This can be understood with the example of sports as well. The way the Australian have led their team since last 7-8 years has been marvellous. This has become a case study for the students in various schools. The attitude, response and responsibility have all been the strong killing points of the team. To play and end a series is same as to execute a project. There has to be proper strategy that how to play whic h players to use, what strategy to employ including everything else. The Austrian team has been famous for the mind game, to handle the pressure and the as the real warrior. The captain and coach in this case work as the project leader and help the whole team to win. They are the people who decide that which bowler to use and how Now other responsibility of the project manager or leader is to manage the change. The concept which is very important to be taken care of is the change in technology because there is a foremost characteristic of the employee to resist the change but it has to be implemented for ensuring the successful project management. Hence it is pertinent to mention here that a team of consultants should always comprise of the people from several fields having the proven expertise because this will certainly help the project to in the end. This thing is supported by the diagram given here that how the various tasks are allotted to various people in the team in order to maintain the accountability. Source: http://www.fieldsrecruitment.com/media/img/team_structure.gif Cited on: 21/03/2011 The team structure depends from project to project but the team should be built in accordance to the project needs. The fresh talent should always be mixed with the experienced talent. Innovation in Project Management and Leadership for Team Building Team Building is a very critical task for the management as it involves getting people along to work together for a particular goal, of different backgrounds, beliefs, religions etc. Team building is main key factor for the success of any project and for a good leadership. Hence there is a need for continuous innovation and positive changes in the project management for the successful achievement of the project objectives and leading a team in a better way. The innovation can be operational innovation, management innovation, product service innovation and strategic innovation. Innovation is front and center on the corporate agenda, according to a global survey. Executives are adding more breakthrough innovations and business model changes to their portfolio to fuel the growth engine. (Business Week, November 16, 2009). The innovation process into project management and leadership starts with the setting up the stage and defining the concepts and objectives. Then the opportunities ar e discovered by understanding the needs of the employees. After finding out the opportunities, the ideas are developed. The forth step involves the conversion of the ideas into actual operations. Finally the commercialization of the innovation ideas is done i.e. the success rate, financial impact transition etc. of the ideas. Various innovation theories can be used in project management and leadership for team building. Diffusions of innovation theory has four main elements i.e. innovation, communication channel, time and social system. Diffusion is a special type of communication that helps a team in spreading the messages within the time limit that pursue the new ideas for team building. The innovation in project management and leadership for team building can involve implementation of new ideas for the improvement in motivation and satisfaction level of employees, implementation of an effective leadership style is also important like entrepreneurial leadership, creative leadership or transformational leadership, removing any kind of discrimination developed into the minds of employees etc. Hence innovation plays an important role in the development of a team and success of any project. Case Study In this section the company profile will be studied and the main components of the statement of the question with reference to the company. Company Name RL Wolfe RL Wolfe is a plastic pipe manufacturing company having head quarter in Houston, Texas. The company has a net worth of $350 million. PAST In 2003, when RL Wolfe purchased Moon Plastics which was a small family owned business of customs plastic manufacturer in Corpus Christi, they found an opportunity to implement the concept of self directed teams into their new plant. Surprisingly after the implementation of self directed teams, their reports show around 40% improvement in their productivity and quality of the products as compared to their traditional way of manufacturing products as self directed teams increases the motivation and satisfaction level of employees. John Amasi, the director of production and engineering at RL Wolfe, was the one who suggested the idea of the implementation of self directed teams to the organization. In 2007, an assessment took place for the evaluation of the implementation of self directed teams. And again the productivity level was 82% higher than the other RL Wolfes Columbus and Austin plants but still they have to achieve a target of 95%. RL Wolfe used to have three shifts per d ay of eight hours each. In traditional manufacturing way, the work was divided among the foreman, production operators, line operators, downstream technicians, loaders and finished material handlers. PRESENT John Amasi has planned for the Corpus Christi Experiment i.e. he is planning to get an approval from the board of directors for a long sought concession in health care coverage for increasing the commitment and satisfaction level of employees that further increases the productivity level. Also due to the implementation of self directed teams, the organization is achieving 95% or more design capacity. The leadership style also plays a positive role in productivity level as more than 80% decisions were taken at the ground level by the line operators or material handlers through the directions given by the coordinator. The implementation of SDTs divided the work among two parts i.e. technicians and line operators or material handlers. PROBLEMS -The assessment done in 2007 i.e. after 4 years of implementation of self directed teams, exposed few problems along with the increased productivity. The implementation of self directed teams provides ongoing tensions to the technicians as the technicians provide the engineering oversight and it is the duty of technician to ensure the workings according to the plans made. Evaluating the performances of the employees is another problem faced due to the implementation of self directed teams. It is only the performance evaluation that shows the positive and negative aspects of implementation of any new ideas or practices. The assessment shows a decrease in absenteeism level for first and second shift while there is no change in the third shift i.e. the night shift. Many employees are not interested in doing the management type work and hence their satisfaction decreases. It also leads to labour turnover as the manager level employees have assigned the lower level jobs under sel f directed teams and hence they demoralize and leave the organisation. Recommendations for the problems faced in Self Directed Teams No doubt that innovation, self directed teams, clear objectives and commitment of employees leads to team building and better project management. The implementation of self directed teams is increasing in todays organizations over the traditional ways of handling teams as its implementation has shown tremendous project effectiveness. Along with the advantages, self directed teams have few disadvantages as well. These problems have in the above paragraph. For minimizing the negative impact of self directed teams, various measures can be taken. As many employees cant take the management workload, hence the employees should first get scheduled for their own work load and assignments and then further management work can be given to them. Slowly, over a period of time further responsibilities can be transferred to the employees under self directed teams. To decrease the absenteeism and employee turnover because of the dissatisfaction from the type of work given, the employees should be as ked first that what type of assignments they would like to do and according the work should be divided. An implementation of self directed teams increases the employee skills and employees motivation level which further increases the productivity and quality of products and services. The implementation of SDTs without considering the various aspects like effective planning requirements, training needs, coordination with the organization etc. put an adverse impact on the performance of the organization. The cost of implementation of SDTs is quite very high and the organization has to make special budget for the same. Also time to time evaluation is important for knowing the progress of the organization. CONCLUSION Project Leadership and Team Building add value to the success of project management. Various factors affect project management like leadership style, innovation, coordination, methods of team building etc. Leadership and team building are the two most important factors that affect the project success. Many surveys and experiments have proved that Self Directed Teams contributes to the effectiveness into the performance of an organization. This effectiveness is in terms of higher productivity, higher quality, employee satisfaction, team effectiveness, cost effectiveness etc. From the case study of RL Wolfe, it is very clear that adaptation of self directed teams is very helpful in success of any project but again its impact on the organization cannot be ignored.

Essay on Sophocles Antigone :: Antigone essays

In ancient Greece, men who died in war fulfilled the civic ideal to the utmost.   The women, destined to live out a degrading life, died in bed.   Certainly, not all men died in battle, but every epitaph shows in one way or another, the city would always remember the men who died in war.   Additionally, not all Athenian women died in bed; nonetheless, it was left to her family to preserve the memory of her not the city.   No matter how perfect a woman was she would never receive the same status or level of social expectations from the city that a man received. No accomplishments were allowed beyond living a life of motherhood and submissiveness to a man, namely her husband.   In fact, in early Greece, women were typically viewed as subservient to men, submissive in their actions, and of a status only slightly above slaves; however, Antigone was not your typical Greek woman.   Many ancient Greek Philosophers have written and expressed their views on women’s’ status in ancient Greece.   One author, Sophocles, wrote plays about how you cannot escape fate, because the Gods give fate and men cannot escape what the Gods decide. Sophocles shows his case in point, that human laws can destroy a city, using Antigone as a noticeable illustration to show his points.   Pericles according to the author Thucydides has hardly anything to say about women, but when he does, it is in a demeaning statement.   Socrates never says anything in reference to women, but more to society in a whole.   Finally, Sappho’s writings have been threatened to be destroyed because of her indifferent views towards women and how she portrayed them.   In the play Antigone, Sophocles stretches the role of a woman. There is a battle between what is right and laws of Gods or laws of man.   Sophocles places Antigone in this fight against her Uncle Creon.   Antigone stands up for ancient law and Creon stands up for man’s law.   Creon voices his opinion on how he feels about women in ancient Greece.   Creon states â€Å"We must defend the men who live by law, never let some woman triumph over us.   Better to fall from power, if fall we must, at the hands of a man – never be rated inferior to a woman, never.† (Pg. 77 – line 755-762)   Antigone, with her sharp tongue, challenges Creon with what she feels is right  Ã‚   â€Å"It wasn’t Zeus, not in the least, who made this proclamation – not to me.

My school Essay

I,________,have been a part of the _________School District my entire life. For me school has been a mixture of emotions. Some years I loved school and learning and other years I hated school and felt as if I would never amount to anything. The movie Stand and Deliver made me wonder how much better of a student I could have been if all my teachers cared as much as Mr. Escalante. In elementary school I had mixed emotions. I loved school up until about 3rd grade but then I started to hate school. It became harder for me to get good grades and I  felt dumb. Many of my teachers also had my sister, who was an A+ student so they would always make statement about how I should follow in her footsteps and such. But I was never as smart as her or good at school like she was. Once I was in the 3rd grade I began to struggle with all subjects except reading, once this struggle began I started to care less about school and grades. Middle school is where things began to turn around for me. In the 6th grade I had Mr. Pollock as one of my teachers. He was the most caring teacher I have ever had,  he showed me I could do anything I put my mind too and he pushed me to succeed the way Mr. Escalante pushed his students. In the movie Mr. Escalante says â€Å"Students will rise to the level of expectations† and this is exactly what my teacher did to me, he set the expectations high and then pushed me to exceed them. High school was another good experience. I always was a â€Å"teacher’s pet† and got good grades without really trying. I never studied while in high school and was very involved in extracurricular activities. This was good for me then but has caused me problems now. Now that I am in college and have to study and really work hard I don’t do as good as I would like. In my opinion my past schooling has set me up to fail in college. Even though I was taught the things I needed to be taught. I didn’t learn to push myself. I got by either just barely or passing with flying colors†¦ I, Thanh Nguyen, I have been grown up in Vietnam, so I went to elementary, middle, high school there. And the education is a lots harder here in States. For me school has been a mixture of emotions. Some years I loved school and learning and other years I hated school and felt as if I would never amount to anything. In elementary school I had mixed emotions. I loved school up until about 5rd grade but then I started to hate school In my opinion my past schooling has set me up to fail in college. Even though I was taught the things I needed to be taught. I didn’t learn to push myself. I got by either just barely or passing with flying colors†¦

The Economic And Political Instability - 2241 Words

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Without a proper source of income or the needs to support one’s self or family, these immigrants feel motivated to move out of Mexico to achieve proper financial support. According to Gary K. Cà ¡rdenas, professor and director of the Hispanic Research Center, and Mary Erickson, professor of art in the School of Art, in an analysis about Frida Kahlo’s Self Portrait Between the Borderline of Mexico and the United States, Kahlo and Rivera’s immigration to the United States was influenced by the commissions received: â€Å"to do murals inShow MoreRelatedEconomic Instability And The Political Situation2200 Words   |  9 PagesThere are four aspects comprising any development, such as economic, environmental, social, and political, which are deeply interlinked. Analysts are using the â€Å"ripple† effect to outline the manner in which these four aspects of growth and development are connected. Any slight change within each of the highlighted facets of growth influences the other three. 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Impact Of Protection Of Designer Products - 3018 Words

GLOBALIZATION AND GLOBAL CITIZENSHIP- TRIMESTER A PRESENTED BY: PRAKRITI CHOPRA PCHOPR201@caledonian.ac.uk IMPACT OF PROTECTION OF DESIGNER PRODUCTS RECEIVED BY ONLINE RETAILERS IN UK AND INDIA Abstract (optional): a 300-400 words summary of the paper IMPACT OF PROTECTION OF SMALL-SCALE DESIGNER PRODUCTS/ CUSTOMIZED PRODUCTS RECEIVED BY ONLINE RETAILERS IN UK AND INDIA †¢ Introduction Online shopping has now become one of the most popular ways of shopping globally. It saves time of going to a store and purchasing a particular product. Further such online retailers even offer various deals on the same products that one does not find in-store, so it helps save money on the some product. This online†¦show more content†¦However, this research basically focuses on the impact of protection of small-scale designer products received by online retailers in UK and India. The significance of designs is extensively acknowledged and recognised in the present UK economy. India has also been a member of World Trade Organisation (WTO) since 1995; and all the signatory nations to WTO are bound to include some IP protection in their national laws. Further, since the Indian Constitution is borrowed from the UK constitution, there are similarities in the laws of both the countries. This indicates that any country doing business with India will find similarities between the local IP laws and enforcement procedures, and those in force in the UK. (IPO, 2013) In this research the author gives a brief overview of the design rights available to a design company in the UK and India, analysis of those rights and enforcement procedures. †¢ Background Intellectual property (IP) rights -In India One of the crucial factors in the Indian legal system is to register and enforce intellectual property rights. To enjoy the IP rights it is a must to register them. In India when an individual or company wants to patent a product they should individually register. Apart from the industrial designs the individual or company can apply under the terms of the Patent Cooperation Treaty, which is usually

Essay about Cultural Differences Witness - Peter Weir...

The film Witness, directed by Peter Weir portrays the concept of cultural differences between the Amish and the outside world through various film techniques. Weir demonstrates aspects of moving into the world using symbols, characterisation, setting and diegetic and non-diegetic sounds so to convey the significant cultural differences within the film. The contrast of the Amish and the outside world is expressed in the barn scene. The scene opens with the car, which is a symbol and motif of the outside world. The car is placed in the barn which further demonstrates the contrast of both cultures. It is clear that the car doesn’t belong with the barn, as in Amish culture technology isn’t used, especially cars. As John Book fixes the car†¦show more content†¦This is further implied through John singing the lyrics ‘that I love you and I know that if you love me too what a wonderful world this would be’ This indicates the possibility of how things would be if their cultures were more accepting. The contrasts of both cultures are expressed through the mid shot of both characters as they are caught by Ellie. The car lights shine on Rachel and John, which emphasise that they have been caught in the act and that their actions are ‘immoral’, as the Amish are not to use technology, let alone listen to English music this is further supported by the close up shot of Ellie’s surprised and disappointed expression. Towards the end of the film, there is a scene which highlights cultural differences. In this scene Rachel and John are saying goodbye as John goes back to the outside world. In this scene, it is demonstrated through the close up shots of both characters gradual smiles and combination of hopeful non-diegetic music, that they have realised and accepted that John doesn’t belong in Rachel’s Amish community and must go back to his world. The cultural differences are made prominent through setting and costuming. The juxtaposition of John’s suit, the land and the bird house emphasises the differences in culture as a suit is typically worn everyday in the modern world for work, however he wears the suit on the natural landscape which signifies his lack of connection to the Amish world. The acceptance of John’s departureShow MoreRelatedWitness: Amish World Essay868 Words   |  4 PagesThe thriller film ‘Witness’, directed by Peter Weir in 1985, tells about cultural conflicts between the Amish of Western Pennsylvania and Modern American corruption and violence. 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Advanced Taxation Income Tax Assessment Act

Question: Discuss about theAdvanced Taxationfor Income Tax Assessment Act. Answer: Introduction According to the Income Tax Assessment Act 1997, TR2012/D1 income from the trust estate is distributable to the beneficiaries as per the clauses mention in the trust deed. As contained under section 53A, income generated from the trust estate is computed according to the terms and conditions of the trust deed. Such distributable income is taxable in the hands of beneficiaries at the rate specified under the provision of Australian Taxation System (Hoynes, Miller and Simon 2015). As per TD 2001/26 if a beneficiary of the trust estate has interest in the value of assets and the income for the allocation of the assets then the beneficiaries can renounce their interest in the trust. As per section 98(3) and 98(4), income from trust estate is liable for taxation in the books of trustee with respect to the share of income on part of its beneficiaries (O'Connor 2016). In the given case, Bruce the sole executor of Pams estate that was created under a testamentary trust managed business tax loss amounted to $20,000 during the year 31 August 2014. On the contrary, the testamentary trust incurred profit during the year ending 30 June 2015 amounted to $200,000 whereas the taxable income during the same period is $180,000. Considering the terms and conditions of the trust, Bruce allocated the trust income earned to the beneficiaries during the year 2015 on the basis of allocated percentage (Doidge and Dyck 2015). Bruce distributed the amount $40,000 to one of the beneficiaries Ronda whereas 50% of the balance i.e. 50% ($200,000- $40,000) = $80,000 to Rani as well as $80,000 to himself as 50% of the balance income. Further, Bruce distributed 20% of the income to the beneficiaries from the sale of premises since the balance income was meant for further investment. However, the income from the sale of premises was distributed to Gina as per the clause of c apital distribution on 18 July 2015, which was recorded on 29 August 2015 (Harrison 2015). According to the Australian Taxation System rules of section 102- 25 is applicable to the income arising from the capital asset of the discretionary trusts. As per the data provided for the BCL Ltd income from the capital assets are taxable in the books of the company as distributed to the beneficiaries (Chua and Bedford 2015). Given that, the selling value of the premises is $2,400,000 whereas the cost of the premises is 800,000, which was acquired on 23 October 1999. Therefore, income on sale of premises amounted to ($2,400,000- $800,000) = 1,600,000 that is taxable as per the taxation rules. As per the taxation ruling of ITAA97 tax on the income $1600,000 at the rate of 45% amounted to $720,000. Since, Bruce distributed the part of income to one of the beneficiaries at 20% and the rest of the amount is used for investment purpose therefore the taxability of $720,000 is subjected to the discounting method at 50%. However, the business loss amounted to $190,000 incurred during the y ear 2012-13 would be carried forward to till the year 2015. During the financial year 2015, loss of amount $190,000 can be set off with the income earned during the year amounted to $200,000 which will minimize the tax liability of the assessee (Neuman, Omer and Thompson 2015). Income distributed to Ronda $40,000 is entitled to tax liability during the year 2015 at the rate specified in the taxation system of Australia. As per the taxation rules, distribution of income from the trust estate is taxable in the hands of trust distributor at the rate of 45%. Hence, the income of $40,000 is taxable in the books of Bruce at the specified rate. Similarly, income distributed to Rani amounted to $80,000 is taxable in the books of Bruce during the year 2015. However, income with respect to capital distribution amounted to 20% of would be taxable during the financial year 2016 because the amount has been allocated to the beneficiaries after the end of financial year 2015 (Kousky and Shabman 2015). Considering the consequences of taxation of income from trust, Bruce is required to pay taxes on the income from trust as well as income from capital assets during the year 2015. However, the taxability of the income is subjected to the deduction of discounting method with respect to the capital income. On the other hand, current income from the trust will be taxable by deducting the amount of total loss of $170,000 incurred during the year 2013 since it was incurred from the business operation of the assessee (Doidge and Dyck 2015). Part A In the given situation, Lawrence Dixon and Sonya Dixon formed a family trust whose trustee was the accountant of the family Mac Bury. The trust was created as a discretionary while the beneficiaries of the trust were the creators children. It has been provided that the trust acquired a rental property and securities in two listed companies. During the year 2015, total receipt of the trust amounted to $26,000 whereas the expenses amounted to $26,000 along with the depreciation charges of $3,000 as per section 40- 25 ITAA97 (Tucker 2015). Further, amount of $8,000 as an interest expense was in terms of the securities of AMP Ltd for acquisition of shares. In case of discretionary trust, beneficiaries are not entitled to have fixed interest income in the funds of the trust. Under the category of discretionary trust beneficiaries are eligible to determine the income as capital or revenue as well as the percentage at which the income is to be received. For the purpose of establishment of the trust, there must be four important roles in the form of creator, trustee, appointor and beneficiaries. Trustee is considered to be the legal owner of who maintains all the transactions having the authority to sign the documents and other relevant applications for approval (Feuer 2016). On the other hand, beneficiaries of the trust are the individuals for whose advantages of the trust property is acquired. However, it is important that the beneficiaries should not acquire any substantial interest in the trust assets but they can have the right to access the share income from the securities of the trust. Discretionary trust is formed to utilize the be nefit of tax liability, asset protection, estate planning and holdings of land with respect to the investments, real estates and sources of fixed assets. As per the TR in ITAA97, assessees are eligible to claim exemption of 50% from the capital gain taxation provided the beneficiaries are individuals and not business organizations (Feisee and Randall 2015). Accordingly, in the present situation discretionary trust has been formed which earned total income of $26,000 while the expense were also $26,000. As per TD 2001/26, income from the assets and securities earned by trust is taxable even if such income is distributed to the beneficiaries. Therefore, income earned as dividend from the shares of AMP Ltd, CBA Ltd amounted to $12,000, and $8,000 respectively shall be taxable in the books of the trust created by Dixon. Further, deduction on the interest expenses is available to the trust amounted to $8,000 as well as the depreciation charges amounted to $3,000. However, beneficiaries are exempted from the tax liability on the since the beneficiaries are individuals and have no substantial interest in the assets of the trust (Tool, Williamson and Whittenburg 2015). On the contrary, expenses on rent for the property amounted to $18,000 are entitled for deduction from the income earned during the current taxation year. Part B The present case highlights the consequences of tax losses earned by the discretionary trust as well as from the business employing two part time workers. Owner of the business organizations are Ken and Barb acquiring equal holding of shares whereas the trustee of the trust is KB Pty Limited. However, the beneficiaries of the trust were the owners, their children along with other relatives. As per the terms and conditions of the trust, taxable distribution of income to the beneficiaries were at 28% to Ken, 56% to Barb and the balance to the other relative during the year 2010-11. As per the taxation ruling under ITAA 97, loss on business from the trust is measured according to the loss determined under the capital gains. As per ITAA 97, section 36-10 loss on business income is computed by deducting the loss incurred by the trust and the balance income is taxable at the specified rate (Crawford 2016). Therefore, the income of the trust during the year 2010-11 amounted to $170,000 woul d be taxable in the books of trustee KB Limited at 45%. However, the deduction of 50% cannot be claimed since, the trustee of the discretionary trust is a company and not individual. Further, the income of trust during the financial year 2011-12 amounted 120,000 would have the same implication as the income taxed during 2010-11. Since the trustee did not make election as per section 272-80(1) in schedule 2F of ITAA 1936, therefore the income of the trust distributed to beneficiaries would be taxable in the hands of the trustee. Moreover, the tax loss amounted to $26,000 during the year 2012-13 whereas the amount of loss $34,000 during the year 2013-14 would be carry forward to the next succeeding year for set off from the income $80,000. Elections from family trust as per section 272-80 of schedule 2F, ITAA 1936 impose the trustee to deduct the tax losses incurred in the previous years as well as deduction of certain expenses and debts. As per the taxation ruling ITAA 97, income from the trust distributable to the beneficiaries is taxable in the hands of trustee as per the distribution proportion. On the contrary, loss incurred from the business is eligible for deduction from the income in the subsequent years. Therefore, in the present case if the trustee made an election under section 272- 80(1) in schedule 2F, ITAA 1936 then the income is taxable in the hands of the trustee based on the distribution proportion (Ward 2016). During the year 2010-11 income $170,000 would be taxable in the hands of KB Ltd at the rate of (28%+ 56%) = 84% whereas 61% of total income $120,000 during the year 2011-12. However, the business loss incurred during the year 2012-13 and 2013-14 amounted to $26,000 and $34,000 respectively shall be allowed for deduction in the next year 2014-15 from the total income $80,000. Whereas the balance income i.e. $20,000 ($80,000- $26,000+ $34,000) shall be taxable in the hands of trustee in proportion to the 54% since Ken and Barb are equal shareholders of the trustee company. Reference List Chua, H.S. and Bedford, O., 2015. A qualitative exploration of fear of failure and entrepreneurial intent in Singapore.Journal of Career Development, p.0894845315599255. Crawford, B.J., 2016. Valuation, Values, Norms: Proposals for Estate and Gift Tax Reform.Boston College Law Review,57. Doidge, C. and Dyck, A., 2015. Taxes and corporate policies: Evidence from a quasi natural experiment.The Journal of Finance,70(1), pp.45-89. Feisee, R.A. and Randall, R.L., 2015. Counseling Clients on Their IRA Beneficiary Designation Options: The Impact of the Recent US Supreme Court Case, Clark v. Rameker.Journal of Financial Service Professionals,69(1), pp.57-62. Feuer, A., 2016. Life Insurance and Retirement Plan Benefits: Are Your Clients Achieving Their Intended Goals?.NYSBA J,28. Harrison, L., 2015. Property investment through discretionary trusts.Taxation in Australia,50(2), p.84. Hoynes, H., Miller, D. and Simon, D., 2015. Income, the earned income tax credit, and infant health.American Economic Journal: Economic Policy,7(1), pp.172-211. Kousky, C. and Shabman, L., 2015. Understanding Flood Risk Decisionmaking: Implications for Flood Risk Communication Program Design.Resources for the Future Discussion Paper, pp.15-01. Neuman, S.S., Omer, T.C. and Thompson, A.M., 2015. Determinants and Consequences of Tax Service Provider Choice in the Not?for?Profit Sector.Contemporary Accounting Research,32(2), pp.703-735. O'Connor, D., 2016. Trusts: Practical solutions for real-life problems.Taxation in Australia,50(7), p.392. Tool, H.R., Williamson, J.E. and Whittenburg, G.E., 2015. Impact of Recent Tax Legislation on Small Business.Journal of Small Business Strategy,8(2), pp.79-91. Tucker, J., 2015. Tax files: Interpreting the land tax act.Bulletin (Law Society of South Australia),37(2), p.28. Ward, M., 2016. IRA Transfers from Estate or Trust.Journal of Financial Service Professionals,70(2), pp.38-41.