What is Strategy by Michael Porter

Michael porter has outlined strategy in a broad way. His work is based on research into various companies and industries. In his discussion, he has managed to put together a variety of ideas that have helped him come up with tangible definitions of strategy and management issues. This essay defines strategy according to Porter and discusses the differences between strategy and management as put in Porter’s, ‘What is Strategy’.Advertising We will write a custom case study sample on What is Strategy by Michael Porter specifically for you for only $16.05 $11/page Learn More Porter (62) defines strategy in terms of operational effectiveness. According to Porter, in this case strategy goes hand in hand with operational effectiveness, where the latter is mainly about the doing same things in a better manner than the rivals. Porter goes ahead to define strategy as a matter of difference in the performance of business activities. In this real m, he has exemplified the aspect of strategy by using organizations that have succeeded in strategic positioning, such as South West airline and IKEA. Using this perspective, strategic competition has been perceived as coming up with novel positions that will be able to attract customers in a better manner than that of the rivals. Strategy according to Porter is mainly based on the needs of the customer and issues that will satisfy the needs of the customer. In the article, Porter has defined strategy as the act of creating positions that are unique and valuable through the use of varying activities (Porter, 68). From this argument, it has been made clear that the essence of strategy is all based on creation of a position that is different from that of the rivals such that, one gets a competitive advantage. Creation of the position is not a straightforward guarantee to competitive advantage over other rivals (Porter, 68). In such a case, it is necessary to have tradeoffs, where a bu siness can choose to shrug off some factors and insist on others. Tradeoffs, as a strategy, may seem like a limit to what a company is offering but they tend to increase the strategic positioning of the particular company. In this realm, strategy has thus been defined as the use of tradeoffs in competition by sacrificing some offers for others (70).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Fit, amongst activities in an organization, has been described as a very important aspect of strategy. In this realm, activities should be in such a manner that they are consistent with each other, reinforce each other, and are able to optimize the efforts of the company in achieving its objectives. When this happens, the organizational structure will enjoy competitive advantage in a sustainable manner. According to the discussion laid out by Porter, strategy is an aspect of management. It is a core part of management (Porter, 77). The management of an organization is responsible for laying down strategy. There is a difference between the two terms, such as laid in the facet of operational effectiveness. The latter is an essential integral of management but does not stand out to be a strategy. Strategy is thus a management principle, where, the position of a company can be defined, tradeoffs made and a fit amongst activities forged. This aids the organization or the company in maintaining of a competitive and sustainable advantage. Managers are responsible for maintaining strategy for various organizational needs. They are responsible for making decisions on what to do and what not to do in the organization, as dictated by the set strategies. Reference Porter, M. (1996). What is Strategy? Harvard Business Review, 74 (6), 61-78. This case study on What is Strategy by Michael Porter was written and submitted by user Nathaly G. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Project Management Essays

Project Management Essays Project Management Essay Project Management Essay Name: Course: Lecturer: Date: The document is valuable for establishing a common understanding among project stakeholders regarding the scope of the project. The project scope document usually contains the following sections: 1. Customer requirements define the functional or performance specifications for the project’s end product and other project deliverables. 2. Statement of Work (SOW) defines the major tasks or work elements that will need to be performed to accomplish the work that needs to be done and produce all the project deliverables. . Deliverables are the products or outputs that the project team or contractor will produce and provide to the customer during and at the completion of the performance of the project. Although major or key deliverables may be stated in the project charter or request for proposal, they need to be expanded on in greater detail in the project scope document. 4. Acceptance criteria for all project deliverables must be described in greater detail than what is stated in t he project charter or request for proposal. For each deliverable, the quantitative measures or references to specifications, standards, or codes that will be used should be stated, as the criteria will be the basis for the customer agreeing that a deliverable is acceptable. 5. Work Breakdown Structure (WBS). The major work elements defined in the statement of work section along with the detailed list of deliverables provide the basis for creating a work breakdown structure, which is a hierarchical decomposition of the project work scope into work packages that produce the project deliverables. The project scope document is valuable for establishing a common understanding among project stakeholders regarding the scope of the project. It is important to document the detailed requirements in the project scope document in order to establish a clear understanding with the sponsor or customer. Work Breakdown Structure End of Class Evaluation Task AssignedDiscussion Questions LettersassignmentsQuizzesExams Team WorkTeam leader Team members 1- 2-Team leader Team members 1- 2-Team leader Team members 1- 2-Team leader Team members 1- 2-Team leader Team members 1- 2- CharterEvaluation Contribution Value addedGrammar Run outs valueTiming Expectation solutionsTiming Expectation solutionsTiming Expectation solution S C O P eCorrelation, Plagiarism Citations, quality and frequencyCorrelation, Plagiarism Citations, quality and frequency Enhancement structureCorrelation, Plagiarism Citations, quality Correction Time frame Correlation, Plagiarism Citations, quality and frequency Correct ion Time frame Correlation, Plagiarism Citations, quality and frequency Correction Time frame CostTask assigned on hourly basesTask assigned on hourly bases Task assigned on hourly basesTask assigned on hourly basesTask assigned on hourly bases Time frameWeek 1 to 8Week 1 to 8Week 1 to 8Week 1 to 8Week 1 to 8 The Project Charter; The Project Charter Example is used by the sponsor of a project to announce a new project and to demonstrate that management is in support of this project. The Project Charter Example provides the outline for a new project and gives management a sense of direction for the project from beginning to end. This example is downloadable and customizable for your specific usage. Project scope; Project scope is the part of project planning that involves determining and documenting a list of specific project goals, deliverables, tasks, costs and deadlines. The documentation of a projects scope, which is called a scope statement, terms of reference or statement of work, explains the boundaries of the project, establishes responsibilities for each team member and sets up procedures for how completed work will be verified and approved. During the project, this documentation helps the project team remain focused and on task. The scope statement also provides the project team with guidelines for making decisions about change requests during the project. Project Charter: Acknowledges the existence of a project Scope Statement: Defines where the major objectives and what the project deliverables Differences between these two documents: Project Charter: Official document created and approved by key stakeholders, after project idea has been identified Developed by the corporate executive or sponsor Defines the responsibilities and boundaries of the project manager and the project Scope Statement: After the project charter is approved, the project manager can proceed with launching team building activities and defining the scope of the project Document that formalizes references the scope of everything that the project must produce that is used for future decision making Developed by the project manager with his/her project team members Acts as a response to the Sponsor/Project Charter Project planning; 1. dev elop plans with relevant people to achieve the projects goals; 2. break work down into tasks and determine handover procedures; 3. dentify links and dependencies, and schedule to achieve deliverables; 4. estimate and cost the human and physical resources required, and make plans to obtain the necessary resources; 5. allocate roles with clear lines of responsibility and accountability; 6. allocate tasks that are realistic and equitable and accommodate other workloads; 7. Establish appropriate and agreed meeting schedules, as well as reporting, control and communication methods. Project scope; The Project Scope pertains to the work necessary to deliver a product. Requirements and deliverables define the project scope, and it is critical that the stakeholder is in agreement with the information discussed in the proposed plan. Construction of a WBS; Identifying the main deliverables of a project is the starting point for deriving a work breakdown structure. This important step is usually done by the project managers and the subject matter experts (SMEs) involved in the project. Once this step is completed, the subject matter experts start breaking down the high-level tasks into smaller chunks of work. In the process of breaking down the tasks, one can break them down into different levels of detail. One can detail a high level task into ten sub tasks while another can detail the same high level task into 20 sub tasks. Therefore, there is no hard and fast rule on how you should breakdown a task in WBS. Rather, the level breakdown is a matter of the project type and the management style followed for the project. In general, there are a few rules used for determining the smallest task chunk. In two weeks rule, nothing is broken down smaller than two weeks work of work. This means, the smallest task of the WBS is at least two week long. 8/80 is another rule used when creating a WBS. This rule implies that no task should be smaller than 8 hours of work and should not be larger than 80 hours of work. One can use many forms to display their WBS. Some use tree structure to illustrate the WBS, while others use lists and tables. Outlining is one of the easiest ways of representing a WBS. The right mix of planning, monitoring, and controlling can make the difference in completing a project on time, on budget, and with high quality results. These guidelines will help you plan the work and work the plan. Given the high rate of project failures, you might think that companies would be happy to just have their project finish with some degree of success. That’s not the case. Despite the odds, organizations expect projects to be completed faster, cheaper, and better. The only way that these objectives can be met is through the use of effective project management processes and techniques. This list outlines the major phases of managing a project and discusses key steps for each one. Note: This article is also available as a PDF download. PLANNING 1: Plan the work by utilizing a project definition document Project overview Objectives Scope Assumptions and risks Approach Organization: Show the significant roles on the project. Signature page: Ask the sponsor and key stakeholders to approve this document, signifying that they agree on what is planned. Initial effort, cost, and duration estimates: These should start as best-guess estimates and then be revised, if necessary, when the work plan is completed. 2: Create a planning horizon After the project definition has been prepared, the work plan can be created. The work plan provides the step-by-step instructions for constructing project deliverables and managing the project. 3: Define project management procedures up front 4: Manage the work plan and monitor the schedule and budget Once the project has been planned sufficiently, execution of the work can begin. Review the work plan on a regular basis to determine how you are progressing in terms of schedule and budget. Identify activities that have been completed during the previous time period and update the work plan to show they are finished. Determine whether there are any other activities that should be completed but have not been. Monitor the budget. 5: Look for warning signs Look for signs that the project may be in trouble. These could include the following: A small variance in schedule or budget starts to get bigger, especially early in the project. There is a tendency to think you can make it up, but this is a warning. If the tendencies are not corrected quickly, the impact will be unrecoverable. You discover that activities you think have already been completed are still being worked on. For example, users whom you think have been migrated to a new platform are still not. You need to rely on unscheduled overtime to hit the deadlines, especially early in the project. Team morale starts to decline. Deliverable quality or service quality starts to deteriorate. For instance, users start to complain that their converted e-mail folders are not working correctly. Quality-control steps, testing activities, and project management time starts to be cut back from the original schedule. A big project, such as an Exchange migration, can affect everyone in your organization. Don’t cut back on the activities that ensure the work is done correctly. 6: Ensure that the sponsor approves scope-change requests 7: Guard against scope creep 8: Identify risks up front 9: Continue to assess potential risks throughout the project 10: Resolve issues as quickly as possible Create Work Breakdown Structure Once the project scope document has been prepared and agreed on, the next step in the planning phase is to create a detailed work breakdown structure (WBS), which is a deliverable-oriented hierarchical decomposition of the project work scope into work packages that produce the project deliverables. Having a comprehensive project scope document is important because it is the foundation for creating the work breakdown structure. The project scope document defined what needs to be done in terms of the statement of work and deliverables, and the WBS establishes the framework for how the work will get done to produce the project deliverables. Creating a WBS is a structured approach for organizing all the project work and deliverables into logical groupings and subdividing them into more manageable components to help ensure that all the work and deliverables to complete the project are identified and included in the baseline project plan. It is a hierarchical tree of deliverables or end items that will be accomplished or produced by the project team or contractor during the project. The work breakdown structure subdivides the project into smaller pieces called work items. The lowest-level work item of any one branch is called a work package. The work package includes all of the specific work activities that need to be performed to produce the deliverable associated with that work package. The WBS should be decomposed to a level that identifies individual work packages for each specific deliverable listed in the project scope document. Often the WBS includes a separate work package labeled â€Å"project management† that is for all the work associated with managing the project such as preparing progress reports; conducting review meetings; planning, monitoring, and tracking schedules and budgets, and so on. The accomplishment or production of all of these lowest-level work packages in the work breakdown structure constitutes completion of the project work scope.

Spanish Words for Home

Spanish Words for Home Although the differences between the English words house and home are very roughly similar to the differences between Spanish casa and hogar, respectively, hogar is far from the only way that home can be translated. In fact, the concept of home can be translated dozens of ways into Spanish, depending (as usual) on the context. Key Takeaways: Spanish Words for Home In broad terms, the differences between hogar and casa are similar to the differences between home and house, respectively, with the latter terms putting more emphasis on the building rather than the feelings it evokes.Despite their differences, hogar and casa are often interchangeable when referring to a place where someone lives.House and home as adjectives can often be translated as casero or hogareà ±o. Hogar vs. Casa The reverse is also true, but to a much lesser extent: While hogar nearly always refers to a building in which people live, it can also refer to a fireplace (it is derived from the Latin word focus, which meant hearth or fireplace), a lobby or similar place where people gather, or to a family that lives together. When home does refer to a building where people live, usually hogar or casa can be used, with the latter sometimes placing more emphasis on the building itself: Our home is located in the heart of the Bellemont neighborhood. Nuestra casa est situada en el corazà ³n del Barrio Bellemont.Our home will be celebrating with your arrival. Con tu llegada nuestro hogar est de fiesta.We can build your home in Chile. Podemos construir tu casa en Chile.My mothers home is the perfect place for the children. La casa de mi madre es el sitio perfecto para los nià ±os.The country has prohibited there being statues in a Muslim home. El paà ­s ha prohibido que en un hogar musulmn haya estatuas. To refer to institutional residences, hogar typically is used (although casa isnt unheard of): The entry of a loved one into a home for the elderly or similar institution can be a traumatic experience. La entrada de un ser querido en un hogar de ancianos o institucià ³n semejante puede ser una experiencia traumtica.The Farmworker Youth Home is an alternative for child care. El Hogar Juvenil Campesino es una alternativa para dar atencià ³n al nià ±o. At home can usually be translated as en casa, while to go home is to go a casa: Im not at home. No estoy en casa.We are going home at 9. Vamos a casa a las nueve. Adjective Forms for 'House' and 'Home' The singular masculine adjective forms of casa and hogar are casero and hogareà ±o: Many choose to feed their pets homemade food. Muchos optan por alimentar a sus mascotas con comida casera.The nine-bedroom mansion includes a home theater with 12 seats. La mansià ³n de nueve habitaciones incluye un teatro casero con doce asientos.  His early home life was not the type that can produce a completely trustworthy person. Su vida hogareà ±a temprana no fue del tipo que pueda producir una persona completamente confiable.Nicotine is highly toxic for the most common house pets. La nicotina es altamente tà ³xica para las mascotas hogareà ±as ms comunes. Other Types of 'Home' When home refers to the center or original place, various translations can be used: Just as Hollywood is the home of movies, Nashville is the home of country music. Asà ­ como Hollywood es el centro de las pelà ­culas, Nashville es el centro de la mà ºsica country.Greetings from Idaho, home of delicious potatoes. Saludos desde Idaho, la tierra de las papas riquà ­simas.Wendys is the home of the square hamburger. Wendys es el creador de la hamburguesa cuadrada. In Internet usage, the home page is usually the pgina principal or pgina inicial. A link to the home page may be labeled Inicio, although sometimes the loanword home is used as well. In recreation, home has various meanings: A home game is typically un juego en casa, while the home team is often el equipo local.In baseball, the home plate can be la goma, el hogar, or el plato, among other terms. El jonrà ³n (obviously derived from the English phrase) is universally used for home run.In board games and some athletic contests, where reaching home is the goal of the game, it can be known as la meta or el final, among other terms. The most common term for homeless is sin hogar, although sin casa is used, as is, less rarely, sin vivienda. Homeless people can be known as los sinhogares.

K. Patricia Cross Future Leaders Award Personal Statement

K. Patricia Cross Future Leaders Award - Personal Statement Example I would like to go back and teach as a professor in KFUPM. I have personally designed a course that is known as, â€Å"From ore to steel,† which guides engineers and technicians in the process of transforming ore to steel. I formulated the class material, discussion, and exams for this course. The fact that I have designed this course indicates that my teaching skills are beyond replicating written material because I can prepare original teaching materials and deliver them to students. In fact, I received an award of the best course taught in Saudi Basic Industries Corporation where I taught this subject. I took part in Saudi Iron and Steel Corporation as a production supervisor from April 2005 to May 2008. I supervised the color coating line team that consisted of fifty operators who were from diverse backgrounds. Since I was able to manage the team that consisted of individuals with diverse characteristics, it means that my leadership skills are not local, but

Black Political Power Research Paper Example | Topics and Well Written Essays - 1000 words

Black Political Power - Research Paper Example Some of her notable acts of activism include an article she wrote in Free speech and headlight that urged blacks to leave Memphis, which led to about 6000 people leaving, while others organized boycotts (Fradin & Fradin, 2000). Quitting teaching, she begun investigative journalism and together with Frederick Douglass and other African Americans, they organized the Chicago boycott of 1893 and died in 1931 at the age of 68 with a record of speaking against anti-lynching and written various works of activism like the â€Å"Red Record† and the â€Å"Southern Horrors: Lynch Law In All Its Phases.† She travelled far and wide including Europe and Great Britain, preaching antiracism. Another key political leader in the black politics who did not hold a political title was Frederick Douglass, who was a poet and an activist against slavery. He was born into slavery in 1818 in Talbot County in Maryland, to become a prominent intellectual who lectured to many people and advised pre sidents. When in slavery at the home of Hugh Auld, his wife Sophia taught him to read the alphabet at the age of 12, helping him acquire the skills that would latter Vault him to national celebrity. In his course of reading, he developed the ideological of opposition, after reading newspaper articles about slavery. He got interested in political writing and literature. In 1833, while working for Thomas Auld, they had a fight in which Auld lost in the physical confrontation. After escaping from slavery in 1838, he got married to Anna Murray and they both moved to Massachusetts where he became an anti-slavery lecturer. He wrote an autobiography of his life story in 1845 named â€Å"Narrative of the Life of Frederick Douglass, An... Black Political Power The key political leader in the black politics who did not hold a political title was Frederick Douglass, who was a poet and an activist against slavery. He was born into slavery in 1818 in Talbot County in Maryland, to become a prominent intellectual who lectured to many people and advised presidents. When in slavery at the home of Hugh Auld, his wife Sophia taught him to read the alphabet at the age of 12, helping him acquire the skills that would latter Vault him to national celebrity. In his course of reading, he developed the ideological of opposition, after reading newspaper articles about slavery. He got interested in political writing and literature. In 1833, while working for Thomas Auld, they had a fight in which Auld lost in the physical confrontation. After escaping from slavery in 1838, he got married to Anna Murray and they both moved to Massachusetts where he became an anti-slavery lecturer. He wrote an autobiography of his life story in 1845 named â€Å"Narrative of the Life of Frederick Douglass, An American Slave†, which became a bestseller in the United States and was latter translated in several European languages. He published my â€Å"Bondage and My Freedom† in 1855 and in 1881 â€Å"The Life and Times of Frederick Douglass.† He later went to Ireland to avoid his recapture, and remained there for two years, talking and preaching about the evils of slavery (Spengler, 2006). His British supporters raised funds hat purchased his legal freedom and returned to the United States in 1847 as a free man.

Queen Myongson Essays -- Korea Korean Leaders Essays

Queen Myongson (Queen Min) Queen Myongsong was born in 1851 in Yohung Min Chan. After the death of her father, the queen would not be able to build her own political power base in the patriarchal Korean society. At that time, the real power was in the hands of Hungsun Taewongun. Taewongun arranged his son to take Queen Min, whom lacked power and thus would not pose a threat to himself or Kojong. In 1866, at the age 14, Queen Min became wife to Kojong whom assumed power in 1864 at the age of 12. (2) At the time of her marriage, King Kojong's father, Taewongun, ran the country in his son's name. When King Kojong came to power in 1864, his father became the Regent. But the old man stayed on even after King Kojong became old enough to take over. To add insult to injury, Taewongun attempted to designate an illegitimate son of King Kojong the heir to the throne. In 1873, the Queen’s intelligence and cunningness enabled to convince her young husband to declare himself king in fact as well as in name. After throwing out Tawongun, Min placed her relatives in key positions of power and began to dismantle Taewongun's 'hermit' isolationist policy and opened up the country to foreign trades and friendly relations. Encouraged by his wife, King Kojong signed the Kanghwa Treaty with Japan and instituted a series of modernization and reform programs. (6) This created a bloody conflict between Queen Min and her father-in- law. In addition Queen Min had a difficult time giving birth t o a son, who was necessary to continue the royal line. In Korea, a woman could not inherit the throne in her own right. Therefore, having a son was crucial to the success of any queen. Growing impatient with the ... ...Network at Lost Angeles – Queen Min (http://www.gkn-la.net/history_resources/queen_min.htm) 2. QUEEN MIN--GRADE LEVEL: 10-12 AUTHOR: David M. Hanna SUBJECT: Global History, East Asian Civilization (http://www.koreasociety.org/MAIN/KS_LessonPlans/ Lessons/klp_xxix.pdf) 3. Bird, Isabella. Korea and Her Neighbors. London: KPI Limited, 1985 (first published in 1897). (http://kn.koreaherald.co.kr/SITE/data/html_dir/2001/02/10/200102100030.asp) 4. Tourism – Sightseeing (http://english.kg21.net/tour/sightseeingSite.jsseq=19&page=1&caller=category&query=h) 5. [New Horizon] Assassination of Empress Myongsong by Kim Byong-kuk (http://times.hankooki.com/lpage/opinion/200211/kt2002112117172711350.htm) 6. A Brief History of the US-Korea Relations Prior to 1945 by Kim Young-Sik, Ph.D. (http://www.kimsoft.com/2003/us-kr-relation.htm)

Generation me

We are the first generation surrounded by technology. We were the first to grow up with computers, smart phones and internet. Within two seconds of using our phones, we can get old of any information our little heart's desire Just by typing words into Google. We are Millennial, also known as Generation Y. Born between the early asses to asses, our generation has much more confidence than the generation before us. We are smarter, confident and always connected. In fact, our generation is filled with smart adults who are open minded, hardworking and who set high goals or themselves.Since we are technology save. â€Å"y' and opportunity driven, our chances in employment are greater. In our employer's eyes, our generation has the ability to communicate: respond quicker to messages and emails. According to William J. Schroeder, principle of the accelerating, the members of the Generation Y are â€Å"immune to most traditional marketing and sales pitches† as we grew up with it and have been around it since are early years. The question than is, is Generation Y really connected or are we an entitled generation who can only connect with ourselves?We are entitled at work, self-interested and we waste all of our money. Generation Y does not top other generations due to technology. What kind of future do we see for ourselves? We view the world differently and in our own way, we see success as something we can Just apply for. We enter a workforce expecting to be managers and Coos by the end of the day. We do not see ourselves as entitled but the truth is we are. Our work expectations are unrealistic and the idea of working short hours and getting paid well is something we think should happen automatically.According to the article, â€Å"The trophy kids go to work,† â€Å"more than 85% of hiring managers and human-resource executives said they feel that millennial have a stronger sense of entitlement than older workers†. Robert Bogs, manager and admini strator at Corinthian Colleges in Southern California worked with young adults under thirty on his staff. â€Å"They tend to be very self- absorbed; they value fun in their personal and their work life, because they've grown up multitasking on their mobile, pad and computer, I can't expect them to work on one project for any amount of time without getting bored. Aid Mr.. Bogs. We spend the most of our day posting on Faceable, blobbing about our lunches and taking selfless while we are on the clock. Yet, we carry ourselves as hardworking, dedicated and loyal to our employers. When it comes to social media, the discussion is not a surprise. We millennial are addicted to social networking. Our self-image is very important to us, and we spend hours posting pictures and blobbing Just enough to get the most â€Å"likes. † â€Å"81% of Millennial are on Faceable, where their generation's median friend count is 250, far higher than that of older age groups. â€Å"Millennial in Adu lthood†). We cannot even remember what the world was like without Faceable and Mainstream. â€Å"Millennial are also distinctive in how they place themselves at the center of self-created digital networks. Fully 55% have posted a â€Å"selfless† on a social media site; no other generation is nearly as inclined to do this. † (â€Å"Millennial in Adulthood†). In all due fairness, we millennial grew up with technology around us and to be connected with the world is great. However, we forget what it is like to have a conversation face to face and make reined without pressing the â€Å"add friend† request button. When you're face to face, you can't control what you are going to say, and you don't know how long it's going to take or where it could go (Turtle). Turtle, author of â€Å"Alone Together†, asked young adults why they enjoyed text messaging over having face-to-face conversations. Turtle says: â€Å"Face-to-face interaction teaches Ã¢â‚¬Ë œskills of negotiation', of reading each other's emotion, of having to face the complexity of confrontation, dealing with complex emotion. † We are missing out on an emotional connection when we connect o our phones and computers.Besides looking for the best places to work and hanging out with our phones, the gene Y is not the best when it comes to saving money. We simply waste it. Not thinking long term is the way of living for us millennial. We move out too early straight out of college, chasing fast money and not making the effort to save. We love spending our earnings on going out to eat instead of cooking, (l mean, who has the time to whip up three course meals every day? ), taking cabs instead of walking half a mile, unnecessary brand clothing items and of course coffee.The latest Pew Research rover found, â€Å"Fully half of Millennial (51 %) say they do not believe there will be any money for them in the Social Security system by the time they are ready to retire. â⠂¬  With all this said, we convince ourselves that all these things are necessary and as much we enjoy our Cataracts and other luxury things, we millennial don't need them to survive. We millennial are living in the â€Å"right now' and half of us are fighting the temptations of overspending. We are not thinking about our financial planning, but more of our social lives.We are the â€Å"next great generation† but what do we need o accomplish before we own this title? As a millennial myself, I believe if we stay focused on our careers, work hard towards our goals, spend less time obsessing over our Mainstream salad pictures, brunch menus and Friday night wine tasting, our generation can put ourselves into a long term fulfillment. In reality, if we want to achieve the lifestyle that we are dreaming about, we have many areas of opportunities for improvement. As Millennial we are still growing and learning, and with more hard work, we can potentially be the best generation.