Black-Scholes option formula is one of the most popular notion in financial markets. However, to accommodate
realistic features in the market, practitioners have implemented alternative procedures in order to numerically
address option prices rather than analytically calculate. A popular example is the binomial tree which assumes
discretized up and down movements in the future states.
inally, the HRM is responsible in managing implementation of change. Change may be in terms of process, organizational structure, systems and culture among others. Changes are the inevitable twists that affect the normal and known paths through which an organization operates. Some of the aforementioned twists arise internally from the organization’s need to achieve new status. Others are externally experienced due to the shifts in the business environment. The issues aforementioned under the discussion are achieved through the functions of the HRM office. Functions of HRM Generally, HRM management can be subdivided into three interlinked phases. The practice functions include recruiting qualified human resources, managing the employees in the working environment as well as preparing and enforcing exit of the employees from the organization. The process of recruiting employees arises from the organization’s need to properly position itself in the economy. Ideally, recruitment should follow an order closest to; vacancy advertisement, selection of potential candidates, interviewing and contracting the successful candidate(s). Once in the organization, new employees are inducted and trained. It is during work performance that issues such as motivation, compensation development, disciplinary actions, performance appraisals, career planning / development, counseling, talent management, safety management and staff communication are conducted (Gold & Bratton, 2001). The employees continuously offer their service to the organization under the existing HRM measures until they exit. Exit may result from retrenchment, obsolescence, retiring, resignation or termination of employment. The HRM at this phase has a responsibility to counsel and prepare the exiting emplo>GET ANSWER