Remember the pronunciation of the following geographical names.

Virginia I [və'ʤɪnɪə] - Вирджиния

Staunton ['stantn] – Стантон

Sumter ['səmtər] - Самтер

South Carolina [sauθ ˌkarə'līnə] – Южная Каролина

Dayton ['deɪtn] - Дейтон

Ohio [əu'haɪəu] - Огайо

Match the columns.

1. independent authority	1. удалять, устранять
2. single superior	2. самостоятельный орган
3. trace to	3. взятый в отдельности руководитель
4. official	4. в отличие от
5. place smth. into smb`s hands	5. внешний эксперт
6. remain neutral	6. передать что-либо в чьи-либо руки
7. outside expert	7. сохранять нейтральную позицию
8. as opposed to	8. прослеживать; восходить к
9. remove from	9. должностное лицо; чиновник

Grammar

Translate the sentences paying attention to the forms and the functions of Participle I, II.

1. A city manager is an official appointed as the administrative manager of a city.

2. Local officials holding this post are sometimes referred to as the chief executive officer.

3. The term "city manager" implies more discretion as opposed to duties being assigned by a single superior such as a mayor.

Reading and Analysis

Read the text and be ready to answer the questions.

Text A

A city manager

A city manager is an official appointed as the administrative manager of a city in a council-manager form of city government. Local officials holding this post are sometimes referred to as the chief executive officer (CEO) or chief administrative officer (CAO) in some municipalities. However, in a technical sense, the term "city manager" as opposed to CAO implies more discretion and independent authority that is set forth in a charter or some other body of law, as opposed to duties being assigned on a varying basis by a single superior such as a mayor.

Most sources trace the first city manager to Staunton, Virginia in 1908. Some of the other cities that were among the first to employ a manager were Sumter, South Carolina (1912) and Dayton, Ohio (1914). The city manager, operating under the council-manager government form, was created in part to remove city government from the power of the political parties, and place management of the city into the hands of an outside expert who was usually a business manager or engineer, with the hope that the city manager would remain neutral to city politics.

7. Review the terminology of the text:

представитель городской администрации, главное административное должностное лицо, внешний эксперт, совокупность правовых норм, представитель городской администрации, модель управления "совет-управляющий", самостоятельный орган, взятый в отдельности руководитель, свобода действий.

Answer the following questions.

1. What is a job title of an administrative manager in a council-manager form of city government?

2. What is the other name for a city manager?

3. What post implies more discretion and independent authority?

4. What was the reason to create a post of a city manager?

5. What major do city managers usually obtain?

Complete the following sentences using the text.

1. A city manager is an administrative manager of a city in ….

2. A city manager, as opposed to CAO, has more discretion and ….

3. The duties of chief executive officer (CEO) or chief administrative officer are assigned by a single ….

4. The first cities to employ a manager were ….

5. The reason to create a post of city manager was to place management into the hands ….

Vocabulary

Read and remember the following words and word-combinations.

	oversight ['əuvəsaɪt] - контроль, надзор		regulations – правила, нормы
	provision - оговорка		codify ['kəudɪfaɪ] - схематично, кратко записывать
	community [kə'mjuːnətɪ] – община, местное сообщество		master's degree - ученая степень магистра
	MBA (Master of Business Administration) - магистр делового администрирования		tenure ['tenjuə] - срок пребывания в должности
	day-to-day operations - ежедневная работа, ежедневная деятельность		suspension [sə'spen(t)ʃ(ə)n] -временное отстранение от должности
	Public Administration -государственное управление		to come from the ranks of – появляться из рядов

Remember the pronunciation of the following geographical names.

Hampshire ['hæmpʃɪə] - Хэмпшир

Missouri [mɪ'zuərɪ] – Миссури

Form derivatives according to the models.

A→V	N→A
responsible – administrative – basic –	direct – codified – local –	function – regulation – profession –	execution – effect – manager –

Grammar

Find out Participle I, II in the sentences below, define the form and the function.

1. Local officials holding this post are sometimes referred to as the chief executive officer.

2. The term "city manager" implies more discretion that is set forth in a charter as opposed to duties being assigned by a single superior.

3. The top appointed official in the city is responsible for the day-to-day administrative operations.

4. Today the typical and preferred background for the beginning municipal manager is a master's degree.

Translate the sentences paying attention to the Absolute Participle Construction.

1. A post of a city manager is a post of an administrative manager of a city, it being created in part to remove city government from the power of the political parties.

2. One of the basic roles of a city manager includes supervision of day-to-day operations of all city departments, a professional understanding of city functions is highly important.

3. In the early years of the profession most managers came from the ranks of the engineering professions, today the preferred education for the municipal manager being a master's degree in Public Administration.

Reading and Analysis

Read the text and be ready to answer the questions.

Text B

Responsibilities

As the top appointed official in the city, the city manager is typically responsible for most if not all of the day-to-day administrative operations of the municipality, in addition to other expectations.

Some of the basic roles, responsibilities, and powers of a city manager include:

· Supervision of day-to-day operations of all city departments and staff, directly and through department heads;

· Oversight of all hiring, firing, disciplining and suspensions;

· Preparation, monitoring, and execution of the city budget;

· Public relations, such as meeting with citizens, citizen groups, businesses;

· Operating the city with a professional understanding of how all city functions operate together to their best effect;

· Attends all council meetings, but does not have any voting rights;

The responsibilities may vary depending upon charter provisions and other local or state laws, rules, and regulations. In addition, many states, such as the states of New Hampshire and Missouri, have codified in law the minimum functions a local "manager" must perform.

In the early years of the profession, most managers came from the ranks of the engineering professions. Today the typical and preferred background and education for the beginning municipal manager is a master's degree in Public Administration (MPA) and at least several years’ experience as a department head in local government or as an assistant city manager. In 2005 more than 60% of those in the profession had a MPA, MBA, or other related higher-level degree.

The average tenure of a manager is now 7–8 years and has risen gradually over the years. Tenures tend to be less in smaller communities and higher in larger ones.

16. Translate from Russian into English:

главное уполномоченное должностное лицо, ежедневная административная деятельность, полномочия городского управляющего, руководители отделов, временное отстранение от должности, профессиональное понимание, для достижения наилучшего результата, право голоса, положение устава, минимальное количество функций, предпочтительное условие, степень магистра, руководитель отдела, местный орган управления, средний срок пребывания в должности.

Answer the following questions.

1. What are the typical responsibilities of a city manager?

2. What do the powers of a city manager include?

3. What do the roles of a city manager depend on?

4. What was a typical background of a city manager in the early days of the profession?

5. What is a preferred education for the beginning municipal manager today?

6. What is an average tenure of a manager?

Read and remember the cliches for writing a summary.

The headline of the article is …	Статья называется …
The primary task of the published article is …	Основная задача публикуемой статьи …
The article starts with …	Статья начинается с …
In the first part of the paper effort is undertaken to analyse …	В первой части статьи делается попытка проанализировать …
The article under consideration also points out …	Рассматриваемая статья выделяет …
In the next (last) section emphasis is given to …	В третьей части подчеркивается важность …
In conclusion the article reads …	В заключении в статье говориться …

Write a summary of the text above.

Make a brief report on the topic.

Module 2.

Leadership

Vocabulary

Read and remember the following words and word-combinations.

	formal authority - официальные полномочия		intelligence [ɪn'telɪʤ(ə)n(t)s] - интеллект, рассудок, разум; умственные способности
	inspire [ɪn'spaɪə] - внушать, вдохновлять		ongoing ['ɔnˌgəuɪŋ] - происходящий в настоящее время, продолжающийся, непрерывный, постоянный
	trait [treɪt] - характерная черта, особенность		explore [ɪk'splɔː] - исследовать, рассматривать, изучать, анализировать
	interaction [ˌɪntər'ækʃ(ə)n] - взаимодействие		underlying [ˌʌndə'laɪɪŋ] -подразумеваемый, лежащий в основе
	vision ['vɪʒ(ə)n] - проницательность, предвидение, дальновидность		recognition [ˌrekəg'nɪʃ(ə)n] - осознание, понимание, представление
	value ['væljuː] - важность, ценность, полезность		attribute ['ætrɪbjuːt] - отличительная черта, характерное свойство
	charisma [kə'rɪzmə] - личное обаяние, харизма		evidence ['evɪd(ə)n(t)s] - факты, данные; доказательство, подтверждение; свидетельство

Match the columns.

1. enduring [ɪn'djuərɪŋ] trait	1. теория качеств (черт) руководителя
2. trait theory of leadership	2. индивидуальные отличительные черты
3. individual attributes	3. практический, опытный
4. dominance	4. способность к адаптации
5. research technique	5. постулировать, класть в основу доводов, утверждать
6. posit ['pɔzɪt]	6. методика исследований
7. adaptability	7 доминирование, влияние
8. empirical [ɪm'pɪrɪk(ə)l ]	8. постоянная характеристика

Remember the pronunciation of the following names.

Plato ['pleɪtəu] - Платон

Plutarch ['pluːˌta:rk] - Плутарх

Lord Nelson [lɔːd 'nels(ə)n]

Form derivatives according to the models.

A→V	Adv →A	N→A
formal – situational – different –	drastically – subsequently – necessarily –	behavior – vision – importance –	recognition – intelligence – dominance –

Grammar

Find out the Gerund in the sentences below, define the form and the function.

1. Leadership theories relied on considering behavior, power, charisma, and intelligence.

2. Famous philosophers explored the question of distinguishing an individual as a leader.

3. Some individuals have interest in learning leadership skills.

Reading and Analysis

Read the text and be ready to answer the questions.

Text A

Leadership and its Early History

Leadership is "organizing a group of people to achieve a common goal". The leader may or may not have any formal authority. Students of leadership have produced theories involving traits, situational interaction, function, behavior, power, vision and values, charisma, and intelligence among others.

The search for the characteristics or traits of leaders has been ongoing for centuries. History's greatest philosophical writings from Plato's Republic to Plutarch's Lives have explored the question of "What qualities distinguish an individual as a leader?" Underlying this search was the early recognition of the importance of leadership and the assumption that leadership is rooted in the characteristics that certain individuals possess. This idea that leadership is based on individual attributes is known as the "trait theory of leadership".

For decades, this trait-based perspective dominated empirical and theoretical work in leadership. Using early research techniques, researchers conducted over a hundred studies proposing a number of characteristics that distinguished leaders from nonleaders: intelligence, dominance, adaptability, persistence, integrity, socioeconomic status, and self-confidence just to name a few.

In the late 1940s and early 1950s, however, researchers took a drastically different view of the driving forces behind leadership. It was found that while some traits were common across a number of studies, the overall evidence suggested that persons who are leaders in one situation may not necessarily be leaders in other situations. Subsequently, leadership was no longer characterized as an enduring individual trait posited that individuals can be effective in certain situations, but not others. This approach dominated much of the leadership theory and research for the next few decades.

7. Review the terminology of the text:

теория лидерства, представление, основанное на теории качеств, официальные полномочия, проницательность, индивидуальные отличительные черты, теория качеств (черт) руководителя, отличительная черта, постоянная характеристика, методика исследований, движущая сила, уверенность в себе, социально-экономическое положение, практические и теоретические работы.

Complete the following sentences using the text.

1. Leadership is organizing a group of ….

2. The search for the characteristics of leaders ….

3. Leadership is rooted in the characteristics that ….

4. The idea that leadership is based on individual attributes is known as ….

5. Using early research techniques, researchers conducted over a hundred studies to distinguish ….

6. In the middle of the 20th century researchers took a different view of ….

7. It is posited that individuals can be effective in certain ….

Answer the following questions.

1. What is the definition of the term «leadership»?

2. Do all leaders have formal authority?

3. What kind of theories have the students of leadership produced?

4. Is the search for the traits of leaders an ongoing process?

5. What famous philosophers explored the qualities of leaders?

6. What was the early assumption of leadership?

7. What are the characteristics that distinguish leaders from nonleaders?

8. What was the view of the driving forces behind leadership in the late 1940s and early 1950s?

Write a summary of the text above.

Vocabulary

Read and remember the following words and word-combinations.

	functional leadership theory – функциональная теория лидерства		to take care of - заботиться, проявлять внимание
	whatever [(h)wɔt'evə] - что бы ни		effectiveness [ɪ'fektɪvnəs] - действенность, эффективность, результативность, производительность
	cohesion [kəu'hiːʒ(ə)n] - единство, спаянность, сплочённость		transactional leader – трансакционный (деловой) лидер
	subordinate [sə'bɔːd(ə)nət] - подчинённый		reward [rɪ'wɔːd] - вознаграждать
	efficient [ɪ'fɪʃ(ə)nt - действенный, результативный		desired outcome – желаемый результат
	transformational leader – трансформационный лидер		chain of command - порядок соподчиненности в организации, цепь инстанций
	perception [pə'sepʃ(ə)n] - восприятие		stakeholder - заинтересованное лицо

Match the columns.

1. emotion-laden process	1. собственный интерес
2. perceive [pə'siːv]	2. политическая директива
3. social influence process	3. процесс эмоциональной нагрузки
4. entwine [ɪn'twaɪn]	4. новая теория эмерджентного (внезапно возникшего) лидера
5. leader's mood	5. процесс социального влияния
6. affective event	6. определенные модели лидерского поведения
7. сertain leader behaviors	7. эмоциональное событие (мероприятие)
8. neo-emergent leadership theory	8. настроение лидера
9. political command	9. сплетать, переплетать
10. inherent interest	10. воспринимать, понимать, осознавать

Reading and Analysis

Read the text and be ready to answer the questions.

Text B

Some Leadership Theories

Functional leadership theory, inroduced by McGrath in 1962 and supported by Hackman and Walton in 1986, argues that the leader's main job is to see that whatever is necessary to group needs is taken care of. Thus, leaders can be said to have done their job well when they have contributed to group effectiveness and cohesion.

The transactional leader is given power to perform certain tasks and reward or punish for the team's performance. Power is given to the leader to evaluate, correct and train subordinates when productivity is not up to the desired level and reward effectiveness when expected outcome is reached.

The transformational leader motivates its team to be effective and efficient. Communication is the base for goal achievement focusing the group on the final desired outcome. This leader is highly visible and uses chain of command to get the job done. The leader is always looking for ideas that move the organization to reach the company's goals.

Leadership can be perceived as a particularly emotion-laden process, with emotions entwined with the social influence process. In an organization, the leader's mood has some effects on his/her group. The leader creates situations and events that lead to emotional response. Certain leader behaviors displayed during interactions with their employees are the sources of these affective events.

The neo-emergent leadership theory suggests that leadership is created through the emergence of information by the leader or other stakeholders, not through the true actions of the leader himself. In other words, the reproduction of information or stories form the basis of the perception of leadership by the majority. For example, it is well known that the great naval hero Lord Nelson often wrote his own versions of battles he was involved in, so that when he arrived home in England he would receive a true hero's welcome. In modern society, the press, blogs and other sources report their own views of a leader, which may be based on reality, but may also be based on a political command, a payment, or an inherent interest of the author, media or leader. Therefore, it can be contended that the perception of all leaders is created and in fact does not reflect their true leadership qualities at all.

14. Translate from Russian into English:

функциональная теория лидерства, появление информации от имени руководителя или другого заинтересованного лица, основа восприятия лидера, взаимодействие с сотрудниками, порядок соподчиненности в организации, истинные качества лидера, эмоциональный отклик, воспроизведение информации.

Answer the following questions.

1. What does functional leadership theory argue?

2. What are the basic criteria to value a job of a functional leader?

3. What are the certain tasks performed by a transactional leader?

4. What is basic for a goal achievement under transformational leadership?

5. What does an emotion-laden process mean?

6. What does a neo-emergent leadership theory suggest?

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Write a summary of the text above.

Make a brief report on the topic.

Module 3.

Finance management

Vocabulary

Read and remember the following words and word-combinations.

	corporate finance - корпоративные финансы, финансы корпорации		equity issue ['ekwɪtɪ 'ɪsjuː] - выпуск долевых ценных бумаг, эмиссия долевых ценных бумаг
	Commonwealth ['kɔmənwelθ] countries - страны Содружества		capital investment - капитальные вложения
	investment banking -инвестиционная деятельность банков		fixed assets - основные средства, основной капитал
	merger ['mɜːʤə] – поглощение, слияние		long-term [ˌlɔŋ'tɜːm] долгосрочный, длительный, долговременный
	acquisition [ˌækwɪ'zɪʃ(ə)n] - приобретение		capital budgeting – бюджетирование (составление сметы) капиталовложений
	flotation [fləu'teɪʃ(ə)n] - флотация, размещение, эмиссия		сash flow ['kæʃˌfləu] - движение денежной наличности
	ownership ['əunəʃɪp] - право собственности		estimate ['estɪmeɪt] оценивать, производить оценку, приблизительно подсчитывать

Match Russian definitions with English terms.

1.	flotation	a)	процесс размещения долевых ценных бумаг среди инвесторов
2.	the Commonwealth	b)	процесс, в ходе которого создаваемая компания или компания, преобразующаяся из закрытой компании в открытую акционерную компанию, выпускает новые акции на свободный рынок
3.	decision tree analysis	c)	межгосударственное объединение Великобритании и большинства бывших английских доминионов, колоний и зависимых территорий
	equity issue		метод принятия решений, основанный на построении схемы, иллюстрирующей альтернативные варианты решений и их возможные последствия

Match the columns.

1. seed capital	1. анализ дерева решений
2. start-up capital	2. разъединение, разделение
3. development capital	3. начальный капитал (для финансирования новой деятельности)
4. expansion capital	4. капитал на расширение
5. demerger [ˌdiː'mɜːʤə]	5. явная стоимость
6. R&D	6. оценивать, определять
7. path [pɑːθ]	7. метод чистой текущей (приведенной) стоимости
8. net present value (NPV) approach	8. фиксировать
9. explicit value	9. НИОКР
10. to place	10. незначительный начальный капитал (для проведения НИОКР)
11. decision tree analysis	11. капитал на развитие
12. capture	12. путь

Find out Infinitives in the sentences below, define the form and the function.

1. The transactions may include the flotation of companies on a recognised stock exchange in order to restructure ownership.

2. These transactions include equity issues by companies in order to raise capital for development.

Reading and Analysis

Read the text and be ready to answer the questions.

Text A

Use of the term “corporate finance” varies considerably across the world. In the United Kingdom and Commonwealth countries, the term “corporate finance” tends to be associated with investment banking, i.e. with transactions in which capital is raised for the corporation. These may include raising seed, start-up, development or expansion capital, mergers, demergers, acquisitions or the sale of private companies, equity issues by companies, including the flotation of companies on a recognised stock exchange in order to raise capital for development or to restructure ownership. On the other hand in the United States it is used to describe activities, decisions and techniques that deal with many aspects of a company’s finances and capital.

Capital investment decisions are long-term corporate finance decisions relating to fixed assets and capital structure. Management must allocate limited resources between competing opportunities or projects in a process known as capital budgeting. Making this investment, or capital allocation, decision requires estimating the value of each opportunity or project, which is a function of the size, timing and predictability of future cash flows.

In many cases, for example R&D projects, a project may open or close the paths of action to the company, but this reality will not typically be captured in a strict NPV approach. Management will therefore employ tools which place an explicit value on these options. The two most common tools are Decision Tree Analysis (DTA) and Real options analysis (ROA). They may often be used interchangeably.

7. Review the terminology of the text:

движение денежной наличности, анализ реальных возможностей, быть взаимозаменяемыми, проекты НИОКР, реконструировать право собственности, капитал на расширение, стоимость возможности, основной капитал, решения по капитальным вложениям, финансы корпорации, страны Содружества, разделение, анализ дерева решений.

Complete the following sentences using the text.

1. In the U K and the Commonwealth the term “corporate finance” is associated ….

2. The transactions in which capital is raised include raising start-up or expansion capital, mergers, acquisitions, equity issues including the flotation of companies in order to raise capital ….

3. in the US the term “corporate finance” is used to describe activities, decisions and techniques that ….

4. Management must allocate limited resources between competing opportunities or projects ….

5. Management employs tools which place an ….

Answer the following questions.

1. What is the term «corporate finance» associated with in the UK the Commonwealth?

2. What are the possible transactions in which the capital is raised?

3. What does the term «corporate finance» mean in the US?

4. What does the process of capital budgeting assume?

5. Should the value of each opportunity be estimated?

6. What are the tools to place an explicit value on the options?

Write a summary of the text above.

Vocabulary

Read and remember the following words and word-combinations.

	working capital - оборотный капитал		current liabilities - краткосрочные (текущие) обязательства, текущие пассивы
	readily convertible resources – легко конвертируемые ресурсы		amounts payable – суммы к уплате
	inventories - материально-производственные запасы		to service long term debt выплачивать проценты по долгосрочным долговым обязательствам
	current assets - оборотные активы (средства), текущие активы		maturing short-term debt – подлежащий к оплате краткосрочный долг
	working capital management –управление оборотным капиталом		to enhance - повышать, увеличивать
	upcoming operating expenses – предстоящие текущие (операционные) расходы		return on capital - прибыль на (инвестированный) капитал
	cost of capital – стоимость капитала		such that – в пределах

Match the columns.

1. resources in cash	1. достаточный поток денежных средств
2. short term decisions	2. при этом
3. sufficient cash flow	3. краткосрочные решения
4. in so doing	4. применять иные критерии
5. apply different criteria	5. наличные денежные средства
6. decision making	6. система, методика, правила, принципы, нормы, стандарты
7. liquidity [lɪ'kwɪdətɪ]	7. метод, методика, технология
8. technique	8. принятие решений
9. policy ['pɔləsɪ]	9. ликвидность

Reading and Analysis

Read the text and be ready to answer the questions.

Text B

Working capital management

Working capital is the amount of capital which is readily available to an organization, that is, working capital is the difference between resources in cash or readily convertible into cash (Current Assets), and amounts payable (Current Liabilities). As a result, the decisions relating to working capital are always current or short term decisions.

The goal of working capital management is to ensure that the firm is able to operate, and that it has sufficient cash flow to service long term debt, and to satisfy both maturing short-term debt and upcoming operational expenses. In so doing, firm value is enhanced when, and if, the return on capital exceeds the cost of capital.

Working capital management decisions are therefore not taken on the same basis as long term decisions, and working capital management applies different criteria in decision making. The main considerations are: cash flow or liquidity and profitability or return on capital, of which cash flow is probably the more important.

Guided by the above criteria, management will use a combination of policies and techniques for the management of working capital. These policies aim at managing the current assets(generally cash and cash equivalents, inventories and debtors) and the short term financing, such that cash flows and returns are acceptable.

14. Translate from Russian into English:

сумма капитала, оборотные средства, текущие обязательства, предстоящие текущие расходы, наличные денежные средства, управление оборотным капиталом, суммы к уплате, принятие решений, ликвидность, прибыль на капитал, материально-производственные запасы, выплачивать проценты по долгосрочным долговым обязательствам.

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