The Bureau of Economic Analysis (BEA)

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The Bureau of Economic Analysis (BEA) defined GDP as the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.

The new indicators developed by the Forum outperform GDP in three ways: they are more comprehensive, more adaptable to change, and more transparent.

To begin with, the indicators used by the Forum are more comprehensive than GDP. Only the value of final products and services produced inside a country’s boundaries is captured by GDP. It excludes the value of intermediary products and services, as well as non-market activities such as unpaid household labor. All these factors are captured by the Forum’s metrics, providing a more comprehensive view of economic activity.

Second, the metrics used by the Forum are more adaptable to change. GDP is a lagging indicator, which means it only records economic activity that has already occurred. The Forum’s indicators, on the other hand, are leading indicators, capturing upcoming economic activity. Since a result, the Forum’s indicators are more relevant for policymakers, as they may assist them in anticipating and responding to economic developments.

Third, the measurements used by the Forum are more transparent than GDP. GDP is estimated using complicated statistical procedures, and the data that underpins it is often unavailable to the public. The measurements used by the Forum, on the other hand, are derived using straightforward, transparent techniques, and the data that underpins them is open to the public. As a result, the Forum’s metrics are more accessible to the broader public and beneficial for informing public discourse.

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haracteristics and member characteristics have a required behaviour to ensure maximum group performance, they also have a preferred behaviour to ensure the satisfaction of group members, if the leaders actual behaviour matches both the required behaviour and preferred behaviour of the situation the consequence is maximum group performance and satisfaction. However, if the group are not performing and achieving goals or are not satisfied or both, then the leader is able to amend their actual behaviour to improve this. Leaders able to monitor performance and satisfaction, and understand what is required to amend the situation will achieve optimum group performance in Chelladurai’s model.
The one limitation of Chealldurai’s model is that it assumes the leader is in a position of complete positional power over the group, and can implement any leadership style of their choosing without constraints. Positional power is the authority and influence a leader has over a group, if the leader has positional power, they will be able to implement the leadership style they best see fit for the situation. Positional power cannot be measured or quantified, making it highly ambiguous and hard for a leader to understand whether they have it or how then can gain it. It becomes the responsibility of the organisation to have policies in place to provide leaders with some positional power, usually by establishing a clear hierarchal structure. By establishing a hierarchy, the leader is perceived by the group to be able to make demands and expect compliance from them giving the leader legitimate power (French and Raven, 1959). Secondly, by providing the leader with the ability to reward compliance and punish non compliance from the group, the leader has reward and coercive power (French and Raven, 1959). To obtain complete power over the group the leader must gain the trust and belief of the group that they are capable of success, by ensuring the group are both satisfied and meeting performance goals.
The importance of establishing a hierarchy became evident during the planning stage of the outdoor management course for the red team, the coordinators within the team assumed leadership roles bu

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