The Impact of Social Media and Viral Marketing on the Film Industry Essay

The Impact of Social Media and Viral Marketing on the Film Industry - Essay Example Different network websites focus on different issues which include books, general, film, music, community, health, education and tourism. A Marketing technique similar to a self-replicating virus through an internet, using social networking or other internet applications for creating or increasing brand value is called as viral marketing. According to St-Amant (2012 p. 1), a patient principal uses viral marketing for stronger results. This paper seeks to analyse and make recommendations as to how the managers of the film industry can respond to the issues relating to social media and viral marketing considering their impacts on the industry with justification for recommendations. Evolution of social media over a period of time indicates how businesses have made use of it for marketing. Understanding the developments taken place in social media is important for evaluating its impact and reorienting our strategies in line with technological changes. Evolution of social media Once, word of mouth was the greatest marketing mantra. Also, rumour gets thicker as it spreads. In social media, it can become a mania or rage due to viral power in self-replicating techniques, if the strategy is logical and sound. According to Hinz et al (2012 p. 12) ‘hubs and bridges are key to the diffusion of viral marketing campaigns.’ Social media has broken the concept of ‘time’ in marketing perspective. Time and place are no longer the prohibiting factors in viral marketing in social media. The Web 2.0 phenomenon made collaboration with the customers easier.... 12) ‘hubs and bridges are key to the diffusion of viral marketing campaigns.’ Social media has broken the concept of ‘time’ in marketing perspective. Time and place are no longer the prohibiting factors in viral marketing in social media. The Web 2.0 phenomenon made collaboration with the customers easier. A single new contact brings all of its other contacts to the business in viral marketing that could be compared with infection through a web of the network with endless permutations and combinations. ‘Going viral is like a calculus function mixed with the element of randomness – Brad Hines.’ (Torkildson, 2012) Viral marketing’s impact on brand or content propagated in social media can be positive or negative. The absence of copy rights or patent laws for the contents propagated in social media attracts people and viewership is encouraged. Monetisation of viewership becomes easier where there is surge in demand for content. The Ou tdated brand of Old Spice has been revived by P&G in their viral marketing strategy for the product. The Responses to the Old Spice marketing strategy ‘topped 6 million total views and 60 000 Tweets in the first 24 hours on YouTube’ (Mills, 2012 p. 165) Similarly, negative impact affects the business severely. In a way, it increases the level of corporate social responsibility among the companies as the customers’ views on corporate practices converge at a faster pace that forces the companies to review their strategies more in line with public expectations. ‘Greenpeace supporters were so successful at flooding Nestle's Facebook page last year that the Kit Kat maker's social media rep publicly lashed out’ (CNN Money, 2011). Social media is an evolving theme with a very short history. Releasing

Effects of Shared ATM Networks on Efficiency -Turkish Banks

Effects of Shared ATM Networks on Efficiency -Turkish Banks The effects of shared ATM networks on the efficiency of Turkish banks H. Evren Damar This study investigates whether forming shared ATM networks has yielded positive benefits for banks in Turkey by increasing their productive efficiency. The performance of the banking sectors of developing countries has recently become a topic of interest in the literature. Most of this attention has been focused on the impact of financial liberalization on the performance efficiency of banks in a variety of countries. An aspect of financial liberalization that has not been addressed in this literature is the impact of new technology adoption and sharing that usually accompanies the liberalization and opening up of the banking sector. The usage of technologies such as Automated Teller Machines (ATMs) in developing countries has increased significantly during the past 15 years or so. Although the theory behind the benefits associated with the adoption and sharing of such technologies is well-understood, empirical studies that look at the actual realization of these benefits are relatively few. The goals of this study are to investigate whether ATM sharing has benefited Turkish banks by increasing their productive efficiency and to contribute to the literature on bank efficiency in developing countries through focusing on aspects of bank behaviour that have yet to be fully examined. The ideas behind ATM sharing and its benefits are based on the development of shared ATM networks in the USA during the 1970s and 1980s. In broad terms, there are two opposing effects associated with shared ATM networks. The benefits of ATM sharing are called ‘network’ and ‘economies of scale’ effects (Prager, 1999). Network effects suggest that the value customers attach to ATM services offered by a bank goes up as the size of the ATM network increases. In other words, the addition of a new bank or a new ATM to the network increases the attractiveness of all banks within the network to their customers. This is an important issue because it allows for banks to capture more business without having to increase the size of their branch or ATM networks. For example Vesala (2000) finds that after the start of ATM sharing in Western Europe, banks have opened fewer new branches and deployed fewer new ATMs. Economies of scale imply that the cost per transaction at an ATM declines as the number of transactions increases. Each ATM location has a variable cost and a fixed cost associated with it. Although variable costs (film, paper, etc.) are directly proportional to the number of transactions conducted at the particular ATM, fixed costs (such as the cost of purchasing or leasing the ATMs) decline as the number transactions increase (Saloner and Shepard, 1995). Therefore, by increasing the number of transactions, a shared ATM network can turn an unprofitable ATM into a profitable one. On the other hand, the presence of shared-ATM networks has also been shown to have negative effects on participating banks. These effects arise because ATM sharing reduces the level of product differentiation between banks and allows depositors to switch banks without incurring high costs. In their study of ATM network compatibility, Matutes and Padilla (1994) refer to this as the ‘substitution effect’ and show that its presence can be an impediment to achieving full ATM compatibility within the banking sector. In simple terms, whether a bank can benefit from a shared-ATM network will depend on which one of the effects described above dominates. If the network and economies of scale effects dominate, then the bank will be able to offer a more convenient product, collect more deposits and potentially increase profits. On the other hand, if the substitution effect dominates, then ATM sharing may result in a loss of depositors and profits. This problem can easily be framed within the concept of productive efficiency of banks. If ATMs are considered an input in the ‘production’ of deposits, then the presence of any benefits from ATM sharing would be reflected in the efficiency scores of banks. If indeed the network and economies of scale effects dominate, then banks that are engaged in ATM sharing will have relatively higher efficiency scores. On the other hand, if the substitution effect dominates, this would result in lower productive efficiency. Evolution of shared ATM networks in Turkey Similar to other developing countries, ATM technology was introduced in Turkey during the late 1980s. As the level of competition in the banking sector increased in the 1990s, there was a widespread increase in ATM usage. By 1995, there were 5000 ATM locations in Turkey and this number doubled by the end of 1999 (Isik and Hassan, 2002). By this date 27 out of 62 deposit collecting institutions had adopted ATM technology and another seven had issued ATM cards to their customers, although these banks themselves did not own or operate their own ATMs. The first shared ATM network in Turkey (referred to as the ‘Pamukbank-YKB Network’) was formed in 1993, and was soon followed by a shared ATM arrangement between four banks, named ‘Golden Points’. Unlike the USA, shared ATM networks in Turkey did not start as regional networks between local competitors. Since Turkey is significantly smaller than the USA, most banks operate in all major cities and some rural provinces. Therefore, the Turkish shared ATM networks started from a ‘national’ and not a ‘regional’ network stage. By 1999, ATM sharing had become a widespread phenomenon, with three more banks joining the Golden Points network and 16 smaller banks forming another network in 1998, named ‘Common Points.’ However, three of the five biggest banks in Turkey continued to operate proprietary networks. Variables: ATM transactions Total deposits Total loans Fees and commissions no. of ATMs no. of shared NW ATMs no. of branches no. of employees Interest on deposit Operating expenses Conclusion (READ IT AGAIN) This study has looked at the evolution of shared ATM networks in Turkey and has attempted to see whether banks have been able to realize net positive network and scale effects through ATM sharing. The main finding of this study is that participation in shared ATM networks has failed to increase the efficiency of small and medium size banks. The fact that most of these banks tend to share their ATMs with each other (and not with big banks) can be an important factor in their relatively lower efficiency scores. The lack of significant positive benefits for many medium and small banks fits the conclusions reached by Matutes and Padilla (1994). Their results suggest that ATM compatibility is easier and more effective if shared-ATM networks are formed by banks that operate in separate locations because of regulatory reasons or due to geographical factors. On the other hand if banks that compete for deposits within a market decide to share their ATMs, this may decrease the level of product differentiation between these banks, causing the sharing arrangement to become costly and ineffective. Similarly, Holden and El-Bannany’s (2004) conclusion that there was no relationship between ATM sharing and bank profitability in the UK may be due to the fact that banks in their sample are not differentiated according to size and geographic concentration. The findings of this study also support Carbo et al. (2003), who argue that technology adoption and sharing do not always yield cost savings for small banks. The results discussed above take this finding one step further by arguing that such technology adoption by small banks can turn into costly idle capacity. For the case of Turkey, there is ample evidence of such idle capacity. For example, Table 5 shows that many medium size banks exhibit DRS. It is likely that some of this excess capacity is caused by ATMs that are deployed in urban areas, but infrequently used by depositors. A similar observation has been made by the Banks Association of Turkey, which has concluded that ‘some ATMs operated by banks are located too close to each other and this is a waste of resources.’ They suggested that banks should try ‘to increase the sharing of existing ATMs before deploying new ones’. One possible solution to this problem of low efficiency among small and medium banks would be for these banks to form sharing arrangements with bigger banks. This would allow them to truly expand the services they can offer and gain an advantage over their competitors. Recently, strides have been made towards such arrangements, with one small and one medium bank from the Common Points network signing an ATM sharing agreement with the Pamukbank-YKB network in early 2003. However, it is also possible that big banks would not be eager to allow smaller banks to join their shared ATM networks, as this would make it harder for bigger banks to differentiate themselves. Similar worries have been echoed by big banks in Turkey, who have stated that ‘the possible effect of increased sharing on the banks with extensive branch and ATM networks is an important issue’. Another possibility has been put forward by Carbo et al. (2003), who argue that the lack of uniform benefits from technology-sharing arrangements should promote consolidation in the banking sector. In the context of the Turkish banking sector, the consolidation argument would suggest that the large number of small and medium banks that offer similar products can be consolidated into a few big banks that would be able to offer differentiated products and compete with other banks. One of the consequences of the 1999–2001 banking crisis in Turkey has been a government-encouraged wave of consolidation, the efficiency impact of which remains to be seen. Other than being the first study to look at the effects of ATM sharing on productive efficiency, the period covered in the analysis is also significant. The period 2000–2003 corresponds to one of the worst banking crises in Turkish history and the beginning of the best planned and executed rehabilitation program of the banking sector. Although the number of branches and depository institutions decreased significantly between 2000– 2003, the growth rate of ATMs has remained high and positive. This may suggest that banks and regulatory authorities do not consider the build-up of ATMs as a serious overcapacity issue. This study, however, makes a point of caution that more ATM sharing does not automatically mean efficiency gains for banks. On the contrary, an increase in ATM sharing solely within the urban markets will be likely to increase the costs of banks without generating any additional benefits to their customers. Although ATMs are still significantly cheaper than branches, operating and sharing unproductive ATMs can possibly contribute to another build-up of overcapacity. The only two options for preventing this potential problem are either further consolidation of the banking sector or a carefully planned restructuring of the existing sharing arrangements.

Product Liability Essay -- essays research papers fc

In this age of endless lawsuits and litigation from everyone suing everyone else, one must ask the question â€Å"where does product liability end and consumer responsibility begin?† This question has been further complicated by occurrences that stretch to the most far-reaching ends of this spectrum, the spectrum ranging from strict product liability of the company to complete consumer responsibility. On the strict product liability of the company side, we have the cigarette industry where the CEOs of the largest cigarette companies denied that their product was liable for the cause of addiction. Almost all consumers know that the ingredient nicotine in cigarettes is addictive, due to extensive scientific testing and reports on this fact. What these CEO’s should have done was admit that they knew nicotine was addictive, and therefore made their product liable so as to give a fair warning to unknowing consumers. On the complete consumer responsibility side, we can exami ne the lawsuit where a man sued McDonald’s for over a million dollars because he spilled a cup of their coffee on his self and suffered burns. He claimed that McDonald’s was liable because there was not a warning on the lid that stated that the coffee was hot. In my opinion, this lawsuit should have never happened. The consumer is attempting to alleviate all of the responsibility from himself for spilling his coffee and pass it on to the producer of the product. Frivolous lawsuits such as this, as well as companies failing to consider the importance of product liability, have resulted in an increasing annual product liability bill. Last year alone $4 billion was spent on product liability lawsuits and settlements (McAdams, p.636). This staggering number suggests that maybe we need to reform our liability system. Ideally, we as a society would like to reach a happy medium between strict product liability of the company and complete consumer responsibility. If this occur red, lawsuits such as this would no longer drain our legal systems because an understanding would exist that the responsibility rests equally in both parties’ hands. However, that is an ideal situation, which rarely ever occurs in the real world. In the real world, tradeoffs must be made in order to reach equilibrium. These tradeoffs between strict product liability and consumer responsibility will be discussed in light of the situati... ...g to act, but just a little common sense should tell you that releasing a movie with the content such as Boyz N the Hood and only focusing on its negative themes will send the wrong message, especially in metro areas where crimes and gangs are prevalent.   Ã‚  Ã‚  Ã‚  Ã‚  In an ideal world, consumers and companies would equally share the burdens of product liability and consumer responsibility. However, in the real world, we must make tradeoffs between these two. How we do this will not only affect our legal environment, but our economic and social environments as well. Works Cited Anonymous, Industrial Distribution, New York, April 2000, Volume 89, issue 4, p.36. Brostoff, Steven, National Underwriter, Chicago, September 2000, volume 104, issue 38,   Ã‚  Ã‚  Ã‚  Ã‚  p.2 Eckert, Stephen, Marketing News, Chicago, April 2000, Volume 34, issue 9, p. 49. Giliberti, Frank, Marketing Management, Chicago, Winter 1999, Volume 8, issue 4, pp. 53-54. Lamnetti, David, The Business Lawyer, Chicago, February 2000, Volume 55, issue 2, p. 799. McAdams, Tony, Law, Business, and Society, Irwin/McGraw-Hill, New York, 2001, Sixth Edition, p. 636.

Child Abuse in the 1950

Child Abuse When you read articles over child abuse and see the damage that has been caused and what has become of child abuse in today’s society the result is sickening. Child abuse has become a more common thing in today’s society. The fact that there are people in this world, who not only abuse but also neglect their children without consequence, because they are not caught, is even worse. Thankfully, there are many ways today to help save a child who suffers from child abuse. Child protection in America has been in action since the colonial period; â€Å"The history of child protection in America is divisible into three eras.The first era extends from colonial times to 1875 and may be referred to as the era before organized child protection. The second era spans 1875 to 1962 and witnessed the creating and growth of organized child protection through nongovernmental child protection societies. The year 1962 marks the beginning of the third or modern era: the era of government-sponsored child protective services. †(Myers, 1). Since the 1950s many laws have been implemented in order to protect children and keep them safe in our country.Children have become increasingly safer over the past fifty years, largely because of the effect of Henry Kempe’s article, â€Å"The Battered Child Syndrome† which lead to more informed doctors, better media coverage, and more effective protection and reporting laws. John Caffey was a pediatric radiologist born in 1895. He later became known as the â€Å"father of pediatric radiology† (Girdany, 1978). In 1946, Caffey released an article called â€Å"Multiple Fractures in the Long Bones of Infants Suffering from Chronic Subdural Hematoma† based on long bone fractures in infants.In his study he examined â€Å"6 patients who exhibited 23 fractures and 4 contusions of long bones. †(Caffey) in which he concluded suffered from chronic subdural hematoma. Although he could not prov e anything, his observations seemed to be unexplained to say the least, â€Å"There was neither clinical nor roentgen evidence to support the idea that pre-existing systemic or localized skeletal disease weakened the bones and made them unusually vulnerable to trauma. †(Caffey). With that observation he came to the conclusion that â€Å"the long bones were injured and fractured during convulsive seizures.There is little evidence to support such a postulate. In not a single case did fresh fractures appear immediately following the convulsive seizure and complete fractures occurred in patients who only had mild convulsions . . . [To] our knowledge, fractures of convulsive origin in the long bones have never been demonstrated in the common severe convulsive diseases of infancy and childhood such as lead poisoning, meningitis, cerebral neoplasm and hypocalcemic tetancy. †(Caffey) but he still had doubts, because there was little evidence to support such theories.He came to the conclusion that â€Å"the fractures appear to be of traumatic origin but the traumatic episodes and the casual mechanism remain obscure. †(Caffey). Caffey’s work and the article he published hinted at possibility of child abuse in such cases that he treated but could never be proven beyond a reasonable doubt. After the publishing of â€Å"Multiple Fractures in the Long Bones of Infants Suffering from Chronic Subdural Hematoma,† it grasped the attention of many doctors who became interested in the signs of child abuse. In 1962 pediatrician Henry Kempe and his colleagues published the article known as â€Å"The Battered Child Syndrome†. Kempe played leading role in bringing child abuse to national attention during the 1960’s and 1970’s. †(Myers, 455). In Kempe’s work he stated â€Å"the battered-child syndrome is a term used by us to characterize a clinical condition in young children who have received serious physical abuse , generally from a parent or foster parent. † (Kempe, Silverman, Steele, Droegemueller, and Silver, 143). To collect data to further his research, Kempe and his fellow colleagues â€Å"undertook a nation-wide survey of hospitals which were asked to indicate the incident of this syndrome in a one-year period. (Kempe, Silverman, Steele, Droegemueller, and Silver, 143). After the survey he found the results that â€Å"Among 71 hospitals replying, 302 such cases were reported to have occurred; 33 of the children died; and 85 suffered permanent brain injury. † (Kempe, Silverman, Steele, Droegemueller, and Silver, 143). To continue his research he also â€Å"surveyed 77 District Attorneys who reported that they had knowledge of 447 cases in a similar one-year period. Of these, 45 died, and 29 suffered permanent brain damage. † (Kempe, Silverman, Steele, Droegemueller, and Silver, 143).Once â€Å"The Battered Child Syndrome† was published the public and media be came more aware of child abuse and many reforms were implemented. â€Å"Amendments to the Social Security Act were made. In the same year, the federal Children’s Bureau convened two meetings to determine how the Bureau could more effectively help states respond to child abuse. † (Myers, 456). It is said that â€Å"Attendees at the meetings, including Henry Kempe . . . [recommended] state legislation requiring doctors to report suspicions of abuse to police or child welfare. † (Myers, 456).By making these changes and requiring doctors to report suspicions of abuse all states had reporting laws by 1967. In 1962 the Social Security Act was amended which made changes to the child welfare provisions. In the following provision, â€Å"Beginning July 1, 1963, State child welfare plans must provide for coordination their services with the services provided for dependent children. † (Cohen, Ball, 3). Vincent De Francis stated that the 1962 amendments â€Å"for th e first time, identified Child Protective Services as part of all public child welfare. †(Myers, 455).Media Coverage brought child abuse to the attention of the general public. To help bring child abuse into the eye of the media and national public, Newsweek article â€Å"When They’re Angry† quoted Kempe; â€Å"One day last November, we had four battered children in our pediatrics ward. Two died in the hospital and one died at home four weeks later. . . [The] battered child syndrome isn’t a reportable disease, but it damn well ought to be. † (Myers, 455). Stating this in Newsweek definitely brought attention to the situation at hand. As the media became more involved and reporting laws were made, more and more cases were reported. By 1974, some 60,000 cases were reported. In 1980, the number exceeded one million. By 1990, reports topped two million, and in 2000, reports hovered around three million. In the early twenty-first century, reports decline d but remained high. † (Myers, 456). Although those statistics are high the cases are being reported and action is being taken in order to protect our children. The increase in public awareness called for stricter laws and protection of children in abusive situations. In today’s society we have Foster care and orphanages to help with the problems that come from abusive situations. In the early days, foster care was viewed as a major advance and as the best solution for many dependent children. † (Myers, 456 ) That being said foster care was a way out for children in abusive situations and acted as a safe haven. â€Å"In the last quarter of the twentieth century, however, some came to view foster care as a problem rather than as a solution . . . [nearly] half a million children are in foster care at any point in time and that too many children get â€Å"stuck† in out-of-home care. † (Myers, 456) With that being said, there are some negative things tha t come along with the comfort of a foster home; â€Å"children of color . . [are] sadly overrepresented among foster children. Yet, despite problems, foster care remains a safe haven for many abused and neglected children. † (Myers, 456) Along with protection of children there were also stricter laws, and the government became more involved in child abuse and protection. â€Å"Due in substantial measure . . . [Congress] assumed a leadership role with passage of the Child Abuse Prevention and Treatment Act of 1974 (CAPTA). † (Myers, 456). CAPTA acted as a guide line to federal funds throughout the government to â€Å"improve the state response to physical abuse, neglect, and sexual abuse.CAPTA focused particular attention on improved investigation and reporting. † (Myers, 456). By creating CAPTA it allowed people to become more familiar with investigation and reporting’s of child abuse throughout the nation. â€Å"In addition, CAPTA provided funds for tra ining, for regional multidisciplinary centers focused on child abuse and neglect, and for demonstration projects. † (Myers, 456). With the creation of CAPTA responsibility for administering was placed in a new agency known as the National Center on Child Abuse and Neglect. The center funded important research on maltreatment. † (Myers, 456). CAPTA has had a major role in shaping todays nationwide system of governmental child protective services. CAPTA marked â€Å"the final passing of privately funded, nongovernmental child protection societies. † (Myers, 457). All of this was able to happen simply because the attention the media brought to the reality of child abuse and that it can happen to anybody. Laws were implemented in order to better protect children and make reporting of child abuse cases easier. By the late 1970s, government-sponsored child protective services spanned the nation, settling into urban and rural areas alike. †(Myers, 454). Along with sponsored child protective services, since 1974 laws and provisions relating to child abuse have been more frequent. Most importantly, Child protective services and Child Welfare gave opportunities to children who were in abusive situations. To focus more on child protection, â€Å"the 1962 amendments required states to pledge that by July 1, 1975, they would make child welfare services available statewide. (Myers, 455) By making that a law this fueled the expansion of child-welfare services as well as protective services. In 1967, Congress declared that all states were required to have reporting laws, which means that any suspicious child abuse that is happening must be reported. Once reporting laws were in effect, â€Å"the prevalence of child abuse and neglect came into focus. †(Myers, 456). By demanding reporting laws it really opened up people’s eyes when it came to child abuse and neglect and how it can affect a child.Beginning in 1974, legislation has been pass ed to help fund child welfare and protection. By doing that the nation can depend on the system and believe that it isn’t going anywhere. Since it is now funded by the government, it can help a child in a situation such as neglect have a positive outlook, and the child can be taken care of in the best way possible. In October of 1984, congress created the Child Abuse Amendments of 1984 with a â€Å"purpose to extend and improve provisions of laws relating to child abuse and neglect and adoption†(Childrens Bureau, 21).This amendment â€Å"required states to have in place procedures with State protective systems to respond to the reporting of medical neglect, including instances of withholding medically indicated treatment from disabled infants with life threatening conditions. †(Children’s Bureau, 21). With this amendment in act, any faulty observations made must be reported when the child’s health and neglect comes into question. This is important because it makes doctors more alert when they examine their patients, especially children. When it comes to a child, abuse is something that cannot be taken lightly.Since the 1950s our government has worked to keep the children of this nation safe. They have implemented many laws and provisions. There are many options children in abusive situations have in order to better their lives. Since the 1950s, our children have become safer because of laws that have been created. Child abuse is not something to be taken lightly, and the government and public alike need to constantly strive to better the lives of children in this country. Work Cited: Child Abuse Caffey, John. (1946): n. page. Web. 6 Nov. 2012. . Cohen, Wilbur J. , and Robert M. Ball. â€Å"Public Welfare Amendments of 1962 and Proposal for Health Insurance for the Aged. †Ã‚  Social Security. N. p. , n. d. Web. 5 Nov 2012. . Girdany, Bertram R.. â€Å"John Caffey, 1895-1978. † . American Journal of Roentgenology, n. d. Web. 5 Nov 2012.

Ethics & Philosophy Essay

Free markets can be said to be the markets which have no government interference or regulation. The only regulations present are the ones which involve protecting property rights and maintaining the legal system. Free markets are markets in which the product prices are solely set through market forces, as opposed to interference by external forces. There is also free competition in free markets, and the law of supply and demand is used to fix prices of goods and services in such markets. There are various philosophers who support free markets while others are opposed to such markets. The paper will analyze the contributions of Adam smith, Karl Marx and Milton Friedman on the issue and will give a brief conclusion on the issues discussed. Karl Marx. Karl Marx was a German philosophers who is considered to be amongst the most controversial philosophers in history. He was against capitalism and free markets, which he viewed to be a means with which property owners or the rich use to maintain control over the peasants or poor. Karl Marx viewed the capitalist system as a system meant to make the rich richer and the poor poorer. He explained that initially, capitalism was meant to be a means with which people exchanged commodities which they did not have. However, after money was created, it evolved and became a means with which people could make profits as opposed to satisfying the demand for products. Over time, capitalism undermined the human development and well being, and products created could now dictate how interactions between human beings would be. Soon, the relations between society became material as everything was treated in terms of its monetary worth, as opposed to creative and artistic qualities possessed. Capitalism led to the alienation of workers since they were separated from owning the means which was used for production, and they became slaves to the people who owned those means. This led to the emergence of two economic groups; the property owners and the workers, and the latter were oppressed by the former. This is the reason which made him predict the collapse of capitalism and its replacement with socialism. Socialism is a system in which the government or authority controls production so that it may be mutually beneficial to all members of the society or state. Karl Marx was opposed to free markets since they tended to favor the rich and oppress the poor. Free markets are a feature of the capitalist system, which made Karl Marx oppose them. Weaknesses of this argument. Karl Marx is opposed to free markets due to the weaknesses which he views in capitalism. Karl Marx views capitalism to be a system where the rich oppress the poor. He therefore opposes all features of capitalist systems which he views to be a means which promote the exploitation of the poor . However, Karl Marx does not consider the model which combines both capitalism and socialism in order to take advantage of the positive attributes of the two models. Since socialism has its weaknesses, combining both models may be more beneficial to the economy. In this respect, moderate government interference in trade by the government is an option which Karl Marx should have pursued. Adam Smith. He is considered to be the father of the modern economics and he contributed a lot toward the modern capitalist system. Adam Smith was of the opinion that production was the key to economic growth and that this could only be achieved through economic liberalization. Adam Smith therefore supported unregulated markets since he saw them as a means of stimulating economic growth. He explained that free markets would enable individuals to develop a business without having government intervention, and that the people who consume the products developed would do so at prices which have been determined by demand and supply forces . Adam Smith added that free markets enabled the most competitive producers and consumers to survive, which was beneficial to the economy. He viewed free markets are independent problem solvers which did not require government interference, since market forces eventually address any surpluses or shortages which are inherent in the market. Adam Smith uses the ‘invisible hand’ theory to explain the way in which different parts of the economy are integrated. Smith explains that each individual is guided by an invisible hand in making their decisions which benefit the economy, without their knowledge. He explains that individuals carry out actions which are meant to benefit themselves, but they end up benefiting the society at large, which is not the initial aim of the individual. Smith gives an illustration of the creation of a wool coat. He says that the coat is developed after a series of processes which are undertaken by different people. The shepherd who owns the sheep, the spinner who develops the coats, and the shipper who transports them to the market all play a role in the creation of the finished product. He explains that this subconscious process by the different parties involved achieves higher levels of efficiencies than would be achieved had the process been planned by the players involved. It means that markets which are regulated by the government have lower efficiency levels compared to markets which are not regulated . This is the major reason why Adam Smith supports the free markets as opposed to regulated markets. Weaknesses of this argument. Adam smith is of the opinion that free markets enabled the most competitive producers and consumers to survive, which is beneficial to the economy. He gives many attributes of free markets, most of which are true. However, he does not discuss the weaknesses of free markets. Free markets suffer from certain weaknesses such as inhibiting the growth of small firms. Free markets may also experience monopolistic and oligopolistic tendencies which adversely affect the economy. The economy may also suffer certain effects attributed to unfair practices in trade. Other effects like inflation, market downturns and others require regulation by a central authority. Adam Smith does not discuss these situations, which makes his argument inconclusive. Milton Friedman. Friedman made major contributions to the economic crisis during the early 20th century. He viewed the 1920s as a period of sustainable and vital growth. Friedman believed that economic growth and freedom had a direct relationship. He used several principles and arguments to further his support from free markets. The political principle was used by Friedman to define the features of free markets. He explained that in free markets, individuals cannot coerce each other and that there is voluntary cooperation between the parties involved . He further explained that parties which are involved in transactions under such circumstances benefit in one way or another, otherwise they would not participate in these transactions. In free market transactions, there are no social responsibilities and values; there are only shared responsibilities and values. However, Friedman was also of the opinion that the government should intervene in the economy if there is threat to it. One of the instances when Friedman supported government interference was during the Great depression which occurred in 1929. The Great Depression changed the view that the United States economy was robust and that it should be totally free from government control, after the US Stock Exchange collapsed due to various factors. Friedman supports the market regulation and explains that if the Federal Government had intervened and applied the right policies, this depression would have been avoided. He explains that the Federal Government should have suspended payment for the withdrawals being requested by people. The policy which was used at the time, which involved printing more money to supplement the increased demand, is blamed for the Great Depression. This reveals a more soft approach to the initial stand that government intervention should not be allowed, and that the markets should be allowed to operate as free markets. However, it does not completely change the stance which had been taken by Friedman regarding free markets. Government interference is allowed only under special circumstances where lack of intervention would lead to severe effects to the economy. This was the case during the Great depression and is also currently the case in the event of the global financial crisis being experienced. Weaknesses of this argument. Friedman is categorical that there should be free markets if economies are to grow. He argues that the absence of social values and responsibilities and the presence of shared values are factors which facilitate economic growth. However, he appears to take a soft stand when discussing the Great Depression where he advocates for government interference, but using the right policies. This is a deviation from his stand that the government should not interfere with the business environment. It also reveals that free trade has weaknesses which he does not effectively address. Personal view. In my opinion, free markets do not lead to serious political, social, or environmental problems as explained by some philosophers. This is because free markets are the most effective and natural means in which prices should be set to ensure effectiveness. On the contrary, a wrong approach of interference by the government may lead to serious political, social, or environmental problems as was seen in the Great Depression. The current financial crisis which began in the United States can also be said to have been accelerated by the government failure to limit the borrowings by investors and excess lending by financial institutions using predatory lending practices. This is a similar problem which led to the great depressions, and the government interference is seen to have led to adverse effects rather than positive effects on the economy. However, in extreme cases of economic problems, the government should intervene. This should only be done to save the economy in cases where the market forces are clearly unable to rectify the situation. For instance, the current financial crisis facing the world requires the government’s intervention. This does not mean that the government supports the regulation of markets since in the absence of economic crises, the market forces would usually be used to set the product prices. My major reasons for supporting free markets is that regulated markets usually discourage investments, especially if the regulations are too strict. Investors prefer investing in countries where there is free trade since they can predict their future earnings or returns on investment, due to the absence of external factors in the business environment. Regulated markets may also adversely affect the economy especially if the policies which are applied are retrogressive. Summary and conclusion. It is evident that the three philosophers made major contributions to the modern world. Their theories are still in use several years after some of them passed away. However, it is important to note that their arguments relating to free trade are inconclusive since some of the facts which they used to support their arguments have changed. It is also important to note that none of them has a wrong view, it is only that they looked at free trade from different perspectives. The contributions which each of them has made to society should be appreciated since they all talked about various issues affecting the society, and not just free trade. It is important that other scholars improve on the theories which were advanced by Adam smith, Karl Marx and Milton Friedman. This will reflect the market environment as it is today, and the arguments developed can be used to improve the policies in the current business environment. Works cited. Amadae Samuel. Rationalizing capitalist democracy: the Cold War origins of rational choice liberalism.Chicago: University of Chicago Press, 2003, p255-261. Gagnier Regenia. The insatiability of human wants: economics and aesthetics in market society. Chicago: University of Chicago Press, 2000, p25-35. Machaj Mateusz. Friedman for government intervention: the case of the great depression. Mises Daily. Retrieved on March 18, 2009 from . Sunderlin, William D. Ideology, social theory, and the environment. New York: Rowman & Littlefield, 2002, p23-33.

Reasons Why Some Dont Get into Graduate School

Reasons Why Some Don't Get into Graduate School Youve spent years preparing to apply to graduate school: taking the right courses, studying for good grades, and seeking appropriate experiences. Youve taken the time to prepare a solid application: GRE scores, admissions essays, recommendation letters, and transcripts. Yet sometimes it doesnt work out. You dont get in. The most qualified of students can do everything right and still sometimes not get admitted to graduate school. Unfortunately, the quality of your graduate school application isnt the only thing that determines whether you get into graduate school. There are other factors that have nothing to do with you that influence your acceptance. Just as in dating, sometimes Its not you, its me. Really. Sometimes a rejection letter is more about the graduate programs capacity and needs than about the quality of your application. Funding A loss of funding at the institutional, school, or department level can reduce the number of applicants they can support and accept.Fewer funds for Teaching and research assistantships can mean accepting fewer studentsMany students are admitted to work with particular faculty and are supported by faculty members grants. A change in grant funding means that some qualified students will not be admitted.You dont have control over any of these factors, but the availability of funding has a huge impact on the likelihood that you will be admitted to a graduate program. Faculty Availability Whether faculty are available and able to take on students influences the number of students who are accepted in any given year.Faculty are sometimes away on sabbaticals or leaves. Any students who would be accepted to work with them are often out of luck.Sometimes faculty are overloaded and do not have space in their lab for another student. Good applicants are turned away. Space and Resources Some graduate programs require that students have access to laboratory space and specialized equipment. These resources can accommodate only so many students.Other programs include internships and other applied experiences. If there are not enough slots, then well-prepared students do not get admitted to the graduate program. If you are rejected from your preferred graduate program, recognize that the reasons may not lie with you. Often there are factors are beyond your control that influence whether you are accepted to graduate school. That said, keep in mind that rejection is often due to applicant error or, more commonly, the poor fit between the applicants stated interests and the program. Pay attention to your admissions essay to ensure that your interests fit those of the faculty and program.

Just Another Day at the Office

Just Another Day at the Office Personal computer (pc) repair technicians and doctors have a lot in common. Patients arrive at the doctor's door bearing all manner of complaints or problems. I am sure doctors have seen and heard about every type of ignorant stunt a person can think of or do. I have been a pc repair technician for approximately 3 years. Like a doctor, I thought I had seen and heard of every crazy stunt imaginable until I received a call from Carver Financial about a computer crash.When I arrived at the job site, Lola and Anthony, the office and terminal managers, greeted me. "Boy! Are we ever glad to see you," they both cried in unison, "We have completely screwed up the computer." "Well, show me the computer that is down while you tell me what happened," I replied. "Linda, Lola's co-worker, told us upgrading our computer system from Windows 95 to 98 would be easy for us to do ourselves.An Office Depot. store in Fremont, California.All we had to do was purchase the Windows 98 upgrade CD," Anthony sa id, "Except, we could not find the CD." Lola chimed in, "We picked out this CD instead. The salesman at Office Depot said, 'It would work just as well to upgrade our system.'" I looked down at the box she was holding in her hands. The words "Windows 2000 Upgrade" stared back at me in big, white letters.I just stood there for a minute shaking my head, and I silently groaned to myself. "Oh God! How could anybody be that stupid," I thought. With an audible sigh, I said aloud, "Let me run a few diagnostic tests. I will be able to tell you how much damage has occurred in a couple of minutes." I started with the basic stuff like making sure the computer would...

the dozens - definition and examples of playing the dozens

the dozens - definition and examples of playing the dozens Definition: A game of put-downs: the rapid, ritualistic exchange of insults, often targeting family members. The rhetorical contest of playing or shooting the dozens (also known as capping, ranking, and sounding) is most commonly practiced by young Africans and Observations, below. African-American Vernacular EnglishBdelygmiaCursingFlytingHyperboleInvectiveName-CallingSignifying Examples and Observations: Your mamas so FAT, after she got off the carousel, the horse limped for a week.Mos rebuttal: Your mamas so skinny, she can hula-hoop through a Froot Loop.Your mamas so FAT, her blood type is Ragu.Mos rebuttal: Your mamas so skinny, she looks like a mic stand.Your mamas so FAT, instead of 501 jeans she wears 1002s.Mos rebuttal: Your mamas so skinny, she turned sideways and disappeared.Your mamas so FAT shes not on a diet shes on a triet. What yall eating? Ill try it.Mos rebuttal: Your mamas so skinny, I gave her a piece of popcorn and she went into a coma.Your mamas so FAT, when she jumped in the air she got stuck.Mos rebuttal: Your mamas so skinny, you could blindfold her with dental floss.(Monique Imes and Sherry A. McGee, Skinny Women Are Evil: Notes of a Big Girl in a Small-Minded World. Atriz, 2004) A Game of InsultsThe dozens is usually played by two young black males, often surrounded by an interested and encouraging audience of peers in which the players insult and provoke eac h other with put-downs of each others mother or other female family members. This process teaches one to take insults in stride while encouraging verbal retorts. . . . The dozens is played more often and more intensely in urban ghettos where frustrations are greater and the strategies of the ghetto are appropriate in a zero-sum game; neither player really wins. The dozens works when the players share a common ethnicity, a degree of connectedness, and acceptance of the activity for what it isa game (Bruhn and Murray, 1985).(John G. Bruhn, The Sociology of Community Connections. Kluwer Acacademic/Plenum, 2005) A Rite of PassageAlan Dundes found that the social and artistic are infused in the Afrodiasporic practice of the dozens, which he notes functions both as an assertion of masculinity and as a rite of passage for the secular mastery of words. The dozens not only establishes a framework for verbal creativity; children also use them to determine a social hierarchy. A good dozens player not only cooly withstands merciless insults to his family; he also twists memorized insults quickly to suit the opponent at hand.(Ali Colleen Neff, Let the World Listen Right: The Mississippi Delta Hip-Hop Story. University Press of Mississippi, 2009) An InoculationWhile retaining the form and spirit of the West African original, African-American dozens has elaborated the witty one-liners into complex verbal war games involving huge armories and modes of attack and defense undreamt of in the homeland. It is a case of Darwinian adaptation for survival of the species in the killing jungles of slavery and ra cism. The mother remains the central figure. By learning to deal with verbal abuse of her, the modern black youngster learns to endure the historical, real-life abuse. It is as if the system is inoculated with virtual (verbally imagined) strains of the virus, thereby gaining immunity and new health in spite of the reality on the ground.(Onwuchekwa Jemie, Yo Mama! New Raps, Toasts, Dozens, Jokes, and Childrens Rhymes From Urban Black America. Temple University Press, 2003) Also Known As: sounding, signifying, ranking, capping, hiking, snapping, playing the dozens

Understanding lab tests Essay Example | Topics and Well Written Essays - 1500 words

Understanding lab tests - Essay Example Every Year nearly 1.5 million individuals in the U.S. suffer a heart attack (Acute Myocardial Infarction) and of these approximately 500,000 die. Ischemic Heart Disease is the principal cause of death in the U.S."This can be achieved by adding cardiac biomarkers in the artillery. ECG is the primary diagnostic tool which is nearly 100% specific but sensitivity is only63-82%. Gold standard of investigation for detecting Acute Myocardial Infarction is CK-MB; Cardiac specific Troponin can be added to this for better results. Coronary artery disease to a major degree is due to atheroma and its complications mainly thrombosis. Elevated LDL cholesterol is the single contributor of atherosclerosis LDLc, gets deposited in subendothilial layer of intima of the artery. This deposited LDLc can be removed from the site by HDL. But when triglycerides increases it is associated with decrease in HDL, this decrease in HDL cannot effectively remove LDL, thus helping atherosclerosis.LDLc as such cannot initiate inflammatory response. It needs to be oxidized, which is .brought about by free oxygen radicals. The rise in oxidized LDL in sub -endothelial layer increases the oxidized LDL in the blood and is a highly sensitive index of atherosclerosis. Oxidized LDL causes release of Vascular Cell Adhesion Molecule from endothelial cells. This causes adhesion of monocytes to endothelial layer. Oxidized LDL also causes release of Monocyte Chemo Attractant Protein1 (MCP1) which facilitates entry of monocytes into sub endothelia l tissue. Here they converted into macrophages .They absorb cholesterol to form foam cells. The oxidized LDL also gets absorbed on to the surface receptors of the scavenger cells. These foam cells accumulate beneath the sub -endothelial layer of the arteries to form fatty streaks. The foam cells then liberate some factors which cause migration and proliferation of smooth muscle cells; these surround the foam cells and induce formation of collagen. The foam cells eventually die off liberating cholesterol in the cavity. Thus atheroma has a central core of cholesterol with a fibrous cap. http://images.medscape.com/pi/editorial/cmecircle/2002/2036/figure-2-large.jpg The free oxygen radicals cause endothelial dysfunction by inactivating released nitric oxide and inhibiting nitric oxide synthesis. The endothelial dysfunction contributes to atherosclerosis since normal endothelium releases nitric oxide which in turn inhibits VCAM. Diabetes, smoking, hyper tension, hyper homocysteinemia and increased LDL cholesterol all contribute to oxidative stress. Thus atherosclerotic artery disease begins with a fatty streak on the blood vessel surface which may enlarge to form fatty plaque. The subsequent narrowing of the arteries may eventually lead to disruption of the plaque and to thrombus formation with further reduction of blood flow, thus paving the way for acute myocardial infarction. Complete obstruction of blood results in myocardial necrosis within 20 minutes with maximum irreversible injury occurring within 6 hours. So the restoration of blood flow to the damaged myocardium within two hours but not later than 6 hours can salvage it. http://labs.ansci.uiuc.edu/meatscience/Library/309%20lipid%20transport.gif http://medtech.hcu.ac.th/pic/lipid.jpg Lipid profile Lipid profile is a group of tests to find out the level of LDL, VLDL, HDL, Triglycerides, Total Cholesterol, and T.Cholesterol / HDL ratio. This is used alone or in combination with other risk factors like age, gender, BP, smoking in Framingham score or along with other biomarkers in predicting the risk of a/c Myocardial Infarction. This is a simple blood test .Patient is advised to come on empty stomach

Comparing and contrasting poems Essay Example | Topics and Well Written Essays - 1250 words

Comparing and contrasting poems - Essay Example On the other hand, Claude McKay was born in another century, in 1890. He was a Jamaican who immigrated to America at the age of twenty three. Claude McKay is famous for his more of a renegade style that talks about liberation and equality for the oppressed minorities of America. While Morales’ poem instigates your mind to realize and acknowledge the ethnic and racial diversity in America, McKay’s poem truly brings forth the Harlem Renaissance where he embraces and denounces America at the same time. Hence, both poems are similar because of the immigrant blood both poets possess, yet different in the way they deal with this. The form of â€Å"Child of the Americas† and â€Å"America† by Morales and McKay respectively, differs. â€Å"Child of the Americas† has a very ambiguous form that also depicts the confusion of the poet. The first stanza is composed of eight lines while the following two are of six lines each. The poem ends with a single, sure line that comes after a couplet. â€Å"America,† on the other hand, is written in the format of a sonnet with three quatrains and a concluding couplet. Both poets although squabbling with the entity that is America, are proud of who they are. Their American identity as a colored person is something they cherish and acknowledge. While Morales speaks â€Å"English with passion,† McKay loves â€Å"this cultured hell.† McKay opines that although life in America is tough especially when one has to face segregation on the basis of race, he still loves this country because it makes him grow tough and resilient. And although it is a huge country compared to his smallness or the minority of his race, but still it makes him strong enough to be a rebel and stand up to its oppression. Morales and McKay are similar in their poetic expression: Morales has used the impersonation technique to symbolize different ethnicities as an American whereas Claude McKay has personified America as almost equivalent to a

Casestudy Coursework Example | Topics and Well Written Essays - 2000 words

Casestudy - Coursework Example The English Law of contract is clear on the fact that any agreement that is enforceable in a court of law is considered a contract. Offer and acceptance are some of the most important features of a contract (Collins, 2003). In this particular case, one party makes an offer for a certain arrangement, and the other party accepts the terms of the arrangement. Neither offer nor acceptance has to be made through writing or through making oral statements. This type of contract is referred to as an implied contract in which certain terms are not expressed or explained in words (National Archives, 2010). This seems to be the kind of agreement that Eddie had with Adele. Once he ordered for his piglets, Adele expected him to accept and pay for the services rendered. Adele has every right to demand for compensation from Eddie, who had made it clear in his communication that he would get the piglets for Eddie. In the Smith v. Hughes 1871 LR 6 QB 597 case, one cannot go against a contract at will (Young, 2010). Before Eddie met his second supplier, he had intended to honour his agreement with Adele because it was a business agreement. However, just because he found a cheap alternative, he disregarded his earlier agreement with Adele. ... ad already agreed to buy them from someone else can be considered to be a breach of contract and Eddie might be required by a court of law to pay Adele in damages. Adele had spent a lot of money getting the piglets and she had already sent the driver on the way to Eddie’s shop to drop the order, but she had to cancel at the last minute after she got the call from Eddie. The lack of timely communication in this case further complicates matters for both parties, because each one of them was assuming the other was acting in a certain way. In Merritt v. Merritt 1970 1 WLR 121, the courts regarded Mr. and Mrs. Merritt to have entered an agreement with the intention of creating legal requirements (Young, 2010). When Eddie was requesting for the piglets from Adele, he knew that he wanted to agree to the terms that Adele would set. In Brogden v Metropolitan Railway Company 1877 2 AC 666, the company never wrote to Brogdan formalizing their business arrangement. However, for two years, Metropolitan had conducted itself in a manner that showed that the business arrangement was formal and Brogdan was bound to honour the agreement (Poole, 2006). This means that if Eddie and Adele had been conducting business together for a long time, then any agreement they made in the course of business would have been considered binding for both of them. Edie has argued that it was his right to make an agreement with whomever he pleased, therefore, he does not consider to be indebted to Adele for failing to honour his part of the agreement. However, Adele may have a strong case if the courts decide that the agreement is enforceable. In Hillas & Co Ltd v Arcos Ltd 1932 UKHL 2, the House of Lords ruled that the terms of the agreement were enforceable when consider dint he context of the previous

Brief Justification for Selecting Cantonese Cuisine Assignment

Brief Justification for Selecting Cantonese Cuisine - Assignment Example First, Cantonese cuisine dishes include a stilled whole fish, roast suckling pig. Additionally, crispy-skinned chicken and shark’s fin soup form part of Cantonese cuisine dishes. The hotel considers these ingredients special because of their indigenous nature and quality. As a result, these meals are popular in China and neighboring countries. The dishes are also unique given the Cantonese cuisine. This cuisine is applicable in this region because of the abundance of the ingredients of the dishes. In this respect, Canton is abundant of diverse animal and plant food sources. This port city has been a prime attraction of many foreign techniques of cooking and cooking materials. Second, the major focus of Cantonese cuisine is on the heating temperature applied in the course of cooking the dishes. Other cooking techniques originated from Europe in order to supplement the Cantonese cuisine. The foreign techniques improved the Cantonese cuisine. This is because the dishes prepared could fit all kinds’ races. The fact that even the hotel incorporates western cooking techniques into the Cantonese cuisine is proof that this dish accommodates preferences from multiple regions across the globe. This is why restaurants serve this cuisine across the world. Gillespie (2010) says customers associate Cantonese cuisine dishes with an intensive selection of materials. The Cantonese cuisine involves stir-frying, frying, stewing, and braising. Third, the hotel also considers food color, taste, and fragrance. This is because these qualities are the ones, which make any food appealing to clients. According to Ninemeier (2009), Cantonese cuisine focuses on a variety of food preparation methods in order to satisfy the desires of customers. One achieves diversity in this aspect because Ninemeier considers all races.  

Risk Management Policy (NHS) Essay Example | Topics and Well Written Essays - 500 words

Risk Management Policy (NHS) - Essay Example This industry is susceptible to many types of risk. For example three percent of America’s $1.7 trillion annual healthcare expenditure is lost due to fraud and over charging (Lexisnexis, 2007). This paper analyzes the risk management policy of a company in the healthcare industry called NHS Greater Glasgow. The focus of the analysis is on the impact of the risk management policy on the managerial team and regular staff of employees. Risk management is taken very seriously at NHS Greater Glasgow. For this company the risk management function is an effort that is accomplished by the cooperation of all the employees working for the firm. The current risk management policy in place in this company was establish in 2005 after the policy underwent a rigorous evaluation process that obtain input from a lot of decision makers in this enterprise working in different division of the company dispersed across the entire country. The application of the policy involves both the regular staff and the managerial staff. The workers in this company were trained in the risk management policy of the company. The function of the non-managerial staff is to actively report incidents and accidents of occurrences, near misses and to make recommendations on how to improve the internal system of the unit they work for. The company has a corporate culture that encourages participation from all employees and any feedback from any member of the organization is analyzed to make continuous improvement of the system. The functions of the managerial staff regarding the application of its risk management policy are: managing risk, performance monitoring, gathering accurate risk information, incorporating effective communication systems and promoting continuous improvements. At the executive managerial level the staff keeps close relationships with its partners and uses a philosophy of mutual cooperation in order to

Fund managers combine assets into portfolios with attributes expected Essay

Fund managers combine assets into portfolios with attributes expected to be attractive to their clients. Identify and describe a - Essay Example The active strategies for financial investments are: proper stock selection; good market timing; appropriate bond swapping; and a ladder approach in multi-investments. Appropriate or proper stock selection involves the buying of undervalued stocks. The investor must be aware of any existing public information related to the stocks he/she is going to buy to be able to evaluate fairly well the best possible stocks that are being offered which will eventually yield the best possible growth and return. This type of investment technique keeps the portfolio streamlined and more manageable because the investor is well-informed about the stocks’ standing. Market timing strategy leads any potential investor to purchase stocks when the prices are low and to sell them when they reach their maximum peak values at a given time. This entails guessing the ups and downs of the money market that is usually dependent on various issues that affects marketable stocks. Bond swapping is an active i nvestment strategy that requires an investor to make a forecast as to when to sell long-term bonds and when to buy short-term bonds. The capital gains on bonds are based on the changes involved in interest rates, which normally fluctuates from time to time. Last but not the least active strategy for financial investment is the ladder approach where investors are encouraged or advised to invest in mixed or various types of investments that have different maturity dates and varying levels of risks. This particular active strategy is designed to provide the investor a more regular and fixed income that has lower risks (Norton, 2008a). The second type of investment strategy is the passive investment strategies. This type of investment strategy involves the following investment techniques: balance mutual fund; index portfolio, dollar cost averaging, buy and hold; and dividends reinvestment plan. The balance mutual fund is a diverse combination of investments offering various maturity dat es along with different risk intensities. This kind of investment strategy helps to make any investment portfolio more stable since the levels of risks vary and the returns augment losses if any. Next passive strategy is the index portfolio intended to copy a main index. Similar shares with the same proportion as the main index is bought with the primary aim of duplicating its performance and not out-performing it. This makes returns more predictable and is often utilized when investing in equities. The dollar cost averaging is another form of passive investment strategy where investments are purchased at standard periodic intervals without considering the fluctuation of market prices. Hence, if the price movement is downhill the average price for the investment is usually greater than the current market price. But if the price trend is uphill then the average cost is less than the market price. Buy and hold is another type of passive investment method which aims to provide the best possible return for a particular risk level. This method normally involves bonds and stocks that are held for long periods of time or until their respective maturity dates. The dividends reinvestment plan strategy is a type of passive i

Risk Management Policy (NHS) Essay Example | Topics and Well Written Essays - 500 words

Risk Management Policy (NHS) - Essay Example This industry is susceptible to many types of risk. For example three percent of America’s $1.7 trillion annual healthcare expenditure is lost due to fraud and over charging (Lexisnexis, 2007). This paper analyzes the risk management policy of a company in the healthcare industry called NHS Greater Glasgow. The focus of the analysis is on the impact of the risk management policy on the managerial team and regular staff of employees. Risk management is taken very seriously at NHS Greater Glasgow. For this company the risk management function is an effort that is accomplished by the cooperation of all the employees working for the firm. The current risk management policy in place in this company was establish in 2005 after the policy underwent a rigorous evaluation process that obtain input from a lot of decision makers in this enterprise working in different division of the company dispersed across the entire country. The application of the policy involves both the regular staff and the managerial staff. The workers in this company were trained in the risk management policy of the company. The function of the non-managerial staff is to actively report incidents and accidents of occurrences, near misses and to make recommendations on how to improve the internal system of the unit they work for. The company has a corporate culture that encourages participation from all employees and any feedback from any member of the organization is analyzed to make continuous improvement of the system. The functions of the managerial staff regarding the application of its risk management policy are: managing risk, performance monitoring, gathering accurate risk information, incorporating effective communication systems and promoting continuous improvements. At the executive managerial level the staff keeps close relationships with its partners and uses a philosophy of mutual cooperation in order to

BHS 400 STRESS MANAGEMENT (Module 5 CBT) Essay Example | Topics and Well Written Essays - 500 words

BHS 400 STRESS MANAGEMENT (Module 5 CBT) - Essay Example The web address is http://www.webmd.com/balance/stress-management/stress-management-topic-overview. The article has been reviewed by specialists in the field. The article was last updated in April, 2007. The page provides accurate information with limited advertising. References list has been provided. The article is updated regularly and all the links are functioning properly. The page can be viewed without any restrictions and conditions. Based on these aspects, I recommended this site to my friend. Following is some useful information I gathered from the webpage. Stress has some adverse effects on health. These effects have been elaborated in the webpage. Symptoms of stress include increased heart rate, increased breathing, headache, stiff neck, tight shoulders, back pain, increased sweating, nausea and diarrhea. Prolonged stress can affect various organs in the body. It suppresses the immune system and triggers infections. Stress has been linked to high blood pressure, arrhythmias, atherosclerosis, coronary artery disease, heart attack and heart failure. It can worsen symptoms in gastro-esophageal reflux, peptic ulcer disease, irritable bowel syndrome, ulcerative colitis, rheumatoid arthritis, asthma, chronic obstructive pulmonary disease, acne and psoriasis. Stress is also linked to erectile dysfunction, low fertility, pregnancy-related problems and painful menstruation (Curtis, 2009). There are mainly 3 types of stress coping strategies. These are cognitive or reframing strategies, action-based strategies and emotion- based strategies. The cognitive strategies which help an individual cope stress are re-framing the situation are laughing it out and deliberate positive reinterpretation. Action-based strategies recommend involvement of problem-solving skills and solution of the problem by systematic approach. Emotion-based strategies are the most commonly recommended strategies to deal with stress. These strategies

Value and importance of training and development of employees

Value and importance of training and development of employees Chapter 1: Introduction 1.1 Introduction: Organisations get established, businesses survive and thrive because they sell products and services to customers and earn revenue. Globalization and increased competition have increased the demand for organizations to continually provide excellent products and services. Business performance depends largely upon how well the product or service is. Only satisfied, motivated and trained employees can produce quality products or provide quality service. 1.2 Research question: Determine how training can improve the skills of employees which in turn help in increasing employee and customer satisfaction, productivity and eventually business performance. 1.3 Background: Research Significance and Problem Identification: Although many organisations provide their employees training opportunities to progress within the organisation structure, little has been focused upon employee training for organisations efficiency and performance. Performance oriented market; constantly changing environment and globalisation are influencing the workplace structure and leading to increased reliance on employee skills for providing better products and services. Employees not trained to deal with the advanced management methods and techniques cannot work towards the better business performance. This issue is one of the most important topics in business management studies. This concept is now well established and is increasingly affecting the field of management. It has proved particularly valuable for those organisations who seek better performance. 1.4 Aims and objectives: The main aim of this paper is to study the value and importance of training and development of employees in terms of overall organisation performance. Determine how training can improve the skills of employees. Analyse published data/existing literature on human resource management and related subject areas. Identify training related issues such as environmental factors and their effect. Examine current organisational structure and working practises (such as procedures, policies, and standards followed by the company for its human resource/ workforce) in the company. Explore training methods available for the organisations. Access the impact of training on workforce satisfaction. Summarize the main themes of the findings and place them in the context of business performance. Provide recommendations. 1.5 Hypothesis: The organisations can increase their performance and productivity by providing their staff with appropriate skills through training and continuous development. If suitable training and proper care is given to development of employees, they can prove beneficial by working more effectively and efficiently. 1.6 Rationale: Organisations tend to apply those outdated and inadequate techniques and methods which although have been proven successful, those cannot work on their business situations. While doing so, they often ignore more advanced procedures and their business environmental and cultural requirements. In order to improve or increase their business performance, organisations will need to adapt new ways that can impact training and development of employees efficiently and successfully. 1.7 Theoretical Framework: The main purpose of this dissertation was to find out the effect of training on organisation performance. This dissertation discussed and critically analysed training and development of employees, its demand in changing nature of the organisation and impact of environmental and other important factors on training and development. Detailed explanations on training methods and types of skills (hard and soft) are also considered. The final section focused on training evaluation and its need. The writer has also taken several authors views on training and development of employees and linked them with organisation performance and other related factors, and evaluated all the data gathered. The writer has also debated and provided arguments and counter arguments on above mentioned issues argued by professionals. 1.8 Limitations: As the researcher progressed through this research project, limitation arose that included bias, unavailability of relevant data, resource and time allocation, etc. Chapter 2: Literature Review 2.1 Introduction: In order to survive and compete in the ever growing competitive and changing environment, it is critical for any organisation to perform better by satisfying the needs of the customers (Mullins, 2007). Globalization has increased the demand for organizations to provide excellent products and services as business performance depends largely upon it. Only satisfied, motivated and trained employees can produce quality products or provide quality services. Increased competition and changing nature of technical jobs and services made employee training very crucial for the survival of any business. The requirements of skills development of employees differs from business to business and industry to industry (Bratton and Gold, 2001). This issue is one of the most important topics in business management studies. This concept is now well established and is increasingly affecting the field of management. It has proved particularly valuable for those organisations who seek better performance. 2.2 Training and Development: In Bramleys (2003) words, training involves learning and educating employee to do something to result in things being done differently. He explains that training is a process that is planned to facilitate learning so that people can become more effective in carrying out aspects of their work. According to the CIPD, Training is expected to equip employees to help them become ‘strategically unique, in addition to the provision of skills, knowledge and attitudes needed to achieve operational efficiency. ‘Training is a planned process to modify attitude, knowledge or skill behaviour through learning experience to achieve effective performance (Wilson, 2006). ‘Employee Development is a process for preparing employees for future job responsibilities. This may include formal and informal training, education, mentoring, coaching etc (Armstrong, 2008). Although the terms training and development are often linked, these address slightly different needs. Training focuses on learning the necessary skills and acquiring the knowledge required to perform the job. It deals with the design and delivery of learning to improve organization performance. On the other hand, development focuses on the preparation needed for future jobs; it should be considered investment in the work force since its benefits are long term (Armstrong, 2006). Effective training is paramount for survival and growth of a business. Training is not just about developing people but helping them to become more confident and capable in their jobs as well as in their lives (Wilson, 2006). The significance and value of training has long been recognized. The need for training is more prominent given todays business climate and the growth in technology which affects the economy and society at large. Employee is trained to assure that current or future needs of the organisation are met. 2.3 Hard vs. Soft Skills Training: There are two basic categories of skills training: hard and soft skills (Armstrong, 2008). Hard skills are technical or administrative procedures related to an organizations core business while soft skills are attitudes and behaviours exhibited by employees while interacting, which affect the outcomes of such interactions. It is easy to train and identify the need for hard skills training, while soft skills relate to personal, individual development and are most difficult to define and measure. Some types of training have both hard and soft skills components. Sales training for example, may encompass hard skills such as product knowledge and price negotiation, and soft skills such as empathy and listening (Smith and Mazin, 2004). The best way to develop skills is to practice doing the thing what an employee is trying to do, under the expert guidance of someone who knows how (Redman and Wilkinson, 2006) (Muir, 2004) (Beardwell et al, 2007). 2.4 Reasons for Training: There are many motives for training and developing employees. It can be initiated for a variety of reasons e.g. it can be carried out as part of an overall professional development program or performance improvement (Rae, 1999). Training is not only essential to create skilled force but also needed to maintain a high level of skills required by the constantly changing work environment and to equip employees to meet future demands (Stewart, 1996) (Pont, 2003). 2.5 Training Benefits: Leading writers have recognised the importance of training as fundamental for management (Bratton and Gold, 2003). Keep (1989 cited by Redman and Wilkinson, 2006) describes training and development as litmus test against which other characteristics of management practice can be measured. Advantages of training and development include: increased job satisfaction and morale among employees, employee motivation, increased efficiency and effectiveness, increased capacity to adopt new technologies and methods, increased innovation in strategies and products, reduced employee turnover, enhanced company image, risk management. The right employee training at the right time provides big pay offs for the employer in increased productivity, knowledge, loyalty, and contribution (Web 1). Training allows the organisation to develop and promote its own culture. Training also allows organisations to adapt to changes in the business environment and can be used as a change agent to change organisation al culture (Wilkinson et al. 2006). Training is a tool that can improve organisational effectiveness, especially in fiercely competitive markets. Training and development helps in optimizing the development of human resource that helps the employee to achieve the individual as well as organisational goals (Benson, 2006). It increases the job skills and knowledge of employees at all levels and expands the horizons of their intellect and their personality. Training and development helps in indicating the sense of team work, team spirit, and inter team collaborations. It also aids the organisations to get more effective in decision making and problem solving. It also helps in developing leadership skills, motivation, loyalty, better attitudes, and other aspects that successful workers usually display (Armstrong, 2008) (Bratton and Gold, 2003) (Pont, 2003) (Price, 2007). 2.6 Training Process: Training process takes place within the context of the internal and the external environment of the organization. The basis for most training remains the traditional training process system. This involves: 1. identifying the needs for training and development of the company; 2. Planning training or devising a learning plan; 3. Carrying out or delivering training and 4. Assessing and evaluating outcomes/results. A training need analysis is the first step in identifying the types of programs that will further organisations goals, which helps to decide whether training is appropriate at all. The organisations have to assess why they need training (Smith and Mazin, 2004). Then plans are made on how to deliver the program and by which method. Armstrong (2008) places a great importance on the design of training policy because of its significance of effects on the business. It is an important issue and requires close attention to the organisations mission, ethical stance and strategic visio n. All the policies should be aligned to the companys mission and objectives. 2.7 Training Methods: Learning and development can focus on different components of employees as proposed by Lee (1996). Organisations can adapt different techniques of training for their businesses and according to their requirement. Some techniques consist purely on acquisition of knowledge, some focus on skills development of its staff, some even focus on sentimental aspects of the employees and their relationships with others. Few activities seek to integrate all the above. Staff training can be conducted on the job, which is carried out at the trainees workplace, and off-the-job which is carried out away from employees work place (Mullins, 2007). Training methods include observing, questioning, interpreting, reviewing, coaching, e-learning, workshop, induction, job-shadowing, mentoring, seminars, classes, open learning, project work, workshop and simulation. 2.8 Why Training Fails Training is not always the answer to performance problems. Some training analysts (Rosner, 1999 cited by Smith and Mazin, 2004) believed that training could be a good investment or could be a waste of resources. Training is indeed a waste of money when the desired behaviour does not occur. Thats why training and development doesnt succeed all the time to achieve desired results and in obtaining aims and objectives of the organisation. There could be many other reasons for the failure but most common are (Web 2): Training is often implemented for the wrong reasons and seldom aligns to a business measure. It fails because of lack of objectives to provide direction and focus. Sometimes the solution proves too expensive for the desired outcomes. Other important reason for failure is lack of management reinforcement and support (Mullins, 2007). Some businesses invest little in training because they dont have enough funds. 2.9 Role of a Training Manager: It is the role and responsibility of the HR manager to develop and implement training strategies and policies. The HR manager has responsibility for training and development and performance management. Human Resource Managers need to understand the nature and process of training and development in order to be able to facilitate learning and development within the organisation (Watson, 2006). HR managers are involved in planning and implementing programs designed to improve the performance of their employees in order to improve the effectiveness of the organization. Its their responsibility to group together employees activities during training process in such a way that encourages integration and cooperation (Armstrong, 2008). 2.10 Trainee Employees: Organizations performance largely depends upon the employees that work in it (Watson, 2006). They are the key resource and considered as capital for any organization. HR scholars agree that an organisation is only as good as the people in. Training is worthless if employees are not involved properly (Armstrong, 2008). Company can achieve and maintain the competitive advantage by regularly upgrading the workforce skills. The development of employee skills is one of the most important tasks in which an organisation can engage (Armstrong, 2006). Adequate supply of technically and socially competent and proficient staff is only ensured by training and development. 2.11 Training Evaluation: Employees need feedback. It is important for their progress and advancement (Armstrong, 2006). Evaluation is a process of establishing the worth or value of something (Rae, 1999). Evaluation of training is a process of gathering information with which to make decisions about training activities (Sloman, 1999). Organizations apply performance appraisal evaluation to measure employee work performance and effectiveness, which can help in defining and developing training needs for the organisations. Having a well-structured measuring system in place can help determine where the problem lies (Mullins, 2007). Training evaluation may also help in improving quality of training activities which in turn results in greater benefits. 2.12 Other Issues: While providing training, the manager needs to understand the importance and effects organization structure and design because these define tasks and responsibilities, work, roles and relationships, and channels of communication (Mullins, 2007). The two factors that determine how the organization functions in relation to its eternal and external environment are its structure and the processes that operate within it. Structures are necessary to support the effort of training managers and trainee employees. Culture of an organization also plays an important part in assessing the needs and requirements for training and development. It helps in producing high level of business performance. Training according to structure and culture provides organizations flexibility, adaptability and durability required for growth and survival(Redman and Wilkinson, 2006). 2.13 Conclusion: Scholars and writers have emphasised on the importance of training and development of the employees for the better performance of any organisation. It is a main factor of human resource management within organization. It not only benefits organisation by providing them with skilled force, but employees individually as well by increasing their effectiveness and efficiency (apart from other benefits discussed above). Organisations have to take into account all the internal and external environmental and cultural factors and should provide feedback on training. To be successful, organisations have to adapt an appropriate training process with best available training method and professional guidance/management. Chapter 3: Research Methodology Research is any type of systematic and arranged study to systematize facts or collect data, and is generally linked to a problem that has to be solved (Zikmund, 2000). Johnson and Scholes (2008) define methodology as ‘A focused and systematic investigation that goes beyond generally available knowledge to acquire specialised and detailed information, providing a basis for analysis and elucidatory comment on the topic of enquiry. 3.1 Introduction Research methodology section also clarifies why the researcher has chosen certain research methods, techniques and approaches, justifying the writers approach and line of action; and why other methods are not included for this project with detailed reasons and explanations. Arguments and benefits for selected methods are also given. Sampling, research tools and other related issues are also explained in this section. This area ends with discussion of limitations and constraints faced by the writer. 3.2 Background As part of dissertation, the researcher was expected to undertake research into business and management field which should meet the criteria set out by the college and must have enough empirical data for investigation (Quinton and Smallbone, 2006). Searching past dissertation and thesis aadded ideas and assisted in formulating the dissertation design and overall structure that provides a framework for the collection and analysis of data (Quinton and Smallbone, 2006). After organising the ideas, research time scale was set which was focused on targets to meet deadlines for completion of the paper. The researcher has applied Gantt chart (Saunders et al 2007) to help in keeping track of the research. It also assisted in planning and coordinating specific tasks during the research work by providing graphical illustrations of the timetable and key tasks involved in it. Its help in keeping the data sought throughout the research within the scope of the project, proved beneficial (Saunders et al 2007). With the amount of literature, it was time consuming to sort out relevant material to the research. Bells (2005 cited in Bryman and Bell, 2007) six points parameters method was applied to narrow down the search materials that were time consuming. 3.3 Data Collection Methods and Approaches The researcher decided to use fast but cheap methods to obtain maximum information in little time. The researcher also tried to focus on specific but relevant research material to minimize collecting irrelevant data and save time. For these purposes, the research resources were divided into ‘Internal and ‘External. In internal research, companies own business data, records and reports, and previous research studies were analysed. External research consisted of collection of data from other sources like magazines, newspapers, publications, reports, journals and websites. In research there are two broad methods of reasoning often referred as ‘Deductive and ‘Inductive approaches. As the social/management research generally necessitates the deductive approach rather than inductive research, the researcher chose this method of reasoning. In deductive approach particular instances were deduced from general inferences. In this type of theory conclusion followed logic ally from premises or available facts. This approach helped the researcher for collecting the data that defined the problem area (foreground theories). Research was conducted utilizing both ‘Primary and ‘Secondary methods. Primary data was collected with a focused plan and gathered specifically for this research (Saunders et al. 2007). Secondary data (which was collected from other sources or published data) was used in ‘Descriptive and ‘Explanatory research. Examples of primary data that the writer collected were interviews and questionnaires. Primary data was collected specifically for data analysis but secondary data collected was for both literature review and data analysis sections. Both primary and secondary research included ‘Qualitative and ‘Quantitative data. As per the requirements of the research, the researcher collected both qualitative and quantitative forms of data and integrated the information in the interpretation of the overall results. Quantitative research involved the use of structured questionnaire where the response options were predetermined by the researcher. Measurement was objective and statistically valid. Qualitative research was subjective in nature and involved collecting and analysing data by interviewing people. Some of the qualitative research was coded quantitatively for the purpose of reaching the conclusion by assigning meaningful scales and numerical values. Interview is one of the best ways for getting behind the story of the participants experiences. It is very easy way to gather primary qualitative as found by the researcher during the research process. Interviews were conducted to collect valid and reliable information (Saunders et al 2007). The researcher was aware that questionnaire is the most popular method of conducting scholarly research. It provides a convenient way of gathering information, easy to analyse, and most statistical analysis software can process it easily. It is also cost effective method of collecting data and is familiar to most people. Questionnaire can be circulated easily and response rate is fast (Saunders et al 2007). The writer chose ‘Closed ended Questions in formulating the questionnaire for timely response. The concept of mixing different methods originates in the realisation that all methods have limitations. Using a multi-method approach reduces bias and increases validity (Saunders et al. 2007) . The findings from the research were then tested on theories for reliability and validity (Saunders et al 2007). Good practice is only possible if the research data is valid, reliable, and sensitive (Johnson and Scholes, 2002). The researcher ensured that appropriate variables, techniques, scales, and assumptions were used. Proper measures were taken while gathering secondary data and information was checked for its validity and reliability while maintaining sensitivity in order to keep facts as original as possible. 3.4 Sampling It wasnt possible to collect data from all the sources and all the population. Therefore sampling was applied. The accuracy of research depends upon the way the sample is selected. The researcher conducted interviews from managers. Questionnaire was distributed to randomly selected employees. 3.5 Limitations and Constraints Researcher realized that not all the processes and methods could be used and dropped few methods (like focus groups) of secondary choice due to time limit and minimum resources. The major limitation of the study lies in its relatively small sample size of customers and the limited coverage. This was mainly attributable to the limited time and other resources available for the study. 3.6 Data Analysis Tools Internet has become the most used method of communication due to its comparative ease and effectiveness. The writer utilized this method to stay in touch with the managers. Spreadsheet program was used to process the data from the questionnaires. This information was quantitative, easily converted to percentages and proved easy to evaluate. Microsoft Word is used as design tool due to its versatility, speed, and accuracy of work along with wide range of pictorial and graphical alternatives to research findings. Chapter 4: Research Findings and Data Analysis 4.1 Introduction The company chosen for this research study in order to find out how the training and development of employees can effect the business performance, is †¦Ã¢â‚¬ ¦ clothing which is a small and medium size company that deals in manufacturing clothes in small factory and selling these through its small store. Some employees are involved in production while the rest deals in serving customers. The company has recently undergone through organisational changes and trained all its employees in their respective roles. Interviews were conducted to collect valid and reliable information. The researcher conducted interviews from management and distributed questionnaires among its employees to determine the extent how development has effected the companys efficiency. Survey conducted from employees for satisfaction is a self assessment by staff. Its results explain how well the expectations are met and/or how to improve further. The researcher conducted this survey to study the employees views about the company performance. This research also explained the reasons behind the findings. 4.2 Analysis: Interviews There was no formal training for employees before. Growing competition and market demand forced the company to amend its policies and include training in its mission and vision. Training was conducted to raise skills levels and productivity of employees and to offer the hope of increased competitiveness within business environment. The company successfully conducted the training with positive response from employees. The training process was internal and staffs were provided on the job training by the employer. The employees were empowered and felt motivated and passionate in the involvement in training process. The management felt that employee as well as customer satisfaction and relation has improved a lot after employees training based on the customer/employee responses and companys financial results. The company is quite satisfied of its evaluation process and feedback procedure. The company trained its employees in whole range of skills It boosted confidence and morale of an em ployee who now is doing the job more efficiently and effectively. It paid off well for the company as its productivity increased and new customers were attracted. 4.3 Analysis: Questionnaire