tag:blogger.com,1999:blog-69493166535102471472024-02-19T22:30:00.749-08:00Custom term paper writing serviceUnknownnoreply@blogger.comBlogger223125tag:blogger.com,1999:blog-6949316653510247147.post-24736722357947754952020-08-25T21:02:00.001-07:002020-08-25T21:02:18.030-07:00Achieving the American Dream Essay Example for FreeAccomplishing the American Dream Essay One would imagine that buying your first home would be an extremely captivating encounter; after all it is one of the most significant acquisition of your whole life. In America, home proprietorship connects to the American Dream and the soul of endeavoring to one day acquire through difficult work a home with a white picket fence. My better half and I felt that it was the ideal opportunity for us to compensate ourselves for all the difficult work we have been placing in throughout the years by buying our first home, which was well past due. I immediately took during the time spent buying your first home can be baffling and upsetting. In any case, on the off chance that you endure the home purchasing process the prize is extremely valuable once you move into your ââ¬Å"American Dream.â⬠Before we began looking for our home we both concurred it was significant for us to have a home loan credit preapproval. In spite of the fact that I expected that acquiring a preapproval would be the most testing piece of buying a home, it happened to be the least demanding piece of the whole procedure. I had the option to be preapproved by my bank via telephone surprisingly fast pending certain rules. Obtaining the preapproval was so natural I was certain the rest of the procedure would be easy. I was alarmed to discover that I would be confronted with numerous deterrents to defeat so as to finish the way toward purchasing our first home. Next, it was the ideal opportunity for us to look for another home. I was energized and on edge to look for our first home. Sadly, I was ignorant that the lodging market in Houston, TX was prospering and it was serious. On my journey for the ideal house, I took a gander at a few excellent homes. I discovered one specifically that I preferred, and it was an abandonment. I chose to put a proposal on the home. In any case, just a couple of days after the fact I was educated that I was outbid by another purchaser. Since this was the main home I put a proposal on I didn't anticipate the outbidding being a significant issue. We concluded that we would proceed with our quest for our ââ¬Å"American Dream.â⬠The following home I began to look all starry eyed at was a model home; be that as it may, I before long discovered that it was a short deal. A short deal can take as long as a half year to be endorsed, and I didn't possess energy for that ,on the grounds that, my current rent had just terminated on my rental home. I start to work with a real estate agent who was likewise a financial specialist. She had a stunning home available to be purchased in a lovely neighborhood. I stretched out a proposal to her on the home, and she said that she would need to talk it over with her better half. She later reached me to prompt me that she had consented to acknowledge a money offer on the home. I kept on searching for the ideal home and was not having a lot of accomplishment. I before long found that the real estate agent had another house available in the equivalent lovely neighborhood. I reached her immediately and made a proposal on the house. When she acknowledged my offer we marked and faxed the agreement to the bank immediately. The real estate professional and I both concurred on an end date which was 45 days from the date we m arked the agreement. Now, the time had come to ensure that we met all of endorsing rules. It was not just significant for us to meet the entirety of the bank specifications however the genuine house needed to fulfill bank guidelines all together for the bank to favor the credit. Right away, subsequent to faxing the agreement over to the bank I was reached by my advance processor, her name was Emily. She revealed to me everything that I required and I messaged Emily the prerequisites inside 24 hours. The main thing that was pending as far as anyone is concerned was the evaluation on the house which I included finished inside multi week. After, I faxed over the examination I didn't get notification from Emily until three days before my first shutting date. Emily was reaching me to make me mindful that the guaranteeing division was mentioning that a second examination on the house be finished before we could close on the home. I was baffled that three weeks had passed and I heard nothing from her and now three days before shutting she was reaching me to hand-off this data to me. Notwithstanding, I was not going to surrender. I got the examination and sent it to the bank, just to have Emily get in touch with me a couple of days after the fact to disclose to me that the financier was presently requiring a termite assessment. We were at that point well past our first shutting date and rapidly moving toward our second shutting date, I reached a termite controller and had the termite examination performed immediately. Emily then educated me that she was sending the entirety of our data over to the title organization so they can mastermind an end date. She gave me the title companyââ¬â¢s contact data and instructed me to contact the title organization for my end date. I reached the title organization and was extremely astounded to find I was unable to close on the house until the vender came back from the Bahamas since she expected to sign a discharge structure. The merchant came back from the Bahamas fourteen days after the fact and I at long last got a genuine shutting date which was October 18, 2012. At last, I said to my better half we have a genuine shutting date. I was past energized. My significant other and I went to the title organization on October 18, 2012 to conclude our buy on our home. I canââ¬â¢t clarify the inclination we felt as we marked the home loan papers on our new home. In the wake of marking what felt like a million papers we got the keys to our new home. At the point when we got in our vehicle we needed to pause for a minute to express gratefulness to God, for not just permitting us to buy our first home yet for leaving our first home alone our fantasy home. For what reason was the procedure so troublesome and muddled to buy my first home? I can envision it was because of the lodging emergency in America. I accept that banks require so much now since they are attempting to keep homebuyers from losing their homes to dispossession. They are bending over backward to ensure that homebuyers are not overpaying for homes and making each endeavor to guarantee that homebuyers can bear the cost of the homes. In spite of the fact that, I was disappointed I need imminent homebuyers to realize that it merited the entirety of the difficulty. I think homeownership is the American dream and urge everybody to move in the direction of accomplishing the American dream by not surrendering or getting baffled. I think it is significant for forthcoming homebuyers to concentrate on the last prize-homeownership. Reflections Paragraph The progression I saw as the most straightforward was significant corrections. It was simple since I had the option to connect my decision to my basic section. I am trusting that will catch the readersââ¬â¢ eye and keep them increasingly intrigued by my exposition. The progression I found the hardest was editing. While I was editing I saw that numerous sentences didn't sound right. I gave a valiant effort to attempt to address the sentences that didn't sound right. I discovered that composition by overhauling your paper permits you the chance to make your exposition stunningly better. I despite everything have numerous mistakes for development; in any case, I am certain that with training I will end up being an extraordinary essayist. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-83213259734977283092020-08-22T05:48:00.001-07:002020-08-22T05:48:33.100-07:00Economics Commentary Macroeconomics EssayRegions of Syllabus your critique identifies with: Section 4: Macroeconomics Having encountered constriction from Q4 08 to Q2 09, the Canadian economy became 5% in the final quarter of 2009, beating anticipated figures. This development was hastened by customer and government spending, just as a developing lodging market. There was likewise development recorded in trades, with areas, for example, the car, vitality and modern calculating into this. Be that as it may, financial analysts caution that for this development to proceed, issues, for example, joblessness and patchy total interest must be tended to. Monetary measures, which means choices made by the focal administering body concerning tax collection and government spending, have just been taken by the Canadian government, as the financial upgrade bundle. This bundle has in it $12B in foundation burning through, $7.8B intended to animate development firms, $8.3 B for aptitudes preparing and retraining, and a few assessment credits going from the home improvement ($1350/family) to brought down EI and annual duty rates. Financial strategy by and large frets about making states of full work, value dependability and genuine GDP development. Full business, or a financial state where every single qualified individuals who need to work can discover work at the overarching wage rate, is significant in accomplishing a condition of greatest profitability in the economy. The present joblessness rate is 8.2%, over the for the most part acknowledged normal pace of joblessness. It has anyway fallen altogether, with an increase of 159,000 new openings since June 2009. This might be ascribed the lessening in auxiliary joblessness, a found in Fig 1 through a move from AD (l) to AD1 (l). There confound in abilities offered by Canadian laborers and those requested by firms has diminished on the outline, maybe through preparing programs. Then again, an expansion in total interest, brought about by an expansion in the discretionary cashflow of families may have likewise caused the increment sought after for work as firms extended or rehired laid off staff. Cost solidness is likewise significant for long haul monetary development, in light of the fact that widespread swelling, which means a consistent and delayed increment in the value level, is known to have a few unfriendly impacts. These incorporate the additional expenses brought about by precarious asset expenses, and cash losing its job as a vehicle of significant worth. As the administration infuses more upgrades into the economy, the danger of interest pull swelling develops. In this way total interest would rise; on account of development in the cash gracefully, the cost level would increment, as portrayed by the short run condition of trade, M=P. This expansion in the cash gracefully is given by the Bank of Canada, and included as the Extraordinary Financing Framework in the administrations activity plan. To stay away from the previously mentioned expansion, the Bank of Canada has a few instruments available to its. Raising the measure of save necessity is an intriguing contractionary decision, so is raising the markdown rate charged to significant banks. These two together act to diminish the best inflationary deterrent, that is general feeling. In this manner, as appeared in Fig2, an expansion in the financing cost brings about an abatement in customer interest for cash. This reduction sought after would be helpful in controlling expansion once recuperation had happened. Be that as it may, in the present, the Bank of Canada is probably going to worry about gradually expanding the cash flexibly, and keeping a stable for the time being rate. It is obscure whether the improvement bundle is the reason for the bounce back in the Canadian economy, this may have been brought about by advertise powers. Also, the retraining programs are probably not going to have just diminished basic joblessness, as one of their significant deficiencies is the period of time expected to finish such a course. These supposed time slacks are risky on the grounds that once the retrained people advances once more into the work showcase, 3-4 years may have passed, right around a full pattern of specific economies. As expressed in the article, the Canadian recuperation itself doesn't remain on stable ground, particularly so given that a noteworthy piece of the EU is intensely owing debtors and America no yet out of its own downturn, significant, as 80% of Canadian imports are foreordained there. Regardless of whether the measures taken by the legislature concerning animating the Canadian economy over the long haul will be fruitful is not yet clear. In any case, the normal white collar class resident in all probability has encountered the advantages of measures extending from charge credits and decreases to financing coordinated to the business they work in. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-14831421671875631942020-08-09T09:12:00.001-07:002020-08-09T09:12:02.994-07:00Startup quotes Mark Zuckerberg from Facebook Startup quotes Mark Zuckerberg from Facebook Mark Elliott Zuckerberg, born on May 14th in 1984, is a well know web entrepreneur who started Facebook.List of companies Mark Zuckerberg startedCourseMatch; software that helped students choose their classes based on the course selections of other users.Facemash; a website which compared the pictures of two students on campus and allowed users to vote on which one was more attractive.Facebook; a social network that helps people connect and stay updated on friends and family.Due to his wild success with Facebook he accumulated wealth of more than 25 billion USD before his 30th birthday.Startup quotes from Mark Zuckerberg#1: IF YOU JUST WORK ON STUFF THAT YOU LIKE AND YOUâRE PASSIONATE ABOUT, YOU DONâT HAVE TO HAVE A MASTERPLAN WITH HOW THINGS WILL PLAY OUT. by Mark Zuckerberg, Founder Facebook#2: THE BIGGEST RISK IS NOT TAKING ANY RISK IN A WORLD THAT IS CHANGING REALLY QUICKLY, THE ONLY STRATEGY THAT IS GUARANTEED TO FAIL IS NOT TAKING RISKS. by Mark Zuckerberg, Founder Facebook #3: MOVE FAST AND BREAK THINGS. IF YOU ARE NOT BREAKING THINGS, YOU ARE NOT MOVING FAST ENOUGH. by Mark Zuckerberg, Founder Facebook#4: DONE IS BETTER THAN PERFECT by Mark Zuckerberg, Founder Facebook #5: IM CEO, BITCH! by Mark Zuckerberg, Founder Facebook Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-56023128889913430662020-05-23T14:40:00.001-07:002020-05-23T14:40:04.457-07:00Essay The Necessity of Gun Control - 2422 Words The Necessity of Gun Control Gun control is one of the most debatable topics today. Thirty-three million Americans own firearms for hunting (Aitkens 9). But hunting is not the sole reason for which many individuals buy firearms. Of all countries, the United States is the one which is troubled most by a large number of criminals who are in possession of guns. The U.S. has the highest firearm murder rate of any democracy in the world (Aitkens 5). Where is the country going wrong as far as gun control is concerned? An immense number of laws have been created by the legislature. All were made in order to be sure guns remain in control of the right hands, yet the problems seem to prevail. All three branches of government (judicial,â⬠¦show more contentâ⬠¦More than 47,000 people die each year in motor vehicle accidents. If we ban their use, no one will ever have a motor vehicle accident and no one will ever die (Aitkens 11). The whole idea of restricting firearms can seem absurd when contrasted with information published by the National Rifle Association which states that in reality over 99.8 percent of firearms and 99.6 percent of handguns will never be involved in criminal activity. This means that gun control laws would restrict law-abiding citizens, while doing nothing to reduce crime (Aitkens 13-15). The following twenty-seven words of the Second Amendment have caused quite a bit of confusion for the past two hundred years: A well-regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed (Landau 44). The Second Amendment guarantees the right to bear arms. But to whom does it guarantee the right? Everybody? Whom exactly did the people who wrote the amendment have in mind? Lets not forget, this was written over two hundred years ago when life was different. At that time hunting was a major means of getting food and guns were required to protect oneself and ones property from hostile Native Americans and other intruders. In other words, what a car is to an American today, a rifle was to an American back then - a bare necessity (Gottfried 26-31). Another problemShow MoreRelatedEssay on Three Reasons Against Gun Control646 Words à |à 3 PagesA controversial subject in America today is gun control; should there be or should there not be. I do not know the answer to this question, but I do have an opinion as most citizen of our country. All trough our history guns have been used for the good of the people, and on the other hand, they have been used for the not so good of the people ; however, as with most things there is a good use and a bad use. I believe the good uses out weigh the bad uses in this case. In this essay I am going toRead MorePros And Cons Of Gun Control1073 Words à |à 5 Pages Implementing gun control in the United States would only result in more chaos and increased rebellion from citizens who responsibly and legally own firearms. In doing so, the law-abiding citizens would be left defenseless against the criminals who continue to obtain guns illegally. Not only that, but the 2nd amendment rights of the United States Constitution would be diminished and the crime in the community would remain the same or perhaps increase. Gun control would not stop criminals from illegallyRead MoreThe Gun Laws And Gun Control965 Words à |à 4 Pagesoriginate from the accessibility of guns, but rather the actions of an individual that has disregard for life in today s society. There will always be ways for the offender commit crimes with or without guns. What is being done about gun control? We have all heard of all the tragedies throughout the country regarding guns. According to the President (2013) We know that we cannot stop every act of violence with guns, but what if we tried to stop even one? Weapon controls in the U.S. is structured atRead MoreThe Issue of Guns and Gun Control in America1146 Words à |à 5 PagesIn America guns have been a part of the countryââ¬â¢s society since itââ¬â¢s birth. Throughout history the citizens of the US have used firearms to protect the nation, protect their families, to hunt for food and to engage in sporting activities. The issue of Guns and gun control takes on a proportion of extreme magnitude. Weighing the rights and liberties of the individual against the welfare and safety of the public has always been a precarious balancing act. In the United States, gun control is one ofRead MoreCriminal Justice Department Of The Country1377 Words à |à 6 Pagessociety. Particularly, the issue of gun violence and control has rai sed controversial debates between the media and law enforcers with different opinions arising from each party. This paper seeks to reflect on gun violence and control. Gun Violence and Gun Control The increased cases of gun violence in the U.S are alarming due to the increasing reported cases of gun shooting, especially in public setups, such as schools. Gun violence is a situation where people use guns to evoke violence in the societyRead MoreGun Control versus Gun Rights Essay1445 Words à |à 6 PagesIntroduction In America guns have been a part of the countryââ¬â¢s society since itââ¬â¢s birth. Throughout history the citizens of the US have used firearms to protect the nation, protect their families, hunt for food and engage in sporting activities. The issue of Guns and gun control is complex. Weighing the rights and liberties of the individual against the welfare and safety of the public has always been a precarious balancing act. In the United States, gun control is one of these tumultuous issuesRead MoreEssay on Gun Control Rights958 Words à |à 4 Pagesin the United States is gun control. It is clearly written in the Second Amendment of the Constitution that the people will have the right to bear arms. Recently; however, people have been misusing those firearms and have been harming others with them. The government is trying to regulate the sale, distribution, and ownership of guns because of this reason. Some of the arguments being made by the politicians is simply if the govern ment has the right to be able to control, and if it does, the effectivenessRead MorePublic Gun Control And The United States1732 Words à |à 7 PagesPublic Gun Control in the United States Gun Control in the United States of America is a sensitive (understatement) topic that has resulted in various criticism and support by many citizens of the United States (also an understatement). Some citizens believe that the guns don t kill people; it is the people that kill people while others believe that guns lead to violence and a feeling of control and power over others. The belief of some is that if firearms were to be eliminated from the publicRead MoreGuns, For Better Or For Worse887 Words à |à 4 PagesGuns, for better or for worse, are a central part of many societies culture. Created in the 13th century, they have been around for an extremely long period of time. (Wikipedia). They revolutionized many aspects of life including hunting and how wars are fought. With the immense power guns offer, comes an immense danger and responsibility. It is up to each country to regulate the possession and usage of such dangerous and volatile objects. When in the wrong hands, they po se a threat to societiesRead MoreThe Freedom And Freedom Of The United States Of America1603 Words à |à 7 Pagesraised in this country. They were taught to always respect and cherish the rights and liberties given to us, the people, that were earned and are still being bravely defended to this day. Our rights were earned and are defended by our courageous, gun wielding soldiers. Currently, in this turbulent time of politics in our nation, many of our rights and privileges are being aimed at for attack and infringement. In this case, particularly, it is the American citizen s right to bear arms. This right Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-56663154471377120322020-05-12T10:56:00.001-07:002020-05-12T10:56:03.751-07:00A Study On The Protective Immunity - 928 Words In this study, the CRPV/HLA-A2.1 transgenic rabbit model was used to assess the protective immunity generated by DNA vaccines delivered using the gene gun, the tattoo gun or the microneedle system. The focus was to determine whether the tattoo gun and the microneedle delivery systems were useful DNA vaccination alternatives to the gene gun. Our laboratory has successfully utilized the gene gun in our DNA vaccination studies for both protective and therapeutic purposes (17,34). However, the gene gun system is costly, and we are constantly looking for alternatives to back up our vaccine development program. Tattoo gun has been reported to deliver a DNA vaccine successfully in both mice and non-human primates (21-23). Compared with the gene gun and microneedle, tattoo gun delivery is more cost effective but more invasive which generates trauma and scars the vaccinated tissues. Microneedle delivery has achieved comparable protection in mice with twice the dose of gene gun delivery (24 ). However, no studies have been attempted in rabbits for DNA vaccination with either a tattoo gun or a microneedle. In the current study, we compared the gene gun with the tattoo gun as well as the tattoo gun with microneedle DNA vaccine delivery using our well-studied DNA epitope vaccines and our unique HLA-A2.1 transgenic rabbit model (39). Read out was tumor outgrowth rates and tumor size. We demonstrated that these two novel DNA delivery systems can be used for DNA vaccination in the rabbitShow MoreRelatedInteractions Between Fungi And DC900 Words à |à 4 Pagesand DC: How DC can be used to develop vaccines? Like mentioned previously, DC initiates activation of different types of cells based on type of molecules/antigens at site of infection. Hence different forms of fungi initiate different mechanisms of immunity. When DC pulsed with fungus are introduced into mice, they can initiate specific immune response against that antigen by activating CD4+ Th cells. The analysis of antigen specific proliferation and cytokine production from CD4+ Th cells was doneRead MoreA Research Analysis Of MERS-COV Mice912 Words à |à 4 PagesAn experimental study done on Six-to eight-week-old specific pathogen-free female BALB/c mice to test if DNA vaccine encoding MERS-COV S protein can induce immunity against MERS-COV infection. The study generated 3 recombinant plasmids expressing MERS-CoV spike protein: pcDNA3.1-S, pcDNA3.1-SDCD, and pcDNA3.1-S1 which dissolved into Phosphate-buffered saline (PBS) with final concertation of 1 à µg / à µl. Mice were divide randomly to experimental group which injected intramuscularly with 100 à µg recombinantRead MoreRapid Diagnostic Tests In Rwanda Case Study1129 Words à |à 5 Pagesmalaria transmission Combined malaria histidine rich protein 2 (HRP2)/ Plasmodium lactate dehydrogenase (pLDH) rapid diagnostic tests (RDTs) are often used to determine whether persons with fever should be treated with anti-malarials. The observation study carried out in Rwanda on 9226 from April 2014- April 2015 to compare the sensitivity of RDTs based on HRP2 and the Plasmodium lactate dehydrogenase (pLDH) in diagnosing malaria using microscopy and molecular test(PCR) to see if there is associationRead More##syl Lipid A ( GLA ) Adjuvants : Associated Antigen Portrayed In Fig1857 Words à |à 4 Pagesassociated antigen (Rv1813) as shown in Fig1. The protein has been identified to recognize human T cells [11] and has the capacity to stimulate Th1 immune responses known to confer protective immunity that is required for an effective TB vaccine [12]. However, as is generally known, recombinant proteins are by themselves poorly immunogenic and need an adjuvant to stimulate adaptive immune responses. The Glucopyranosyl Lipid A (GLA) adjuvant is a synthetic Toll-like Receptor (TLR) 4 that is formulatedRead MoreVaccinations : Should They Be Mandatory?1331 Words à |à 6 Pagesmicroorganisms or toxins or of antibodies or lymphocytesâ⬠that is administered predominantly to thwart virus replication of a particular disease (Vaccine). It acts as a stimulant for the immune system of a human body which assists in developing adaptive immunity to a specific pathogen. Shockingly, vaccines themselves are created using components found in the virus or the bacteria itself (Offit). As of present, no federal vaccination laws exist in the United States of America although all states require childrenRead MoreHemoglobin Case Study940 Words à |à 4 PagesThis study was aimed to assess the hemoglobin level, and associated factors to the development of neonatal infection in Neonatal Intensive Care Unit (NICU). In our study of 256 neonates, the most prevalent diagnosis on admission was Hypoxic-Ischemic Encephalopathy (HIE) of new born (43.00%) followed by prematurity (29.70%). Birth weight (with mean=1889g,), gestational age (mean= 34.2 weeks), hospital stay (mean=12days) and hemoglobin level (mean=14à ±2 g/dl) had greater odds for development of neonatalRead MoreWay to Stronger, Healthier and a More Immune India1833 Words à |à 7 Pagesimmunization - Colostrum: We are responsible for immunity of the babies to start developing right from birth itself. It is the babys right to drink the mothers first milk expressed which is called colostrum. It has large amount of main immune factor Immunoglobulin A(IgA) which forms a protective layer on the mucous membranes in the babys intestines, nose and throat. This protective layer protects the babies from invading germs. The protective layer formed in intestinal tract prevent babies fromRead MoreBreastfeeding : The Natural Source Of Nutrition For Babies1175 Words à |à 5 Pagesfluid that a newborn needs in the early days after birth, as well as substances to protect the baby diseases. Compared to regular breast milk, colostrum is yellow in color, and very dense. Its color and thickness are a result of it being higher in protective nutrients and antibodies. (HHS- Office on Womenââ¬â¢s Health, 4). Also, colostrum is higher in protein, slightly lower in sugar, extremely low in fat. A motherââ¬â¢s body will produce colostrum for many days after child birth, until milk production increasesRead MoreEssay On Natural Immunity Against Malaria1574 Words à |à 7 PagesNatural Immunity against malaria: Natural immunity against asexual stage parasites develops with repetitive exposure to malaria parasites and thus forms the basis of clinical immunity against malaria (Baird, Jones et al. 1991, Day and Marsh 1991, Trape, Rogier et al. 1994, Baird 1995, Baird 1998, Hviid 2005). Though clinical immunity to malaria has been shown to develop in individuals, it does not prevent reinfection due to several factors including the complex life-cycle of the parasite and insufficiencyRead MoreThe Epidemic Of West Nile1599 Words à |à 7 Pageschallenge were used in the 1999-2000 studies. These challenge models result in about 90% of the nonvaccinated control horses developing viremia, but only 10% demonstrated clinical disease. The intrathecal challenge model is the newest version. 70 to 90% of nonvaccinated control horses become visemic and 90 to 100% develop grave signs of encephalomyelitis. West Nile virus vaccines are licensed either as 1) an aid in protection against viremia or 2) protective against viremia and clinical disease Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-62011303607014404092020-05-06T12:17:00.001-07:002020-05-06T12:17:41.898-07:00Single Sex versus Co-ed Free Essays Single-Sex versus Co-education Education is very important for both boys and girls, but the place they are being educated in is very arguable. Nowadays, it has been noticed that in a single-sex educational experience students exhibit an eagerness to participate in discussions. In Australia, the percentage of students attending single-sex secondary schools was 55% of boys and 54% of girls, in 1985. We will write a custom essay sample on Single Sex versus Co-ed or any similar topic only for you Order Now However, by 1995 the proportion of students attending had dropped to 41% of boys and 45% of girls. Let us start by onsidering the fact that studying in separate school, boys and girls, can indisputably concentrate on their studies and not get distracted easily by the opposite sex classmates. In addition to this, some religious and traditional families might be keener to educate their children in separate schools. Generally, students of single- sex schools perform better than those at co-ed schools. On the other hand, it could be better for boys and girls to study together since they should be taught fairly. Communication plays a big role in co-education schools. It helps pupils to communicate and socialize and it is easier for them in the future as they get to interact with others while working, in colleges and universities, etc. Moreover, students at co-ed schools learn to interact better with the other gender. After weighing the pros and cons, I would say that we live in a mixed world where interactions between both genders is compulsory, whether it was a debate at work or a group discussion among co-workers. The ability to speak out without intimidation is a vital feature in each individual. Written And Discussed By: JOY How to cite Single Sex versus Co-ed, Papers Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-24028185976342894932020-05-02T06:24:00.001-07:002020-05-02T06:24:03.497-07:00History of Economics and Globalization Question: Discuss about the History of Economics and Globalization. Answer: Introduction The term Globalization is a contemporary term but this of globalization practice is not new. There are economic trades, flow of capital, financial flows, increasing economic activities and transaction across the political borders exists since middle ages. There are many ups downs in the evolution of Globalization. It is in first half of the 20th century that globalization really picked up and expanded. In the 1929, the great depression started in US and crippled the economy for the next 4 years. Then In 1937, US economy was back on its track. There were shortage of resources in some nations and as a result export capital of some other nations grew rapidly during this time. Nations are begun to cooperate with each other. There was also understanding to exchange the economic resources between the nations to settle the international disputes as war consumers the resource of all the participating nations. In further course of time, Institutions like World Bank and international monetary fund established. The purpose of these is to monitor, regulate as well increase the economic transactions between the nations (www.imf.org). Gradually many nations also open their economies for foreign investment which give further rise to globalization n. Further With the advent of internet, digitalization and other disruptive IT innovations has fastened the pace of increasing economic transaction among nations. Also, the rapid growth of multinational companies and their hunger for newer markets has accelerated the globalization. Globalization, which had picked up its pace during the last quarter of 20th century has increased rapidly during 21st century. However Globalization has both positives as well as negatives. On one hand, it is making sure that the consumers get the lowest price due to the increased competition but at the same time, many people are becoming unemployed because there are poor nat ions with cheap labor available. There are tax heavens which are exploited by the corporations who saved a lot of tax by shifting their base to such countries. Unemployment levels in US have become very high due to migrants from India and China has replaced their jobs. Every time there are elections in America, increasing employment by putting more restriction on immigrants is the top agenda of all the parties. However, there are corporate who always require fewer rules and thus believe in lobbying the government. The objective of this report is to throw a light on history of economics and globalization in details and how some countries are benefitted from it while some countries are losing because of it. Evolution of Globalization Globalization is not a new practice; it has been there since middle ages. However, it enters to next level in the 18th century with the spread of Industrial revolution and huge development in human technology, inanimate traction for goods which lead to mass production of goods and transportation of goods and people across border, financial investments flows between nation and colonial plunder by European nations. The income was increasing rapidly between European and American nations on one hand and rest of the world on the other hand. After that Globalization halted for sometime due to the various wars of 20th century. However it picked up again during the second half of 20th century and currently in 21st century, Globalization has become the trend and pervades every aspect of life. It will be difficult to image the life without Globalizations. Some brands have become commodity worldwide, some corporate have shifter their manufacturing units in low cost countries that it will be con tinue to be there. It can be said that the economies of different nations is linked closely with the globalization. It is observed that the nations that are open to global firms have strong economic structure as compared to the nations that are not open to global firms. Many forums like World Bank, World trade organization, international monetary fund are established to regulate the international trade between countries (https://www.wto.org/english/thewto_e/coher_e/wto_imf_e.htm). World bank was established with long-term aim of reducing poverty and improving standard of living by promoting economic development (Baylis, Smith, Owens, 2013). International trade and International Finance International finance uses the macroeconomic models to understand international economy. It identifies the relationship between indicators like GDP, exchange rates, unemployment rate, inflation rate, interest rates. The aim of international finance is to look after trade deficit and imbalances and makes sure that indicators are in control by influencing government fiscal and monetary policies and determining exchange rates. International trade is the application of micro economic models to study the international economy. It studies demand and supply analysis of international markets, consumer behavior, oligopoly, effect of market distortions. This is basically to understand how the international trade has affected the individuals, businesses. Globalization has increased the unemployment rate in some developed countries and decreases the unemployment rate in some developing countries. This statement is more related to International finance. Globalization has increased the demand of s ome goods across world and there is always shortage of supply is related to International trade. Emergence of Cross-national cooperation and agreements There are various forums developed like SAARC (South Asian Association for regional cooperation) with aim to increase and promote regional and economical integration. The Organization for Economic Co-operation and Development (OECD) was also established in 1961 to improve the standard of living and quality of life of the people around the world. Under it, member countries share their problems and try to help each other. OECD also measures global flows of investment and trade. Likewise, there are many forums established worldwide which is a sign of Collaboration. More and more nations are now realizing the power of the collaboration. Nations began to understand that this will lead to more growth. Many nations are sharing their technology and hence there is no need to reinvent the wheel every time. Research also progressed at a rapid pace. ASEAN (Association of Southeast Asian Nations) was established in 1967 with one of the aim of cooperation in Industrial development, Food and agriculture, Finance, Banking industry, Tourism, energy, private sector. APEC (Asia pacific Economic co-operation) was established in 1989 with aim of reduce trade barriers between the member countries and to increase the gains for the world economy resulting from the interdependence of the economies and by encouraging flow of goods, service, technology. Similarly, there is establishment of AU (African union) and EU (European Nation). EU is political and economical union of 28 member countries to achieve more economic integration and generate more jobs in all the member countries (Draguhn, Manske, Ruland, 2013). NAFTA (North America Free Trade Agreement) is union of US, Canada and Mexico creating free trade area. After NAFTA was signed, there is huge increase in exports and imports with Canada and Mexico as it reduced the trade barriers. It also aims for protecting the intellectual propriety rights of the nations and promote conditions of free trade. It highly encouraged the flow of investment in each others capital nations. OPEC (Organization of Petroleum Exporting Countries) was also established consisting of countries that mainly exports oil with aim of safeguarding the interest of all the oil producing countries individually as well as collectively (Nye, 2012). This is how the various nations come together to signed contracts, trade agreements with each other to increase the trade. However, this wave of Globalization during last quarter of 20th century consists more of government, social and political nature. In the beginning of 21st century, technology was growing at a rapid pace, Internet, digitalization becomes much more common and globalization grows in a much accelerated mode. This current wave of Globalization is lead by the growth of the multinational corporations (MNCs). As these MNCs firms have relocated their various business functions across different countries in search of cheap labor, tax gains, potential for growth markets, they have started a new wave of accelerated economic internationalization. They are increasingly seen as main agents of Globalization. Today, Pizza hut, McDonalds, KFC, starbucks are present in almost many countries. Brands like Unilever, PG, Colgate, Apple, Microsoft, Virgin, Mtv, Samsung are also quite po pular around the world because of the Globalization. Some countries are hugely benefitting from the Globalization while some countries are declining in terms of their economy due to Globalization. Similarly, some industries are also enjoying the benefits of Globalization, while some industries are struggling due to their technology being stolen by other nations or mimic by other nations and provided cheaper alternatives to the consumers. Benefits of Globalization Let us look at the some of the benefits of the Globalization and the countries/Industries, which are enjoying these benefits: The most important benefit of the Globalization is the increase economic activity and increased competition among the companies. Consumers are spoilt for choice as same product is available in multiple brands as well as there is huge diversification in products also. Consumers are enjoying the best of the things of different countries. Also, due to increased competition among the corporations, there is a need to keep the prices low which is also very good situation for the consumers. Consumers now enjoy huge bargaining power. Globalization has also increased the wealth and standard of living of people in developing countries. Organizations have created the jobs in the developing nations by shifting their offices in those countries. Globalizations impact on Developing countries Countries like India, China, are hugely benefitted from the Globalization because of availability of cheap labor. Lot of labor jobs as well as white collar jobs has shifted from America and Europe to eastern nations like China and India because of availability of cheap labor. Different countries are sharing their technology and resources for the research to solve the worlds problems like pollution, scarcity of water. Due to globalization, there is no need to reinvent the wheel every time. Many organizations like unilever, Amazon, Microsoft, apple, Pizze hut, McDonalds, Burger King, Sony, Samsung benefitted hugely from the globalizations by selling their products to newer and unexplored markets (Mcmichael, 2015). Also, as these organizations have shifted their offices and manufacturing units to cheap places, they area also generating jobs which in turn have increased the purchasing power of the people and hence there is huge increase in demand. It improved the global economy and reduc es the poverty to some extent (Mcmichael, 2015). Also, another benefit is that people who are very talented but not getting the adequate education now have to world class institutions like Stanford, Harvard. China and Indian economies are hugely benefitted from the globalization. Chinas economy is growing very fast and has already surpassed Japan and Germany and as per the research, by 2030 China will become the largest economy in the world ahead of USAs economy (Jorgenson, Vu, 2013). Few years back, Researchers were claiming that china will surpass USA by 2040. Tremendous growth of China has led the researchers to refine their forecasts and decrease the guidance. Indias economy is also growing rapidly and may climb the ladder by outshining the France by 2018 (Dyker, 2015). (Source: databank.worldbank.org) Downsides of Globalization However, there are downsides of Globalization also. It has increased the gap between rich and poor. Rich people are getting richer while poor are getting poorer. These multinationals corporations are becoming greedy in their continuous search of newer markets and are exploiting the developing countries due to the strict norms in the developed countries. For instance, many pharmaceutical companies are shifting their research into Africa because people are so poor over there that Pharmacy companies can test their new medicines on them by paying them (Myers, 2014). It is although illegal but happening. These organizations are exploiting workers, labors to meet the increasing demand and not paying them as per the standards. Also, these gigantic companies with presence all over the world are effecting the development of small scale companies in developing countries. For instance, these companies are cash rich and when they expand their business in newer countries, they offer tremendous di scounts to attract the customers. This lead to closure of many small and medium scale companies in such countries (Stromquist, Monkman, 2014). Uber and Amazon are some of the examples practicing this strategy (Hong, 2016). Brain drain is another consequence of the Globalization. Talented people are leaving their countries in search of high paying jobs and shifting to different countries (Docquier, Rapoport, 2012). This practice is very common in some eastern countries and hence hinders the economic development of such countries. For instance Doctors, Scientists are highly paid jobs in western countries and people in these professions are moving to western countries. Globalization has shifted the manufacturing technology to cheaper areas like India and China and that led to risk of technology being stolen or copied. For instance, Apple moves their manufacturing in China. Their technology is copied in China and there are many cell phones similar to Apple are being sold in China at very low prices (Hay, Marsh, 2016). There are legal wars going on between Apple and Samsung about copying of each other intellectual rights. China has copied everything available and selling their duplicates products in markets at a cheaper price. This is a classic downside of the Globalization. Impact of Globlization on Developed countries America and Europe are badly affected by the Globalization. With Globalization, American workers compete with workers from all the countries and definitely corporate will hire cheap labor which put American jobs at high risk. There has been constant loss of manufacturing jobs as well closure of factories in America since globalization picked the pace (Lamber, Mattson, Dorriere, 2016). Politicians have this agenda of lose of American jobs as top priority in their elections. There are elections in 2016 and all the parties are putting this thing on top of their agenda to gain votes. Donald Trump is openly claimed that he will get the American their jobs back which are taken by the people from China and India (Tseng, Cowen, 2013). However, Multinational corporations are also very powerful and they always want the cheap labor. This is how Globalization has affected Americans. US trade deficit is also continuously increasing due to globalization. USA, Germany, France are gradually began to see the effect of globalization that China and economies of other countries are become quite gigantic and will rise the ladder soon (Morroson, 2012). Conclusion Globalization has become a trend in this new wave of economic internationalization and rapid growth of multinational corporations. Globalization has both positives as well as negatives impacts. While developing nations are hugely benefitted from Globalization, Developed nations are now facing the heat after enjoying the benefits of globalizations, exploiting the cheap labor in under developed countries. There are so many factories closing down in China. Organizations like Apple have shifted their manufacturing units to China. Google, Amazon is planning to shift their operation in India to save the huge expenses. There should be central leadership or forum that should control the mal practices that arise due to globalization. There are many forums already in place to regulate the trade activities but the issues are also remained as it is from several years. There is a lack of leadership. There are so many incidences of copying of technology by Chinese companies and then selling the pr oducts at a cheap rate. This already made MNCs to lose their billion dollars. Trade agreements like NAFTA and many other are good for politicians, organizations but not for the common man as it leads to outsourcing of numerous jobs. References Baylis, J., Smith, S., Owens, P. (2013).The globalization of world politics: An introduction to international relations. Oxford University Press. Carmody, P. (2010).Globalization in Africa: recolonization or renaissance?. Lynne Rienner Publishers. Docquier, F., Rapoport, H. (2012). Globalization, brain drain, and development.Journal of Economic Literature,50(3), 681-730. Draguhn, W., Manske, E., Rland, J. (2013).Asia-Pacific Economic Cooperation (APEC): The First Decade. Routledge. Dyker, D. A. (2015).World Scientific Reference on Globalisation in Eurasia and the Pacific Rim:(In 4 Volumes) Volume 1: Foreign InvestmentVolume 2: InnovationVolume 3: Energy: Policy, Legal and Social-Economic Issues under the Dimensions of Sustainability and SecurityVolume 4: Migration: Economic Drivers of Contemporary Labour Mobility in East Asia. X. Dai, P. Farah, P. Rossi, A. Fielding (Eds.). World Scientific. Epstein, J. (2016). Crowd Actions in Britain and France from the Middle Ages to the Modern World. Edited by Michael T. Davis. Hay, C., Marsh, D. (Eds.). (2016).Demystifying globalization. Springer. Hong, J. (2016). Inside the great wall.Communications of the ACM,59(8), 10-11. https://www.wto.org/english/thewto_e/coher_e/wto_imf_e.htm Jorgenson, D. W., Vu, K. M. (2013). The emergence of the new economic order: Growth in the G7 and the G20.Journal of Policy Modeling,35(3), 389-399. Lambert, T., Mattson, G., Dorriere, K. (2016). Industry Clustering and Unemployment in US Regions: An Exploratory Note. McMichael, P. (2015). World-systems analysis, globalization, and incorporated comparison.journal of world-systems research,6(3), 668-689. Morrison, W. M. (2012). China's economic conditions.Current Politics and Economics of Northern and Western Asia,21(3/4), 289. Myers Jr, L. A. (2014). Globalization, Corporate Social Responsibility, and Ethical Considerations.Journal of Management,2(2), 45-61. Nye, J. S. (2012). The twenty-first century will not be a post-American world.International Studies Quarterly,56(1), 215-217. Stromquist, N. P., Monkman, K. (Eds.). (2014).Globalization and education: Integration and contestation across cultures. RL Education. Tseng, M. W., Cowen, M. D. (2013).India's and China's recent experience with reform and growth. International Monetary Fund. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-725317338039256652020-03-22T14:54:00.001-07:002020-03-22T14:54:03.368-07:00United Arab Emirates Foreign Policy toward IranUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-87401187760233183762020-03-05T23:15:00.001-08:002020-03-05T23:15:03.203-08:00Plato The Allegory of the Cave EssaysPlato The Allegory of the Cave Essays Plato The Allegory of the Cave Paper Plato The Allegory of the Cave Paper Plato was a Philosopher who used a story based on people imprisoned in a cave to explain the way in which he thought humans formed ideas based on their senses. The story is known as the Allegory of the Cave and is one of Platos most famous passages. The allegory has different meanings at different levels; therefore there is not just a single moral in this story. Plato believed that there were two worlds, the world of appearance, the world we are in, and another world known as reality a world we were all in before we entered the world of appearance, however we cant remember it. Plato suggests that the body is a kind of prison in which the soul is trapped. The allegory begins with several prisoners tied up and trapped in a cave with little light. Plato uses this to show how he feels the soul is trapped in the body, as if it were imprisoned. The only light comes from a small fire, which is also used as a projector to show images of puppets on a wall in front of where the prisoners are positioned. The prisoners are only aware of one thing in the cave, the shadows created by the puppets. They believe that the shadows are a form of real life; to them they are real images but according to Plato they are very mistaken. The prisoners have lived in the cave all their lives and know no different. Plato uses this to show how we build up knowledge based on what we see. As the prisoners have never know any other form of life or even another world they are forced into thinking that there experience is normal, because that is all that their senses have ever experienced. Furthermore, Plato claims that the prisoners would assume that the echoes made by the people came from the shadows of the puppets, and that these echoes would also be taken as reality. As is now evident, the shadows are highly (and deliberately) analogous to everyday beliefs held to be true by the majority of people, which in reality are no more than mere illusions. Plato is here demonstrating, by use of the shadows, what he believes to be the lower level of intellect, i.e. belief, as opposed to the higher level of intellect, i.e. knowledge {or dialect}. On what grounds might Platos understanding of human knowledge be criticised? Platos understanding of human knowledge may be criticised on a number of grounds, the first and most fundamental of which in my opinion, would be the abstractness of his theory of knowledge, specifically, the theory of the forms. Many may argue that the idea of having a non-temporal, non-spatial, universally perfect form for every object in the phenomenal world is, quite plainly, ridiculous, on the grounds that perfect form is only relative to the person or standard judging that form. Take for example, Platos perfect form of beauty. We see numerous examples in everyday life of peoples perceptions, and differences of opinion in matters of beauty; in relation to art, sexual partners, cars, in fact almost anything. The idea that the amount of beauty in the above things can be agreed upon by every single person seems absurd enough, never mind the absurdity of a universal form of beauty being agreed upon. The elitism of Platos understanding may also be criticised, as it may seem immoral to some because of the arrogance portrayed by him. What Plato is actually claiming is that only a tiny minority of people like himself have true understanding, and that the rest are ignorant and wrong. Platos attitude is summed up by his quotation of Homer, to illustrate his point, effectively saying how he would rather be a surf in the house of some landless man than live and think as they do. A further criticism would be that Platos understanding of knowledge has no practical relevance, as it gives no indication or guide as to how to achieve the higher levels of intellect or, more importantly, how to apply his theory to the moral field of making everyday decisions. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-57147645548875493532020-02-18T14:39:00.001-08:002020-02-18T14:39:03.202-08:00Agents and Representatives in Budgeting Process Research ProposalAgents and Representatives in Budgeting Process - Research Proposal Example The role of agents in budgeting is of great significance and, hence, should not be overlooked. During the preparations of the annual budgets and reports from all the state organs, profit, and non-profit enterprises, all the stakeholders are represented via agents. The representing agents should be individuals with deep understanding of finance and knowledgeable in accounting. It is the participation of all the agents representing the relevant institutions in the budgetary process that is commonly referred to as departmental agency budgeting (Goodman and Clynch, 2004). This process entails four major stages, namely: i. Comprehensive Fiscal Policy Formulation Under this umbrella, the overarching institutional objectives are formulated and determined. It is these policies that regulates the decision making process regarding aggregate expenditure and revenue of the firm. ii. Preparation and Enactment of the Budget It is in this stage that the government decides on proportions of financia l allocation to be advanced to each agent, and also the government outlines the purpose for which the funds are allocated to a given agent. The guiding principles relating to these are set out clearly by the legislations enacted by the state. iii. Budgetary Execution This is the actual stage in budgeting. It involves carrying out the stipulated expenditure as developed in the budget plan. It is in this stage that contractual agreements are signed between the budgetary committee and the contractors (Goodman and Clynch, 2004). iv. Accounting, Auditing, and Reporting This being the final stage in budgeting, it is the post-ante process of preparing the accounting records regarding revenues and expenditures executed by the organization within a given fiscal period. These records must have been audited by both internal and hired external experts/auditors to ensure that they meet the international accounting and auditing standards. The final reports (audited reports) are then presented to the financers, government agencies, ministers, the public and the parliament. Objectives of Budgeting The following are the key objectives of budgeting: Sound Macro-Fiscal Result: This forms the backbone to aggregate fiscal policy objective in budgeting. To ensure fiscal sustainability, sound fiscal policies must be put in place to regulate financial operations and to ensure that organization short-term debts are paid when they fall due. This policy also acts as macro-stabilizer to the economy by regulating taxation policies during boom and recession. Appropriate Expenditure Prioritization: This policy advocates for effective allocation of resources to those projects that are deemed socially profitable. The corollary under this objective is to avoid misallocation of resources especially to least priority sectors of the economy, but instead to maximize on the social gains. Service Efficiency and Effectiveness: This implies that the state services delivery is made more efficient and e ffective in a manner that is socially justifiable and acceptable by all the stakeholders. 1. Budget Overview Taking an example of HIV/AIDS funding program, during the financial allocation process, all the departments involved must have their representative on board. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-22697396120978331272020-02-03T21:38:00.001-08:002020-02-03T21:38:03.316-08:00Resoures needed Essay Example | Topics and Well Written Essays - 750 wordsResoures needed - Essay Example The energy released is usually in heat form. After heat is emitted, the coolant lifts it out of the reactor. Coolant used in most instances is plain water. After the coolant has heated up, it proceeds to the turbine chamber where it drives a shaft. This makes nuclear reactors be exotic heat sources (Hargraves 45). The reactor core The reactor core generates heat and stores all nuclear fuel. It has uranium (low enriched, not less than 5% U-235). The coolant Material passing through the core is called the coolant. It also transfers heat usually from fuel to turbine. A coolant can be the normal water, liquid sodium, or heavy water. The turbine The turbine receives heat from the coolant then generates it to electricity. This takes the same method as it happens in fossil fuel plant. Containment This is the general high-density steel structure-separating reactor from environment. Most are dome shaped and usually reinforced in concrete. Cooling towers These are used in Plants to dump excess ive heat that have not been transformed to energy. They only emit vapor and clean water commonly referred to as hyperbolic icons. Different types of nuclear reactors There exists a variety of nuclear reactors usually of different pursposes, fuel cycles, coolants, and different fuels. Some of them include; Pressurized water reactor This is the most prevalent type of nuclear reactor. It uses the normal regular water as coolant. The cooling water is kept at very high pressures to keep it from boiling. It transfers heat to the secondary coolant loop after passing through heat exchanger. This then keeps turbine in motion. This type of reactor uses oxide fuel pellets compressed in zirconium tubes (Frog 40). This type of reactor has its pros and cons depending on circumstances. On the positive site, it has the void coefficient, which is strong and negative. Reactor easily cools down when water begins to bubble. Secondly, the secondary loop prevents radioactive materials from reaching the t urbines, which eases maintenance. Procedures have been optimized due to accumulated operating experiences. On the other side, coolants under heavy pressure have a high likely hood of escaping in the eventuality a pipe breaks. This reactor is not able to breed new fuel as result of it being susceptible concerning uranium shortage (Weston 56-58). Canada Deuterium-Uranium Reactors (CANDUs) First used in Canada, they usually contain heavy water with extra neutron in hydrogen. This therefore results to Deuterium taking place of pure hydrogen. Since Deuterium has limited capacity in absorbing neutrons compared to hydrogen, CANDUs operate strictly on natural uranium and not enriched. Its advantages are that it needs limited uranium enrichment .For this reason, it can usually be refueled when in operation which keeps capacity factors high. They possess the flexibility nature and uses different types of fuel. Its demerits are based on safety concerns since some variants posseââ¬â¢s positi ve coolant coefficients. Sodium Cooled Reactor Sodium metal, which is liquid in nature, cools down these types of reactors. Since sodium is heavier than hydrogen, it enables neutrons to move at higher speed. These types of reactors use oxide or metal fuels and have the potential to burn everything thrown at them (Uranium, higher actinides, plutonium and thorium). The advantage of these reactors is that they have the capability to breed their own Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-10405540865069402632020-01-26T18:01:00.001-08:002020-01-26T18:01:04.976-08:00Managing Foreign Exchange Risk in International TradeManaging Foreign Exchange Risk in International Trade MANAGING FOREIGN EXCHANGE RISK IN INTERNATIONAL TRADE WITH A FOCUS ON EAST MIDLANDS COMPANIES Abstract The purpose of this research is to investigate how international trade companies in the East Midlands manage foreign exchange risk. This study utilises descriptive statistics in presenting and analysing data from the primary research. The findings of the research indicate that a majority of the firms used broad business strategies in managing their foreign exchange risk. The main problems the firms had with managing foreign exchange risks centred on customer retention and receiving payments on time. The results also indicate that there were a few firms which took an integrated approach to mitigating foreign exchange risk. This research is of value to firms involved in international trade and also business development agencies which seek to assist firms which are planning to enter or are already operating in foreign markets. Chapter 1 Introduction International trade involves exporting and importing of goods or services across foreign borders and, as soon as a firm engages in import and/or export it is exposed to numerous risks. As a result firms operating outside their home country, have to deal with the economic conditions of the foreign country in which it wishes to operate in. One of the key issues firms involved in import and/ or export are faced with is dealing with foreign currency as this is the only means by which the exchange of goods or services is facilitated. To this end it is import to study and understand the impact which foreign currency has on international trade. Following the demise of the Bretton Woods agreement (1971) whereby exchange rates were allowed to float freely, managing foreign exchange has become important (Heakel, 2009). Consequently the prices of currencies were determined by market forces that is, demand for and supply of money (Mastry and Salam, 2007). Due to the constant changes in demand and supply which are in turn influenced by other external factors, fluctuations arise (Czinkota et al, 2009). As a result of these fluctuations firms are exposed to foreign exchange risks also known as currency risks. Firms trading in different currencies are exposed to three types of foreign exchange risks; economic, transaction and translational risk (Czinkota et al, 2009). Firms which are involved in international trade are exposed to economic and transaction risks as they both pose potential threats to the firms cash flow over time (Czinkota et al, 2009). Studies have shown that foreign exchange fluctuations can affect the value of a fi rms cash flow over time (Aretz, Bartram and Dufey, 2007, Judge, 2004, Bradley and Moles 2002, Allayannis and Ofek 1998, Chowdhry, 1995, Damant, 2002 and Wong 2001). More so, domestic firms although not dealing with foreign currency are also affected by foreign exchange fluctuations as the price of the commodity they trade in are also affected (Abor, 2005). Most of the extant literatures have focused on corporate risk management for financial firms and as such financial hedging with derivatives has been the central theme of currency risk management. On the other hand there has been evidence to show alternative methods exist for firms involved in international trade, these methods of managing foreign exchange risks involve strategic and operational risk management. However most of these studies have been carried out in isolation; financial hedging techniques carried out in isolation of strategic and operational hedging methods and vice versa. Little has been done to provide an integrated perspective, on utilising both techniques of managing foreign exchange risks with regards to international trade firms. This is the area in which the present study intends to explore thereby contributing to the overall literature Purpose of the Research Due to the nature of international trade which expose the firm to foreign exchange movements, thus subjecting the firm to currency risks, the purpose of this research is to explore how international trade firms deal with foreign exchange risk. The research focuses how import and export firms in the East Midlands manage their foreign exchange risk. This study also aims to explore the problems involved in managing those risks. Research Questions Consequently the research hopes to answer the following questions: Do import and export firms in the East Midlands actually manage their foreign exchange rate risks? How import and export companies in the East Midlands manage their foreign exchange risks? What problems they encounter with managing these risks? Definition of Key Terms Hedge A hedge can be defined as ââ¬Å"making an investment to reduce the risk of adverse price movements in an asset. Investors use this strategy when they are unsure of what the market will doâ⬠(Investopedia, 2010). Derivatives Derivatives are instruments whose performance is derived from an underlying asset (Arnold, 2002) Spot Rate The spot rate is defined as the rate of exchange quoted immediately if buying or selling currency (Watson and Head) International Trade This involves the flow of goods and services between nations; it involves import and/ export of goods and services (Harrison et al, 2000) The subsequent section provides a break down of how rest of the research is set out. Chapter 2: Literature Review; this chapter provides an overview of the research topic by mapping out the key areas; theories within the risk management and finance literature are identified, explored and analysed. The concept of risk and risk management is explored. A broad classification is made on the types of risks and this is then narrowed down to include foreign exchange risk. The chapter proceeds by exploring the concept of foreign exchange and foreign exchange risks; which include the types of foreign exchange exposures. The common techniques for managing foreign exchange risks are explored. This is followed by a review of relevant literature in the key areas of the research topic. Chapter 3: Research Methodology; in this chapter the research design and strategy are discussed. Chapter 4: Research Findings and Analysis; this chapter presents the findings of the research which were obtained from the questionnaire. The findings are presented using tables, graphs and charts, to enable the reader gain a clearer understanding. An analysis of the findings is carried out by cross-tabulating the responses of the respondent in order to observe for any commonalities and/or differences. Chapter 5: Conclusion and Recommendation; this chapter concludes the research and recommendations are made. Chapter 2: Literature Review 2.1 Risk Management- Risk is an intrinsic part of any business, due to unpredictability of the forces which govern business transactions such as political, economic and social conditions; risk is a factor which cannot be completely eliminated (Watson and Head, 2007). Arnold (2002) describes risk as a situation where there is more than just one possible outcome, but a range of potential returns. It can also be defined as the chance that the actual return from an investment will be different than expected (Lamb, 2008). From the above definitions, risk does not necessarily spell doom or does not necessarily have a negative connotation. Markowitz was one of the earliest academics to point this out, by establishing a link between risks and return (risk-return trade-off). Essentially the theory; Modern Portfolio Theory (MPT) involves expected return and the degree of accompanying risk for an investment (Yorke and Droussiotis, 1994). A central theme of this theory is that the greater risk an investor accepts th e higher the potential for increased returns (Yorke and Droussiotis, 1994). While MPT purports a positive correlation between risk and return, the fact that an investment can have a range of possible outcomes is an uncertainty which can be very costly. As a result risk management is also a part and parcel of business. Risk management can be defined as ââ¬Å"the performance of activities designed to minimize the negative impact (cost) of uncertainty (risk) regarding possible lossesâ⬠(Abor, p.307, 2005). The objectives of risk management are to minimize potential losses, reduce volatility of cash flow thereby protecting earnings (Abor, 2005). While the objective for risk management is to protect companies against financial loss thereby protecting the value of the firm, traditional finance theory such as that proposed by Modigliani and Miller suggests that the market value of a firm is determined by it earning power (Arnold, 2002). The basic assumption of Modigliani and Miller theorem is that in an efficient market; with the absence of taxation, bankrupt cy costs and information asymmetry, the value of the firm is unaffected by its capital structure (Arnold, 2002). However empirical research (list authors) has shown the existence of capital market imperfections, such as taxes, agency problems and financial distress exists thus justifying risk management (Chowdhry, 1995). Furthermore, MPT also suggests that the risk and volatility of an investment portfolio can be reduced, and the gains can be enhanced, all by diversifying the portfolio among several non-correlated assets (Pearce Financial, 2008). That is, investors can maximise their expected return for a given level of risk by diversifying their investments across a range of assets ((McClure, 2006). MPT involves risk management through diversification of investments. In a simplified expression, MPT is based on the idea of not ââ¬Ëputting all of ones eggs into one basket. 2.2 Types of Risk There are two broad classification of risks; Unsystematic and Systematic (Rossi and Laham, 208) Systematic risks refers to risks which affect the entire market due to events such as; exchange rate movements, changes in the price of commodities, war, recession and interest rates, however Unsystematic risks are risks which are specific to individual companies (reference). These distinctions were made by Sharpe (1960) in addition to Markowitz Modern Portfolio theory (MPT), the rationale behind it was that despite risk management practise through diversification, there were still underlying factors which affected the return potential of an investment portfolio. Chesnay Jondeau (2001) clearly point out that the correlation of assets which Markowitz talks about depends on other underlying factors and that the relationships are dynamic. They further found that major events such as general adverse movements in markets can significantly change the correlations between assets (Chesnay Jondeau, 2001). Empirical studies show that in financial crisis, assets tends to act the same, that is they are more likely to more become positively correlated, moving down at the same time (Ardelean, Brandt and Malik, 2009). Essentially, severe market crises will have a spill over effect and cause investments in several different asset classes or markets to succumb to sudden liquidation (Vocke and Wilde, 2000, Pearce Financial, 2008). However findings from Xing and Howe (2003) are contradictory, their findings show that the failure of previous studies to find a positive risk-return relationship may be as a result of model misspecification. Essentially they found that there was no agreement on the risk-return relationship amongst previous studies which had used data from one market (Xing and Howe, 2003). Thus they argued that the world market should be taken into consideration in assessing risk return-relationship in a partially integrated market (Xing and Howe, 2003). But then it only stands to reason that if markets are integrated partially or wholly, a catastrophic economic cycle such as financial crises would have an adverse effect on the world market. Thus clearly it does not matter how much one diversifies unsystematic risk, the underlying systematic risk is a problematic factor which has to be dealt with. 2.3 Foreign Exchange rate as a Systematic Risk Background Foreign Exchange rate can be defined as the ââ¬Å"price of one currency expressed in terms of anotherâ⬠(Arnold, p.973, 2002). For example, if the exchange rate exchange rate between the European Euro and the Pound is â⠬1.3 = à £ 1.00, this means that à £1 is equivalent to â⠬1.3. Foreign Exchange (Forex) is traded on the foreign exchange market, the purpose of which is to facilitate trade and the exchange of currencies between countries (Czinkota et al, 2009). The Forex market is an informal market which does not have a central trading place (Czinkota et al, 2009). Trade is carried out it is a 24 hour market as it involves financial institutions from around the globe, as trade moves from one financial centre to another (Arnold, 2002). Thus as one market closes in one region or continent another opens in a different place (Arnold, 2002). The major trading centres are in Tokyo, Singapore, London and New York (Waston and Head, 2007). The buyers and sellers of foreign c urrencies included exporters/importers; tourists; fund managers; governments; central banks; speculators and commercial banks (Arnold, 2002). However large commercial banks account for a larger percentage of Forex trading in the currency markets, as they deal currencies on behalf of customers (Arnold, 2002). They also undertake transactions of their own in an attempt to make a profit by speculating on future movements of exchange rates (Arnold, 2002). Foreign Exchange Risk After the demise of the Bretton woods conference (1973) exchange rates were allowed to float freely; exchange rates were no longer fixed and currencies were allowed to float freely in value to each other (Czinkota et al, 2009). However freely floating exchange rate poses problems for investors and firms alike who deal with different currencies as the uncertainty of exchange rate movements can have a positive or negative impact on an investment (Czinkota et al, 2009). Foreign exchange risk also known as currency risk is the ââ¬Å"risk that an entity will be required to pay more (or less) than expected as a result of fluctuations in the exchange rate between its currency and the foreign currency in which payment must be madeâ⬠(Abor, p.3, 2005). Thus considering the potential variability of Forex and the impact it can have on international investments and international business, irrespective of the business sector, it is clear that Foreign exchange risks can be classed as systematic risks. Forex risk is an un-diversifiable risk as it affects the entire market. Having established the relationship between Forex and systematic risk and understanding that it cannot be diversified the question which presents itself is, what can be done about it? Theory states that the only way out is to hedge this risk (Bartram, 2007), the decision to hedge will be examined in Section 2.7 2.4 Types of Foreign Exchange Exposure There are three types of foreign exchange risks or exposures; Economic exposure, Transaction exposure and Translational exposure (Maurer and Valiani, 2002). Transaction exposure is the risk that arises as a result of an existing contractual agreement involving a commitment in foreign currency, this sort of risk is primarily associated with import or exports (Arnold, 2002). For example a firm which exports goods from the UK to the US; will have an agreement (contract) that the US firm buying the goods will pay for the goods at a later date (could be 30, 60 or 90 days), however changes in the exchange rates to either currency (whether an appreciation or depreciation) will either positive or negative consequences for either firms. Transaction risks also come as a result of firms making foreign investments such as opening subsidiary branches (Arnold, 2002). These risks arise in the form of payment costs associated with constructing or establishing new branches (Arnold, 2002). In order to make the necessary payments, the home-based firm would exchange its home currency for foreign currency, thereby giving rise to potential transaction risk (A rnold, 2002) Translational exposure relates to a firms earnings; it involves a firms accounting practises (Waston and Head, 2007). This risk ââ¬Å"arises from the legal requirement that all firms consolidate their financial statement (balance sheet and income statement) of all worldwide operations annuallyâ⬠(Czinkota et al, p. 334, 2009). This implies that, as firms translate and consolidate foreign assets, liabilities and profits into domestic currency, there is the possibility of the firm experiencing a loss or gain (Waston and Head, 2007). This is mainly an accounting risk and as such give a real indication of the impact of exchange rate fluctuations on the value of a firm (Watson and Head, 2007). Economic exposure impacts a firms long-term cash flow, positively or negatively (Czinkota et al, 2009). This kind of risk not only affects firms involved in international trade but also has an impact on domestic firms as it can also affect the price of commodities sold (Czinkota et al, 2009). Furthermore, this sort of risk also undermines the competitiveness of a firm (Arnold, 2002). It can affect the firms competitive position directly if the home currency appreciates and foreign competitors are able to offer a much cheaper price, compared to the firms products which have become expensive as a result of the currency appreciation (Arnold, 2002). Economic risk can also affect a firms competitive position indirectly even if a firms home currency does not experience adverse movements (Arnold, 2002). For example Arnold (2002) illustrate that a South African firm selling in Hong Kong with a New Zealand firm as its main competitor can lose competitive edge if the New Zealand dollar weakens against the Hong dollar. Thus the products or commodity on offer by the New Zealand firm would be cheaper than that of the South African firm assuming both currencies (South African Rand and New Zealand Dollar) had a similar exchange rate against Hong Kong Dollar. Economic and transaction risk are more related to businesses involved in international trade, translational exposure more to do with accounting practises (Waston and Head, 2007). Consequently these are the foreign exchange exposure that will be focused on. 2.5 Foreign Exchange Risk and Natural Hedging The idea of applying natural hedging strategies as tools to hedge foreign exchange exposure is one that has received a lot of attention in recent times, as the concept focuses on using non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The various natural hedging strategies are explained below. Netting This technique relates to multi-nationals which have foreign subsidiaries, it involves reducing funds transferred by netting off the transaction between the parent company and the subsidiary firm (Watson and Head, 2007). For example ââ¬Å"if a UK parent owed a subsidiary in Canada and sold C$2.2m of goods to the subsidiary on credit while the Canadian subsidiary is owed C$1.5m by the UK company, instead of transferring a total of C$3.7m the intra-group transfer is the net amount of C$700,00â⬠(Arnold, p. 982, 2002). This implies that rather than both the parent and subsidiary firm managing their exposure separately they opt for a centralised management system to reduce the size of the currency flows. Consequently transaction costs and the cost of purchasing foreign exchange are mitigated (Arnold, 2002). Leading and Lagging This technique involves either settling foreign accounts by either postponing payments (lagging) till the end of the credit period allowed or prepayment (leading) at the beginning of the transaction (Watson and Head, 2007). It functions based on the anticipation a firm has that future exchange rates will either appreciate or depreciate (Czinkota, 2009). Thus if a firm anticipated a depreciation in its home currency, it lead its payments conversely if the firm anticipated an appreciation in exchange rate it would lag its payments. Invoicing in the Domestic Currency This method involves invoicing foreign customers in the firms domestic currency rather than in the foreign currency (Arnold, 2002). What this does is that it shifts the burden of risk to the foreign firm (buyer). Operational and Strategic Methods There is no one singular acceptable definition of operational hedging as it varies according to the context it is been used. Boyabatli and Toktay (2004) in their work, review and discuss a diverse cross section of views on operational hedging, they delve into the similarities in application methods of operational hedging across different academic fields. They discovered that although there were some differences in meaning in various academic fields; operations management, finance, strategy and international business, there were basic characteristics which were similar across all fields. On this basis operational hedging can be described according to its functionality. Bradley and Moles describe it as the decisions firms take in regards to the ââ¬Å"location of their production facilities, sourcing of inputs, the nature and scope of products, strategic financial decisions such as the currency denomination of debt, the firms choice of markets and market segmentsâ⬠(Bradley and Mo les p.29, 2002). It involves the use of non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The objective is geared towards reducing long-term economic exposures. Operational hedging can be said to be based on the principle of real options. Real options are ââ¬Å"opportunities to delay and adjust investments and operating decisions over time in response to resolution of uncertaintyâ⬠(Triantis 2000 cited in Boyabatli and Toktay p.6, 2004). 2.6 Hedging with Financial Derivatives The different types of financial derivatives are: Forwards and Futures, Foreign currency Options and Currency Swaps. Forward contract: This enables the business to protect itself from adverse movements in exchange rates by locking in an agreed exchange rate until the agreed date of payment (Brealey, Myers and Allen, 2006). The example given by Horcher and Karen (p.95, 2005) illustrate the concept further; ââ¬Å"a company requires 100 million Japanese yen in three months to pay for imported products. The current spot exchange rate is 115.00 yen per U.S. dollar, and the forward rate is 114.50. The company books a forward contract to buy yen (sell U.S. dollars) in three months time at a price of 114.50 and orders its merchandise. In three months time, the company will use the contract to buy yen at 114.50. At that time, if yen is trading at 117.00 per U.S. dollar, the company will have locked in a price that, with the benefit of hindsight, is worse than current market prices. If three months later yen is at 112.00 per U.S. dollar, the company will have successfully protected itself against a more exp ensive yen. Regardless of price changes, the company has locked in its yen purchase price at the forward rate of 114.50, enabling it to budget its costs with certaintyâ⬠. Futures Contract: A futures contract refers to an ââ¬Å"agreement to buy or sell a standard quantity of specified financial instrument or foreign currency at a future date at a price agreed between two partiesâ⬠(Watson and Head, 2007). Although it bears some similarities to the forward contract in that it also locks in the exchange rate, however one major difference is that a forward contract can be used in a wide range of currencies while the futures contract is applicable to a limited number of currencies (Brealey, Myers and Allen, 2006). Foreign currency Options: This gives holders the right to purchase or sell foreign currency under an agreement that allows for the right but not the obligation to undertake the transaction at the agreed future date (Brealey, Myers and Allen, 2006). One key advantage of this method of hedging is that it gives holders the opportunity to take advantage of favourable exchange rate movements (Watson and Head, 2007). However a non-refundable fee on the option known as an option premium is required (Watson and Head, 2007). Currency Swaps: A currency swap is ââ¬Å"an agreement between two parties to exchange principal and interest payments in different currencies over a stated time periodâ⬠(Watson and Hedge, p. 382, 2007). Basically what this implies is that a firm can gain the use of foreign currency but avoid exchange rate risk which may arise from servicing payments (Watson and Head, 2007). 2.7 A review of Literature on hedging This section critically examines the rationale for hedging foreign exchange risk. The rationale which has been put forward for hedging risk in the existing literature (Judge, 2004) is that it maximises shareholder value. The idea behind hedging any kind of risk in general is that once a firm takes on the responsibility of actively managing risk, shareholder value is increased, thereby increasing the overall value of the firm (Judge, 2004). However finance theory proposes that shareholders are diversified and thus are not willing to pay a premium to firms for adopting hedging policies (Rossi and Laham, 2008). So in that vein, theory proposes that what is actually being maximized is the managers private utility (Tekavcic, Sernic and Spricic, 2008). Essentially finance theory states that shareholders are diversified while managers of firms are not, so in a bid to protect their income and personal asset, which are linked to the firm, they hedge against uncertainty (Baranoff and Brockett, 2008). Within this theory shareholders are willing to take on risk in exchange for greater returns (risk-return trade off) and so they invest in companies which they believe can provide such high returns. Thus managers hedging risks can be said to lead to underinvestment, which then flaws the theory of risk-return trade off (Baranoff and Brockett, 2008). This theory is based on the premise that financial markets are efficient and as such hedging activities of firm would not add value to the firm (Rossi and Laham). In addition to the complexities of the above theory, when the concept of hedging is put into the context of foreign exchange movements; the Law of one price (LOP)/ purchasing power parity (PPP) suggests that identical goods are not affected by exchange rate variations (Hyrina and Serletis, 2008). The law of one price is the foundation of the theory of PPP which posits that similar goods should have identical prices across countries once expressed in a common currency (Hyrina and Serletis, 2008, Czinkota et al, 2009). Numerous studies have been carried out to test whether or not the theory holds, however there is no general consensus as to whether or not the theory is valid. Hyrina and Serletis (2009), Glen (1992), Choi, Laibson and Madrian (2006) found that there are some flaws within the theory as the real exchange rate is not stationary. Engel and Rogers (1996) examines the impact distance has on goods sold and whether the presence of national borders separating locations were these goods are sold, also have any impact on the law of one price. Empirical evidence from the research shows distance and border have significant role to play on the differences in price of goods (Engel and Rogers, 1996). More so, that market segmentation also leads to price differentiation (Engel and Rogers, 1996). This theory just like the first are both based on the principle that the market is efficient and as such inconsistencies such as movements in exchange rate even out in time (Zanna, 2009). Without attempting to disparage the above theories, in regards to the first theory, whether or not hedging is done to propagate the interests of managers, the fact is that, the basis of the theory (Efficient Market) is flawed as there are numerous empirical evidence (Nobile, 2007; Bartram, 2007, Allayannis and Ofek, 2003, Tekavcic et al 2008, Mastry, 2003) to suggest that there are imperfections in the financial market such as high interests rates, inflation, tax and of course foreign exchange movements which can affect a firm. Thus shareholders cannot afford not to be concerned about hedging as these imperfections in the market can affect the cash flow, profit and ultimately the overall value of the firm. Thus in the same vain PPP should not hold. In regards to PPP it is necessary to indicate that there are other factors which affect the price of goods sold across national borders. Bradley (2005) states that the prices of goods for each firm are influenced by numerous factors such as; Government policies, high inflation rates and corporate income tax and thus such prices of goods cannot be the same across different borders. So to state clearly the financial market is not efficient due to market imperfections. Thus movements in foreign exchange can affect the cash flow and overall value of the firm. Consequently it is necessary for firms to focus on how to manage this risk. 2.8 Review of literature on financial derivatives and operational Strategies The extant literatures on hedging exchange rate risks with financial derivatives have focused on corporate risk management. The main thrust of literatures from authors such as Mastry (2003), Bartram et al (2003) and Galum and Roth (1993) have carried out studies which are aimed at finding the optimal financial derivative. However there is no general consensus as to an optimal financial hedging position. The reason for this can related to basic financial theory which suggests that derivative instruments should be chosen based on the degree of exposure of the firm and the payoff that can be gotten from the instrument (Bartram, 2006). Essentially what this implies instruments with linear characteristics such as forwards, futures and swaps should be used for linear exposures, while instruments with nonlinear profiles such as currency options are suitable to hedging nonlinear exposure (Stulz, 2003). Put simply the theory suggests that after firms assess the nature of its exposure, all tha t needs to be done is choose a derivative which matches that exposure. However, contrary to financial theory Bartram (2006), Ianieri (2009) found that as a result of the flexible nature of options, options can be used to hedge various types of exposures and not just nonlinear exposures. Despite these findings, merely identifying the nature of exposure and matching it with a derivative is not enough. There are other factors which influence the decision on what derivatives to use besides the nature of exposure. For instance while an option is flexible and can be adapted to suit various types of exposures, it is also be a highly complex technical method to use. The problem with currency options is that they require highly skilled individuals who can understand and use it effectively. Ianieri (2009) states that even brokers who should know how to use this method have had bad experiences with it. In an alternative view, Masry and Salam (2007) in an attempt to understand the rationale for using financial derivatives found that the size of the firm impacts on a firms decision to use financial derivatives. A study conducted by Judge (2004) shows that there is a positive relationship between the size of the firm and the foreign currency hedging decision. The general idea is that large firms have numerous resources available to them; in terms of personnel and information, and as such they are more likely to hedge using financial derivatives (Judge, 2004). So in essence the transaction costs which accompany the use of derivatives would discourage small firms from opting to hedge with financial derivatives. On the other hand Kim and Sung (2005), Managing Foreign Exchange Risk in International Trade Managing Foreign Exchange Risk in International Trade MANAGING FOREIGN EXCHANGE RISK IN INTERNATIONAL TRADE WITH A FOCUS ON EAST MIDLANDS COMPANIES Abstract The purpose of this research is to investigate how international trade companies in the East Midlands manage foreign exchange risk. This study utilises descriptive statistics in presenting and analysing data from the primary research. The findings of the research indicate that a majority of the firms used broad business strategies in managing their foreign exchange risk. The main problems the firms had with managing foreign exchange risks centred on customer retention and receiving payments on time. The results also indicate that there were a few firms which took an integrated approach to mitigating foreign exchange risk. This research is of value to firms involved in international trade and also business development agencies which seek to assist firms which are planning to enter or are already operating in foreign markets. Chapter 1 Introduction International trade involves exporting and importing of goods or services across foreign borders and, as soon as a firm engages in import and/or export it is exposed to numerous risks. As a result firms operating outside their home country, have to deal with the economic conditions of the foreign country in which it wishes to operate in. One of the key issues firms involved in import and/ or export are faced with is dealing with foreign currency as this is the only means by which the exchange of goods or services is facilitated. To this end it is import to study and understand the impact which foreign currency has on international trade. Following the demise of the Bretton Woods agreement (1971) whereby exchange rates were allowed to float freely, managing foreign exchange has become important (Heakel, 2009). Consequently the prices of currencies were determined by market forces that is, demand for and supply of money (Mastry and Salam, 2007). Due to the constant changes in demand and supply which are in turn influenced by other external factors, fluctuations arise (Czinkota et al, 2009). As a result of these fluctuations firms are exposed to foreign exchange risks also known as currency risks. Firms trading in different currencies are exposed to three types of foreign exchange risks; economic, transaction and translational risk (Czinkota et al, 2009). Firms which are involved in international trade are exposed to economic and transaction risks as they both pose potential threats to the firms cash flow over time (Czinkota et al, 2009). Studies have shown that foreign exchange fluctuations can affect the value of a fi rms cash flow over time (Aretz, Bartram and Dufey, 2007, Judge, 2004, Bradley and Moles 2002, Allayannis and Ofek 1998, Chowdhry, 1995, Damant, 2002 and Wong 2001). More so, domestic firms although not dealing with foreign currency are also affected by foreign exchange fluctuations as the price of the commodity they trade in are also affected (Abor, 2005). Most of the extant literatures have focused on corporate risk management for financial firms and as such financial hedging with derivatives has been the central theme of currency risk management. On the other hand there has been evidence to show alternative methods exist for firms involved in international trade, these methods of managing foreign exchange risks involve strategic and operational risk management. However most of these studies have been carried out in isolation; financial hedging techniques carried out in isolation of strategic and operational hedging methods and vice versa. Little has been done to provide an integrated perspective, on utilising both techniques of managing foreign exchange risks with regards to international trade firms. This is the area in which the present study intends to explore thereby contributing to the overall literature Purpose of the Research Due to the nature of international trade which expose the firm to foreign exchange movements, thus subjecting the firm to currency risks, the purpose of this research is to explore how international trade firms deal with foreign exchange risk. The research focuses how import and export firms in the East Midlands manage their foreign exchange risk. This study also aims to explore the problems involved in managing those risks. Research Questions Consequently the research hopes to answer the following questions: Do import and export firms in the East Midlands actually manage their foreign exchange rate risks? How import and export companies in the East Midlands manage their foreign exchange risks? What problems they encounter with managing these risks? Definition of Key Terms Hedge A hedge can be defined as ââ¬Å"making an investment to reduce the risk of adverse price movements in an asset. Investors use this strategy when they are unsure of what the market will doâ⬠(Investopedia, 2010). Derivatives Derivatives are instruments whose performance is derived from an underlying asset (Arnold, 2002) Spot Rate The spot rate is defined as the rate of exchange quoted immediately if buying or selling currency (Watson and Head) International Trade This involves the flow of goods and services between nations; it involves import and/ export of goods and services (Harrison et al, 2000) The subsequent section provides a break down of how rest of the research is set out. Chapter 2: Literature Review; this chapter provides an overview of the research topic by mapping out the key areas; theories within the risk management and finance literature are identified, explored and analysed. The concept of risk and risk management is explored. A broad classification is made on the types of risks and this is then narrowed down to include foreign exchange risk. The chapter proceeds by exploring the concept of foreign exchange and foreign exchange risks; which include the types of foreign exchange exposures. The common techniques for managing foreign exchange risks are explored. This is followed by a review of relevant literature in the key areas of the research topic. Chapter 3: Research Methodology; in this chapter the research design and strategy are discussed. Chapter 4: Research Findings and Analysis; this chapter presents the findings of the research which were obtained from the questionnaire. The findings are presented using tables, graphs and charts, to enable the reader gain a clearer understanding. An analysis of the findings is carried out by cross-tabulating the responses of the respondent in order to observe for any commonalities and/or differences. Chapter 5: Conclusion and Recommendation; this chapter concludes the research and recommendations are made. Chapter 2: Literature Review 2.1 Risk Management- Risk is an intrinsic part of any business, due to unpredictability of the forces which govern business transactions such as political, economic and social conditions; risk is a factor which cannot be completely eliminated (Watson and Head, 2007). Arnold (2002) describes risk as a situation where there is more than just one possible outcome, but a range of potential returns. It can also be defined as the chance that the actual return from an investment will be different than expected (Lamb, 2008). From the above definitions, risk does not necessarily spell doom or does not necessarily have a negative connotation. Markowitz was one of the earliest academics to point this out, by establishing a link between risks and return (risk-return trade-off). Essentially the theory; Modern Portfolio Theory (MPT) involves expected return and the degree of accompanying risk for an investment (Yorke and Droussiotis, 1994). A central theme of this theory is that the greater risk an investor accepts th e higher the potential for increased returns (Yorke and Droussiotis, 1994). While MPT purports a positive correlation between risk and return, the fact that an investment can have a range of possible outcomes is an uncertainty which can be very costly. As a result risk management is also a part and parcel of business. Risk management can be defined as ââ¬Å"the performance of activities designed to minimize the negative impact (cost) of uncertainty (risk) regarding possible lossesâ⬠(Abor, p.307, 2005). The objectives of risk management are to minimize potential losses, reduce volatility of cash flow thereby protecting earnings (Abor, 2005). While the objective for risk management is to protect companies against financial loss thereby protecting the value of the firm, traditional finance theory such as that proposed by Modigliani and Miller suggests that the market value of a firm is determined by it earning power (Arnold, 2002). The basic assumption of Modigliani and Miller theorem is that in an efficient market; with the absence of taxation, bankrupt cy costs and information asymmetry, the value of the firm is unaffected by its capital structure (Arnold, 2002). However empirical research (list authors) has shown the existence of capital market imperfections, such as taxes, agency problems and financial distress exists thus justifying risk management (Chowdhry, 1995). Furthermore, MPT also suggests that the risk and volatility of an investment portfolio can be reduced, and the gains can be enhanced, all by diversifying the portfolio among several non-correlated assets (Pearce Financial, 2008). That is, investors can maximise their expected return for a given level of risk by diversifying their investments across a range of assets ((McClure, 2006). MPT involves risk management through diversification of investments. In a simplified expression, MPT is based on the idea of not ââ¬Ëputting all of ones eggs into one basket. 2.2 Types of Risk There are two broad classification of risks; Unsystematic and Systematic (Rossi and Laham, 208) Systematic risks refers to risks which affect the entire market due to events such as; exchange rate movements, changes in the price of commodities, war, recession and interest rates, however Unsystematic risks are risks which are specific to individual companies (reference). These distinctions were made by Sharpe (1960) in addition to Markowitz Modern Portfolio theory (MPT), the rationale behind it was that despite risk management practise through diversification, there were still underlying factors which affected the return potential of an investment portfolio. Chesnay Jondeau (2001) clearly point out that the correlation of assets which Markowitz talks about depends on other underlying factors and that the relationships are dynamic. They further found that major events such as general adverse movements in markets can significantly change the correlations between assets (Chesnay Jondeau, 2001). Empirical studies show that in financial crisis, assets tends to act the same, that is they are more likely to more become positively correlated, moving down at the same time (Ardelean, Brandt and Malik, 2009). Essentially, severe market crises will have a spill over effect and cause investments in several different asset classes or markets to succumb to sudden liquidation (Vocke and Wilde, 2000, Pearce Financial, 2008). However findings from Xing and Howe (2003) are contradictory, their findings show that the failure of previous studies to find a positive risk-return relationship may be as a result of model misspecification. Essentially they found that there was no agreement on the risk-return relationship amongst previous studies which had used data from one market (Xing and Howe, 2003). Thus they argued that the world market should be taken into consideration in assessing risk return-relationship in a partially integrated market (Xing and Howe, 2003). But then it only stands to reason that if markets are integrated partially or wholly, a catastrophic economic cycle such as financial crises would have an adverse effect on the world market. Thus clearly it does not matter how much one diversifies unsystematic risk, the underlying systematic risk is a problematic factor which has to be dealt with. 2.3 Foreign Exchange rate as a Systematic Risk Background Foreign Exchange rate can be defined as the ââ¬Å"price of one currency expressed in terms of anotherâ⬠(Arnold, p.973, 2002). For example, if the exchange rate exchange rate between the European Euro and the Pound is â⠬1.3 = à £ 1.00, this means that à £1 is equivalent to â⠬1.3. Foreign Exchange (Forex) is traded on the foreign exchange market, the purpose of which is to facilitate trade and the exchange of currencies between countries (Czinkota et al, 2009). The Forex market is an informal market which does not have a central trading place (Czinkota et al, 2009). Trade is carried out it is a 24 hour market as it involves financial institutions from around the globe, as trade moves from one financial centre to another (Arnold, 2002). Thus as one market closes in one region or continent another opens in a different place (Arnold, 2002). The major trading centres are in Tokyo, Singapore, London and New York (Waston and Head, 2007). The buyers and sellers of foreign c urrencies included exporters/importers; tourists; fund managers; governments; central banks; speculators and commercial banks (Arnold, 2002). However large commercial banks account for a larger percentage of Forex trading in the currency markets, as they deal currencies on behalf of customers (Arnold, 2002). They also undertake transactions of their own in an attempt to make a profit by speculating on future movements of exchange rates (Arnold, 2002). Foreign Exchange Risk After the demise of the Bretton woods conference (1973) exchange rates were allowed to float freely; exchange rates were no longer fixed and currencies were allowed to float freely in value to each other (Czinkota et al, 2009). However freely floating exchange rate poses problems for investors and firms alike who deal with different currencies as the uncertainty of exchange rate movements can have a positive or negative impact on an investment (Czinkota et al, 2009). Foreign exchange risk also known as currency risk is the ââ¬Å"risk that an entity will be required to pay more (or less) than expected as a result of fluctuations in the exchange rate between its currency and the foreign currency in which payment must be madeâ⬠(Abor, p.3, 2005). Thus considering the potential variability of Forex and the impact it can have on international investments and international business, irrespective of the business sector, it is clear that Foreign exchange risks can be classed as systematic risks. Forex risk is an un-diversifiable risk as it affects the entire market. Having established the relationship between Forex and systematic risk and understanding that it cannot be diversified the question which presents itself is, what can be done about it? Theory states that the only way out is to hedge this risk (Bartram, 2007), the decision to hedge will be examined in Section 2.7 2.4 Types of Foreign Exchange Exposure There are three types of foreign exchange risks or exposures; Economic exposure, Transaction exposure and Translational exposure (Maurer and Valiani, 2002). Transaction exposure is the risk that arises as a result of an existing contractual agreement involving a commitment in foreign currency, this sort of risk is primarily associated with import or exports (Arnold, 2002). For example a firm which exports goods from the UK to the US; will have an agreement (contract) that the US firm buying the goods will pay for the goods at a later date (could be 30, 60 or 90 days), however changes in the exchange rates to either currency (whether an appreciation or depreciation) will either positive or negative consequences for either firms. Transaction risks also come as a result of firms making foreign investments such as opening subsidiary branches (Arnold, 2002). These risks arise in the form of payment costs associated with constructing or establishing new branches (Arnold, 2002). In order to make the necessary payments, the home-based firm would exchange its home currency for foreign currency, thereby giving rise to potential transaction risk (A rnold, 2002) Translational exposure relates to a firms earnings; it involves a firms accounting practises (Waston and Head, 2007). This risk ââ¬Å"arises from the legal requirement that all firms consolidate their financial statement (balance sheet and income statement) of all worldwide operations annuallyâ⬠(Czinkota et al, p. 334, 2009). This implies that, as firms translate and consolidate foreign assets, liabilities and profits into domestic currency, there is the possibility of the firm experiencing a loss or gain (Waston and Head, 2007). This is mainly an accounting risk and as such give a real indication of the impact of exchange rate fluctuations on the value of a firm (Watson and Head, 2007). Economic exposure impacts a firms long-term cash flow, positively or negatively (Czinkota et al, 2009). This kind of risk not only affects firms involved in international trade but also has an impact on domestic firms as it can also affect the price of commodities sold (Czinkota et al, 2009). Furthermore, this sort of risk also undermines the competitiveness of a firm (Arnold, 2002). It can affect the firms competitive position directly if the home currency appreciates and foreign competitors are able to offer a much cheaper price, compared to the firms products which have become expensive as a result of the currency appreciation (Arnold, 2002). Economic risk can also affect a firms competitive position indirectly even if a firms home currency does not experience adverse movements (Arnold, 2002). For example Arnold (2002) illustrate that a South African firm selling in Hong Kong with a New Zealand firm as its main competitor can lose competitive edge if the New Zealand dollar weakens against the Hong dollar. Thus the products or commodity on offer by the New Zealand firm would be cheaper than that of the South African firm assuming both currencies (South African Rand and New Zealand Dollar) had a similar exchange rate against Hong Kong Dollar. Economic and transaction risk are more related to businesses involved in international trade, translational exposure more to do with accounting practises (Waston and Head, 2007). Consequently these are the foreign exchange exposure that will be focused on. 2.5 Foreign Exchange Risk and Natural Hedging The idea of applying natural hedging strategies as tools to hedge foreign exchange exposure is one that has received a lot of attention in recent times, as the concept focuses on using non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The various natural hedging strategies are explained below. Netting This technique relates to multi-nationals which have foreign subsidiaries, it involves reducing funds transferred by netting off the transaction between the parent company and the subsidiary firm (Watson and Head, 2007). For example ââ¬Å"if a UK parent owed a subsidiary in Canada and sold C$2.2m of goods to the subsidiary on credit while the Canadian subsidiary is owed C$1.5m by the UK company, instead of transferring a total of C$3.7m the intra-group transfer is the net amount of C$700,00â⬠(Arnold, p. 982, 2002). This implies that rather than both the parent and subsidiary firm managing their exposure separately they opt for a centralised management system to reduce the size of the currency flows. Consequently transaction costs and the cost of purchasing foreign exchange are mitigated (Arnold, 2002). Leading and Lagging This technique involves either settling foreign accounts by either postponing payments (lagging) till the end of the credit period allowed or prepayment (leading) at the beginning of the transaction (Watson and Head, 2007). It functions based on the anticipation a firm has that future exchange rates will either appreciate or depreciate (Czinkota, 2009). Thus if a firm anticipated a depreciation in its home currency, it lead its payments conversely if the firm anticipated an appreciation in exchange rate it would lag its payments. Invoicing in the Domestic Currency This method involves invoicing foreign customers in the firms domestic currency rather than in the foreign currency (Arnold, 2002). What this does is that it shifts the burden of risk to the foreign firm (buyer). Operational and Strategic Methods There is no one singular acceptable definition of operational hedging as it varies according to the context it is been used. Boyabatli and Toktay (2004) in their work, review and discuss a diverse cross section of views on operational hedging, they delve into the similarities in application methods of operational hedging across different academic fields. They discovered that although there were some differences in meaning in various academic fields; operations management, finance, strategy and international business, there were basic characteristics which were similar across all fields. On this basis operational hedging can be described according to its functionality. Bradley and Moles describe it as the decisions firms take in regards to the ââ¬Å"location of their production facilities, sourcing of inputs, the nature and scope of products, strategic financial decisions such as the currency denomination of debt, the firms choice of markets and market segmentsâ⬠(Bradley and Mo les p.29, 2002). It involves the use of non-financial methods to mitigate the volatility of future cash flows and possibly add value to the firm (Kim et al, 2006). The objective is geared towards reducing long-term economic exposures. Operational hedging can be said to be based on the principle of real options. Real options are ââ¬Å"opportunities to delay and adjust investments and operating decisions over time in response to resolution of uncertaintyâ⬠(Triantis 2000 cited in Boyabatli and Toktay p.6, 2004). 2.6 Hedging with Financial Derivatives The different types of financial derivatives are: Forwards and Futures, Foreign currency Options and Currency Swaps. Forward contract: This enables the business to protect itself from adverse movements in exchange rates by locking in an agreed exchange rate until the agreed date of payment (Brealey, Myers and Allen, 2006). The example given by Horcher and Karen (p.95, 2005) illustrate the concept further; ââ¬Å"a company requires 100 million Japanese yen in three months to pay for imported products. The current spot exchange rate is 115.00 yen per U.S. dollar, and the forward rate is 114.50. The company books a forward contract to buy yen (sell U.S. dollars) in three months time at a price of 114.50 and orders its merchandise. In three months time, the company will use the contract to buy yen at 114.50. At that time, if yen is trading at 117.00 per U.S. dollar, the company will have locked in a price that, with the benefit of hindsight, is worse than current market prices. If three months later yen is at 112.00 per U.S. dollar, the company will have successfully protected itself against a more exp ensive yen. Regardless of price changes, the company has locked in its yen purchase price at the forward rate of 114.50, enabling it to budget its costs with certaintyâ⬠. Futures Contract: A futures contract refers to an ââ¬Å"agreement to buy or sell a standard quantity of specified financial instrument or foreign currency at a future date at a price agreed between two partiesâ⬠(Watson and Head, 2007). Although it bears some similarities to the forward contract in that it also locks in the exchange rate, however one major difference is that a forward contract can be used in a wide range of currencies while the futures contract is applicable to a limited number of currencies (Brealey, Myers and Allen, 2006). Foreign currency Options: This gives holders the right to purchase or sell foreign currency under an agreement that allows for the right but not the obligation to undertake the transaction at the agreed future date (Brealey, Myers and Allen, 2006). One key advantage of this method of hedging is that it gives holders the opportunity to take advantage of favourable exchange rate movements (Watson and Head, 2007). However a non-refundable fee on the option known as an option premium is required (Watson and Head, 2007). Currency Swaps: A currency swap is ââ¬Å"an agreement between two parties to exchange principal and interest payments in different currencies over a stated time periodâ⬠(Watson and Hedge, p. 382, 2007). Basically what this implies is that a firm can gain the use of foreign currency but avoid exchange rate risk which may arise from servicing payments (Watson and Head, 2007). 2.7 A review of Literature on hedging This section critically examines the rationale for hedging foreign exchange risk. The rationale which has been put forward for hedging risk in the existing literature (Judge, 2004) is that it maximises shareholder value. The idea behind hedging any kind of risk in general is that once a firm takes on the responsibility of actively managing risk, shareholder value is increased, thereby increasing the overall value of the firm (Judge, 2004). However finance theory proposes that shareholders are diversified and thus are not willing to pay a premium to firms for adopting hedging policies (Rossi and Laham, 2008). So in that vein, theory proposes that what is actually being maximized is the managers private utility (Tekavcic, Sernic and Spricic, 2008). Essentially finance theory states that shareholders are diversified while managers of firms are not, so in a bid to protect their income and personal asset, which are linked to the firm, they hedge against uncertainty (Baranoff and Brockett, 2008). Within this theory shareholders are willing to take on risk in exchange for greater returns (risk-return trade off) and so they invest in companies which they believe can provide such high returns. Thus managers hedging risks can be said to lead to underinvestment, which then flaws the theory of risk-return trade off (Baranoff and Brockett, 2008). This theory is based on the premise that financial markets are efficient and as such hedging activities of firm would not add value to the firm (Rossi and Laham). In addition to the complexities of the above theory, when the concept of hedging is put into the context of foreign exchange movements; the Law of one price (LOP)/ purchasing power parity (PPP) suggests that identical goods are not affected by exchange rate variations (Hyrina and Serletis, 2008). The law of one price is the foundation of the theory of PPP which posits that similar goods should have identical prices across countries once expressed in a common currency (Hyrina and Serletis, 2008, Czinkota et al, 2009). Numerous studies have been carried out to test whether or not the theory holds, however there is no general consensus as to whether or not the theory is valid. Hyrina and Serletis (2009), Glen (1992), Choi, Laibson and Madrian (2006) found that there are some flaws within the theory as the real exchange rate is not stationary. Engel and Rogers (1996) examines the impact distance has on goods sold and whether the presence of national borders separating locations were these goods are sold, also have any impact on the law of one price. Empirical evidence from the research shows distance and border have significant role to play on the differences in price of goods (Engel and Rogers, 1996). More so, that market segmentation also leads to price differentiation (Engel and Rogers, 1996). This theory just like the first are both based on the principle that the market is efficient and as such inconsistencies such as movements in exchange rate even out in time (Zanna, 2009). Without attempting to disparage the above theories, in regards to the first theory, whether or not hedging is done to propagate the interests of managers, the fact is that, the basis of the theory (Efficient Market) is flawed as there are numerous empirical evidence (Nobile, 2007; Bartram, 2007, Allayannis and Ofek, 2003, Tekavcic et al 2008, Mastry, 2003) to suggest that there are imperfections in the financial market such as high interests rates, inflation, tax and of course foreign exchange movements which can affect a firm. Thus shareholders cannot afford not to be concerned about hedging as these imperfections in the market can affect the cash flow, profit and ultimately the overall value of the firm. Thus in the same vain PPP should not hold. In regards to PPP it is necessary to indicate that there are other factors which affect the price of goods sold across national borders. Bradley (2005) states that the prices of goods for each firm are influenced by numerous factors such as; Government policies, high inflation rates and corporate income tax and thus such prices of goods cannot be the same across different borders. So to state clearly the financial market is not efficient due to market imperfections. Thus movements in foreign exchange can affect the cash flow and overall value of the firm. Consequently it is necessary for firms to focus on how to manage this risk. 2.8 Review of literature on financial derivatives and operational Strategies The extant literatures on hedging exchange rate risks with financial derivatives have focused on corporate risk management. The main thrust of literatures from authors such as Mastry (2003), Bartram et al (2003) and Galum and Roth (1993) have carried out studies which are aimed at finding the optimal financial derivative. However there is no general consensus as to an optimal financial hedging position. The reason for this can related to basic financial theory which suggests that derivative instruments should be chosen based on the degree of exposure of the firm and the payoff that can be gotten from the instrument (Bartram, 2006). Essentially what this implies instruments with linear characteristics such as forwards, futures and swaps should be used for linear exposures, while instruments with nonlinear profiles such as currency options are suitable to hedging nonlinear exposure (Stulz, 2003). Put simply the theory suggests that after firms assess the nature of its exposure, all tha t needs to be done is choose a derivative which matches that exposure. However, contrary to financial theory Bartram (2006), Ianieri (2009) found that as a result of the flexible nature of options, options can be used to hedge various types of exposures and not just nonlinear exposures. Despite these findings, merely identifying the nature of exposure and matching it with a derivative is not enough. There are other factors which influence the decision on what derivatives to use besides the nature of exposure. For instance while an option is flexible and can be adapted to suit various types of exposures, it is also be a highly complex technical method to use. The problem with currency options is that they require highly skilled individuals who can understand and use it effectively. Ianieri (2009) states that even brokers who should know how to use this method have had bad experiences with it. In an alternative view, Masry and Salam (2007) in an attempt to understand the rationale for using financial derivatives found that the size of the firm impacts on a firms decision to use financial derivatives. A study conducted by Judge (2004) shows that there is a positive relationship between the size of the firm and the foreign currency hedging decision. The general idea is that large firms have numerous resources available to them; in terms of personnel and information, and as such they are more likely to hedge using financial derivatives (Judge, 2004). So in essence the transaction costs which accompany the use of derivatives would discourage small firms from opting to hedge with financial derivatives. On the other hand Kim and Sung (2005), Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-9073159644758934382020-01-18T14:24:00.001-08:002020-01-18T14:24:04.450-08:00Computer software EssayWhat were some of the problems with DST Systemsââ¬â¢ old software development environment? Some of the problems with the DST Systemsââ¬â¢ old software development environment were:à often manual and time-consumingà (AS used a mixture of tools, processes, and source code control system without any repository for code or a standardized developer tool set; different groups within the org. used very different tools for soft ware development)à hard to locate where resources were allocatedà the DST struggled to update its most important product, AWD B. How did Scrum development help solve some of those problems? Scrum development helped solve some of these problems by accelerating its software development cycle from 24 months to 6 months and developer productivity increased 20%. What the scrum development pretty much acted like was the coach for the team. This is how the scrum development helped solve some of these problems. Information: Agile development approaches like Scrum is designed to reveal problems, not solve them. The solutions are situational ââ¬â they take different forms depending on the organizational context. Letââ¬â¢s say we have a software development team that is often late in delivering the final product. Theyââ¬â¢ve been together for a while and delivered multiple releases but they are almost always late. Management and the team decide to try Scrum hoping that a fresh approach will enable the team to deliver on time. The team dives in defining stories, planning sprints and delivering working software iteratively. Will they deliver the final build on time? If the late deliveries stem from poorly defined business requirements andà lack of business participation, Scrum will not solve the problem. What Scrum will do is highlight the lack of business involvement earlier in the project thus providing an opportunity to fix the problem. If the late deliveries result from optimistic work estimates by the development team, Scrum will not solve that problem either. Sprints will deliver less than planned and alert the team that they need to adjust their estimates for future sprints. They may still deliver the final build later than expected but at least the problem will be well publicized in advance. If the late deliveries are caused by lack of teamwork and in-fighting amongst the team members, those behaviours will likely continue. The frequent deliveries mandated by Scrum may draw attention to these issues but wonââ¬â¢t solve them. The critical concept behind Scrum, the agile development approaches is continuous improvement ââ¬â identifying problems and solving them ââ¬â continuously. The effort will never be perfect ââ¬â technology changes too fast for that ââ¬â but the team will continuously adjust and improve. C. What other adjustments did DST make to be able to use Scrum more effectively in its software projects? What management, organization, and technology issues had to be addressed? The other adjustments DST was able to make to use Scrum more effectively in its software projects were by setting up a project evaluation team to identify the right development environment. Another key adjustment was DSTââ¬â¢s adoption of CollabNetââ¬â¢s products. This adjustment allowed DST to complete all of their work within the ALM platform. The management issue being addressed was production being slowed down. The organization issue was the lack of organization so processes were breaking down. Finally, the technology issue being addressed was the problem occurring with the software so production was taking a major hit. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-38392736354490222282020-01-10T10:48:00.001-08:002020-01-10T10:48:03.142-08:00Negative effects of technology EssayMost people will praise the many technological gadgets that they use in their everyday lives. Technology is evolving at a very fast rate, and what most people did not even think could be real a few years ago is now becoming a reality. Cell phones that act more like computers, sans making documents and other important work files, have now taken the world by storm, and a lot of people could not imagine what life would now be like if they didnââ¬â¢t have the internet, email, and chat features on their phones at their disposal. The simplest of things, such as TV, movies, and even video games, have also evolved, and each of them offers consumers a wide array of choices and new possibilities. Technology has greatly influenced the way people live in society. Much of the technological devices are created to make daily task more efficient. For instance, you can pay bills online, read the daily news and shop all without leaving home. But, it is also clear that technology plays an incredibly vital role in the 21st century; for example smartphones which used to be a luxury has now become a necessity. The reliance of technology in society is staggering. Although many will use and publicize modern technology for many of its achievements and advancements, what many donââ¬â¢t realize is that it has affected and continues to affect society and people in general in a negative way. Technology is in opposition to nature; meaning it is being produced at the expense of nature while destroying ecological habitats. Technology not only erodes character but it also separates us from nature. Recent studies show a worldwide trend of decline in physical activity driven by the use of technology. The rise of computers and video games has made it easy for kids to be entertained without ever leaving the comfort of their easy chair which also contributes to the increasing rates in childhood obesity. The relationship between technology and stress, depression as well as sleep disorders has a lot to do with the overuse of technology in our society , particularly among young people. The opposing point of view is that technology is an integral part of our daily lives. There are so many advantages with improved technology in our daily life. With the help of mobile technology we are able to talk to our friends and relatives who are living far from us. Technology is being produced at the expense of nature and is destroying ecological habitats (the environment). The factories that manufacture these technological devices areà paved over wetlands. Due to the damage that excessive runoff causes to lakes, and streams wetlands are created to capture storm water. The idea is to capture and store the rainwater on site to grow native plants that can thrive in such conditions. The destruction of natural habitats not only extinguishes species but it is an act that can not be undone. According to the Wildlife Journal, habitat destruction from human activity is the primary cause of risk for 83% of endangered species (Williams, 12). Even if technology halted the destruction of natural habitats, the fact still remains that the large amounts of energy we consume causes a disruption in the atmosphere, resulting in climate change. With the rapid-changing world of electronics and technology, the turnover rate for upgrades is staggering. This constant stream of out with the old, in with the new is adding to the levels of toxicity in our air and land. E-waste is not always disposed of properly, causing deadly chemicals to leach into the ground. Plants that manufacture the electronics are emitting toxic fumes into the air. Plus there is little to no regulations on the disposal of personal E-waste. No matter how environmentally benign it seems the scale of technology is so large that itââ¬â¢s shereen size overwhelms the natural cycle. Technology not only erodes character but it separates us from nature. The overuse of technology is slowly but surely creating an impatient society. According to a study at Stanford University the more time spent using the internet they lose contact with their social environment (Olds and Schwartz, 98). Technology has played an important role throughout the last few decades in the decline of interpersonal relations. Studies reported in the American Psychologist by William Scherlis in his report â⬠Internet Paradox: A Social Technology that reduces Social Involvement and Psychological well-beingâ⬠have shown that â⬠greater use of the internet was associated with declines in participantsââ¬â¢ communication with family members in the household, declines in the size of their social circle, and increases in their depression and lon eliness. Physical interaction is essential because it promotes bonding in any relationship dynamic.It is public knowledge that historical studies of infants who were not physically interacted with from their birth displayed characteristics of withdrawal, failure to thrive, and social problems later in life. The social expense of over over reliance on technology is just beginning to materialize. We do not know the extent ofà emotional defect caused by technology. While technology allows better tools for connection, these tools are substantially isolating us. Recent studies show a worldwide trend of reduced physical activity driven by the use of technology. Due to the rise of computers and other devices has made it easy for kids to be entertained without ever leaving the comfort of their easy chair which also contributes to the increasing rates in childhood obesity. A bariatric surgeon at Columbia St. Maryââ¬â¢s in Milwaukee suggest that ââ¬Å"A lack of physical activity certainly contrib utes to the obesity epidemic. ââ¬Å"According to the Center of Disease Control and Prevention one-third of U.S. adults are obese. The more time people are spending engrossed in video games, talking to friends online and watching funny cat videos on YouTube, they are spending less time being active or exercising. I tend to think the relationship between technology and stress, depression as well as sleep disorders has a lot to do with the overuse of technology in our society, particularly among young people. A doctoral student, Sara Thomeeââ¬â¢ conducted a study where approximately 4,100 students ages ranging from 20 to 24 filled out questionnaires. Based on the questionnaires 32 individuals were classified as heavy (ICT) information and communication technology users. Based on this study Sara found that heavy cell phone use showed an increase in sleep disorders and depressive symptoms in both men and women. As we all have heard the average person needs a total of seven to eight hours.This is a growing and serious public health hazard and I think it should be addressed. In the words of Sara Thomeeââ¬â¢ â⬠Public health advice should include information on the healthy use of this technology.â⬠I couldnââ¬â¢t agree more just as alcohol ads, so should technology companies have a warning label on their advertisements. Thereââ¬â¢s only one solution and itââ¬â¢s simple, turn it off, and get some sleep. The impact of technology on our social, mental, physical and environmental health can be devastating if we donââ¬â¢t keep ourselves in check. Thereââ¬â¢s no denying the benefits we have gained from technological advancements, but as with all things in life moderation is key. Be more mindful of the time you spend using technology. If you have longer conversations with Siri than you do with real people, itââ¬â¢s probably time to put the phone down.Creating balance will help you enjoy the benefits of technology without becoming a mindless internet zombie. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-61617144223429989352020-01-02T07:11:00.001-08:002020-01-02T07:11:03.157-08:00Time Warner Cable / CBS Crisis Management Free Essay Example, 5000 words As a result, dispute between two parties had started. Second Component of Crisis: CBS Broadcasting wanted to retain digital rights of its content and it has planned to sell the content to web-based distributors such as Amazon, Netflix and others. Passing the digital rights of content to web-based distributors would decrease scope for Time Warner Inc to earn revenue by selling media content. Therefore, retention of digital rights of CBS Broadcasting would negatively impact interest of Time Warner Inc. As a result, Time Warner Inc was not ready to accept the decision of CBS Broadcasting to retain the digital rights (Carter, ââ¬Å"CBS Returns, Triumphant, to Cable Boxâ⬠). Review of the literature regarding crisis management will develop theoretical background of the discussion regarding crisis situation caused by dispute between CBS Broadcasting and Time Warner Inc. Crisis and Crisis Management Crisis is being conceptualized as uncommon event characterized with high level of vagueness, uncertainty and unknown causes. Severity of crisis situation is measured in terms of its ability create threat for survival for respective company or individuals (Sayegh, Anthony and Perrewe 179-199). We will write a custom essay sample on Time Warner Cable / CBS Crisis Management or any topic specifically for you Only $17.96 $11.86/pageorder now Probability of occurrence of crisis is perceived as low and due to vagueness surrounding crisis situation, companies face difficulties to select right crisis management (CM) mechanism. In simple words, CM can be defined as organizational procedures blended with leadership style to counter balance negative impacts of crisis situation (Regester and Larkin 41-73). CM mechanisms include variety of processes such as, 1- internal as well external communication with stakeholders (internal as well as external) and communicate the actions being taken by the company to address the crisis, 2- taking legal support to address the crisis situation, 3- conducting market research to get feedback from external stakeholders regarding process of addressing the crisis situation and 4- integrating transformational leadership styles and management actions to direct organizational actions to address crisis situation (Drew and Kendrick 19). According to Regester and Larkin (41-73), organizations with higher crisis proneness (CP) can handle crisis situation in better manner in comparison to unprepared organizations. Sheaffer and Mano-Negrin (575) defined crisis proneness (CP) as, ââ¬Å"[.. .] a state of corporate readiness to foresee and effectively address internal or exogenous adversary circumstances with the potential to inflict a multidimensional crisis, by consciously and proactively preparing for its inevitable occurrence. â⬠Considering conflict between Time Warner Inc and CBS Broadcasting, it can be said that both the companies need to have CP to address the crisis situation. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-37040043578720049322019-12-25T03:38:00.001-08:002019-12-25T03:38:03.846-08:00Self Reflection - 1153 Words I have been asked to write this essay as part of my assessment for the ILM Level 3 course that I am undertaking. This essay is to show my understanding of Leadership; the different styles of leadership and the effects it can have on staff. I am currently not supervising any members of staff but I aim to show how I have led in different situations. I am completing this course for my own personal development, as I would like to progress further in my career, now that my children are older. There are many qualities that a leader should possess, and I have outlined some of these below: Honesty; it is important to be honest, even when what you have to say may be negative. If you say you are going to do something then you should do this.â⬠¦show more contentâ⬠¦Urgency; the leader needs to be able to prioritise work and decide what is really urgent and what is not. Laissez-Faire ââ¬â this is a French word which when translated means ââ¬Å"let people do as they chooseâ⬠. This style of leadership, in my opinion, is quite lackadaisical. The leader allows group members to work on their own, use their own initiative, and make their own decisions. Also sometimes known as delegative leadership. Laissez-Faire leaders give very little assistance and/or guidance to members of their team. This can be really effective in the situation where employees are skilled, motivated, experienced, intellectual, and capable of working on their own. It gives workers a sense of ownership and independence to decide when and how they will undertake their given task. Research has shown that this style of leadership results in the lowest productivity among group members, unfinished work and lost work hours. This style of leadership does not suit employees who perform to a better standard where they are given more instruction by their supervisors. Famous Laissez-Faire leaders; Queen Victoria, Herbert Hoover and Andrew Mellon. Autocratic ââ¬â this is opposite from Laissez-Faire. The person in charge makes all the decisions with no input at all from staff. This style of leadership is perfect in situations where decisions urgently need to be made. 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I agree with the assessment, under the context that self-esteem is interchangeable with the concept of self worth. Worthiness, generally speaking, is a immensely broad subject that lends itself exclusively to ones mental fiber and is either bolstered or berated by societal influence. Under those terms, I agree with some reservations. In the way I have understood the reading and reflectRead MoreReflection About Self Compassion1310 Words à |à 6 PagesSelf Compassion and love are two things everyone needs to discover. When you discover the true concepts and apply them to your everyday life your outlook on life can be transformed. Using the concepts from the book ââ¬Å"Self-Compassionâ⬠by Kristin Neff, I will discuss the idea of self-compassion and provide examples of my life experiences and strategies that I have used. Then I will use the concepts from the books ââ¬Å"Lovabilityâ⬠by Robert Holden and ââ¬Å"Whatever Arises Love Thatâ⬠by Matt Kahn to discuss theRead MoreReflection On Self Fulfilling Prophecy1044 Words à |à 5 PagesSelf- fulfilling prophecy Journal #1 Being human comes with more complication from within. What we know of perception to life itself is short lived and long standing no matter the outcomes of our character. Self-fulfilling prophecy is presented in two different ways; one occurs when your own expectations influences your behavior. The second occurs when the expectations of one person governs anotherââ¬â¢s actions. Everyday our impressionable make-up is being challenged by our inner most thoughtsRead MoreSelf Reflection : Self-Reflection1436 Words à |à 6 PagesSelf-Reflection This spring semester I have evolved as a writer and reader. This course has refreshed my memory with basic essential writing techniques and it has made me more proficient when it comes to writing. When it came to writing essays, I use to be so scared to turn them in. I was never a good writer and composing an essay was usually extremely tough. I would have multiple people proofread my essays, but I still doubted my work. Now when it comes to writing essays I feel more confidentRead MoreReflection On Self Reflection809 Words à |à 4 PagesSelf-Reflection The purpose of this paper is to explain how I will plan to implement effective choices in improving a change in personal behavior and the improvement tours my fitness attitude. Wellness has a broader definition, than health, which itââ¬â¢s definition is the absence of disease and wellness is defined as the optimal health and vitality to living a healthy and fulfilling life. Also, is a process in which we become aware and we make choices to a better lifestyle. Maintaining an excellentRead MoreReflection Of Self Reflection And Self Restraint962 Words à |à 4 Pagesthe new moon. This month is fundamentally a time where followers of the Islamic give up food, drinks, sex, smoking etc. for the main purpose of self reflection and self restraint. Prominent practices during Ramadan include, sawm, praying and reciting the Quran. All of the previously mentioned practices are believed to connect to spiritual reflection, self improvement and increased worship. Fasting during the month of Ramadan is both a duty and a great worship. The fast otherwise known as sawm which Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-34595731276535858152019-12-16T23:28:00.001-08:002019-12-16T23:28:03.497-08:00The Prince And The Art Of War - 890 Words 1. General: During the early European renaissance, military and political influencer Niccolo Machiavelli published several influential works, including The Prince and The Art of War. His work s greatest impacts were expanding on the brutal nature of realpolitik and realism to maintain peace within a highly competitive system and promoting the war manpower shift from mercenaries to citizen militias with buy-in. Many nation-states use his political and military ideals as a basis for their own statecraft and military organizations. 2. Authorââ¬â¢s Identity: Unlike many other previous writers on military thought, Machiavelli was not from pure or noble blood, although he was of enough social status to become literate. Instead, Machiavelli used his intellect to climb the social ladder the highest legs of Italian social order. From 1501 to 1521, Machiavelli worked as an influencer, author, and military leader. Rather than conceal his intellect to avoid prosecution or death, such as within a monastery, Machiavelli balanced a thin line between critical thought and appeasement in his allegorical experiences with Caesar Borgia. 3. Authorââ¬â¢s Purpose and Intended Audience: While Machiavelli s writings can appeal to a wide international audience, Italian political and military leaders were his intended audience, especially those in turbulent city states. Although many of his concepts touch on lower level politics and tactical level operations, a majority of ideas are better suited forShow MoreRelatedComparison Of Nicolo Machiavellis The Prince And Sun Tzu1201 Words à |à 5 PagesNicolo Machiavelliââ¬â¢s The Prince and Sun Tzuââ¬â¢s The Art of War both both provide directions for leadership with similar goals. The Prince is primarily geared towards providing valuable information about how a ruler of many principalities may govern different populations and acquire new lands. The Art of War provides us with a schematic of the optimal path to victory. This book is instead directed towards generals of powerful militaries with only the goal of winning. Concepts such as Machiavelliââ¬â¢s viewRead Mor eMachiavelli vs. Castiglione Essay1533 Words à |à 7 PagesIdeas on the same topic always seem to differ from person to person. This holds true to the ideas of Machiavelli and Castiglione. The Prince, written by Machiavelli, and The Courtier, written by Castiglione, are both somewhat how-to guides for nobility, royalty, and princes. However, there are many distinct differences among the ideas of Castiglione and Machiavelli. Castigliones philosophy leads down the path of a well-rounded person; a more peaceful manner. Machiavellis philosophy is more straightforwardRead MoreAnalysis Of The Prince By Niccolo Machiavelli1020 Words à |à 5 PagesMachiavelli in his work The Prince would disagree. Written for the Medici lords, The Prince offers advice on how to obtain and rule a principality. To do this, he must first explain the nature of man and adjust the method of ruling them accordingly. Machiavelli believes humans by nature are corrupt, so the Prince must also be corrupt to succee d. In order to prove Machiavelliââ¬â¢s opinion, it is first necessary to understand what he defines as success. Machiavelli believes that for a prince to be successful heRead MoreConnections Between Hitler And The Prince1307 Words à |à 6 PagesConnections between Hitler and The Prince Hitler said, ââ¬Å"Germany will either be a world power or will not be at allâ⬠(ââ¬Å"Adolf Hitler Quoteâ⬠). Adolph Hitler became the leader of the German Nazi party in 1933. His leadership was both loved and despised. He controlled the Nazi party for more than a decade (ââ¬Å"Adolph Hitlerâ⬠). Considering the length of Hitlerââ¬â¢s reign, he must have had leadership qualities that people found admirable or they feared him so greatly that no one would attempt to overthrowRead More Machiavellis The Prince Essay1225 Words à |à 5 Pages ââ¬Å"The state is the highest achievement of man, a progressive and elaborate creation of his free will. The individual, the leader, the people, cooperate in maintaining it.â⬠This idea of state was put forth by Niccolo Machiavelli in The Prince, which was in essence a rulerââ¬â¢s handbook to governing and maintaining his land. Machiavelli conjured his theories for government by basing his ideas in his belief that men , especially men in power, tend to follow the same directions, and therefore by lookingRead MoreEssay about Plato vs Machiavelli1052 Words à |à 5 Pageswhole was the main concern, and the ends always justified the means. Platoââ¬â¢s object was the creation of a utopian society--a civilization that abhorred war and centered itself upon moral virtue and honor. He saw war as evil; and evil was merely the failure of justice. He believed that there should be a standing army to defend the republic but that war for the sole purpose of waging battles was highly unjust. His utopian society was centered on creating society perfect; he sought to answer the probingRead More The prince Essay1526 Words à |à 7 Pages Niccolo Machiavelliââ¬â¢s ââ¬Å"The Princeâ⬠attempts to explain the necessary tactics and required knowledge a ruler must attain in order to gain and maintain a successful reign. The novel serves as an abstract manual, addressing the definition of a good/bad ruler by placing emphasis on the required military organization, the character a ruler must posses, and the success that could be attained if a ruler should follow the guide. The scope in which the book is written is that of a schol arly observant. MachiavelliRead MoreMachiavellian Rulers Are Focused on War in Machiavelliââ¬â¢s The Prince1077 Words à |à 5 PagesMachiavelliââ¬â¢s ââ¬Å"The Princeâ⬠brought up some controversial characteristics on what a Machiavellian ruler is. The characteristic that was most stressed was that ââ¬Å"A prince must have no other objective, no other thought, nor take up any profession but that of war.â⬠(Machiavelli 37). With a main focus on the art of war a ruler can protect the state he governs from attacks against him and his state. Machiavelli offers us an analogy to prove the importance of war. He speaks of two men: one armed and one unarmedRead More Relevance of Machiavelliââ¬â¢s The Princeto Todays World Essay1295 Words à |à 6 PagesThe Relevance of The Prince to Todays World The only way it was possible to get ahead was to be part of the inner circle.à It didnt really matter what the issue was or what sort of implications it carried.à All that mattered was knowing the right person, having the right information, making the right introductions, and going to the right parties.à The most valuable information was not necessarily something you knew about an enemy but something you knew about a friend.à Staff and advisorsRead MoreSocrates And Machiavelli : A Political Philosopher1666 Words à |à 7 PagesSocrates was a moral philosopher whose goal was to search for truth and knowledge, Machiavelli was a political philosopher whose goal was to create a lasting society with a Prince that could hold power. Because of their clashing ideals, it is unlikely that Socrates would be supportive of a Machiavellian political system or Prince, though there are specific aspects of the society that Socrates would find appealing. One thing that both Socrates and Machiavelli would agree on is that people have limitations Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-24727074012675033112019-12-08T20:09:00.001-08:002019-12-08T20:09:04.551-08:00Slowing US Economy Essay Example For Students Slowing US Economy Essay Thearticle titled Fed Unlikely to Alter Course by John M. Berry of the WashingtonPost takes an interesting look at actions that Alan Greenspan his colleges ofthe Federal Reserve have been taking over the last 9 months to slow the economicgrowth of United States. The astonishing growth rate of 7. 3% is fueled by aneconomy that is in the midst of a high tech revolution. The articlealso explores the contrasting view of other economists that say that the Fed hasincreased interest rates too much in its attempts to slow the economy. The meansby which Alan Greenspan and the Federal Reserve have chose to slow the economyis through a monetary policy, or more specifically, an increase in the nationalinterest rate. The article states that the Fed officials have come to abroad agreement that they will keep raising the rates until growth slowsto a more sustainable pace to make sure inflation stays under control. Because of the booming economy and the investment in the stock market theexchange of money has increased for goods and services, which in turn increasesthe price level or the quantity of money demanded. By increasing the interestrates the Fed commits itself to adjusting the supply of money in the UnitedStates to meet that rate at a point of equilibrium. If the interest rate isincreased, less goods and services are demanded, and therefore will slow downthe economy and reduce the rate of inflation. The article points out that asstock prices have risen over the last couple of years, so have Americanhousehold wealth and consumer spending. This is precisely the cycle thatFed officials want to interrupt to slow growth before it fuels more inflation.At the time this article was written the stock market prices had fallen sharplyespecially in the technology sector. But the Fed continued on the path to raiseinterest rates further noting that the index that they closely follow andcontains a broader rage of public traded US stocks, the Wilshire 5000, is up forthe year. Even though they began raising rates gradually 9 months ago, it takesalmost a year for the economy to feel the full effects. In this case the resultsof the interest rates increased could be felt as last as the second half of2000. Yet the economy has not slowed down, and the demand for goods and servicescontinues to increase as wealth does. One of the ideas that has been presentedto Greenspan by the fed officials was to take bigger steps in raising theinterest rates. They feel that this will decrease the money demand in a quickerfashion. In turn these actions will lead to lower consumer spending, and thusdecrease the inflation rate. However, because of the erratic patterns in todayshigh tech economy Greenspan is expected to stick to his pattern of more gradualincreases to the interest rate. Eventually when monthly loan payments increaseenough, consumers will back on purchases and investments. The article points outan example where the rate for a new 30 year fixed-rate home mortgage is up to8. 5% from 7.75% nine months ago in June. In the situation of a $150,000 homeloan, this new interest rate will add almost $100 to each monthly payment. Overtime the full effect of the interest rates will be felt. One economist, JamesGlassman of Chase Securities takes a different look at the new interest rate. Hepoints out that the rates that the Fed has set are fairly high in comparison tothe rate of inflation as it is currently in the United States. The formula thatGlassman follows examines the inflation rate when food and energy items areexcluded because they are so volatile. With these items removed the rate ofinflation in the US is less than 2%. .ueff442f07e84e39d4adbfc172f2621ae , .ueff442f07e84e39d4adbfc172f2621ae .postImageUrl , .ueff442f07e84e39d4adbfc172f2621ae .centered-text-area { min-height: 80px; position: relative; } .ueff442f07e84e39d4adbfc172f2621ae , .ueff442f07e84e39d4adbfc172f2621ae:hover , .ueff442f07e84e39d4adbfc172f2621ae:visited , .ueff442f07e84e39d4adbfc172f2621ae:active { border:0!important; } .ueff442f07e84e39d4adbfc172f2621ae .clearfix:after { content: ""; display: table; clear: both; } .ueff442f07e84e39d4adbfc172f2621ae { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ueff442f07e84e39d4adbfc172f2621ae:active , .ueff442f07e84e39d4adbfc172f2621ae:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ueff442f07e84e39d4adbfc172f2621ae .centered-text-area { width: 100%; position: relative ; } .ueff442f07e84e39d4adbfc172f2621ae .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ueff442f07e84e39d4adbfc172f2621ae .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ueff442f07e84e39d4adbfc172f2621ae .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ueff442f07e84e39d4adbfc172f2621ae:hover .ctaButton { background-color: #34495E!important; } .ueff442f07e84e39d4adbfc172f2621ae .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ueff442f07e84e39d4adbfc172f2621ae .ueff442f07e84e39d4adbfc172f2621ae-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ueff442f07e84e39d4adbfc172f2621ae:after { content: ""; display: block; clear: both; } READ: Egypt Essay As with other measurements, this rate canbe subtracted from the interest rates to find a real interest rate whichconsumers a paying. So in terms of 30-year home mortgage rate set at 8.5%, only6.5% of it is what the consumers are actually paying and the rest is accountedfor by inflation. Glassman goes further to point out that with inflationso low, wages arent going up all that fast. To be said more specifically,the interest rates are increasing faster than consumers wage increases. Thiswill eventually be felt in the tightening of the American economy. However withstock market fueling the incredible momentum Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-55983576265584189142019-12-01T07:51:00.001-08:002019-12-01T07:51:05.267-08:00The American Dream Essays (400 words) - The Great Gatsby The American Dream In The Great Gatsby, F. Scott Fitzgerald uses many repeated references to time in order to draw attention to the so-called American Dream, which is something Jay Gatsby sorely desires in this novel. Time is the most important motif in The Great Gatsby, the word itself appears 87 times! Gatsby is constantly striving to get back to that perfect moment in time is to recapture Daisy's heart. These time references are expressed through all the literary techniques. Some episodes which symbolize time are when Gatsby knocks over the clock and his list of famous party guests written on a timetable. Time itself is a dissolution, and therefore symbolizes the irony of the American Dream, another dissolution. As time passes, Gatsby and his aspirations for realizing this Dream seem to drift farther and farther apart. Others in the novel are striving for this patriotic goal as well. Myrtle (who's name is a noxious weed vine, that strives to climb) thinks she can find it through love; love of Tom Buchanan's money. The yellow-gold car that killed her (gold representing riches) is really her passion for all things materialistic shattering her dream. George Wilson, probably the most honest character in the book, also thinks the answer to finding the dream is love, but real love; for Myrtle, and himself. When he thinks Gatsby has killed his love, he kills him and then himself, knowing that his version of the dream is unattainable. The two people who truly appear to live the dream are Tom and Daisy. But they cheat on each other and have no love for one another. What kind of dream is that? Jay Gatsby threw extravagant parties in order to see Daisy, who never showed (But, then again neither did he). He peered out of his mansion, a mere copy of grandeur, and watched other dreamers pass their time.And as for time, the novel begins with the phrase: In my younger and more vulnerable years... and ends with ...borne bck ceaselessly into the past. Both emphasize the ignificance of time. The only compliment Nick ever pays tsby shows how the American Dream is not so valid in theGreat Gatsby. As Nick is leaving Gatsby's house, he shoutsfrom the lawn,They're a rotten crowd....you're worth thewhole bunch put together. l in all, time has eroded all these characters' perception of the American Dream. English Essays Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-11269017458741468342019-11-26T14:09:00.001-08:002019-11-26T14:09:04.619-08:00Free Essays on Effective Policingââ¬Å"Effective Policingâ⬠As times change, so do the methods of criminals. Police are always looking for the quickest and most efficient way to catch the criminals. After studying three different forms of policing which include foot patrol police and motor vehicle police I found that bicycle police are not only quick to apprehend criminals, but they also help prevent crime because of their visual presence and their ability to maneuver quickly also aids them. One growing trend in law enforcement today is the utilization of mountain bicycles for patrol duty. Mountain bikes are quiet, cost efficient, extremely effective and are able to bridge the gap between the police cruiser and foot patrol. Studies have shown that citizens are more likely to approach a bike patrol officer over an officer in a car. This optimizes the departmentââ¬â¢s philosophy of community policing. Bicycle officers are better able to use all their senses, including sight, smell and hearing, to detect and address criminal activity. For one thing, bicycles are quiet and can be deployed very quickly. Bikes can be operated on streets, sidewalks, alleys, trails, and in areas that are hard to reach in cars. Many times bicycle officers ride up on top of criminal activity in progress. Then escaping from the police becomes unlikely. The San Antonio Police Department implemented a bicycle patrol unit in 1990. The Downtown area of San Antonio is a high-populated area and has many activities and small business operating daily. The SAPD bicycle unitââ¬â¢s mission is to be a visible deterrent to crime and an approachable source of assistance and information within the downtown area of San Antonio. The bike unit patrols the heavily populated downtown area both night and day assisting tourists, conventioneers, and local office workers and shoppers. San Antonio host many big events in the downtown area. Bicycle officers are able to mingle easily with big crowds, and can see over the... Free Essays on Effective Policing Free Essays on Effective Policing ââ¬Å"Effective Policingâ⬠As times change, so do the methods of criminals. Police are always looking for the quickest and most efficient way to catch the criminals. After studying three different forms of policing which include foot patrol police and motor vehicle police I found that bicycle police are not only quick to apprehend criminals, but they also help prevent crime because of their visual presence and their ability to maneuver quickly also aids them. One growing trend in law enforcement today is the utilization of mountain bicycles for patrol duty. Mountain bikes are quiet, cost efficient, extremely effective and are able to bridge the gap between the police cruiser and foot patrol. Studies have shown that citizens are more likely to approach a bike patrol officer over an officer in a car. This optimizes the departmentââ¬â¢s philosophy of community policing. Bicycle officers are better able to use all their senses, including sight, smell and hearing, to detect and address criminal activity. For one thing, bicycles are quiet and can be deployed very quickly. Bikes can be operated on streets, sidewalks, alleys, trails, and in areas that are hard to reach in cars. Many times bicycle officers ride up on top of criminal activity in progress. Then escaping from the police becomes unlikely. The San Antonio Police Department implemented a bicycle patrol unit in 1990. The Downtown area of San Antonio is a high-populated area and has many activities and small business operating daily. The SAPD bicycle unitââ¬â¢s mission is to be a visible deterrent to crime and an approachable source of assistance and information within the downtown area of San Antonio. The bike unit patrols the heavily populated downtown area both night and day assisting tourists, conventioneers, and local office workers and shoppers. San Antonio host many big events in the downtown area. Bicycle officers are able to mingle easily with big crowds, and can see over the... Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-59247726036268611342019-11-22T21:32:00.001-08:002019-11-22T21:32:03.980-08:00Archetype vs. PrototypeArchetype vs. Prototype Archetype vs. Prototype Archetype vs. Prototype By Mark Nichol Whatââ¬â¢s your type? Archetype and prototype are both suitable matches for referring to an exemplar and then thereââ¬â¢s stereotype but among their senses are both similar and dissimilar meanings. Before we go into details, letââ¬â¢s look at the root word: Type (from the Latin term typus, ââ¬Å"image,â⬠ultimately derived from the Greek word typos, ââ¬Å"impressionâ⬠) is defined as ââ¬Å"a model,â⬠ââ¬Å"a distinctive sign,â⬠ââ¬Å"a set of distinguishable qualities.â⬠Idiomatic usage for the word includes ââ¬Å"type A personalityâ⬠(indicating a high-strung person, based on popular perception of a discredited psychological theory), ââ¬Å"casting against typeâ⬠(referring to when performers are selected for roles they donââ¬â¢t superficially seem suited for), and ââ¬Å"not my typeâ⬠(dismissal of another person because of personal incompatibility). In two senses, archetype and prototype are direct synonyms: They both mean ââ¬Å"original pattern or model,â⬠or ââ¬Å"perfect example.â⬠However, archetype (Latin, archetypum; Greek, arkhetypon), which literally means ââ¬Å"first model,â⬠also refers to C. J. Jungââ¬â¢s concept of an idea or image from the collective subconscious; it has a more intellectual connotation. The prefix arch- denotes the most accomplished or high ranking of a type (archrival, archvillain), as does the suffix -arch (patriarch, hierarch); -archy is the basis for terms describing a system of government (monarchy) or an organizational scheme (hierarchy). Interestingly, because the prefix was so often employed, as in the examples above, to describe a nefarious person, arch acquired an adjectival sense of ââ¬Å"mischievous, impudent.â⬠(The arch in, well, arch, referring to a structural member, has a different etymology and is akin to arc.) Prototype has the same literal meaning, but its primary sense is more utilitarian, referring to a standard configuration, the initial model of a constructed object, or an earlier version of an organism or a device. The proto- prefix is relatively obscure, occurring mostly in scientific terminology (protoplasm, ââ¬Å"beginning molding,â⬠and protozoa, ââ¬Å"beginning animal,â⬠are examples of its use most familiar to laypeople); the root word, as an integral part of a larger term rather than as a suffix, appears in protocol (from a Greek term meaning ââ¬Å"first sheet,â⬠referring to a code or convention dictating proper procedure). Stereotype means ââ¬Å"something that matches a fixed or universal pattern,â⬠but unlike the other terms, it usually has a negative connotation: It refers to an idea, carelessly formed based on ignorance or bigotry, that one class of people generally understands to be, well, typical of another class. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:7 English Grammar Rules You Should Know10 Techniques for More Precise WritingEmpathic or Empathetic? Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-85603201610165507882019-11-21T03:06:00.001-08:002019-11-21T03:06:07.574-08:00Space Shuttle Essay Example | Topics and Well Written Essays - 3750 wordsSpace Shuttle - Essay Example Nixon and vice president Spiro T. Agnew. They presented their objective after evaluating the previous studies related to shuttle science. First, to have a national space strategy and second, to build a space shuttle. The big question took place while the earliest development of space shuttle, the debate was about the optimal shuttle design with the purpose of best balanced capability, development cost and operating cost. Eventually the already existing design was selected, using a reusable winged orbiter, solid rocket boosters, and expendable external tank. The Shuttle program was officially commenced on January 5, 1972, just after the announcement that NASA would precede with the development of a reusable Space Shuttle system by President Nixon. The final design was less pricey to manufacture and less technically striving as compared to the earlier fully reusable designs. When the Apollo space program was about to finish, NASA officials were looking at the big picture of the American space program. They used one-shot, disposable rockets. All they wanted is a cost effective, reliable rocket and something which is reusable. This main idea of space shuttle being reusable was that it could launch like a real rocket but land like an airplane which would be considered as one of the greatest technical achievement. As soon as NASA began to study the ... President Nixon in 1972 announced that NASA would develop a reusable space shuttle or space transportation system (STS). Later it was decided that the shuttle would consist of an orbiter directly attached to the solid rocket boosters and also an external fuel tank. It was awarded the prime contract to Rockwell International. Then, spacecraft which were made used ablative heat shields that would burn away as the spacecraft re-entered the Earth's atmosphere. Where as, if the rocket is to be reusable it has to use the different strategy. So the designers and manufacturer of the space shuttle suggested an idea which was to use many insulating ceramic tiles to cover the space shuttle which could absorb the heat of re-entering without hurting the astronauts. As the shuttle was to fly like a plane (more like a glider), while landing. So a working orbiter was also built up for testing the aerodynamic design, but it won't go into the outer space. This orbiter was named the Enterprise afterwards it was known as the "Star Trek" starship. So this required test flights which Enterprise took care of the numerous test flights and landings, where it was launched from a Boeing 747 and glided to a landing at Edwards Air Force Base in California. At last, after many years of constructing and testing of orbiters, main engines, external fuel tanks and solid rocket boosters, the shuttle was ready to fly. There were total four shuttles made - Columbia, Discovery, Atlantis and Challenger. The first flight was of Columbia Space Shuttle in 1981, piloted by astronauts John Young and Robert Crippen. It was the successful flight which Columbia performed and later other shuttles made several successful flights. But Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-63233189597362045302019-11-19T12:34:00.001-08:002019-11-19T12:34:03.157-08:00Business Communications Essay Example | Topics and Well Written Essays - 2000 wordsBusiness Communications - Essay Example In the same manner the power point presentations devised by the managers to transmit a potential business message to the target business audience also gains effectiveness in that the same contributes in development of business or in meeting objectives relating to profit and business growth. Thus the information transmitted whether through media or through power point presentations must indeed be sensible enough in meeting the information needs of the target audiences to help achieve the end objectives. Thus Jerry Weissman is definitely right in putting the statement ââ¬Ëmedia sensibility applied to business communityââ¬â¢. Thus a power point presentation created by a business community needs to follow or satisfy certain salient points in order to become sensible in its approach. Here the power point presentation is to be considered as a potential medium like the broadcasting programs aired on television or radio through which the right and effective message needs to be conveyed to the target audience. Firstly the presentation must be prepared to render points in a clarified fashion to help the audience get a clear understanding of the message that is needed to be conveyed. Secondly apart from having clear points of view the presentation must also have clear benefits or positive attributes such that it contributes in the development of the present business situation. Thirdly it must be kept in mid by the presenter that the information need to possess a clear flow or structure to help the target audience grab the sequence of the information flow. Overlapping or leap in the flow of the information renders confusion to the information processing function and thereby distorts the meaning of the message conveyed. Similarly in the fourth case the power point presentation must not contain information that is irrelevant or excess in nature. Rather information rendered must be effectively evaluated as such that contributes in meeting the information objectives of t he end recipient. Finally the information rendered through the power point medium must not be over exhaustive. Rather the length of the message must be cut short to reduce the element of boredom relating to the end recipients. These things kept in mind would contribute in enhancing the efficacy of the power point presentations in acting as a potential medium for transmission of business messages to the target business audiences. Therefore an efficient presenter needs to effectively evaluate the information needs of the audiences and thereby streamline essential information to satisfy end needs and objectives (Weissman 1-10). The presenter while designing an effective power point presentation must endeavor to relate the concept and understandings of the different slides so as to convey a central meaning to the audiences. Each of the different slides presented tends to put in front of the recipients an entire new story or understanding. The recipient failing to relate the story or con cepts presented in each of the different slides happens to gain significant confusion about the total presentation. This failure of the recipients in availing a central meaning distorts the level of understanding of the recipients and thereby causes the rise of perceptual differences among the participants. Participants or recipients in the power point p Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-3883904428978622682019-11-17T01:05:00.001-08:002019-11-17T01:05:03.397-08:00Criminal Law Essay Example for Free Criminal Law Essay 1. What kind of strike does the law not allow to form the basis of self-defense claims? d. Preemptive Correct Question 2 The castle exception is an exception to what doctrine? a. the retreat doctrine Question 3 Which of the following cases involves the ââ¬Å"New York Subway Vigilante?â⬠c. People v. Goetz (1986) Correct Question 4 Most defenses are perfect defenses; if theyââ¬â¢re successful, defendants are c. acquitted. Question 5 The retreat requirement is weakest or nonexistent when persons are attacked b. in their own homes. Correct Question 6 The defense of consent recognizes the societal value of a. individual autonomy. Correct Question 7 A defense in which the defendant admits the act but claims that, under the circumstances, they arenââ¬â¢t legally responsible is called b. excuse. Correct Question 8 A defense in which the defendant accepts responsibility for the act but claims what they did was right is called a. justification. Correct Question 9 Circumstances that convince fact finders that defendants donââ¬â¢t deserve the maximum penalty for the crime theyââ¬â¢re convicted of are called c. mitigating circumstances. Correct Question 10 Which of the following never justifies the use of force against another person? a. retaliation Question 11 At the heart of the choice-of-evils defense is the necessity to prevent a. imminent danger. Correct Question 12 A person who was the initial aggressor can gain a lawful right to self-defense if they do which of the following from the incident they started? b. completely withdraw Correct Question 13 A person can use deadly force against an attacker whom the victim reasonably believes is going to cause them an injury less than death. The attacker is said to be threatening b. serious bodily injury. Correct Question 14 What is the heart of self-defense? a. necessity Correct Question 15 The general rule is that self-defense is available only against what type of attacks? b. Legal Question 16 Which of the following is a key requirement of the necessity defense? a. that no reasonable legal option exists for averting the harm Correct Question 17 The law of self-defense is undergoing b. major transformation. Correct Question 18 In some jurisdictions, a person must retreat before using defensive deadly force if a. he can with complete safety to himself and others. Correct Question 19 Defensive force may be used only if the threat or danger isà d. imminent. Correct Question 20 Evidence that doesnââ¬â¢t amount to a perfect defense might amount to an imperfect defense; that is, defendants are d. guilty of lesser offenses. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6949316653510247147.post-62771508205404975462019-11-14T13:36:00.001-08:002019-11-14T13:36:03.591-08:00Sleep Problems Essay -- essays research papers There are a wide variety of sleep problems in the world today. For example sleep apnea, snoring, sleepwalking, confusional arousals, sleep-related eating, sleep paralysis, nocturnal seizures, teeth grinding, Rapid Eye Movement (REM), and sleep talking. Many of these disorders can be damaging to your health, or might not effect you at all. Also, if one does have difficulties sleeping there are things that are recommended in order to get a good night sleep. à à à à à There are many different kinds of parasomnias. A parasomnia is a disruptence while you sleep. It has been proven that as one ages they are more likely to experience a number of brief arousals during the night. These arousals are often noticed if a person is crying or kicking around in bed. Usually the person appears awake, confused, and upset. They tend to push help away. An episode like this can range from a few seconds to a half an hour. When ended the person is usually calm, then wakes concisely, and then returns to sleeping. Sleepwalking is another common parasomnia. This is normally seen in older children. This is when a person gets up and walks around. They could just walk around the room, or could even walk around the whole yard. A sleepwalker could either return to bed, or wake up in a totally different part of the house. Sleepwalkers can carry on conversations, (that which may be difficult to understand) or even rearrange furniture. Nobody knows why, but usually sleepwalkers donââ¬â¢t inqu... Unknownnoreply@blogger.com0