Business analysis Essay Example | Topics and Well Written Essays - 1000 words

Business analysis - Essay Example The current ratio which is well above the benchmark of 1 should not be viewed as a healthy sign because the company is having major issues with its receivables and inventory management. The company has large amount of receivables pending resulting in high receivables days and the situation is the same for the company’s inventories. The company has good asset turnover but it is also declining over the period from 1993 to 1995. The company has a negative profitability in 1994 and 1995 because of its inability to generate profits. Though the company paid dividend in 1993 and 1994 the amount due from stockholders has been significant which could further dampen the company’s capital position. The financial ratios have been attached to this report as Appendix II. The company’s operating cash flow has declined sharply in 1995 leading to a negative figure of DM494,000 which surely have implications for the long term survival of the company if it is not able to recoup its business by altering its marketing and operating strategies. Marketing Analysis Haefren Baum is a home furnishing retailer which is engaged in selling high quality home furniture products of a German manufacturer Wiegandt GmbH Cologne. The understanding of the high-end furniture market suggests that the demand in this market is cyclical which is affected by two major factors – consumer buying confidence and also by the overall economic conditions. Due to the fall in the German economy during the year 1993 i.e. GDP indicated a negative growth of 1.2% the demand for furniture dropped and sales deteriorated. Haefren Baum’s sales also declined after 1993 showed as YoY decline of -19% (1994) and -5% (1995). In order to tackle the challenges the company cut down its pricing and also opened up new outlets Rhineland suburban areas however due to the competition attracting to the market it is difficult for a small retailer like Haefren Baum to survive for long as it is also fa cing problems with generating profits and maintain a strong cash position (Crane and Millett). Operations Analysis Since the company sells home furniture of Wiegandt GmBH Cologne therefore the amount payable to the company has reached DM 54,017.18. From the analysis it could be indicated that the operational efficiency of the company is becoming weak as the number of days that receivables are due for payment and the inventory held in its stock are increasing. Furthermore, the company is taking longer period to pay off its liabilities. The company has generated loss in 1994 and 1995 which suggests that the company is facing major difficulties in devising its strategies to coup up with the tough market conditions prevailing in Germany. Due to expansion of outlets the company’s borrowing has increased significantly and no positive outcome has been achieved. The credit department of the company must lay off loans and sell of non-profitable outlets to cut down pressure on its cash position. Appendix I: Cash Flow Statement Cash From Operating Activities 1994 1995 DM ‘000s DM ‘000s Net Profit -16 -55 -16 -55 (Increase)/Decrease in Receivables -386 35 (Increase)/Decrease in Inventory 8 -8 Increase/Decrease in Accounts Payables 8 88 Deferred Charges 32 0 Miscellaneous Accruals 74 -331 Current Maturities on Long-Term Debt 327 -223 Estimated Federal Income Tax -104 0 -41 -439 -57 -494 Cash Flow from Investing Activities Sale / (Purchase) of Net Buildings, Fixtures and

Strategies Of Teaching In Indian Higher Education Research Paper

Strategies Of Teaching In Indian Higher Education - Research Paper Example The scarcity in terms of infrastructure, education standards and some vital factors has instigated the door to be unlatched for the foreign universities. The Cardiff University (UK) in particular has been considered as the frame of reference in view of the spectacular learning ambiance. Cardiff University is not only known for the outstanding ranking in the UK but also for the global reputation in the research field and teaching. Having vast experience in the Cardiff University, it is really a wonderful opportunity on my part to deliver some worth mentioning narration of the education on the steadfast role. MBA by far is the most intriguing and lucrative post graduation course in recent years. It would really be an injustice to compare it with the other academic and professional course. The popularity that it has gained is enormous but definitely not valueless as it strives to blend just the right mix of the professional attitude in the future to be managers. MBA course tends to conv erge towards the professional atmosphere after the studies by enforcing the practical implementation of theoretical knowledge. It integrates the essence of the Cardiff Business School in Vidya Vikas University to reinforce a very strong global foundation for the business school in Indian territory. Part One starts with the evolution of the education system in India. This basically gives a brief history of Indian education system gradually transcending to the higher education system. Then the dissertation deals with the evolution of the global context with special reference to the US and UK education scenario, as the Church played a critical role in the development of education abroad.

PatientOS installation guide

PatientOS installation guide 1. Overview 1.1 Process The basic steps to installing PatientOS are divided into the backend system and front end client a) Backend System Install the PatientOS software base version. Install the PatientOS updater software. Install and create a PostgreSQL database version 8.2 or higher. Import the PatientOS database contents. Start the PatientOS application server. b) Frontend Client Install the PatientOS software. Install the latest software updates. Start the PatientOS client. 1.2 Definitions POS Refers to the PatientOS software as a system. Java Programming language developed by Sun PostgreSQL An Open Source (free) database server, an alternative Oracle, SQLServer, etc. Application Server The backend J2EE server which clients connect to. Client The rich (fat) client graphic user interface (GUI) with which the users interact. 2. Software Installation 2.1 PatientOS Download 2.1.1 Windows The PatientOS download is hosted at Sourceforge. Here is the direct URL Windows Base Install http://downloads.sourceforge.net/patientos/PatientOS-0.97-Setup.exe PostgreSQL Database Server Software http://downloads.sourceforge.net/patientos/postgresql-8.3.7-1-windows.exe PatientOS Demo Database Contents http://downloads.sourceforge.net/patientos/demo-0.97-database.zip http://downloads.sourceforge.net/patientos/demo-0.97-datafiles.zip Links from the website redirect to sourceforge where it is often difficult to find the download link look for the text use this direct link circled in red below. 2.2 PatientOS Base Installation 2.2.1 Installer Run the downloaded setup executable PatientOS-0.97-Setup.exe and follow the prompts a) Installer Language Selection The first language selection prompt is for the installer language not the PatientOS language. b) Destination Directory The destination directory defaults to Program Files. The directorys disk should reserve at least 750MB space for the installation. A client only install will require less space, the server will grow significantly larger. The target directory defaults to 0.97. It would recommended to install into a version agnostic directory such as C:Program FilesPatientOSdemo or C:Program FilesPatientOSproduction However for the rest of the document we will assume the path installed as C:Program FilesPatientOS.97 c) Startà  Programs By default the software shortcuts will be stored in Start à   Programs à   PatientOS à   0.97 2.3 PostgreSQL Installation 2.3.1 Installer Run the downloaded PostgreSQL installer postgresql-8.3.7-1-windows.exe Accept the default directory to install PatientOS into. The super user password is critical to remember or write down it is required to administer the databases. Use the default port 5432. Use the default locale. Press next and finish to install the database software. 3. Database Installation 3.1 Create Database Before the PatientOS can start properly a database is needed with a username and password the application server can connect to. There also needs to be PatientOS specific contents in the database. 3.1.1 PGAdminIII The PostgreSQL installation also installs a graphic tool to manager the PostgreSQL databases. Use Start à   Programs à   PostgreSQL à   pgAdmin III to start the tool. Double click on the single line PostgreSQL Database Server to connect to the database. You will be prompted for the postgres password entered during the PostgreSQL installation. 3.1.2 Create Database Login Select Login Roles and right click and choose New Login Role. Enter demopos for the username, password and check off all the privileges. 3.1.3 Create Database Select Databases and right click and choose New Database. Enter demopos for the database name and user name. The encoding will need to match the encoding selected for the installation. If you have an old installation need to drop the existing database. Stop the application server and execute the following commands. cd C:progra~1patientos.97serverdatabase C:progra~1postgresql8.3binpsql -U demopos demopos drop schema public cascade; create schema public; q 3.2 Import PatientOS Database Contents Load a Demo Database 3.2.1 Import PatientOS Demo Database and Demo Files The demo database has binary files that are database specific. Download and unzip the corresponding database files and database contents http://downloads.sourceforge.net/patientos/demo-0.97-datafiles.zip Unzip and overlay the files in the data directory C:progra~1patientos.97serverdata http://downloads.sourceforge.net/patientos/demo-0.97-database.zip Startà  Runà  cmd cd desktop C:progra~1postgresql8.3binpsql -U demopos demopos < demo_database.sql See forum for information on renaming the demo facility to a facility of your choice. 4. System Startup 4.1 Installation It is assumed that the Windows, Linux or other Installation Guide has been followed and that you have a) PostgreSQL database installed b) Import PatientOS database contents c) Installed the application server software d) Installed the client software 4.2 Application Server The application server is JBoss version 4.2.0 GA with the PatientOS specific libraries and configuration files. The application server is required to be running before the client can start. The application server can run on the same server as the client. 4.2.1 Appserver shell script The windows installation creates a script appserver.bat with a shortcut in Start à   Programs à   PatientOS à   à   Start Application Server (first) The working directory must be the same as the script. Start the application server. For a successful installation the last line printed to the shell is Instances Found 0 4.2.2 Service The application server runs perpetually and in a production setting should be configured as a service. The application server takes 20 seconds to start on a 2 ghz processor. Once started the server typically only needs to be restarted for upgrades. On windows this is the first time the server has been installed you may need to press Unblock for this dialog: 5. Client Startup The client can run on the same server as the application server by default. To have the client connect to an application server running on a remote host edit the shell server patientos.bat On windows right click on the shortcut called Start Client (second) and select Edit. This should open an editor where you can change the script. On linux cd /patientos/0.97/client/bin vi patientos.sh 5.1.1 Client shell script To connect to a remote host change localhost to the hostname or IP address of the server running the application server. 5.2 Login Login to the client with demo/demo to access the system as a privileged physician admin/admin to access the system as an administrator

Cold Mountain: Frasiers Archetypal Journey Essay -- essays research pa

The archetype of the journey is seen in Charles Frazier’s novel Cold Mountain, most clearly through experience Inman has wandering back to Cold Mountain. The journey archetype sends the hero in search of some truth to restore order and harmony to the land. The journey often includes the series of trials and tribulations the hero faces along the way. Usually the hero descends into a real or psychological hell and is forced to discover the blackest truths. Once the hero is at his lowest level, he must accept personal responsibility to return to the world of the living. Inman’s trip fits this description very well in some ways and not in others. It could be said that Inman’s search for truth is his desire to be back home. He has been disillusioned by the war. He saw horrible scenes daily and fought for his life. By coming home to Ada and his mundane life is a welcome constant for him in a world he has recently determined to be wild. He believed that once he had rea ched his destination, order in his personal world and soul could begin to return to normal. In accordance with the definitions of the archetype journey, Inman goes through a great deal angst and tribulations. He has practically starved many times, been mugged, and fired upon. This strife is culminated when he his betrayed and shanghaied, marched nearly to death, then shot and left for dead. He is buried with a thin layer of dirt in a mass grave, and spends half a day under ground with the dead. This is his low point, his personal hell. At this point he even considers not uncovering himself and allowing the easy death to occur. For such a logical and even headed man this is particularly extreme thought. But he eventually finds the will power to hoist himself out of the grave to once again take up road. Finally he gets to the house and restores order to his metaphysical kingdom, coming to terms with many of his thoughts. Ada goes through a more mental archetypal journey. She has to fi nd manageable independence, an aspect development of which she had always been deprived. Her low point was at the beginning of the book when she realized that she no longer had the money that once had enabled a work-free life style. At the beginning, she has no idea what to do or what she even wants. Once Ruby comes, she begins to come to important self-realization about the pettiness of her past life and how she is no lon... ... the greatest foils to each other. When one reads of Ruby’s extreme incredible work ethic and practicality in every matter, even towards bird-watching (she uses migratory patterns to plant seasonally), one understands that she has lived in harsh conditions and foolishness was not an option. Once contrasted with her father and his physically unproductive lifestyle, one may come to view her as a calculating robot. On the other hand, Stobrod may look as though he has a far worse work ethic than he actually does wen contrasted against his daughter. Similarly, this was the dynamic of Ada’s relationship to Ruby when Ruby was first introduced. Inman, the rational, moral, and selfless farmer boy and Veasy, the lecherous, self-centered preacher serve as foil to one another. When the pair is together Inman seems so strait laced and moral, thinking every aspect out well in advance, then taking the most sensible route. Veasy on the other hand is made to look even more of a lech erous buffoon, when he, who has just had relations with Laura Foster, solicits the massive Tildy for sex in the tavern while Inman, the lonely former-soldier who has not been with woman for a long time remains celibate.

Paragon Tool

Executive Summary Considering the situation that Paragon Tool is currently in, with uncertainty regarding company’s future, management in disagreement and the lack of tangible information regarding MonitoRobotic’s acquisition it is recommended that Paragon Tool, take a week, gather all of senior management and develop a concrete and agreed upon strategy regarding Paragon Tool’s future growth strategy. Once such a strategy is formulated, if the service business and MonitoRobotic’s fit with these plans, then Nickolas should take the next step in conducting the necessary due diligence to determine that the MonitoRobotic acquisition price and it’s culture will fit with Paragon Tools. Current Situation While Paragon Tool Company seems to be a healthy machine tool manufacturing company surviving in a tough industry, a primary concern for Nickolas Anaptyxi, CEO, is continued growth for the company. Paragon’s current tool manufacturing line is surviving in a fairly saturated market, but not exactly thriving. Mr. Anaptyxi’s primary goal since his start at Paragon is to grow the then small company through acquisitions. The company continues to fund more and more acquisitions while continuing to show diminished profits. While the CFO continues to debate with the CEO, Nick Anaptyxi, Mr. Anaptyxi’s strategy continues to be growth for Paragon through frequent acquisitions while continuing to show poor margins to investors. His belief is that the cost now will pay off in the future. The current situation that Paragon faces is that the recently added line of business of services (repairs, service calls, etc. ) has been experiencing losses which has been pulling down its previously well performing tool manufacturing line. Mr. Anaptyxi believed that a key way for this slow growing and cyclical company to grow and thrive in the difficult market is to expand its market base by offering a service line to complement its tooling business. The CEO has to explain to the company’s investors that it will take time for the company to see a return on its investment in the service sector. Potential New Acquisition In the interim, Paragon has been recently courting a technology company, MonitoRobotics, that focuses on the ability to identify manufacturing malfunctions much more quickly than before through the services of software and technology. While contemplating this relationship, it is made known to the CEO that a major competitor of Paragon is going in on a hostile bid for MonitoRobotics Company. The acquisition of MonitoRobotics would essentially double Paragon’s sales revenue collaborating on remote servicing technology for machine tools. A big plus is that this acquisition would give Paragon a presence in this type of robotic diagnostic business while at the same time, blocking a major competitor from doing the same. The CEO believes this collaboration would greatly benefit the growth of Paragon by offering this additional service to its customers. Mr. Anaptyxi now needs to step up his decision and make his next move. The company first needs to understand that this possible acquisition is more than just a move to attempt to grow sales revenue. It is more a strategy to reposition the company into a more profitable and growing line of business that compliments its existing tool manufacturing line. The company has to make sure it is making a well researched decision with sufficient due diligence versus making a knee jerk decision based upon the threat of the competitor’s impending hostile bid. They need to consider if the company has enough management support and staff to succeed at the overhaul of the company from manufacturing to technology. Executives need to not only be concerned about the investors’ position on the acquisition and continued diminished returns, but on the opinion and attitude existing staff has and their related motivation, whether the culture’s of the two companies can mingle into one. The top management is divided on their stance regarding the acquisition. An effort must be made to get the entire team on the same page or else, half of the team will lose their motivation regardless of the decision made. The acquisition has to be at a fair price and make business sense. Analysis must be done to make sure that Paragon’s existing service line will become profitable in the future, if not, the acquisition of an additional service line that may be unprofitable may mean death for Paragon. Details such as the acquisition costs and performance figures would have been welcoming information in determining if MonitoRobotics’ acquisition makes business sense. However given the lack there of, it is difficult to determine what kind of hardship the acquisition would be on Paragon. The description from the CFO makes it sound like it may be tough on the company’s capital if the deal where to go through. Although the CEO states that the CFO’s style compliments his own style, their differences in strategies and overall mindsets may prove disastrous for the company. The fact that the CFO thinks the company should consider selling of their existing services line while the CEO is talking about acquiring an entire company for their service lines makes not synergy between the two. They may spend more time spinning their wheels arguing over viewpoints than making progress in the company’s growth. Additionally, the CEO’s concern that he may lose the CFO if the deal is finalized should not be a showstopper for the CEO if the deal is in the best interests of the company. Recommendation Before a decision with such magnitude can be made, Paragon Tool must understand its current capabilities. After understanding what it’s management, financial and production capabilities are, then after determining the company’s growth strategy, Mr. Anaptyxi and the rest of Paragon Tool will know if MonitoRobotics is the right fit for Paragon Tool. There exists too much confusion and disagreement between management to make a decision, and even if Mr. Anaptyxi, were to force the acquisition upon his management, as it stands now, Paragon Tools lacks the management team to follow through on the merger process. While MonitoRobotics feels like a can’t miss opportunity, with the services business becoming a booming industry, there will be other opportunity to either acquire smaller service businesses or give time to grow the service business within.

China and Usa: a Comparison of Their Monetary Policies

University of International Business and Economics China and USA: A comparison of their Monetary Policies. Mid-term Project School of International Trade and Economics BY Rebecca Bogiri Professor: LIN GUIJIN Beijing, China 2 December 2009 China and USA: A comparison of their Monetary Policies. By: Rebecca Bogiri December 2009 Abstract The monetary policies of USA and China is analyzed here from the perspective of their implementing bodies, their choice of instruments, and their means of setting their interest rates. The analysis reveals that there are immense differences between the two countries resulting from the nature and degree of influence from their respective domestic political systems. The paper concludes that China has a complex political economy that represents a hybrid of private ownership and state control. Therefore unlike the USA, its monetary policies are subject to political influence. Keywords: Monetary policy; Monetary policy instruments; Balance Sheet; China; USA Author’s email: becky. [email  protected] com ContentsPage Abstract †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 1 Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 USA Monetary Policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 China Monetary Policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Comparison of China and USA’s monetary policies †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 9 Conclusion †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦. 10 References †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 1. Introduction Monetary Policy is the process by which the government, central bank, or monetary authority of a country controls (1) the supply of money, (2) the availability of money, and (3) the interest rate, in order to attain a set of objectives oriented towards the growth and stability of the economy. This paper refers the above theme to two countries: China and USA. As such, there are three broad objectives. The first is to discuss monetary policy generally as carried out in the USA. The second is to discuss monetary policy generally as it is carried out in China. The third is to compare and analyze the way monetary policy is implemented in the two countries. 2. USA Monetary Policy How is the Federal Reserve structured? The Federal Reserve System (called the Fed, for short) is the nation's central bank. It was established by the Federal Reserve Act[1] and consists of the Board of Governors in Washington, D. C. , and twelve Federal Reserve District Banks. The Congress structured the Fed to be independent within the government. Therefore although the Fed is accountable to the Congress and its goals are set by law, its conduct of monetary policy is insulated from day-to-day political pressures. This reflects the conviction that the people who control the country's money supply should be independent of the people who frame the government's spending decisions. What makes the Fed independent? Three structural features give the Fed independence in its conduct of monetary policy: the appointment procedure for Governors, the appointment procedure for Reserve Bank Presidents, and funding. Appointment procedure for Governors:  The seven Governors on the Federal Reserve Board are appointed by the President of the United States and confirmed by the Senate. Independence derives from a couple of factors: first, the appointments are staggered to reduce the chance that a single U. S. President could â€Å"load† the Board with appointees; second, their terms of office are 14 years–much longer than elected officials' terms. Appointment procedure for Reserve Bank Presidents: Each Reserve Bank President is appointed to a five-year term by that Bank's Board of Directors, subject to final approval by the Board of Governors. This procedure adds to independence because the Directors of each Reserve Bank are not chosen by politicians but are selected to provide a cross-section of interests within the region, including those of depository institutions, nonfinancial businesses, labor, and the public. Funding:  The Fed is structured to be self-sufficient in the sense that it meets its operating expenses primarily from the interest earnings on its portfolio of securities. Therefore, it is independent of Congressional decisions about appropriations. How is the Fed â€Å"independent within the government†? Even though the Fed is independent of Congressional appropriations and administrative control, it is ultimately accountable to Congress and comes under government audit and review. Fed officials report regularly to the Congress on monetary policy, regulatory policy, and a variety of other issues, and they meet with senior Administration officials to discuss the Federal Reserve's and the federal government's economic programs. The Fed also reports to Congress on its finances. Who makes monetary policy? The Fed's FOMC (Federal Open Market Committee) has primary responsibility for conducting monetary policy. The FOMC meets in Washington eight times a year and has twelve members: the seven members of the Board of Governors, the President of the Federal Reserve Bank of New York, and four of the other Reserve Bank Presidents, who serve in rotation. The remaining Reserve Bank Presidents contribute to the Committee's discussions and deliberations. In addition, the Directors of each Reserve Bank contribute to monetary policy by making recommendations about the appropriate discount rate, which are subject to final approval by the Governors. Objective of Monetary policy Monetary policy has two basic goals: to promote â€Å"maximum† sustainable output and employment and to promote â€Å"stable† prices. These goals are prescribed in a 1977 amendment to the Federal Reserve Act. In the long run, the amount of goods and services the economy produces (output) and the number of jobs it generates (employment) both depend on factors other than monetary policy. These factors include technology and people's preferences for saving, risk, and work effort. So, maximum sustainable output and employment mean the levels consistent with these factors in the long run. But the economy goes through business cycles in which output and employment are above or below their long-run levels. Even though monetary policy can't affect either output or employment in the long run, it can affect them in the short run. For example, when demand weakens and there's a recession, the Fed can stimulate the economy temporarily and help push it back toward its long-run level of output by lowering interest rates. That's why stabilizing the economy, or smoothing out the peaks and valleys in output and employment around their long-run growth paths—is a key short-run objective for the Fed and many other central banks. USA Federal Reserve – Balance Sheet |ASSETS |LIABILITIES |Gold and Foreign Exchange |Currency | | |Held by public | | |Vault cash | |Federal Reserve Credit |Bank Deposits | |Loans & Discounts | | |Government Securities | | |Other credits | | Source: Federal Reserve Bulletin, May 1996. Monetary policy instruments The Federal Reserve has three instruments for controlling the money supply. They are: 1. Open Market Operations 2. The discount rate; and 3. The required reserve ratio. When using Open market operations, the Fed buys or sells government securities to affect the leve l of the money supply. For example, if the Fed wishes to increase the money supply by $2 million, it will purchase government securities worth $ 2 million. The Fed’s assets increase by $ 2 million under the securities heading. In order to pay for the government security, the Fed writes a check on itself. In return for the bond, the seller receives a check instructing the Fed to pay the seller $ 2 million. The seller then takes the check to his bank, which credits the depositor with $ 2 million, and then deposits the check at the Fed. The bank has an account with the Fed, which is now credited with $ 2 million. Thus the Fed’s liabilities increase by $ 2 million under the heading of bank deposits, as the commercial bank has just increased its reserves by $ 2 million which are held by the first instance as a deposit at the Fed. Another monetary policy instrument used to affect the level of the money supply is the Discount rate, which is the interest rate charged by the Fed to banks that borrow from it to temporary needs for reserves. Increasing the discount rate discourages banks from borrowing from the Fed, while lowering the rate encourages banks to borrow from the Fed and thus increase the money supply. The required reserve ratio refers to the percentage of total deposits that the Fed requires individual financial intermediaries to keep at the Fed as reserves. The significance of the required reserve ratio is that it affects the money multiplier, and thus the level of the money supply. For example, if the Fed wants to increase the money supply, it can do so by reducing the required reserve ratio. Because there are now less reserves and more money is available for the banks to be able to meet their customer’s demand for cash. This increases the money multiplier, which also has a positive effect on the level of the money supply. Required reserves do not pay any interest, so increases in the required reserve ration has undesirable side effects on bank profits. Open market operations are nearly always the favored tool of choice by the Fed. The Fed Open Market Operations in 2008 summarizes all monetary policies and tools used by the Fed for that year. The two tables below shows the changes in the federal funds target rate, and the primary credit rate, and the interest paid on the required reserves and excess reserve balance.. These were operational measures taken by the Fed to influence the Federal funds rate. It is evident that the Fed rapidly and continually decreased the federal funds rate and the primary credit rate throughout 2008. Furthermore, on October 8th 2008 the Fed started to pay interest on despository institutions’ required and excess reserves balances as authorized to under the Financial Services Regulatory Relief Act[2]. [pic] [pic] 3. China Monetary Policy Body in charge of Monetary Policy: Monetary policy in China is conducted by the People’s Bank of China. Article 12 of the Law of the People? s Republic of  China  on the People? s Bank of China provides † the People? s Bank of China is to establish a monetary policy committee, whose responsibilities, composition and working procedures shall be prescribed by the State Council and shall be filed to the Standing Committee of the National People? s Congress. The Monetary Policy Committee shall play an important role in macroeconomic management and in the making and adjustment of monetary policy. â€Å" Rules on Monetary Policy Committee of the People? s Bank of China stipulates that the Monetary Policy Committee is a consultative body for the making of monetary policy by the PBC, whose responsibility is to advise on the formulation and adjustment of monetary policy and policy targets for a certain period, application of monetary policy instrument, major monetary policy measures and the coordination between monetary policy and other macroeconomic policies. The Committee plays its advisory role on the basis of comprehensive research on macroeconomic situations and the macro targets set by the government. The Monetary Policy Committee is composed of the PBC? Governor and two Deputy Governors, a Deputy Secretary-General of the State Council, a Vice Minister of the State Development and Reform Commission, a Vice Finance Minister, the Administrator of the State Administration of Foreign Exchange, the Chairman of China Banking Regulatory Commission, the Chairman of China Securities Regula tory Commission, the Chairman of China Insurance Regulatory Commission, the Commissioner of National Bureau of Statistics, the President of the China Association of Banks and an expert from the academia. The Monetary Policy Committee performs its functions through its regular quarterly meeting. An ad hoc meeting may be held if it is proposed by the Chairman or endorsed by more than one-third of the members of the Monetary Policy Committee. Objective of Monetary policy: The main objective of the Chinese monetary policy is to maintain the stability of the value of the currency (the Renminbi), and thereby to promote economic growth. People’s Bank of China – Balance Sheet ASSETS |LIABILITIES | |Credits to FI |Deposits of FI | | |Central Bank Reserves | | |Excess Reserves | |Foreign Exchange Reserves |Central Bank Bills | |Securities |Deposits of Treasury | | |Currency in Circulation | Source: AE502 Macroeconomic Analysis Monetary Policy Instruments The People’s Bank of China in conducting Monetary policy has several instruments at its disposal which include: 1. The reserve requirement ratio 2. The Central Bank base interest rate 3. Rediscounting 4. Central Bank Lending 5. Open Market Operations 6. Other policy instruments as specified by the State Council In essence, the monetary instruments listed above correspond to the descriptions given under the Fed’s monetary policy heading. However, the main tool of choice for the PBC is the reserve requirement ratio. For example, in the PBC 2008 Annual Report on Monetary Policy it was reported that in order to sterilize excess liquidity in the first half of 2008, the reserve requirement ratio was decreased cumulatively by 3 percentage points on 5 occasions. Furthermore, a lower required reserve ratio was applied to rural credit cooperatives (RCCs) and financial institutions in the quake-hit areas. Furthermore, in the second half of 2008 with the heightened international turmoil and in order to ensure ample liquidity in the banking system, the PBC further reduced the required reserve ration of financial institutions on another four occasions resulting in a cumulative decrease of 2 percentage points for large financial institutions, and a cumulative decrease of 4 percentage points for smaller financial institutions. According to PBC calculations, by the end of 2008 a total of 800 billion yuan of liquidity was released into the economy. The choice of the reserve requirement ratio as the mail policy instrument is not coincidental to China which runs a high current account surplus. There is a large and growing demand for the RMB, and to maintain the RMB at the desired level the PBC issues RMB to meet this demand thereby increasing the money circulating in China. To keep inflation and economic growth under control, the PBC sterilizes its foreign exchange market interventions by buying back some of the RMB it issued to buy US dollar. In particular, it does so by selling low yield government securities to state-owned banks. So far, the banks have been able to absorb those low yield bonds in part because the interest rates paid on them bank deposits are also maintained at artificially low rates. Nonetheless, the increases in foreign reserves are not fully neutralized. Over the last five years broad money supply in China has been growing at above 15% per annum while real economic growth has averaged about 10. 5%. [3] Furthermore unlike more developed market economies, China is reluctant to raise domestic interest rates to slow its domestic growth. Doing so might mean attracting more capital inflows, which would in turn, require further money issuance to stabilize the exchange rate. That is precisely why the PBC instead changes the reserve requirement ratio on an ongoing basis to control the expansion of money and credit. 4. Comparison of China and USA’s monetary policies There are three main differences between China and the United States where monetary policy is concerned: independence of the monetary policy implementing body, choice of instruments to use in implementing monetary policy, and direct or indirect means of setting interest rates to effect monetary policy. Furthermore, these three differences are inter-related and country specific. The first major difference between the Federal Reserve System (the Fed) and the People’s Bank of China (PBC) concerns their independence from national politics. The intention of Congress when designing the Federal Reserve Act was to keep politics out of monetary politics. The Fed is totally independent of other branches and agencies of the government. Furthermore, it is self financed and therefore is not subject to the congressional budgetary process. On the other hand, the PBC is not independent from national politics in China. The PBC reports directly to the State Council which serves as China’s cabinet as well as its highest executive body. Moreover, monetary policy in China is aimed at limiting the appreciation of the renminbi (RMB), while eeping economic growth at a sustainable pace and inflation under control plus preserving a fragile banking system. The Fed in contrast implements a monetary policy that has a dual objective of maximum employment and price stabilit y. The second difference regards the choice of the monetary policy instruments used by the Fed as opposed to the PBC. The choice of instruments used in implementing monetary is essentially the same, except that the PBC has the an additional instrument; namely â€Å"additional instruments as specified by the State Council. † It is therefore no surprise that this ‘extra instrument’ arises from the lack of independence on the part of the PBC. The third difference between the Fed and the PBC lies in the way they set the interest rates. The Fed sets its federal funds rate indirectly by setting a specified target rate and then using the the tools of monetary policy (open market operations, discount window lending, and reserve requirements) to achieve that target rate. As a result, the changes in the federal fund rates trigger a chain of events that affect other short term interest rates, long term interest rates, the amount of money and credit in the economy, plus other macro-economic variables such as employment, growth and the prices of goods and services. In contrast, the PBC has a direct influence on its interest rate because of the extra instrument described above. Because there is provision for other policy instruments as specified by State Council, this allows the PBC to set interest rates directly, and thus have a direct impact on the its balance sheet. 5. Conclusion There are major differences in monetary policy and central banking in China and the USA. China has a complex political economy that represents a hybrid of private ownership and state control. Therefore, the PBC’s monetary policies, choice of instruments and methods of implementation are quite different from that of the Fed. Monetary policy in China aims at curbing the appreciation of the RMB while keeping economic growth at a sustainable pace, inflation under control, and preserving a fragile banking system. This is contrasted with the Fed’s monetary policy with the dual objective of maximum employment and price stability. Different monetary policy objectives, coupled with the degree of political independence on the part of the Fed and the PBC greatly influence the choice of instruments used and the method of implementing monetary policy in the two respective countries. 6. References Federal Reserve Bank of New York Domestic Open Market Operations During 2008 Federal Reserve Bank of New York: â€Å"Annual Report Domestic Open Market Operations during 2008† Federal Reserve Statistical Release 19 November 2009 Ian Sheldon, â€Å"US-China Trade Policy: Who gains from a rise in the Yuan? † at http://aede. osu. edu/programs/Anderson/trade Luc de Wulf and David Goldsbrough, â€Å"The Evolving Role of Monetary Policy in China†, IMF Staff Papers WP/04/125 Michael Moskow and Cathy Lemieux â€Å"China up close: Understanding the Chinese economy and financial system†, at www. chigacofed. org People’s Bank of China Monetary Policy Annual Report 2008 Peter Stella, â€Å"The Federal Reserve System Balance Sheet: What Happened and Why it matters† IMF Staff Papers WP/09/120 Financial Services Regulatory Relief Act 2006 (USA) Federal Reserve Act 1913 (USA) Law of the People’s Republic of China on the People’s Bank of China 1995 (China) http://www. frbsf. org/publications/federalreserve/monetary/structure. html http://www. pbc. gov. cn/english/huobizhengce/MPC. asp http://en. wikipedia. org/wiki/Monetary_policy ———————– [1] 1913 [2] 2006 [3] China close up (2008)

Commonly Confused Word Pairs in English

Commonly Confused Word Pairs in English Here, from our Glossary of Commonly Confused Words, are 20 tricky word pairs that look and sound alike but have different meanings. (For examples and practice exercises, click on the highlighted words.) Advice and AdviseThe noun advice means guidance. The verb advise means to recommend or counsel.All Together and AltogetherThe phrase all together refers to people or things gathered in one place. The adverb altogether means entirely or wholly.Baited and BatedA hook, witness, or animal is baited (lured, enticed, tempted). Breath is bated (moderated).Cite and SiteThe verb cite means to mention or quote as an authority or example. The noun site means a particular place.Complement and ComplimentComplement means something that completes or brings to perfection. A compliment is an expression of praise.Discreet and DiscreteThe adjective discreet means tactful or prudent self-restraint. Discrete means distinct or separate.Eminent and ImminentThe adjective eminent means prominent or outstanding. Imminent means impending, about to occur.Flair and FlareThe noun flair means a talent or a distinctive quality or style. As a noun, flare means a fire or a blazing light. Similarly, the verb flare mea ns to burn with an unsteady flame or shine with a sudden light. Violence, troubles, tempers, and nostrils can flare. Formally and FormerlyThe adverb formally means in a formal way. The adverb formerly means at an earlier time.Hardy and HeartyThe adjective hardy (related to hard) means daring, courageous, and capable of surviving difficult conditions. The adjective hearty (related to heart) means showing warm and heartfelt affection or providing abundant nourishment.Ingenious and IngenuousThe adjective ingenious means extremely clevermarked by inventive skill and imagination. Ingenuous means straightforward, candid, without guile.Lightening and LightningThe noun lightening means making lighter in weight or changing to a lighter or brighter color. Lightning is the flash of light that accompanies thunder.Mantel and MantleThe noun mantel refers to a shelf above a fireplace. The noun mantle refers to a cloak or (usually figuratively) to royal robes of state as a symbol of authority or responsibility.Moot and MuteThe adjective moot refers to something that is debatable or of no practical importance. The adjective mute means unspoken or unable to speak. Prescribe and ProscribeThe verb prescribe means to establish, direct, or lay down as a rule. The verb proscribe means to ban, forbid, or condemn.Rational and RationaleThe adjective rational means having or exercising the ability to reason. The noun rationale refers to an explanation or basic reason.Shear and SheerThe verb shear means to cut or clip. Likewise, the noun shear refers to the act, process, or fact of cutting or clipping. The adjective sheer means fine, transparent, or complete. As an adverb, sheer means completely or altogether.Stationary and StationeryThe adjective stationary means remaining in one place. The noun stationery refers to writing materials. (Try associating the er in stationery with the er in letter and paper.)Track and TractAs a noun, track refers to a path, route, or course. The verb track means to travel, pursue, or follow. The noun tract refers to an expanse of land or water, a system of organs and tissues in the body, or a pamphlet containing a declarat ion or appeal. Whose and WhosWhose is the possessive form of who. Whos is the contraction of who is.

buy custom The Health Insurance Portability and Accountability Act essay

buy custom The Health Insurance Portability and Accountability Act essay Since its enactment in 1996, The Health Insurance Portability and Accountability Act have had a profound impact in various domains of the United States healthcare system. Its main role is to protect the privacy of protected health information. This law establishes guidelines that control the sharing of protected health information. Chemical dependency counselors, just like other health professionals collect medical information as well as demographic information from individuals who use their services. This information is classified as Protected Healthcare Information (PHI) which contains individually identifiable health information (Root, 2002). PHI includes demographic information such as an individuals contacts, address, national security number, gender and date of birth in addition to healthcare information. PHI can be communicated in any form; written, spoken, electronically, etc. This paper expresses my views on the HIPPA rules apply to documentation in the field of chemical dep endency counseling. Client record The HIPPA rules require that counselors establish and maintain a client record for every client at the instance of first service delivery. The client record should contain demographic information that identifies the client. After the initial service delivery, the counselor should record the assessment results which include the diagnosis, the clients statement of their problem and the care plan. Further, there should be documentation of all services provided and their times, duration, delivery modes and the state of the client during the time of services discontinuation. There are requirements that counselors maintain a record of al payments received form clients and the charges billed to the counselors (Krager Krager, 2008). These entries should be authenticated. In the case of electronic records, a digital authentication key should be used to authenticate the records. Corrections of entries are required to be marked through with a single line and signed by the counselor. In my view, the stringent record keeping requrements are necessary to avoid documentation problems in the course of the counselors engagement with a client. These rules ensure that documentations are accurate and reflect on the actual situation. Inaccurate documentation is potentially detrimental to the success of a clients treatment plan. In situations where a change of counselor occurs, accurate information should be passed to the next counselor. In case of inaccurate documentation, the counseling plan can be wrongly administered to the client resulting into wastage of time, resources and efforts. Worse still, the customer is left in a worse state than he/she was in before the counseling sessions. The problem of improper documentation is especially harmful to the chemical dependency counseling field due to the nature of psychological treatment plans that require good planning and continuity. Privacy protection HIPAA rules require that the counselor protects client information from unauthorized disclosure. The HIPAA rules stipulate that the client and the counselor have to sign HIPAA agreement papers before commencement of their sessions. The papers are a statement of privacy practices of the facility where the counselor operates. This statement specifies how the counselor can use the information provided in the clients personal file. It also specifies third parties that are allowed to use this information, if any. The counselor and medical staff under him/her are required to sign the agreement at least once annually as an assurance of their awareness of privacy laws, their understanding of the same and their readiness to upholding these laws. In my view, the protection of privacy as provisioned in the HIPAA laws is very important to the client and the entire medical fraternity. Ensuring that this information is only used for the correct purposes that do not jeopardize the normality of clients life is of paramount importance. If shared, chemical dependency issues might lead to unfair discriminations from various quarters of life such as employment and education. People with addictions can be helped out of their preddicaments with proper counseling and guidance. It is therefore unfair to expose such persons to discriminatory treatment that might result from sharing of their personal and medical information. Therefore the HIPAA rules are important in protecting people with chemical dependency issue. They ensure that such people are protected by the law and they get a chance to live just like other people while dealing with their addiction problems. Other issues surrounding HIPAA In addition to client record and protection of private information, there are other issues surrounding HIPAA laws and chemical dependency counseling services. The requirement that counselors keep all the client data helps in coordination of that clients healthcare with other specialists if need when need arises. Such coordination would not be quick enough and efficient if proper client records are not properly kept. This is also helpful in sharing of information with family and friends, and other people that clients deem necessary. There is a need to ensure that HIPAA rules do not hinder the sharing of medical and personal information where it is necessary to do so for various reasons. For instance, a family discovered that their old neighbor was exhibiting signs of mental breakdowns. On taking him to the hospital, treatment was administered to him and since his neighbors were not legally allowed to access his health and personal information, they had to leave him under the care of healthcare providers. With time they could not trace the old man, and despite their goodwill, they were kept away from helping their old neighbor. I therefore find it necessary for HIPAA laws to be amended to allow such concerned parties have access to specific client information, as long as their sincerity can be verified. In conclusion, I believe that the documentation requirements as imposed by the HIPAA rules are largely beneficial, not only to the client but also to other concerned parties. It enhances quick and efficient counseling services and privacy protection for chemical dependency counseling services. Buy custom The Health Insurance Portability and Accountability Act essay

How to Make Hydrogen Gas (4 Methods)

How to Make Hydrogen Gas (4 Methods) Its easy to generate hydrogen gas at home or in a lab using common household materials. Heres how to make hydrogen safely. Make Hydrogen Gas - Method 1 One of the easiest ways to obtain hydrogen is to get it from water, H2O. This method employs electrolysis, which breaks water into hydrogen and oxygen gas. water9-volt battery2 paperclips Unbend the paperclips and connect one to each terminal of the battery.Place the other ends, not touching, into a container of water. Thats it!Youll get bubbles off both wires. The one with more bubbles is giving off pure hydrogen. The other bubbles are impure oxygen. You can test which gas is hydrogen by lighting a match or lighter over the container. The hydrogen bubbles will burn; the oxygen bubbles will not burn.Collect the hydrogen gas by inverting a water-filled tube or jar over the wire producing the hydrogen gas. The reason you want water in the container is so you can collect hydrogen without obtaining air. Air contains 20% oxygen, which you want to keep out of the container in order to keep it from becoming dangerously flammable. For the same reason, dont collect the gas coming off both wires into the same container, since the mixture could burn explosively upon ignition. If you wish, you can collect the oxygen in the same way as the hydrogen, but be aware this gas is not ve ry pure. Cap or seal the container before inverting it, to avoid exposure to air. Disconnect the battery. Make Hydrogen Gas - Method 2 There are two simple improvements you can make to improve the efficiency of hydrogen gas production. You can use graphite (carbon) in the form of pencil lead as electrodes and you can add a pinch of salt to the water to act as an electrolyte. The graphite makes good electrodes because it is electrically neutral and wont dissolve during the electrolysis reaction. The salt is helpful because it dissociates into ions which increase the current flow. Tools: 2 pencilssaltcardboardwaterbattery (could go as low as 1.5 V with the electrolyte)2 paperclips or (better yet) 2 pieces of electrical wire Steps: Prepare the pencils by removing the erase and metal caps and sharpening both ends of the pencil.Youre going to use the cardboard to support the pencils in the water. Lay the cardboard over your container of water. Insert the pencils through the cardboard so that the lead is submerged in the liquid, but not touching the bottom or side of the container.Set the cardboard with pencils aside for a moment and add a pinch of salt to the water. You could use table salt, Epsom salts, etc.Replace the cardboard/pencil. Attach a wire to each pencil and connect it to the terminals of the battery.Collect the gas as before, in a container that has been filled with water. Make Hydrogen Gas - Method 3 You can get hydrogen gas by reacting hydrochloric acid with zinc. Zinc Hydrochloric Acid → Zinc Chloride HydrogenZn (s) 2HCl (l) → ZnCl2 (l) H2 (g) hydrochloric acid (muriatic acid)zinc granules (or iron filings or strips of aluminum) Hydrogen gas bubbles will be released as soon as the acid and zinc are mixed. Be very careful to avoid contact with the acid. Also, heat will be given off by this reaction. Homemade Hydrogen Gas - Method 4 sodium hydroxide (found in certain drain clog removers)aluminum (included in the drain removal products or you can use foil) Aluminum Sodium Hydroxide → Hydrogen Sodium Aluminate2Al (s) 6NaOH (aq) → 3H2 (g) 2Na3AlO3 (aq) This is an extremely easy method of making homemade hydrogen gas. Simply add some water to the drain clog removal product! The reaction is exothermic, so use a glass bottle (not plastic) to collect the resulting gas. Hydrogen Gas Safety The main safety consideration is making certain hydrogen gas isnt allowed to mix with oxygen in air. Nothing bad will happen if it does, but the resulting air-hydrogen mixture is much more flammable than hydrogen on its own because it contains oxygen, which acts as an oxidizer.Store hydrogen gas away from an open flame or another ignition source.

Healthcare Ethics Discussion Forum Essay Example | Topics and Well Written Essays - 500 words

Healthcare Ethics Discussion Forum - Essay Example Performing an abortion in respect of the patient’s autonomy would be legally wrong for the reason that abortion is against the law, situation that will amount to professional misconduct as indicated by Botes. According to the nursing code of ethics, a patient has a right to make decisions on the choice of treatment, medical procedures and any form of care to be provided. It is the duty of every nurse to respect that right, hence, in this case disregarding the patient’s autonomy (wish to have an abortion done) may be regarded as unethical as stipulated in the nursing code of practice. Turning her away is no better than negligence in case she ends up executing her plans in the backstreet. Supposing the nurse was to turn away the patient and the patient then goes ahead to have the abortion unprofessionally done from illegal centers, then the nurse can be charged with negligence or medical malpractice if the patient suffers any harm.

COPORATE FINANCE Essay Example | Topics and Well Written Essays - 3500 words

COPORATE FINANCE - Essay Example This capital need not be paid back to the investors as long as the company is in existence. Thus, equity source is the least risky source of fund from the view point of borrower. At the same time, when the company makes huge profit, the profit left after meeting all obligations might be distributed among the equity shareholders, and this is the most appealing factor of equity capital. That does not mean that company has to distribute capital whenever it makes residual profit (profit left after making all other payments). The decision to distribute or not to distribute divisible profit is ultimately taken by the Board of Directors. The return to ordinary shareholders (dividend/cost to the company) is paid after meeting all payments like dividend to preference share holders and interest payments to debenture holders and other long term suppliers of funds. Financial needs are continuous for any growing firm. As the needs for expansion and diversification enhances these days. This capital can come from debt or equity. When companies can finance themselves with either debt or equity, certain questions arise. Is one better than the other' If so, should firms be financed with all debt or all equity' If the best solution is some mix of debt and equity, what is the optimal mix' It is generally understood that the optimal capital structure of a firm is the composition of debt and equity which results in the minimum cost of capital. But the determination of an optimal capital structure is not an exact science. Firms have to first analyze a number of factors such as the firm's business risk, its need for financial flexibility, shareholder wealth maximization, survival against competition, assurance of a steady source of funds, acquisition and maintenance of a good rating in the market, profitability, and growth rate before deciding upon an app ropriate capital structure. All these factors are a pointer to one important fact, that, companies will have to search for the right capital structure which enhances firm value while minimizing costs. The capital required for investment, while often scarce, can be generated from a variety of sources. How firms choose among these various sources and why, have been the source of much debate in financial literature. Many theories have been developed to show the relationship between capital structure and firm value. There are different views on how capital structure influences firm value. Some authors argue that there is no relationship between capital structure and the value of the firm, whereas others hold that financial leverage has a positive effect on firm value. There are also some who take the intermediate approach that financial leverage has a positive effect on the value of the firm that is only up to a certain point and thereafter there will be negative effect, another contention that, other things being equal, the greater the leverage, the greater the firm value. According to the net income approach when leverage varies, the cost of debt and the cost of equity remain unchanged. Therefore, the weighted average cost of capital declines as leverage increases and the value of the firm will increase. Under the net operating income approach, the overall capitalization rate remains constant for all degrees of leverage and therefore, the value of the firm will remain unchanged.

Personal statement (uni application) Example | Topics and Well Written Essays - 500 words

(uni application) - Personal Statement Example The combinations of these elements in a design give it distinctiveness. Interior design seeks to reflect the esthetic value of things in the environment. Personally think there is more to interior design than acquiring the perfect art piece or choosing the most color palette. It requires skill and precision in understanding a clients design needs. The work of an interior designer should ultimately give any space purpose and tasteful value. Interior design is human-centered. It requires consultation with both the client and the architect to have a clear understanding of the intended space for designing. Additionally, there is more to interior design than making spaces attractive. The interior designer adds functional value and creates efficiency and safety to an area to improve the quality of the working and living milieu. Ensuring harmony with the principles of design amounts to the success of interior design. The principles of interior design are unity, balance, proportion, emphasis, similarity, contrast, and hierarchy. Balance ensures equilibrium in a design that may be symmetrical or asymmetrical. Primarily, any design plan ought to have unity in all its elements. The interior designer must create a design by referring to the most vital parts first in a hierarchal process. Scale emphasizes on the size of the items in question. A focal point should always dominate the design with both contrast and magnitude. Fusing similarity and contrast give an allure of life and excitement to a design. In summary, the reason I like interior design, is that from my childhood days, I have always loved designs in rooms and the functional value that it adds to a chamber. I am passionate about designing rooms so that they become more appropriate for the purpose. I need to augment my skills and add more knowledge in the topic as I pursue a career in interior design. Interior design is intrinsic and has a lifetime upshot on the lives of everyone in

Analysis and design of concrete pavements Research Paper

Analysis and design of concrete pavements - Research Paper Example Concrete pavements are durable surfaces that are laid down on roads and walkways primarily to sustain vehicular or foot traffic. Throughout the history, Concrete has always been as one of the most durable, cheap and reliable materials for conventional pavements found in the highways, streets, airports as well as residential and business parking areas. This is particularly attributed to the various properties of Concrete such as workability, strength and durability. For example, apart from offering the best riding surface, concrete is also widely believed to be economical, durable and sustainable solution for most surfaces (Shackel, 2008) Generally, there are currently two main methods of making concrete pavements namely the slip form and the fixed form paving. In the slipform paving method, machine usually rides on the treads over a particular area to be paved before fresh concrete is deposited on the paved surface. Next, a paving machine is then used to spread, screed and consolidate the concrete into a continuous operation. On the other hand, fixed-form paving involves setting and aligning stationary metal forms on solid foundation and then rigidly staking them. Concrete is then spread using a mechanical spreader before it is consolidated, finished and cured. After putting the finish to the concrete pavements, joints are should be created in order to help control cracking as well as to provide a system of relief for the potential concrete expansion due to moisture or temperature changes. In most cases, joints are usually created by sawing. Lastly, the surface is then textured before the concrete is completely dry in order to provide some form of skid resistance. Thickness of concrete pavements should be designed such that the stress and strains developed is less than allow able measurements gotten from prior performance information. The design of the pavement must keep moisture out of the sub base, capping, and subgrade

Budget Essay Example | Topics and Well Written Essays - 1000 words

Budget - Essay Example ncreased interest in research on this topic, and to analyze whether the current approaches of budgeting hinder the effectiveness of modern organizations. Dynamic Business Environment: The present business environment presents a very dynamic situation in front of the managers. In this scenario, budget is seen as a constraint rather than as a planning tool. As a result of this dynamic business environment, the relevancy of the budget is very short lived. Budges result in centralization of the decision making process. This delays the decision making and reduces and organization’s ability to respond to changing environment. The concept of how a successful company operates in the information age is shifting from â€Å"make-and-sell† to â€Å"sense-and respond† (Haeckel, 1999). Budgeting done in isolation: Many managers who are against budgeting believe that budgeting encourages a myopic planning horizon indicating a delinking of the budget and strategy (Shastri, 2008). Budgets are done in isolation and are not aligned to company strategy and goals. Moreover, the budgeting horizon is not linked to the business cycle resulting in long budgeting periods in rapidly changing industries and short budgeting periods in extremely dynamic industries. Hinders Innovation: The bureaucracy and controls created as a result of the budgeting process stop the culture of challenging the status quo. Most of the units focus on operating within the budget thereby reducing the chances of innovation. Most of the subunits focus on operating within their own budgets and hence do not take innovation as a philosophy (Hope and Fraser, 2001). Expensive: It is often argued that the budgeting process followed at organizations is inefficient. This results in the wastage of time of the senior management. Budgeting is also an expensive exercise in terms of capital required for the budgeting purpose. Sophisticated Budgeting Techniques: With the drawbacks of the budget and the budgeting techniques,

Educational Research. Correlational Research From Other Types Of Assignment

Educational Research. Correlational Research From Other Types Of Research - Assignment Example Klimstra et al. also sought to clarify several inconsistencies that had been found by other studies before, but not researched (Klimstra et al. 150). This study sought to examine the manner in which formation of identity in adolescents can be described best using self-report surveys. The study by Klimstra et al. follows almost the exact organization as that in the survey research from the text. First, the study has a purpose statement discussed above, it also has a problem statement, which is whether the formation of identity in adolescents is best characterized by stability or change; as well it has an abstract in the beginning. The collection of data in the two studies was similar in that the participants were asked to fill out questionnaires that would be analyzed later. In addition, the analysis of data involved the use of scales, although the scales were different in both studies. While the sample study in the text used the Likert Scale, the Identity Formation in Adolescence: Ch ange or Stability research study used the Utrecht-Management of Identity Commitments Scale. 2. What differentiates correlational research from other types of research? A common thing among all the correlational research studies is the fact that they are involved in the exploration of relationships between different variables. This differs from the descriptive research, since the descriptive research only describes what happens or what is going on. ... rrelational research also differs from the causal-comparative research, as the correlational researcher is attempting to measure the nature of variable relationships, rather than a cause and effect relationship (Mertler & Charles 256). For instance, a correlational research study could conclude that there was a correlation between violence among family members and ice-skating. While this may seem strange, it is true that there is a correlation, rather than a relation. As more individuals are involved in ice-skating in the United States, there is more violence among family members. The question, however, that this research poses is whether these findings are indicative of the fact that ice-skating causes violence among family members, for instance, whether people who have some bad time on the ice rink take it out on family members. In addition, could it be that violence with a family member caused one to feel the need to go out and skate the whole day? The truth is that none of these variables leads to the other; they are simply correlated. Every time that people go out to skate, there is an increase in violence among family members. On the other hand, it is also possible to predict that every time violence among family members goes down, it will lead that there will be fewer people at the local ice skating rink. What exists is a hidden link that binds these two variables together; which itself is a third variable, which, in this case, is winter. As people spend more time at home in winter, violence among family members goes up while more people also tend to go ice-skating in winter. 3. What are the principal data sources in experimental and quasi-experimental research? Quasi-experimental and experimental research designs are used for systematic observation of the

Budget Essay Example | Topics and Well Written Essays - 1000 words

Budget - Essay Example ncreased interest in research on this topic, and to analyze whether the current approaches of budgeting hinder the effectiveness of modern organizations. Dynamic Business Environment: The present business environment presents a very dynamic situation in front of the managers. In this scenario, budget is seen as a constraint rather than as a planning tool. As a result of this dynamic business environment, the relevancy of the budget is very short lived. Budges result in centralization of the decision making process. This delays the decision making and reduces and organization’s ability to respond to changing environment. The concept of how a successful company operates in the information age is shifting from â€Å"make-and-sell† to â€Å"sense-and respond† (Haeckel, 1999). Budgeting done in isolation: Many managers who are against budgeting believe that budgeting encourages a myopic planning horizon indicating a delinking of the budget and strategy (Shastri, 2008). Budgets are done in isolation and are not aligned to company strategy and goals. Moreover, the budgeting horizon is not linked to the business cycle resulting in long budgeting periods in rapidly changing industries and short budgeting periods in extremely dynamic industries. Hinders Innovation: The bureaucracy and controls created as a result of the budgeting process stop the culture of challenging the status quo. Most of the units focus on operating within the budget thereby reducing the chances of innovation. Most of the subunits focus on operating within their own budgets and hence do not take innovation as a philosophy (Hope and Fraser, 2001). Expensive: It is often argued that the budgeting process followed at organizations is inefficient. This results in the wastage of time of the senior management. Budgeting is also an expensive exercise in terms of capital required for the budgeting purpose. Sophisticated Budgeting Techniques: With the drawbacks of the budget and the budgeting techniques,

Critique of Gallery Shows of Asian Art Essay Example for Free

Critique of Gallery Shows of Asian Art Essay Asian art can refer to the vast genre of art and artists throughout the Asian continent. The history of Asian art is as varied as the cultures that make up this region of the world. From ancient bronze sculptures in India to the Manga cartoons of Japan, each country has a distinctive perspective on the world around them. In this paper I will look at three proposals for gallery shows of Asian art, each completely unique in their view of Asian culture. The first group looks at â€Å"Pop culture in Asia† focusing on the works of artists Wang Guangyi, Satoshi Kon, Takashi Murakami, and Basak Aditya, as well the art of Japanese tattoos. Organizing such conflicting works together seems disjointed and lacking coherence. Indeed the idea of Pop culture in Asia could be defined in multiple ways, but this grouping lacks consistency and logic. Works by Wang Guangyi, Satoshi Kon and Takashi Murakami, each with their pop art style and references, would be a good match for a show focusing on pop culture. Wang Guangyi reinvents propaganda posters from the 1960’s and 70’s into capitalist propaganda posters, using the same triangular composition and palette. Takashi Murakami is known for his sculptures of highly stylized cartoon or invented characters, referring to the popular culture of Japan or contemporary films. Satoshi Kon is a director of animated films that are loaded with Japanese cultural references and symbolism. I believe the work of these three artists would have been enough for a succinct show of Pop culture in Asia. The addition of the works of Basak Aditya and Japanese tattoos makes this grouping lose its focus. Although the work of Basak Aditya, with his poetic landscapes and dream-like portraits, is interesting, it is not a good fit because they are too personalized and make no references to the pop culture of India. And finally the addition of Japanese tattoos just seems like an arbitrary decision. Although some tattoos may have pop cultural references, the inclusion of photographs of skin art is incompatible with the cohesion of the first three artists in the grouping. The next group â€Å"Art and Power† successfully showed a variety of artwork that represented power throughout the ages. Beginning with paintings from the Chinese era of emperors and using concise language to demonstrate their interpretation of power. This group then looks at the brass and copper sculptures of Buddha, Shiva, and Jambhala, clearly demonstrating the power of religion in the regions of Tibet and India. Next are a grouping of decorative and ceremonial items from Korea, signifying the power of the ruling and upper-classes of ancient Asia. This grouping ends with a group of painting and sculpture of samurais and two thangka paintings. The overall consistency of the objects and paintings used for this grouping makes for a successful exhibition. All the works chosen were clearly indicative of power in this well organized grouping. Finally the last group chose â€Å"Asian Animation† as a theme. Again this is a clear and well put together group of mostly Japanese cartoons and figures. This group first looks at the work of Satoshi Trajiri, and the media franchise of Pokemon. This group clearly spent time on creating colorful cartoon-like backgrounds to add to their clear, well planned presentation. They then look at the illustration work of Akira Toriyama and his colorful, well defined sharp edge illustrations. The group then looks at toys and costumes that are created from these cartoons and comics, again using a similar background to unify the presentation. Although some of the content is repeated at the end of the grouping, the overall vision of presenting these comics and cartoons as art forms is cohesive and easy to understand. The group points out how important comics as an industry is to Japan and their cultural affects throughout the world.

Operations Management Of The Hotel Industry

Operations Management Of The Hotel Industry With the increasing sophistication of hotel guests and patrons, the continual improvement of hospitality services towards the attainment of unparalleled excellence in the business remains the only edge the hotel has to sustain its position if not attain the leadership in the industry. By adopting the ISO 9001:2008 framework, the acculturation of a learning organization into the consciousness of each employee of the hotel shall provide the impetus to strive and be better in providing service to hotel guests and patrons. A Quality Management System or QMS will govern the conduct of each of the hotels front liners. The QMS shall also provide the parameters for quality service while performance monitoring of each of the processes shall be through the process key performance indicators. Any flaw or parameter that fails to satisfy the accepted threshold of the performance indicator shall be subject to a root cause analysis to determine a corrective or preventive solution. The QMS requires regular review to ensure that the organization remains focus and faithful to its objective. The hotel employees performance shall be subject to evaluation by using the key performance indicators root cause analysis. For QMS, the hotel guests or patrons feedback, comment or opinion is accorded greater weight as it will not only change how the hotel will conduct its business but it will equally show how the hotel value their guests and patrons point of view with regard to the hotels operation. Contents Executive Summary 2 Contents 2 Introduction 4 METHODOLOGY 5 THE HOTEL 5 Design 6 Supply 7 Planning 7 Shop-floor control 8 The environment 8 Technology 8 The Hotels CUSTOMER SERVICE 9 CUSTOMER SERVICE Challenges 11 Summary 12 Bibliography 13 Introduction Revenue in a Hotel business shall anchor on two factors, namely: (1.) level of occupancy or guest traffic that includes patrons to its facilities, and (2.) Efficiency and Quality of its services (Cornell University, 2010). Thus, among other industries in the world, the Hospitality industry remains dependent on the market pulse and good business sense. Good business sense refers to the operation strategy and business strategy that would result to operation efficiency and quality service. The marriage of technology and human ingenuity are very much apparent in the hotel industry by deploying an Enterprise Resource Planning system. As applied to the hotel industry, it would ensure excellent customer experience from their reservation up to their next visit. The deployment of a Customer Relationship Management System would ensure that all issues are addressed and monitored and shall similarly ensure that the business is properly guided on how to become customer centric. However, technology will not work on its own as its success will be dependent on the employees who use the system and those who will execute the work instructions recommended by the system. A framework that will capitalize on the strength of the employee enabled by technology shall be the onus of this paper. The sole purpose of which is to ensure the customer focused operation of the hotel while practicing processes that feed on continual improvements to manage the bottom line. Using these strategies, Leadership in the industry and profitability should not be far behind. METHODOLOGY The valuable discussions in Operation Management have been the inspiration by this writer to seek out more knowledge in pursuit of excellence. Thus, it led to the discovery that the concepts presented herein have been in existence for some time, and various authors not only wrote extensively on the subjects but they have exhaustively been part of its continual improvement so to speak. Capitalizing from the experiences of these management gurus and the erudite deliberation in Operations Management this author therefore recommend a more comprehensive examination of the Hotels Customer Service. Using the ISO 9001:2008 Quality Management System framework, this author shall discuss the merits and wisdom of its implementation in this paper in support of the Hotels operation and primordial goal. It is ideal to implement the quality management system in all the processes of the Hotel to ensure that there will be no gap that can dissuade if not prevent the Hotel from being the center for customer service excellence. The ISO 9000 Quality Management System have previously been regarded as applicable only to the manufacturing industry since it normally refers to the quality in the creation of a product. However, in ISO 9001:2008 Quality Management System the word product can alternately refer to as service  [1]  . The hospitality industry has long been recognized a service-oriented industry (Ramaswamy). Its main product is unlike any other industry since its product is the service provided by the hotel employees. The quality metrics of hospitality service is equal to the amount of satisfaction of each customer multiplied by the number of customer over a period of time. THE HOTEL The hotel is a five star hotel that is highly profitable and popular privately owned located in the center of an international city with a high level of tourist traffic, particularly international tourists. It boasts of a two hundred fifty suites, two dining rooms, one of which offers a standard menu and seats three hundred people while the other seats only a hundred but it offers discriminating a la carte choices for an upscale market. The hotel also has two cocktail bars; one that is publicly accessible from the streets while the other is for hotel guests only however both are open to guests and non-guests alike. The hotel is home to three kitchens, with the two serving the two dining rooms while the third serves the three function rooms rented for parties, weddings, conferences and other similar events. The function rooms seat fifty, two hundred and one thousand, respectively while each function room can have their own bars if required. The hotel similarly provides other facilities that would include a swimming pool, gym, sauna and a car park with one hundred and fifty private bays. The hotel employs both permanent full-time and part-time contract workers. Each area has its own supervisor, with qualified and experienced managers overseeing the supervisors for the respective departments. As indicated, not only does the hotel enjoy a modest profit from its operation, it boasts of a decent amount of guest and patron traffic from its hotel and facilities operation. Design Designing a particular type of service impacts the hotels customers to enrich their stay or their hospitality experience is a practical application of this concept as described by Slacks and Johnston in 2004. To illustrate: the design process in the formulation of a process that will provide returning guests with discounted rates if they return during the off-peak or lean days will ensure occupancy during the lean months and expand marketing exposure. Supply Raw materials used as ingredients to hotel food are sensitive to spoilage and contamination thus it is important to manage its handling from delivery, storage and inventory. The release of the goods from storage should be strictly enforced and implemented through proper tagging and warehousing strategy. To illustrate; Meat products can last for a certain period through refrigeration but must also consider volatility and seasonality to its supply. The system predicting the usage of the hotel base on its routine consumption and the scheduled events shall either place an order or forego an order automatically and later implement First-in-first-out in the warehouse with the use of the inventory tag. Planning Planning within the context of the hospitality industry often relates to Business Planning. Case in point, the hospitality business is sensitive to the time of the year particularly its occupancy. From July to August is normally the time when air travel is at its busiest due to the summer vacation in the United States and some countries. Hotels outside the United States that are vacation destinations of Americans are at its busiest. However, during the lean months, when occupancy is at its lowest, hotel managers and administrators creativity are normally put to test. To illustrate a viable business strategy during the lean months is to pre-sell the room through discount cards. The concept is to sell discount cards at a price of one or two nights stay that will be availed only during the lean months. Modest discounts may be availed by cardholders including the facilities or services offered by the Hotel. The card shall expire within one year from its issuance to give the hotel the opportunity to sell continuously the unoccupied hotel rooms during the lean months. Shop-floor control Shop floor strategies include Job and shift Scheduling, housekeeping, Process improvement and increasing process efficiency in the context of providing quality service. ISO 9001:2008 has closed the gap between a tangible product and service that both demand quality. According to the system, the best way to ensure quality service is to identify focus areas, then to provide measurable targets that are congruent with the focus areas goals. The environment Some hotels realize their impact to the environment of the local community and as part of their strict adherence to their corporate conscience social responsibility often adopts a sound environmental management system. Not only would this comply with the international initiatives regarding environmental concerns but in practice, this will also respond well to its corporate social responsibility initiatives. Technology The use of technology to lower the cost of operation through the automation of processes and increase the security at the hotel is a strategy that does not normally provide a tangible and visible result overnight. To illustrate: Supply Chain Management as envisioned is a technology driven strategy that will ensure that raw materials used as ingredients for food do not spoil or do not get contaminated. The strategy requires inventory immediate tagging in each delivery. By providing secure keys to every guest, a hotel management system would be able to adjust the room temperature and the Air Handling Unit load depending on the rooms that have activated keys. Using the secure keys inserted in its slot will enable the system to determine the additional load needed for the air conditioning requirement instead of the Air Handling Unit continuously operating even without any guest inside is a waste of energy. The Hotels CUSTOMER SERVICE The hotels customer does not start becoming a customer when he finally pays the initial down payment for a room or service, he does not start becoming a customer at the instant he shows up at the hotels premises or orders his first drink from the bar. A guest or patron starts becoming a customer as soon as he says the first word to any of the hotels staff, telemarketer or even parking attendant or valet (Borsenik Stutts, 1997). Ergo, all aspects of the hotels operation almost concern itself with customer service. Customer service is not merely providing the hotels service to the guests or patron, it is making sure that the customer is satisfied and fulfilled in the usage of the facilities including their encounter with the hotels staff (Michelli, 2008). Therefore, all processes that will affect the customer directly or indirectly are customer service providing processes. To illustrate the reservation clerk represents the hotel as its first liner when the customer called in to reserve a room or book the one of the services of the hotel. A pleasant conversation would result to immediate booking and a not so pleasant conversation is the loss of a potential client. The interaction with the valets or the parking attendants may be the second encounter of the hotel with its customer. The next would be the door person, the front desk, the concierge, the room boy, the hotel cleaners and then floor security for hotel guests. While for those partaking and enjoying the services of the Hotel would be entertained from the door person by the receptionist and then the floor manager or the facilities attendant. The guests would then be interfacing next with the waiters if they were at the bar or restaurant, the lifeguard for the swimming pool and fitness instructor for the gym and sauna. To illustrate the indirect service providers in the Hotel that ensures not only the satisfaction of the guests or patron they themselves are responsible for the behind the scene hospitality experience. These would include the kitchen staff that would include the chef and those responsible for preparing the food. The engineer that ensures the temperature of the pool and the gym is optimal or the safety engineer monitoring the safety levels at the sauna, the hallway and lobby temperature. The indirect service providers also include the cashiers that provide the correct change and charges, the security guards that ensures the safety of the guests and the surrounding. This also includes the janitorial staff that ensures the health of the guests by making the immediate surrounding garbage or dirt free. The processes that govern the operation and performance of the customer interaction of the services provided as described shall be the focus of the Quality Management System framework of ISO 9001:2008 (International Organization for Standardization, 2008). Aligning with the Vision, Mission, Values and Strategy of the Hotel the Quality Management System framework will allow the Hotel to define its own Quality Mission Statement that states the personality of the hotel. Each of the processes followed or implemented by the process owners as described above that interacts with the Hotels guests, patrons or customers, in general, shall be covered by the Quality Mission Statement. Juxtapose with the Quality Missions Statement aligned processes, Key Result Areas will be developed will remain the targets of the processes. The Key Result Areas should be customer centric and should work towards the attainment of the best hospitality experience of the guests or patrons as provisioned by the Hotel. In order to measure the success of the process owners in achieving their key result areas, metrics in the form of key performance indicators for each process are to be developed. To illustrate: The valet service is often neglected by most Hotels but its importance and the opportunity it presents to save the Hotels image from the customers bad experience from the services of the hotel is precious being the last process the customer has to go through before leaving the hotel. The possible key result area for the valet services could be the immediate return of the guests vehicle to him. The key performance indicators could be the amount of time it will take the valet to retrieve the car and return it to the owner. The idea would be the shorter the amount of time it takes to retrieve the car the more satisfied the customer would be. CUSTOMER SERVICE Challenges Cultural Sensitivities The primary challenge in any customer service is the differences in the personality or origins of the guests. Cultural sensitivities often create friction between the service provider and the customer. To illustrate: in the west shaking the head from side to side often means no, however in some culture particularly the Indian culture it means yes. Gender and Other Sensitivities At times, being chivalrous is being sexist while being helpful to people with disabilities is being offensive. A balance and clear criteria are should be studied depending on the area where the Hotel is located so as not to compromise quality service with sensitivities. Summary The hospitality industry has evolved from an industry that only provided board and lodging to transient travelers in the previous century to an actual destination that offers a myriad of services to weary travelers and to vacation and relaxation seekers. The Quality Management System as enabled by technology should provide the edge to the hotel in terms of managing its bottom line from the business perspective while also providing the framework in determining the best way to service its guests and patrons. The Quality Management System therefore will equally define the customer centric culture of the hotel geared towards providing the best, if not one of the best hotel experience to its guests. The continual improvement concept of the Quality Management System will engender excellence in the very fiber of the hotels staff. The key performance indicators shall provide the metrics to gauge the efficacy of the process including the performance of its employees. The root cause analysis as well as the development of the corrective and preventive solution is essential to the concept. One of the virtues of ISO 9001-2008 Quality Management System is that it would let the hotel develop its own Quality Management framework as derived from the hotels unique culture. The hotel shall not only reflect its personality but it shall be the driving force towards excellence in customer service. The commitment to customer service as driven by the Quality Management System shall therefore be personal not only for the organization, but also for the individual employees.

Investors and Hedge Funds Essay -- Business, Investment

Are hedge funds suitable for retail investors? There are many different reasons that mankind save and invest for. Generally, pension fund is the best choice for investors who are not keen to take risks. The pension fund is by far the highest number of investment that is low risk for many people. However, the pension fund is low return as well. â€Å"At annuity rate 8% of per annum (p.a.), a pension of  £20,000 a year requires a pension fund of  £250,000† (Redhead, 2008:1). In 1949, the first hedge fund was created by Alfred Jones. However, over the past 5 years, the expansion of the hedge funds is really incredible. According to the published statement, there was an increase in the number of hedge funds from 1,435 to 2,073 in 2005. Furthermore, in globally, the estimation of hedge funds is around 12,000 in 2006 (Strachman, 2007). Making a great deal of return in every market is an objective of hedge funds, that being able to make profit in any conditions whether positive, negative or stable. Hedge funds are usually a small private group which is suitable for wealthy people who accept high risk and keen to accept limitless liabilities for losses (Liang, 1999). The investment skills of the hedge funds managers may relate to the performance of hedge funds rather than market performance. Hedge funds use flexibility of investment strategy and style and also seek optimistic profits with irrespective to the way of markets. Short-selling, leverage and derivatives are often used by the managers of hedge fund. Flexibility, self-rule with admiration their investment plans and secrecy are desired by the most of hedge funds managers (Redhead, 2008:351). Shleifer and Vishny (1997) mentioned that the investors, invested in hedge funds, who ign... ...ured by kurtosis and skewnessâ€Å"(Redhead, 2008: 356). Gregoriou (2002) achieved with a survival study of hedge funds. It evaluates the possible life of whole and surely looks for the affected factors of the length of its life. He estimated that the mean life of them was 5.5 years. It also has several related factors which linked with long life such as large size, high returns low leverage, and low minimum purchase requirements. Because of poor performance was major cause to make the hedge funds be defunct initially. Baquero et al. (2005) also informed that great hedge funds with high returns were a reduced amount of result probable to pay a debt. As a result, investors who are investing with the hedge fund should deeply learn and concentrate on information of hedge funds’ life because the funds cannot be withdrawn throughout investment (Redhead, 2008:355). Investors and Hedge Funds Essay -- Business, Investment Are hedge funds suitable for retail investors? There are many different reasons that mankind save and invest for. Generally, pension fund is the best choice for investors who are not keen to take risks. The pension fund is by far the highest number of investment that is low risk for many people. However, the pension fund is low return as well. â€Å"At annuity rate 8% of per annum (p.a.), a pension of  £20,000 a year requires a pension fund of  £250,000† (Redhead, 2008:1). In 1949, the first hedge fund was created by Alfred Jones. However, over the past 5 years, the expansion of the hedge funds is really incredible. According to the published statement, there was an increase in the number of hedge funds from 1,435 to 2,073 in 2005. Furthermore, in globally, the estimation of hedge funds is around 12,000 in 2006 (Strachman, 2007). Making a great deal of return in every market is an objective of hedge funds, that being able to make profit in any conditions whether positive, negative or stable. Hedge funds are usually a small private group which is suitable for wealthy people who accept high risk and keen to accept limitless liabilities for losses (Liang, 1999). The investment skills of the hedge funds managers may relate to the performance of hedge funds rather than market performance. Hedge funds use flexibility of investment strategy and style and also seek optimistic profits with irrespective to the way of markets. Short-selling, leverage and derivatives are often used by the managers of hedge fund. Flexibility, self-rule with admiration their investment plans and secrecy are desired by the most of hedge funds managers (Redhead, 2008:351). Shleifer and Vishny (1997) mentioned that the investors, invested in hedge funds, who ign... ...ured by kurtosis and skewnessâ€Å"(Redhead, 2008: 356). Gregoriou (2002) achieved with a survival study of hedge funds. It evaluates the possible life of whole and surely looks for the affected factors of the length of its life. He estimated that the mean life of them was 5.5 years. It also has several related factors which linked with long life such as large size, high returns low leverage, and low minimum purchase requirements. Because of poor performance was major cause to make the hedge funds be defunct initially. Baquero et al. (2005) also informed that great hedge funds with high returns were a reduced amount of result probable to pay a debt. As a result, investors who are investing with the hedge fund should deeply learn and concentrate on information of hedge funds’ life because the funds cannot be withdrawn throughout investment (Redhead, 2008:355).