Capacity Planning and Management Case Study Example | Topics and Well Written Essays - 1250 words

Capacity Planning and Management - Case Study Example Further, there is likelihood that the human resource issues in relation to the implementation of the new facilities may arise. It has been noted that the facility decision involves the subjects such as finance, marketing, human resource, accounting and engineering. Therefore, there is requirement of the cross-sectional teams in facility decisions. Balancing Supply And Demand In order to describe the aggregate planning process, the sales and the operation planning (S&OP) can be used. It can be stated that S&OP tends to match the demand as well as the supply by making use of the cross-functional team approach. The diverse cross-functional team tends to meet the general manager for discussing on the sales forecast along with the supply plan and thus take the necessary steps to balance the supply and demand. Role of Aggregate Planning The main task of the aggregate planning is to equalize the supply along with demand of the outputs within the medium-term range. Since the demand of the pr oduct seems to be uncertain and fluctuating, with the help of the aggregate planning the general output level for the medium-term future is set. It is not only the yield level that is planned with the help of the aggregate planning method of the operations management but also aggregate planning method tends to determine the suitable resources input mix that can be utilized. It can be stated that the main objective of the aggregate planning is to achieve a plan of production that can make optimum exploitation of the resources of the organization for the purpose of satisfying the expected demand. By making utilization of the ‘level strategy’ and the ‘chase strategy’ or the blend of the two, a firm is able to meet the aggregate demand in the medium-term (Pan & Kleiner, 1995). Material Requirements Planning and Enterprise Resource Planning It can be stated that the manufacturing organizations are required to handle the complexities since there are few thousands of the products, parts, processes and uncertainties that they need to manage. However, it would not be sensible to reveal that there are not any possibilities to manage the uncertain situation. With the assistance of the computerized planning as well as control system named as material requirements planning, it is possible to manage any kind of situation. On the other hand, ERP (Enterprise Resource Planning) is also a significant aspect in operations management. ERP is generally a company wide resource planning system utilized for the purpose of planning along with the controlling of the resources MRP can be utilized to assist the managers to keep the record of the orders via the manufacturing process and thus assist in moving the accurate amount of the material to the production department (Scarlett, 2006). It can be identified that there is requirement of the five elements to make the MRP successful. The five elements are: execution planning, exact data, adequate computer system, and management support and users knowledge. It can be stated

Land Law and Professional Advice Essay Example | Topics and Well Written Essays - 1000 words - 1

Land Law and Professional Advice - Essay Example However, it can be seen that there is some contribution from her in the land as she helped to â€Å"prop up the business and the farm†. In Jones v Kernott2, the male spouse left the house and stopped paying the bills and the mortgage. In his absence, his wife bore all the expenses. It was held that the wife had an equitable interest in the house and on the basis of equity; the share was 90:19 between the two. But in Lloyds Bank plc v Rosset3, upon sale by the husband who was the sole owner, the wife’s claim to a beneficial ownership was rejected despite her having made contributions in the improvement of the land. Therefore, Andrea’s contribution in the improvements to the land would be regarded as de minimis. From Fred’s letter to his wife, it can be construed that he did not want to authorize Andrea to make negotiations regarding the sale of the farm. Since Fred never really put Andrea’s name in the deeds and now the Land law emphasises on the nee d of putting such agreements into writing, Andrea could not have passed the title to Rachel Buchanan. From another point of view, since Andrea borrowed a â€Å"vast† sum of money from her father, it can be construed that she had made a big investment in the farm and her contribution might not be regarded as de minimis. From the judgement of Stack v Dowden4, it might be construed that Andrea had developed a constructive trust in the farm. This would enable her to transfer her equitable interest to Rachel Buchanan in the farm as seen in Chinn v Collins5. Therefore, Rachel now holds an equitable interest in the farm transferred to her from Andrea. Fred still has his interest and rights regarding the farm. Rachel mentions in her letter that there was an extremely valuable Georgian sun-dial in the garden. Andrea has taken the sun-dial and left the plinth. Rachel wants the sun-dial back. The contract was between Rachel and Andrea. At that time, Rachel had not seen the estate. Hence , she did not know that there was a sun-dial on the estate and it was not essential to her prospective business either. In Berkley v Poulett6, the seller had removed some pictures and a sun-dial. The buyer sought recovery of those items. It was held that the sun-dial was not a fixture and was affixed for mere enjoyment. The seller was entitled to remove it at any time as he pleased. Similarly, Andrea is entitled to have the sun-dial in her possession as it did not form a part of the contract and Rachel had no knowledge of its existence at the time of the contract. Rachel can have the plinth and it might be regarded as a fixture since it might do some damage to the land upon its removal. From Matthew Williams’ letter to Fred, it can be easily construed that Fred had completed the contract of transfer of the extension to the Hopgood farms to Matthew. The legal requirements are fulfilled and everything has been put into writing. Mathew is now entitled to obtain possession of the land and Fred is holding the land for him. However, a letter from Beryl Stanforth, the owner of Grange Farm, to Fred suggests that she has an equitable interest in the land and her permission is required to lease the land. Mathew has written in his letter that when he went to the estate, he had an encounter with Beryl. This means that he could have made

Diabetes Essay Example | Topics and Well Written Essays - 2750 words

Diabetes - Essay Example It was observed that the patient was obese. It was reported that he suffered Head and neck-mild bleeding of gums with tooth brushing. The patient’s chest and abdominal examination was conducted. It was found that his chest and abdominal examinations were normal. The patient was not suffering from any genital problems. At his feet his skin was dry with calluses on the medial side of the big toes. The nails of the patient were normal. His pulses measured were strong and equal. Sensation was normal to 10g monofilament. History of Present Illness Alvin Floyd began to feel weak and fatigued two months ago. Very little work tired him. He used to urinate two to three times at night. The patient admitted that he feels thirsty more than usual and whenever he feels thirsty he drinks a glass of water. The patient had been a member of football team at his school. His weight was normal throughout his school life. After leaving school, gradually he weight gradually increased. Although his a ppetite was healthy and nutritious but now he was losing weight. Alvin Floyd often suffered from pain in his feet. He felt as if the pain was burning his feet and sometimes his toes felt numb. The tingling and numbness in his fingers was causing obstructions at his work. His vision was blurry sometimes especially in the afternoons. Past History Alvin Floyd never suffered from any chronic illness. He had surgical removal of the vermiform appendix in 1972. He had not visited his dentist since 6 years. Both parents of the patient were dead. A huge stroke was the cause of his father’s death when he was 69 years of age. His mother had been found to be a patients suffering from diabetes when she was 48 years old. She died at age 62 from end-stage kidney disease. His weight was 10 lb 2 oz at birth. Both of his parents and his siblings are overweight. Among his siblings two are diabetic. Social History and Habits At present, the patient is married father of three adult children. He i s not a smoker but drinks beer occasionally. He does not make medicines, nutritional supplements or herbal remedies. Diabetes Definition and/or description of diabetes Diabetes mellitus is a metabolic disease. The condition of hyperglycemia in diabetes results into defects in the secretion of insulin, action of insulin, or both. Further effects include long-term damage, dysfunction, and failure of the pancreas, eyes, heart, blood vessels, nerves, and kidneys (Medicine Net, 2011). Pancreas   The pancreas is the organ responsible for producing insulin. Islets of Langerhans are tiny tissues found inside the pancreas. There number is around 100, 000. The islets constitutes a variety of cells. Beta cells manufacture the insulin also store it until the body has a need for the insulin. (Bashoff & Beaser, 1995). The pancreas also produce a hormone called glucagon responsible for elevating blood sugar. Insulin and glucagon keep the blood sugars within a normal range. Destruction of beta ce lls leads to decreased amount of insulin in the body (Kahn, 2003). Eyes   Diabetes is responsible for blurry visions. Once a person gets diagnosed with diabetes and he begins treatment, blurry vision corrects itself in a matter of a few weeks, provided the person keeps his blood sugar under control. Retinopathy is one of the most serious eye problems

Comparison and Contrast Essay Example for Free

Comparison and Contrast Essay If you were to compare and contrast going to a community college verses going to a university, they can be very different but also one in the same. Some similarities include activities and, class choices. Differences between these two subjects are class size, living, and cost. Going away to school can be a lot different from going to a community college, but in some ways they can be similar also. The first point in which I will discuss is class size. When going to a community college, the class sizes are much smaller than going to a university. With a small class size, it is easier to get more help understanding the subject because there aren’t so many students. Teachers can give their students more one on one attention this way. A similarity between community college and a university is that some universities do have smaller class sizes. There are some classes at universities that aren’t lectures, making class sizes smaller than the usual 100 or more students. Class size at a university is usually much larger because there are a lot more students, with fewer classes. The second point to make in regards to comparing going to a community college and going to a university is the costs are very different. At a university you are paying for all four years whereas at a community college, you only have to pay for a minimum of two years, which makes for saving a lot more money. At a community college, you don’t have to pay anywhere near what you have to pay at a university. Also, at a community college, you aren’t paying for dorm living, which adds on thousands more of dollars. The only similarity between these two different schools costs is the online classes. You have to pay for taking an online class, but of course with a university it will still cost a lot more. They both offer online classes however. Another similarity between going to a community college verses going to a university is you have to pay if you want to be on a sport team. Both schools require money. Participating in activities at school such as sports, clubs, and concert events can be different when going to a community college and a university. Some ways they can be different is at a community college, some based on the size, don’t have football teams. All universities have football teams and stadiums. Community colleges, since they are smaller don’t have big stadiums or a football team. Going along with not having football teams, this means that community colleges don’t have marching bands either. Also, universities have famous people who give concerts and community colleges don’t do that either. Some similarities between school activities are both schools have some kind of clubs where students can join groups and become friends with the people in their clubs. Both colleges offer clubs. They also both have music programs as in band or orchestra or chorus. Both colleges offer music in the music departments. They may not be as large of a group as a university, but they are still offered. As you can see, if you go to a community college you won’t be able to participate sometimes in football, or marching band. Also, if you attend a community college, you can save a lot of money from not living on campus. The other topic I mentioned was class size and how much smaller the class size is compared to a university. The differences between both colleges that I mentioned were at a university there are larger classes, football stadiums, dorm living, and you have to pay much more money for attending a university for four years. Finally, the last thing I talked about were how going to a community college and a university have some things in common such as both having chorus, band, and orchestra. Also, they both have online classes and similar subjects that a student can take. Both colleges have similar activities such as clubs and after school activities. Since attending a community is much smaller, and a university is much larger, there are going to be many differences between these two colleges. But since they are both colleges, there are some similarities between the two of course as well. Regardless, you can now see exactly what they have in common, and what they don’t more clearly now.

The History Of Bowling Essay -- essays research papers fc

The sport of bowling has a lengthy history packed with an evolution that has comprehensive rules; and is an indoor activity that has become one of the most popular sports in the world. It can easily be said that over 50% of Americans have bowled once in their lifetime, whether it was for a birthday party or on a date. However, many people bowl routinely without knowing anything about the interesting history of the game. Oddly, one of the newest of professional sports, bowling is one of the most ancient. In one form or another bowling has been around for more than 7,000 and years. First traces of the sport were discovered in Egyptian tombs, but historians feel that cavemen may well have had been the originator. Having the first form of bowling using rocks or pebbles to toss at other rocks or pebbles. (Pezzano 13) The Romans, Phoenicians, and Carthaginians were also believed to have played the game in some fashion, but there is no proof available. However, historians know that in Julius Caesar’s time period, around 50 B.C., people in the Alpine regions of Italy played a game called â€Å"bocce,† which is considered the Italian form of bowling and is still played today. (Pezzano 13) The word bowl could be derived from the Saxon bolla and the Danish bolle, which translated to a spherical object. Another theory is that the word originated from the Latin bulla , or the French boule, both meaning â€Å"ball.† Bowling has been known by many different names: bowls, skittles, kegling, ninepins, Dutch pins and quilles. (Pezzano 13) According to ancient records, Germany’s first bowling took on a religious significance. In the early Christian era citizens carried stakes or clubs called kegles. They were used for many purposes, from beating through bushes to defense weapons against attackers. However in the Cathedral cloisters the kegle was set up to represent the devil. A person was then given a rock or some sort of ball with the task of knocking the kegle down. If the player hit the kegle, his life was considered â€Å"clean,† and had proved it by knocking off the devil (kegle). However if he missed, it indicated his aim not only in the game but in life needed improvement. (Pezzano 14) The game was supposedly so popular in fourteen-century England that the young men were skipping military duties in order to bowl; therefore, King Edward III passed a law to ban the sport. Also, other k... ...oyed by 95 million people in more than ninety countries worldwide. As one can see, the sport also has a lengthy history that is both interesting and filled with some speculation. The quick pace high-energy game is one of the most played sport in the U.S. today and will only continue to grow. Not only can one play the sport for fun, but join the professional tour and make upwards of a half a million dollars. Whether the sport originated with the caveman or with the Egyptians, one can say that the sport of bowling has touched the hearts of many. Works Cited Bellisimo, Lou. The Bowler's Manual. 2nd ed. Englewood Cliffs, New Jersey: Prentice-Hall Inc., 1969. Bowling – The Original X Game. 1999. 28 April 2004. . "Bowling." The New Encyclopaedia Britannica. 15th ed. 2 vols. Chicago: Chicago Co., 1989. Brunswick. 1996. 20 April 2004 Burton Jr., Nelson. Bowling. New York: American Co., 1973. International Bowling Museum & Hall Of Fame. 2000. 1 May 2004 . PBA Tour. 2000. 23 April 2004 http://www.pba.com> Pezzano, Chuck.Guide To Better Bowling. New York: Simon and Schuster, 1974. Seifert, Chuck. â€Å"Youth Bowling Action.† Bowling World. 1 March 2004: n. pag.

Becoming an Effective Leader Essay

My job title is Training Co-ordinator for an organisation called Lifeskills Centres, I assess in the following areas; business administration, customer service, management, delivering level 2 and 3 and also any supporting key skills needed. I am responsible for my caseload of learners; their progress, learning and achievement of the qualification. I must cater each programme to suit the needs of the individual learner, I do this by setting each new starter off on initial assessments so that I can see what level they are currently at which will help me decide which course is the most suitable and which approach will be the most beneficial for the learner. I am also responsible for creating strong professional relationships with the learners new employers and maintaining relationships with existing employers this is for two reasons so they would recommend us to other employers so we gain a good reputation and so that they will want to use Lifeskills as a training provider for all of their staff and will not use a different organisation as it is a competitive market. I also advertise vacancies for our employers who have had good experiences in the past with apprentices and would like to recruit a new one. I agree with the employer all of the details to go on to the advert and interview all of the candidates and trial period the suitable ones for a week before sending them to the employer themselves to interview and then make the final decision. Within my role I use a number of different leadership styles in different situations and with different people in order to progress and achieve what needs to be achieved for example; I use the leadership style autocratic when I come to the end of the programme and I tell my learners what I want and what needs to be done and how it needs to be done, this is when the learners are short of time if they are leaving the organisation and don’t have much time to complete and it works the best when they want to achieve and are highly motivated. I have used the leadership style democratic when I had a group of learners in one particular placement where I was finding it hard to make them progress as they wouldn’t complete any work unless I was there  with them and they had no motivation towards the qualification. I discussed with the learners my concerns and asked how they thought we could move forward and they suggested one to one meetings, I informed the learners that this would be too time consuming and that I could afford to have a morning or afternoon out of the month for me to come in to the organisation and support them and motivate them to complete the knowledge questions, technical certificate and key skills side of the qualification. The learners confirmed that this was an effective method and I informed them that I will observe them twice a month but they do not have to complete any written tasks for me between observation as it will be done on the one morning / afternoon per month. I used this leadership style so that they felt they were included and to help me gain more respect from them and I do not think that it came across as a weakness from myself I think it showed that I was honest and realised that there was something not right and then discussed and implemented a solution. Lastly the leadership style I use not very often but I do still use is delegative which is where I let the learners make their own decisions on how they can progress through their qualification. I usually use this style when a learner has progressed from a level 2 qualification with myself on to a level 3 so they know the way the programme works and we have a comfortable relationship I also allow some level 3 learners to reference their own work in to their files. Application of emotional intelligence in shaping performance I employ the two aspects of emotional intelligence when dealing with learners and colleagues at all times as I must first understand myself and my goals, intentions, responses and behaviour and understand others and their feelings to be able to manage my learners and their progress. I empathise with learners and use the understanding of their emotions to motivate them and inspire them to complete their work. I am aware of my own feelings and emotions and control these to make sure that I do not behave in a way that is unacceptable towards learners or colleagues, I may not have to say anything to communicate how I am feeling as it can be portrayed in my body language and facial expressions which is also something that I have to control. Based on Goleman’s theory to be an effective leader I must be aware  of my own feelings and emotions and manage these to make sure that my emotions do not show in my behaviour if they are unacceptable. I must motivate myself which I do by meeting appraisal and review targets and setting myself my own goals to achieve. I must also manage other peoples emotions I do this by building a relationship with my learners and getting to know what they like and what annoys them so I can recognise this and stop it from becoming an issue where possible, it also makes the learners feel valued and that I care about the way they feel. It is also stated in Maslows Hieracy of needs that to work to your full ability and progress in your job and grow as a person you must have the following; Be in a healthy state, feel safe, feel like you belong somewhere and have some form of social life (friends, family, relationships) and have self esteem before you are able to grow personally. I must make sure that I show all learners that I care about each of them as an individual and that there progress and growth means a lot to me. I think an area that I personally have to work on is when I worry and panic about things for example we were mock inspected and I felt very anxious about it, I must make sure that this feeling does not come across to learners or employers and that the rest of my work doesn’t suffer from it. I also try to understand and manage the employers I deal with emotional intelligence as I want to build a relationship with them and trust so I make sure that I empathise with them and try not to do anything possible which may annoy them for example if I can see that an employer is very busy instead of updating them after the appointment with their learner I will ask if they would like an update via email as I can see they are really busy and then they can decide how they would like the feedback. Setting direction and gaining commitment I communicate and set direction for my learners by visiting them fortnightly, observing them work, showing them what each observation will cover or link in with, giving them feedback on their performance and setting them targets for the next appointment. I provide ongoing support via email and over the telephone to learners when I am at work but not at an appointment with them and review their progress and set targets formally at their ten week reviews which gives them clear direction and motivation to meet the targets they  agree by the next review. I provide support and tutorials to learners for the whole of the technical certificate and functional skills they complete and also offer training on the telephone, prioritising techniques and assertiveness skills as I have noticed that this is an area for development that employers ask for and the learners too. I also motivate and gain commitment from learners and try and persuade new employers to take on new learners by using myself as a role model example, as I began my career by completing an administration level 2 apprenticeship and have completed enough qualifications and worked my way up to becoming a Training Co-ordinator. I communicate and set direction and motivate employers by keeping them up to date with the learner’s progress and exactly what I have been doing with the learner after each visit where possible and including them in the qualification by asking for witness statements and also asking them to participate in the learner’s reviews. With my colleagues I communicate direction in standardisation meetings where we share best practise on how to cover and assess certain units that we may find difficult or what we have found that works very well. I try to motivate my colleagues by being hardworking and genuinely enthusiastic about my learners achieving and my job .

Fashion in the 1950s

The need to start buying goods created corporate expansion, accelerated mass production and this marked the time of important technological and economic advancement. Due to this feeling of liberation after the war, women were now able to go back to heir lives instead of serving in the workforce. Most left their Jobs for returning servicemen to take over and could now look forward to a new start. Although celebrations never reached the height of what it was in the sass, women still wanted to flaunt their newfound sense of freedom.Gone were the days of rationing, of constantly living in fear of invasion, of utilitarian formality. Women were more than happy to go back to being homemakers, looking perfectly groomed, with their coiffed hair and always so immaculate in the way they dressed. This is where the master' comes into the picture. Crisp ¶bal Balancing took hold of this need for a new change and revolutionized the silhouette of women by creating the unstructured waist. He was awa re of his destiny at an early age and preferred to be at the side of his mother, who was a talented seamstress in the village of Guitar.His first ever patronage came from the Marques De Case Tortes who was quick to notice young Sacristan's interest in fashion. When she presented him with the meaner and opportunity to duplicate a designer suit of hers, he passed with flying colors ND the Marques gave him the opportunity of apprenticeship with a tailor, which he took very seriously. (Myra Walker, 2006, peg. 13) His balloon dresses, peasant and sailor blouses, and later on, the tunics, sack dresses, and turned-down tweed, freed the neck and wrists to highlight Jewelry and hand movement. Pierre Arizona-CLC ©mental, 2011, peg. 37) While by day, his classic simplicity went unnoticed by the multitudes, but by night, his stunning evening gowns and cocktail dresses were a sight to behold as they ignited the senses with their array of color and textured fabric. Figure 1 . Mantle Coat in gre y wool, with draped sleeves and open at the sides, Vogue, pans, sass Figure 2. Evening dress in flocked shantung in blue and black, 1957. Balancing was considered a master of illusion and his designs concealed the ‘defects' of the women who wore them.Through them, he altered the silhouette of a women's body to flatter his client's less than perfect bodies, often defying established conventions. â€Å"A woman has no need to be perfect or even beautiful to wear my dresses, the dress will do that for her. † (Cole, Shawn, 2002, peg. 2) Balancing originally designed the set-back or standards collar for Carmela Snow, the then editor-in-chief of Harpers Bazaar, who as she put it, â€Å"had no neck†. The collar bestowed upon a woman an appearance of a long swan-like neck.Once again, Balancing had managed to disguise a less than perfect body. He also came up with the shortened seven-eights sleeves that gave an appearance of height that his clients did not often possess. H is creations were so flattering that women often ordered more than one so that they could wear them while one was in the wash or so they could keep one at each of their houses. As Billingsgate's apparel did not require any undergarment to be worn to shape the body, they were reputed for comfort and it suited the post-war era of women.His manipulation of the waist especially, contributed to â€Å"What is considered to be his most important contribution to the world of fashion: a new silhouette for women. † (Arizona-CLC ©mental, 2011, peg. 11) Another great technological advancement that has and still holds a colossal social impact in the world up till this day was Television (TV). This vehicle, which carried the dead of a new generation and attitude, influenced the masses more eloquently than any other media element. During the sass, TV became the commanding mass media as more families brought it into their homes.The amount of hours that people glued themselves to the TV inc reased, a trend, which has not changed since that time. What was shown on TV became accepted as reality and was considered a norm. And designers, businessmen and film producers were about to take advantage of that. Audrey Hepburn was one of the rising stars in Hollywood during the sass and stood UT quite clearly against the likes of Marilyn Monroe and Jane Russell. When Hubert De Given met her on the set of Sabina in 1954, he was disappointed at first owing to the fact he was supposed to receive another Hepburn.But later on, as time went by, he soon realized this Hepburn had a perfect understanding of her own face and figure, and already possessed a clear sense of what fashion would suit her best. (Francoise Mohr, 1998, peg. 82) The style of T-shirts and boat-neck dresses of the period ended up as a style so popular that it became know as ‘d ©collect © Sabina'. Given had now discovered he was in the presence of an authentic personality and found someone who would celebrate a new era in the history of fashion.They remained close throughout her entire lifetime, and eventually became the sole couturier of her entire chiffonier, in life and as well as on screen. Figure 3. Audrey Hepburn in Sabina, 1954. When Hepburn appeared in the early morning scene (which has now become famous) from Breakfast at Tiffany in the elegant little black dress, white gloves and beehive hairdo, it set Off media frenzy and she became synonymous with the Given alienation. Not forgetting the 1957 film Funny face in which Audrey Hepburn wears a black boat neck, cap sleeve dress, which catapulted her even more so, as the fashion icon of that era.Hubert De Given had finally found his muse, who was as much of a perfectionist as he was and be it whether she wore Scares or was divinely attired in her evening gowns crafted by Given, she lived and breathed the profile of Given. She served as the honorary president at the ceremony with which Given was presented the California Lifetime Ac hievement in the Arts Award in 1981 and also resided over an exhibition that was dedicated to the couturier at the Fashion Institute of Technology in New York the following year in May.Given stated that during his four decades of working with Audrey Hepburn, he had never needed to change the form he had first made for her in 1954. In 1957, the actress became cited as one of the ten most fascinating women in the world by the New York Dress Institute and for decades after, up till this age, she is still considered a fashion icon. In conclusion, a time of peace and change was upon America in the sass.It was the eight time for evolution into the next era, no more material coupons, no more restrictions, it was time to celebrate as Balancing had done with his waist less tunics and peasant blouses, this had great influence in changing the way women dressed and how people viewed their silhouettes. Given, on the other hand, due to the influence of television and with the help of Audrey Hepbu rn, had indeed made a name for himself, so that elegance and simplicity became synonymous with his name. (1351 words) References Bradley, Becky . â€Å"1950-1959. † American Cultural History.

Essay Mills and Why to Avoid Them

Essay Mills and Why to Avoid Them Essay Mills and Why to Avoid Them Struggling with deadlines? College life feeling stressful? You might be tempted to take a shortcut, especially if someone points you toward an essay mill. But what are essay mills exactly? Wrong kind of mill. Sorry. To help out, we’re here to explain what they are and why you should NEVER use them. Essay Mills and Essay Banks Some online businesses offer essays to students at a price. These come in two main types: Essay mills provide custom essays based on a specified topic, word count and deadline Essay banks sell pre-written essays, which are cheaper but less tailored These businesses sometimes say that the essays they sell are just â€Å"templates† that students can use to generate ideas. However, using an essay mill is widely seen as cheating. The Problem Maybe you’ve read the descriptions above. But maybe you still think it sounds like an easy way to get a paper done without all the hard work of researching and writing it. Think again. If you use a paper from an essay mill or essay bank, you will regret it for several reasons: Using someone else’s words without citing them clearly is plagiarism If you are caught submitting a paper from an essay mill, it will count as academic fraud Colleges have software, such as Turnitin, designed to spot plagiarism Papers from essay mills can cost hundreds of dollars and there is no guarantee of quality As a result, using an essay mill could leave you poorer and get you kicked off your course! Essay Mills vs. Proofreading But what if you still need help on a paper? If essay mills are a bad idea, what is your alternative? Well, the good news is that we can help! Having your work proofread has many advantages. We can: Correct your spelling, grammar, and punctuation Make sure your vocabulary is academic and that terminology is consistent Check that all of your sources are referenced correctly Tighten up your writing to make sure it is clear and concise And all of this without making any major changes that could count as plagiarism. You will, of course, have to do the research and writing yourself. But that is how you learn things in the first place! The key is that we’re here to support you.

Theory X, Y, and Z Essays

Theory X, Y, and Z Essays Theory X, Y, and Z Paper Theory X, Y, and Z Paper Comparison and Contrast on Theory XY and Z Douglas McGregor suggested that there are two different ways in which we can look at workers attitudes toward work. Each of these views, which McGregor called Theory X and Theory Y, has implications for management. Theory X (authoritarian management style) -People do not really like to work and will avoid it if at all possible so they must be coerced, controlled, directed, threatened with punishment to get them to work. -The average worker avoids responsibility, is unambitious and wants security more than anything else. Management based on Theory X is paternalistic at best and, at very least, authoritarian. -Rewards and punishment are assumed in this theory to be the key to employee productivity. Theory X managers believe that workers are only motivated by one thing money. They are selfish, lazy and hate work. They need to be closely controlled and directed. Theory Y (participative management style) The theory Y is to some extent the opposi te image of X -Effort in work is as natural as rest and play. People will apply self-control and self-direction in the pursuit of organizational objectives, and the external control or the threat of punishment is not the only means of getting them to work. -Commitment to objectives is a function of rewards associated with their achievement. The most important reward: satisfaction of their own ego needs. -People usually accept and often seek responsibility. -Creativity, ingenuity, and imagination are widely distributed among the population. People are capable of using these abilities to solve an organizational problem. In modern industry the intellectual potential of the average person is only partly utilized. Theory Y managers believe that Workers are motivated by many different factors apart from money. They enjoy their work and they will happily take on responsibility and make decisions for the business. Theory z William Ouchi Theory Z makes certain assumptions about workers: People tend to want to build cooperative and intimate working rela tionships with those that they work for and with, as well as the people that work for them. They have a high need to be supported by the company, and highly value a working environment in which such things as family, cultures and traditions, and social institutions are regarded as equally important as the work itself. They have a very well developed sense of order, discipline, moral obligation to work hard, and a sense of cohesion with their fellow workers. Finally, Theory Z workers can be trusted to do their jobs to their utmost ability, so long as management can be trusted to support them and look out for their well being. One of the best aspects of theory Z is the long-term employment which would appeal to Americans because they want job security. The collective decision making will create a good work environment and increase productivity. Something that Americans wont like is the slow evaluation and promotion. Americans dont like to wait years before they can get a promotion and they would rather get a new job instead. Another great benefit is that the company will have holistic concern for you and your family. Theory Z also places more reliance on the attitude and responsibilities of the workers, whereas McGregors XY theory is mainly focused on management and motivation from the managers and organizations perspective. Comparison Contrast Douglas McGregor tends to categorize people as one type or another: either being unwilling or unmotivated to work, or being self-motivated towards work. Threats and disciplinary action are thought to be used more effectively in this situation, although monetary rewards can also be a prime motivator to make Theory X workers produce more. William Ouchi believes that people are innately self-motivated to not only do their work, but are loyal towards the company, and want to make the company succeed. Theory X leaders would be more authoritarian, while Theory Y leaders would be more participative. But in both cases it seems that the managers would still retain a great deal of control. Theory Z managers would have to have a great deal of trust that their workers could make sound decisions. Therefore, this type of leader is more likely to act as coach, and let the workers make most of the decisions. As mentioned above, McGregors managers, in both cases, would seem to keep most of the power and authority. In the case of Theory Y, the manager would take suggestions from workers, but would keep the power to implement the decision. Theory Z suggests that the managers ability to exercise power and authority comes from the workers trusting management to take care of them, and allow them to do their jobs. The workers have a great deal of input and weight in the decision making process. Conflict in the Theory Z arena would involve a great deal of discussion, collaboration, and negotiation. The workers would be the ones solving the conflicts, while the managers would play more of a third party arbitrator role. This type of manager might be more likely to exercise a great deal of Power based conflict resolution style, especially with the Theory X workers. Theory Y workers might be given the opportunity to exert Negotiating strategies to solve their own differences. Theory Z emphasizes more frequent performance appraisals, but slower promotions, while according to Theory X, appraisals occur on a regular basis. Promotions also occur on a regular basis.

Womens Liberation Movement †Definition and Overview

Women's Liberation Movement - Definition and Overview The womens liberation movement was a collective struggle for equality that was most active during the late 1960s and 1970s. It sought to free women from oppression and male supremacy. The Meaning of the Name The movement consisted of womens liberation groups, advocacy, protests, consciousness-raising, feminist theory, and a variety of diverse individual and group actions on behalf of women and freedom. The term was created as a parallel to other liberation and freedom movements of the time. The root of the idea was a rebellion against colonial powers or a repressive national government to win independence for a national group and to end oppression. Parts of the racial justice movement of the time had begun calling themselves the  black liberation. The term liberation resonates not just with independence from oppression and male supremacy for individual women, but with solidarity among women seeking independence and ending oppression for women collectively. It was often held in contrast to individualistic feminism. The individuals and groups were loosely tied together by common ideas, although there were also significant differences between groups and conflicts within the movement. The term womens liberation movement is often used synonymously with womens movement or second wave feminism, although there were actually many different types of feminist groups. Even within the womens liberation movement, womens groups held differing beliefs about organizing tactics and whether working within the patriarchal establishment could effectively bring about the desired change. Not Womens Lib The term womens lib was used largely by those opposing the movement as a way of minimizing, belittling, and making a joke of it. Womens Liberation vs. Radical Feminism   The womens liberation movement is also sometimes seen as being synonymous with radical feminism  because both were concerned with freeing members of society from oppressive social structure. Both have sometimes been characterized as a threat to men, particularly when the movements use rhetoric about struggle and revolution. However, feminist theorists overall are actually concerned with how society can eliminate unfair sex roles. There is more to womens liberation than the anti-feminist fantasy that feminists are women who want to eliminate men. The desire for freedom from the oppressive social structure in many womens liberation groups led to internal struggles with structure and leadership. The idea of full equality and partnership being expressed in a lack of structure is credited by many with the weakening power and influence of the movement. It  led to later self-examination and further experimentation with leadership and participation models of organization. Putting Womens Liberation in Context The connection with a black liberation movement is significant because many of those involved in creating the womens liberation movement had been active in the civil rights movement and the growing black power and black liberation movements. They had experienced disempowerment and oppression there  as women. The rap group as a strategy for consciousness within the black liberation movement evolved into consciousness-raising groups within the womens liberation movement. The  Combahee River Collective  formed around the intersection of the two movements in the 1970s.   Many feminists and historians trace the roots of the womens liberation movement to the New Left and the civil rights movement of the 1950s and early 1960s. Women who worked in those movements often found that they were not treated equally, even within liberal or radical groups that claimed to fight for freedom and equality. Feminists of the 1960s had something in common with feminists of the 19th century in this respect: Early womens rights activists such as Lucretia Mott and Elizabeth Cady Stanton were inspired to organize for womens rights after being excluded from mens anti-slavery societies and abolitionist meetings. Writing About the Womens Liberation Movement Women have written fiction, non-fiction, and poetry about ideas of the 1960s and 1970s womens liberation movement. A few of these feminist writers were  Frances M. Beal, Simone de Beauvoir, Shulamith Firestone, Carol Hanisch, Audre Lorde, Kate Millett, Robin Morgan, Marge Piercy, Adrienne Rich, and Gloria Steinem. In her classic essay on womens liberation, Jo Freeman observed the tension between the Liberation Ethic and the Equality Ethic, To seek only equality, given the current male bias of the social values, is to assume that women want to be like men or that men are worth emulating...  It is just as dangerous to fall into the trap of seeking liberation without due concern for equality. On the challenge of radicalism versus reformism creating tension within the womens movement, Freeman goes on to say, This is a situation the politicos frequently found themselves in during the early days of the movement. They found repugnant the possibility of pursuing reformist issues which might be achieved without altering the basic nature of the system, and thus, they felt, only strengthen the system. However, their search for sufficiently radical action and/or issue came to naught and they found themselves unable to do anything out of fear that it might be counterrevolutionary. Inactive revolutionaries are a good deal more innocuous than active reformists.

Peer Reviewed Essay Example | Topics and Well Written Essays - 4000 words

Peer Reviewed - Essay Example an be used in credentialing organizations, ensuring quality health care and how it helps nurses acquire jobs in organizations such as Cancer Treatment Centers of America. When in the world of research, many articles are written and the way that they are clarified is through peer review. This is the process by which people of similar understanding in the same field evaluate the work done by their colleague before it is published. This is a form of self-regulation of research and studies in designated fields to maintain standards of quality, increase performance and grant credibility within the said field. Once the peer review process is complete, the reviewed material is then published or deemed worthy of teaching, presenting or enacting. This paper will thus look at the peer review process implemented at the Cancer Treatment Centers of America, compare it with that at American Academy of Nurse, and suggest improvements or changes. It will also identify the ways in which the process is used in the credentialing organizations, ensuring quality and improve advances in practice. To begin with, we will look at the Cancer Treatment Center of America. The Cancer Treatment Centers of America (CTCA) are a private for-profit institution that builds hospitals that are dedicated to the treatment of cancer and provides outpatient clinics in which patients can receive both traditional and complimentary alternative medicine treatments (Kent, 2014). With a head office in Schaumburg, Illinois, it has five fully-fledged hospitals around the United States in Illinois, Oklahoma, Pennsylvania, Arizona, and Georgia. It also has an outpatient oncology clinic located in Seattle, Washington. Having been founded by Richard J Stephenson in the late 1980s after losing his mother to cancer, the organization has been helping patients fight cancer using advanced technology and a personalized approach offering comprehensive cancer care in all its hospitals. Being an organization that is

Christopher Columbuss View of the Americas Native Indigenous People Research Paper

Christopher Columbuss View of the Americas Native Indigenous People - Research Paper Example This was attributed greatly by the different personalities of the two colonialists. Notably is that Bartholomew De Las Casas was a priest, writer, a Dominican friar and an advocate for humane treatment and fair relation for the indigenous people of the Americas. On the other hand, Christopher Columbus was the early colonialist and explorer whose aim was to gain power and control over indigenous America at whatever means. In order to get a conceptual view and understanding of the two perspectives, it is worth to analyze critically each of the sides in regard to the newly discovered colonies and its indigenous native people who are the inhabitants. Christopher Columbus's Perspective Christopher Columbus’s perspective view of America's native indigenous people is evident in the contents of the letter he wrote to his majesty’s in Spain. In his letter regarded to a letter on the first voyage Columbus gives a vivid and conceptual description on his adventure and encounters wi th the native indigenous people in his exploration trip in America. Columbus describes the indigenous American natives not really as a detached observer but as an entrepreneur whose main aim is to exploit, the economic opportunities in the region (Jane ). His expedition can be perceived as for an economic expedition and commercially driven. Having critically analyzed the islands man and the extensive indigenous people he interacted with, Columbus portrayed the regions and the people to be suitable for future colonization (Jane). Columbus lays great emphasis and focuses on the Spaniard's interaction with the native indigenous Americas people. He describes the local natives giving an account of their lifestyles and the societal customs in detail. Notably is that the people both men and women go naked only covering some specific parts, also he describes them as very generous and welcoming without any creed.

Innovation Essay Example | Topics and Well Written Essays - 250 words

Innovation - Essay Example The main difference between technology driven and innovative driven companies is that technology driven companies use new and faster technology to operate their organizations. On the other hand, innovative, driven organizations come up with newly innovated products to attract customers. For instance, banks using automated teller to serve their customers is a technology driven move. On the other hand, companies like Apple strive to come up with new and better innovation so that they can offer their customers better products. Additionally, the other difference between organizations that are technology driven and innovative driven is that technology driven organization tries to come up with better means to serve their customers (Daft, &Marcic, 2004). This does not mean they keep changing their products, but they insist on using technology that enables them to be faster and efficient. Therefore, innovative companies’ main objective is to come up with better products for their cust omers. They always come up with better products, and that is how they attract consumers. Moreover, innovative driven organizations are normally organizations that deal with customers indirectly since most of the time they are

Aestheticism and Modernism Essay Example | Topics and Well Written Essays - 3500 words - 1

Aestheticism and Modernism - Essay Example Darwin’s theory of natural selection and Freud’s view of subjective states that involved an unconscious mind full of primal impulses shocked the Victorians. And as the names of Darwin and Freud suggest, it was the intellectuals and upper class that became part of the modernist age.  Among these artists was T.S. Eliot. Eliot’s concerns deeply showed the effect of WWI on the moral values of people and people’s belief in God. Industrialization drastically increased production and consumption rates, with that so did pollution, creating a very ugly metropolis. In response to this industry, there was an increase in urbanization as more people wanted to move closer to work and money, hence the sense of crowdedness in Eliot’s poems. Influxes of human population meant more pollution. The Depression played an important part in developing the persona of the modern man. This was a time of decline in a man’s dignity and much humiliation from not being a ble to fend for his family.  One of the prime concerns that characterized Modernist texts was the depiction of the cityscape as the habitat of the modern man. The Industrial revolution significantly transformed the urbanity of England, supplying the streets with cheap electricity and extending the city horizons to include skyscrapers and railroad bridges of cast iron. Eliot’s main concern revolved around the impact of such mechanization on urban life, mainly the increased pollution and an overall sense of sterility and spiritual poverty. (Eagleton, 1970, 94-101)  T. S. Eliot's "The Love Song of J. Alfred Prufrock" and "The Journey of the Magi" reveal some of the major concerns of their early 20th century Modernist context. Through continuous use of imagery, ambiguity, repetition, allusions and purposeful contortion of lines and sentences, Eliot demonstrates the importance of the inner self, innovation, religious questioning, an uninviting and bleak society and a flaunting of conventions.

Communication in Business Essay Example | Topics and Well Written Essays - 2750 words

Communication in Business - Essay Example Table of Contents Executive Summary 2 Table of Contents 3 Terms of Reference 4 Overview of the situation 4 Analysis of situation 7 Solution &Recommendation 9 Forecasts and outcomes 11 Conclusion 12 Reference 13 Bibliography 15 Terms of Reference This assignment relates to the outsourcing operations performed by a Chinese company A Ltd for a US based multinational company. The US Company outsources its back-office operations and CRM (Customer relationship management) services to A Ltd. The American company finds the labour costs to be exceedingly high in US and hence gets its work done through the Chinese company A Ltd. This enables the former to save on the exorbitant costs arising from getting the work through indigenous sources. It works to the advantage of the Chinese company in the sense that new employment opportunities are created. China is the fastest growing country in the Asian region. However the country faces stiff competition from the companies involved in the outsourcing operations in India. In fact presently India is the favourite destination of the American and UK companies with regard to outsourcing of operations. There are various reasons that explain the preference of India over China. What attracts the western countries to this region is its talent pool. Moreover the cheap quality of labour that is available in these places makes it a win-win situation for the outsourcing companies (United States Agency for International Development, 2009). Overview of the situation China is fast emerging as an important outsourcing destination and is soon expected to give stiff competition to India in a matter of few years. The cost advantage that the clients can generate from outsourcing their work to the country is estimated at 70 percent of the salaries that the company has to shell out in US. However, there are things that a company has to consider other than the labour costs. This includes efficiency, reliability, work quality, communication skills, fle xibility and issues relating to culture which are equally important in framing an outsourcing strategy. With this the macro factors like geopolitical risks are also considered at the time of formulating an outsourcing strategy. China is often hailed as an important outsourcing destination on account of its low cost. In fact China is considered to be cheaper than India. In the words of Bryan Huang, Bearing Point Great China’s President, the service of an engineer costs approximately $4000 per month in US whereas this amounts to merely $500 per month in China. In fact in some places like Dalian or Xian the salary is close to $250 per month. In other words the cost is merely one-sixth or one- eighth in China. China is still in the nascent stage when it comes to its position in the outsourcing industry. The availability of talent pool is also a risk factor in the country. Even though there is abundant supply of cheap labour in the country the quality of the labour force is a seri ous issue. This is mainly due to emerging nature of the industry in China. In fact the companies face difficulties in hiring people having an experience in the sector. In terms of Individualism ranking the country is placed at 20, which is the lowest among all the other Asian countries. This implies that the people of the country prefer to live in ‘groups’ which indicates their preference for commitment and closeness. This has a

Aestheticism and Modernism Essay Example | Topics and Well Written Essays - 3500 words - 1

Aestheticism and Modernism - Essay Example Darwin’s theory of natural selection and Freud’s view of subjective states that involved an unconscious mind full of primal impulses shocked the Victorians. And as the names of Darwin and Freud suggest, it was the intellectuals and upper class that became part of the modernist age.  Among these artists was T.S. Eliot. Eliot’s concerns deeply showed the effect of WWI on the moral values of people and people’s belief in God. Industrialization drastically increased production and consumption rates, with that so did pollution, creating a very ugly metropolis. In response to this industry, there was an increase in urbanization as more people wanted to move closer to work and money, hence the sense of crowdedness in Eliot’s poems. Influxes of human population meant more pollution. The Depression played an important part in developing the persona of the modern man. This was a time of decline in a man’s dignity and much humiliation from not being a ble to fend for his family.  One of the prime concerns that characterized Modernist texts was the depiction of the cityscape as the habitat of the modern man. The Industrial revolution significantly transformed the urbanity of England, supplying the streets with cheap electricity and extending the city horizons to include skyscrapers and railroad bridges of cast iron. Eliot’s main concern revolved around the impact of such mechanization on urban life, mainly the increased pollution and an overall sense of sterility and spiritual poverty. (Eagleton, 1970, 94-101)  T. S. Eliot's "The Love Song of J. Alfred Prufrock" and "The Journey of the Magi" reveal some of the major concerns of their early 20th century Modernist context. Through continuous use of imagery, ambiguity, repetition, allusions and purposeful contortion of lines and sentences, Eliot demonstrates the importance of the inner self, innovation, religious questioning, an uninviting and bleak society and a flaunting of conventions.

Analysis of Life story by David Shields Essay Example | Topics and Well Written Essays - 1000 words

Analysis of Life story by David Shields - Essay Example I particularly enjoyed Shield’s atypical and fresh way of structuring this essay. The sentences are put together coherently to deliver the message on different aspects of life. However, the different sentences sued in the construction of a paragraph are independently able to deliver a message and make sense on their own. For instance, when he says â€Å"This vehicle not purchased with drug money. Hugs are better than drugs.† The two sentences are independent of each other in terms of examining, but they are coherently linked to make a sensible paragraph which is nice to read especially because it has a prose flow. Shield’s uses powerful phrases and sentences which sound like bumper stickers. When the author says, â€Å"Heaven doesn’t want me and Hell’s afraid I’ll take over†, this quote signifies a strong deeper meaning. In my opinion, the author is trying to tell us that neither heaven nor hell can take human’s life. The author wants to tell the readers that he is a bad guy especially due to the tone of his voice throughout the essay. I feel that deeply, the author wants us to be strong in life and live without fear of death. To him, Heaven and Hell are human’s imagination and, therefore, we should not worry about dying if we live on earth happily. In life, we can find the real things if we work hard and most importantly, work hard.  If we think deeply, we own our lives. Personally, I have seen bad guys live more than 80 years, and also good guys can live 80 years.

Carpal tunnel syndrome Essay Example for Free

Carpal tunnel syndrome Essay Video games are very popular with children all over the world, they keep kids occupied and entertained. A lot of parents are concerned about how these video games are affecting their children. Are these video games good or bad for our children? Video gaming has both positive and negative effects on children. Video games are not only entertaining but also educational; they create challenges for children to take on in order to proceed to new levels. Video gaming is also very influential with a child. That is why it is very important to monitor children while playing. There are many positive effects to playing video games. Playing a video game is a way to exercise the brain, it helps children develop skills like following directions, problem solving and hand-eye coordination that develop fine motor and spatial skills. Video games contribute a lot to education, like developing reading skills; gamers must read to get instructions, follow storylines, and get information. Gamers also become more determined because, usually they don’t succeed the first time playing a level so they try and try again until they move on to the next level. Games can provide a positive outlet for children to release bottled up frustrations the same way many sports like basketball and football do. Video games allow parents to bond with their children and play together and can be something they share in common. Of course with every good there is a bad. Most of the bad things about video games are usually blamed on the violence that is in them. Children who play more violent video games are more likely to have more aggressive thoughts, feelings, and behaviors. Playing too much video game keeps children indoors and become less social with family and friends. It also causes children to spend less time doing other activities like doing homework or playing sports. Some video games teach children improper morals and are easily confused between reality and fantasy. Excessive gameplay can contribute to poor performance in school and also cause a slew of health issues like obesity, video-induced seizures, postural, muscular and skeletal disorders and carpal tunnel syndrome. Children who are spending too much time playing video games may show signs of impulsive behavior and have attention problems. The effects of video games vary on children depending on the kind of parenting. Children usually imitate what they see in these video games so it’s important for parents to understand their children’s maturity level and what kind of games parents should allow their children to play. We are now living in a sophisticated and high-tech world so video games are essential to the development of children with today’s technology. The point is for parents to understand that playing video games have different effects on different children. The positives of video games definitely outweigh the negatives of video games especially with proper supervision of the children who play these video games.

Analysis of Derivatives and the Perception of Investors

Analysis of Derivatives and the Perception of Investors Chapter 1: Introduction 1. Introduction: The stock market is characterized by volatility, which creates uncertainty in the market and makes predictions regarding future exchange rates difficult, both in the short and long term. However, it is these constant fluctuations in the stock market that make it possible for companies or individuals to take advantage of the movements in exchange rates through speculative activities. These fluctuations also pose a threat for any importer/exporter trading in the global marketplace as international businesses are naturally exposed to currency risk. This necessitates the adoption of hedging strategies to mitigate risk. The volatility in the stock market needs to be dealt with in a proper, prudent and timely manner. Otherwise, adverse currency fluctuations can inflict painful lessons on a company or individual. Later in this thesis we will investigate in detail the volatility of the stock market and the potential risk exposure faced by all market participants. People enter into the stock market for various reasons and the above mentioned potential for profit is a very important motivation. Indeed, some traders who come with the intention of making profit by taking advantage of market fluctuations engage in speculative activities in the stock market and accept the risks involved, while others attempt to protect themselves from volatility by engaging in hedging activities. Traders in this first category are commonly known as speculators, whereas the latter are known as hedgers. Speculators enter the market, in effect, by placing their â€Å"bets† on the market movements. Should their prediction come true, they make profits; if their predictions are not realized, they suffer losses. Hedgers enter the market with the intention of insuring themselves against any adverse market movements they may encounter in their business operation. Hedging involves the creation of a position that offsets an open position occurring in their business operations; so that the gain i n the business (hedge) position will offset the loss of the hedging (business) position. There are various financial instruments used for trading in the stock market. The most common are spot contracts, forward, futures, options, swaps and various money market instruments. Forward, futures, options and swaps are derivatives instruments. Commonly used instruments in the money market include (but are not limited to): Treasury bills, Eurodollar, Euro yen, Certificate of deposit (CD), Commercial paper In fact, the money market represents most of the financial instruments that have less than twelve months maturity. This margin is also known as the leverage ratio and can range from twenty to two hundred, depending on the financial institutions involved. If the given leverage ratio is twenty, the trader using a leveraged spot contract can have access to a credit line twenty times larger than his/her initial margin (collateral). Clearly, the leveraged ratio allows traders (both speculators and hedgers) to trade at a significantly lower capital requirement when compared to the spot market. The general mechanism of each of these markets (forward, futures, options, swaps and money markets) will be explained in detail in this thesis. 1.2 Research Context: The selection of the particular research approach depends on the kind of information required. Qualitative research collects, analyzes, and interprets data that cannot be meaningfully quantified, that is, summarized in the form of numbers. For this reason, qualitative research is sometimes referred to as soft research. â€Å"Quantitative Research† calls for very specific data, capable of suggesting a final course of action. A primary role of quantitative research is to test hunches or hypotheses. These suggest that qualitative approach is a soft research approach in which collected data cannot be meaningfully quantified and more importantly in this approach non-structured research is conducted. But so far as quantitative research approach is concerned, through this approach structured research is conducted with approaching larger respondents and the collected data can be meaningfully quantified. Research data can be collected either in the form of secondary or primary or both. This assumption is obviously not realistic. With the aim to close this gap between theory and practice, a new model is developed in this thesis using the assumptions that the interest rate definitely changes according to economic conditions or policies and that the exchange rate movement follows the pattern of a random walk, which is a stochastic process. Moreover, during the course of our research, we did not encounter any literature that dealt with leveraged spot contracts as both speculative and hedging instruments. It is obvious that the leveraged spot market is relatively less commonly used by financial derivatives traders, compared to traditional instruments such as forward, futures, options, swaps, and the money market. Our objective is therefore to develop a model using leveraged spot contracts as an effective financial instrument that can be used for both speculative and hedging purposes. 1.3 Research Objective: * Analysis of Derivatives and the perception of investors† 1.4 Research Questions: Illustrate how the leveraged spot market can be utilized both as a speculating as well as a hedging tool. Derive insights into how real world data will affect the optimal number of contracts that a trader should trade (or invest) at any given time. Present a Black scholes model for speculation using leveraged spot contracts based on Krugmans model of exchange rate dynamics within a target zone. Demonstrate how a trader can hedge an open position in the leveraged spot market with a simultaneous position in the forward market to generate profit. Explain how a hedger can hedge an existing business transaction exposure using options. 1.5 Research Boundary and Scope: This thesis is organized into chapters/sections. The first chapter is an introduction to the thesis. Next chapter provides a view on hedging and the volatility of the Stock market. These two parts: the first part covers a background of hedging and explores the common applications and techniques of hedging; and the second part covers the volatility of Stock market movements, providing a brief background on the economic fundamentals of exchange rate determination and dynamics, exchange rate systems, international financial markets, and government policies affecting exchange rate systems. How the leveraged spot market can be used as a speculating tool. We have adapted model of exchange rate dynamics within a target zone, we assume that the exchange rate movement follows the pattern of a random walk and we develop a model showing how the leveraged spot contract can be used as a superior financial tool when compared to forward and spot contracts under certain circumstances. However, before developing this model illustrates the mechanism of trading in the leveraged spot market with a numerical example. This describes how to eliminate the risk which arises from speculative leveraged spot transactions using a forward contract. Moreover, several numerical examples are used to illustrate how companies can utilize leveraged spot contracts as a hedging tool. We show in this chapter that the leveraged spot contract, when used in conjunction with a forward contract, can indeed derive risk free profits for its users. The effectiveness and profit generated from using leveraged spot contracts depends on the leverage ratio and the interest rate differential between the home and foreign countries. Chapter 2: Literature Review The financial world has witnessed several major catastrophes in the last dozen years. The first catastrophe was the collapse of Barings Bank in Britain in 1995. The banks collapse was a direct result of Nick Lessons aggressive trading in the futures and options markets. Between 1992 and 1995, the self proclaimed â€Å"Rogue Trader†1 accumulated losses of over  £800million. In February 1995, the 233 year-old Barings Bank was unable to meet the Singapore Mercantile Exchanges (SIMEX) margin call. The bank was declared bankrupt and was bought by the Dutch Bank, ING, for only  £1. The second catastrophe was the Asian financial crisis in 1997. Much literature had been written about the crisis as the financial world tries to understand what went wrong that led to the crisis. Some authors claimed that the crisis was triggered by the run of panic investors on those economies as well as depositor on banks which led to the burst of a bubble economy; while others blamed the crisis on the moral hazard in the Asian banking (financing) systems. We believe that the Asian financial crisis was due mainly (but not limited) to the structural imbalance in the region, caused by large current account deficits, high external debt burden, and the failure of governments to stabilize their national currencies. These problems were worsen by the poor prudential regulation of 1 Nick Lesson wrote an autobiography called â€Å"Rogue Trader† detailing his role in the Barings scandal while imprisoned, the Asian financial system during the 1990s. The combination of these factors contributed to the long-term accumulation of problems in fundamentals, such as large amount of ‘over-lending and bad loans in banking systems which led to the bankruptcies of large firms/banks in the economy, and eventually destroyed the confidence of investors and triggered the panic run of both investors and depositors of the Asian financial system. As part of the efforts, governments tried ente ring the derivative markets to stabilize their currencies. The Thai Government, for instance, utilized the forward market. However, as the world witnessed the collapse of several Asian currencies during the course of the 1997 financial crisis, it was obvious that these stabilizing efforts were not successful. As the Asian countries continued their recovery efforts, Enron collapsed in 2001 as a result of imprudent use of financial derivatives. It had been reported that Enrons management engaged in questionable transactions in the options market, in an attempt to keep the true economic losses of various investments off Enrons financial statements and to try to conceal the actual financial situation of the company. The consequences of these catastrophes were devastating. They impacted not only on the governments and companies directly involved in the events, but also their stakeholders, such as shareholders, employees and ordinary citizens. Many studies examining international financia l markets have been designed to prevent the future occurrence of a similar catastrophe. Most of these studies are still attempting to learn from past mistakes through analyzing what exactly triggered such catastrophic events. Amongst those many studies, some have been undertaken to assist companies to minimize their exposure to fluctuations in the currency market, and to implement better techniques and supervision of corporate risk and management. As a result, topics such as currency exposure, hedging strategies and prudent, ethical company practices have become mainstream issues in international financial markets. This thesis is concerned with hedging techniques in relation to the risk faced by companies and individuals of currency fluctuations. We will point out the limitations and strengths of common hedging techniques and then derive a new technique for hedging. This new model aims to minimize or eliminate the limitations of existing hedging techniques. The importance of understanding the underlying economic and financial fundamentals, which were possibly responsible for the 1997 Asian financial crisis, is noted. This chapter begins with a background discussion of hedging and explores the common applications and techniques of hedging. It continues by addressing exchange rate volatility through providing a brief background of the economic fundamentals of exchange rate determination and dynamics, and government policies. Globally, operations in the foreign exchange market started in a major way after the breakdown of the Bretton Woods system in 1971, which also marked the beginning of floating exchange rate regimes in several countries. Over the years, the foreign exchange market has emerged as the largest market in the world. The decade of the 1990s witnessed a perceptible policy shift in many emerging markets towards reorientation of their financial markets in terms of new products and instruments, development of institutional and market infrastructure and realignment of regulatory structure consistent with the liberalized operational framework. The changing contours were mirrored in a rapid expansion of foreign exchange market in terms of participants, transaction volumes, decline in transaction costs and more efficient mechanisms of risk transfer. The origin of the foreign exchange market in India could be traced to the year 1978 when banks in India were permitted to undertake intra-day trade in foreign exchange. However, it was in the 1990s that the Indian foreign exchange market witnessed far reaching changes along with the shifts in the currency regime in India. The exchange rate of the rupee, that was pegged earlier was floated partially in March 1992 and fully in March 1993 following the recommendations of the Report of the High Level Committee on Balance of Payments (Chairman: Dr. C. Rangarajan). The unification of the exchange rate was instrumental in developing a market-determined exchange rate of the rupee and an important step in the progress towards current account convertibility, which was achieved in August 1994. A further impetus to the development of the foreign exchange market in India was provided with the setting up of an Expert Group on Foreign Exchange Markets in India (Chairman: Shri O.P. Sodhani), which submitted its report in June 1995. The Group made several recommendations for deepening and widening of the Indian foreign exchange market. Consequentl y, beginning from January 1996, wide-ranging reforms have been undertaken in the Indian foreign exchange market. After almost a decade, an Internal Technical Group on the Foreign Exchange Market (2005) was constituted to undertake a comprehensive review of the measures initiated by the Reserve Bank and identify areas for further liberalization or relaxation of restrictions in a medium-term framework. The momentous developments over the past few years are reflected in the enhanced risk-bearing capacity of banks along with rising foreign exchange trading volumes and finer margins. The foreign exchange market has acquired depth. The conditions in the foreign exchange market have also generally remained orderly. While it is not possible for any country to remain completely unaffected by developments in international markets, India was able to keep the spillover effect of the Asian crisis to a minimum through constant monitoring and timely action, including recourse to strong monetary measures, when necessary, to prevent emergence of self-fulfilling speculative activities. 2. Financial Derivatives Markets: With the ever increasing total notional value of derivative contracts outstanding worldwide, it is little wonder that there has been continuous interest in unlocking the â€Å"mystery† of hedging using financial derivatives. Studies have shown that in 1994, the total value of hedging was USD 18 trillion. This is more than the combined total value of shares listed on the New York Stock Exchange and the Tokyo Stock Exchange. The amount exceeded USD 55 trillion in 1996, and in 1998, the figure had already reached USD 70 trillion, which is almost four times more than in 1994. Moreover, according to Bureau of Information Statistics (2005), from 1995 to 1998, spot foreign exchange transactions increased by 15%, reaching a total of USD 600 billion-a day, while over-the-counter currency options doubled to a total outstanding daily value of USD 141 billion. According to the Central Bank Survey 2004, the average daily turnover in foreign exchange derivatives contracts rose to $1,292 bil lion in April 2004 compared to only $853 billion in April 2001 (IBS, 2005). Table 2.1 shows that outright forward and foreign exchange swaps hold the record as the most popular derivatives traded over the counter. As such figures continue to climb strongly, it is important to understand the mechanism of the foreign exchange derivatives markets, including what motivates companies to enter the market, and how corporations utilize the market as a hedging mechanism. According to an author Robert W. Kolb, â€Å"a derivative is a financial instrument based upon another more elementary financial instrument. The value of the financial derivative depends upon, or derives from the more basic instrument. The base instrument is usually an underlying asset, as cash market financial instrument, such as a bond or a share of stock†. The underlying instrument can also be based on movements of financial markets, interest rates, the market index, commodities, or a combination of these assets. F or example, consider the derivative value of oil, which indicates that the price of an oil futures contract would be derived from the market price of oil, reflecting supply and demand for the commodity. In fact, as oil prices rise, so does the associated futures contract. It is noted that in order for the derivative market to be operational, the underlying asset prices have to be sufficiently volatile. This is because derivatives are risk management tools. Hence, if there is no risk in the market, there would be no need for the existence of any risk management tool. In other words, without manageable risk, the use of derivatives would be meaningless. Derivatives commonly used as hedging instruments include the foundational form of: 1. forward contracts 2. futures contracts 3. options contracts, 4. Swaps, which involve a combination of forward and spot contracts or two forward contracts. However, with the rapidly changing business environment, many hedgers have also given increasing attention to other more sophisticated and â€Å"exotic† derivatives which evolved from these basic contracts and often consist of a combined use of two or more foundational contracts, such as Options Futures. Global OTC Derivative Market Turnover, 1998-2007 Daily Averages in April, in billions of USD Description 1998 2001 2004 2007 Foreign Exchange Power 688 959 853 1,292 Outright forwards and foreign Exchange Swaps 643 862 786 1,152 Currency Swaps 4 10 7 21 Options 41 87 60 117 Other 1 0 0 2 Interest Rate Turnover 151 265 489 1,025 FRAs 66 74 129 233 Swaps 63 155 331 621 Options 21 36 29 171 Other 2 0 0 0 Total Derivatives Turnover 880 1,256 1,385 2,410 Memo: Turnover at April 2004 exchange rates 825 1,350 1,600 2,410 Exchange traded derivatives 1,221 1,382 2,180 4,657 Currency Contracts 17 11 10 23 Interest Rate Contracts 1,204 1,371 2,170 4,634 The 2004 survey is the sixth global survey since April 1989 of foreign exchange market activity and the fourth survey since March/April 1995 covering also the over-the-counter (OTC) derivatives market activity. The survey includes information on global foreign exchange market turnover and the final statistics on OTC derivatives market turnover and amounts outstanding. 2.4.2 Types of Players in Derivatives Markets: There are three categories of players in a functioning derivatives market: 1. Hedgers 2. Speculators 3. Arbitrageurs While each of these players use the market with varying intention, their combined and balanced influence ensure the market liquidity and volatility that allows the derivatives market to operate. It is easy yet important to differentiate the varying motives of these players. In terms of their level of risk aversion, arbitrageurs are by definition highly risk intolerant (risk averse individuals) who only trade in risk-free transactions; whereas speculators are on the other side of the spectrum (risk-seeking individuals), as they make profit by taking risk; hedgers are risk neutral individuals, as they choose their strategies by ranking the expected value of any given strategy. Based on their varying attitude towards risk these players tend to engage in the derivatives market with very different transaction patterns. More specifically, an arbitrageur who seeks risk-free profits will simultaneously take up a position in two or more markets, for instance, simultaneously buy spot and sell forward the INR, in an attempt to exploit mis-pricings due to a market that is not in equilibrium. However, such price differentials are almost non-existent in a well-functioning market, mainly because supply and demand tends to rapidly restore market equilibrium. As opposed to the arbitrageur, a speculator seeks profit by taking risk. For example, speculators who anticipate an appreciating INR will put their â€Å"bets† on the rising INR. They can do so by buying the INR at a lower value, and then selling it when the value is higher should the prediction come true. A hedger enters derivatives markets mainly with intention to insure against price volatility beyond their control. Based on this intention, it is not surprising that hedgers are mostly acting on behalf of corporations. The mechanism of hedging mainly transfers risk to others who are willing to accept the risk. Indeed, the risk is never nullified but merely transferred from one party to another. In most cases, spec ulators are those who absorb the risks transferred by hedgers. It is perhaps due to these notions that some have referred to the derivatives market as the ‘zero-sum game market, where the gain of one party is exactly equal to loss of another party. Over the last decades, the foreign exchange markets have experienced explosive growth. Indeed, according to the Central Bank Survey 2004, the average daily turnover in traditional foreign exchange markets rose to $US 1,880 billion in April 2004 compared to $US 1,200 billion in April 2001. 2.1 Option Market: Similar to futures markets, options markets provide impersonal transactions between two participants in an organized, orderly and cost-efficient open outcry auction market. Examples of these markets are the Chicago Mercantile Exchange (CME), the New York Mercantile Exchange (NYMEX) and the Australian Stock Exchange (ASX). An options contract gives the contract holder the right but not obligation to buy or sell an asset at a will be specific price and delivery date. For a currency options contract, that asset will be a currency. The contract holder is also known as the options buyer. The counterparty of a contract holder is known as the contract writer or contract seller, who is obligated to respond to the contract holder. In other words, if the contract holder chooses to exercise the contract, the writer is obligated to respond. Call Options Right and Obligations Buyer (holder) Seller (writer) Has the right to buy a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to sell futures at a predetermined price a buyers sole option. Expectation: Rising prices Expectation: Neutral or falling prices Put Options Right and Obligations Buyer (holder) Seller (writer) Has the right to sell a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to buy futures at a predetermined price a buyers sole option. Expectation: Falling prices Expectation: Neutral or rising prices The Options markets offer two styles of contracts: the American and the European. The style of an options contract dictates when it can be exercised. The American options contract gives the buyer (holder) the right to exercise the option at any time between the date of writing and the expiry date; the European options contract, on the other hand, can only be exercised on its expiration date, but not before the expiry date. In Australia, the Australian Stock Exchange (ASX) only offers standardized options contracts. Overseas options markets do offer options contracts in two forms: customized and standardized. The customized options contracts are also known as the over-the-counter (OTC) options. It is usually written by banks for US dollars against the British pound sterling, Swiss francs, Japanese yen, Canadian dollars and the euro. These customized options contracts can be tailored to suit individual needs, in terms of delivery dates, contract size and strike price. The contract size of these over-the-counter options contracts can reach $1 million or more with maturity of up to one or two years. The standardized option contracts are also known as exchange traded options (ETOs). These standardized options contracts were first introduced in the United States by the Philadelphia Stock Exchange (PHLX) in December 1982. Other markets such as the Chicago Mercantile Exchange later followed suit. Like the futures contracts, these exchange traded options are settled through a clearinghouse. The clearinghouse acts as the middleman and handles both sides of an options transaction. Acting as the counterparty of all options contracts, the clearinghouse guarantees the fulfillment of these contracts. Until this time, currency options contracts are still not available for trading through many of the Stock Exchanges. In fact, the Australian Stock Exchange only offers equity options and index options. For traders wanting to speculate or hedge using currency options contracts, th ey can utilize overseas options markets that offer currency options contracts, for example the Philadelphia Stock Exchange (PHLX). The exchange traded currency options offer standardized features such as expiration months and contract size. The following Table 2.8 consists of some of the standardized features of an exchange traded currency options contract as listed by the Philadelphia Stock Exchange (PHLX). Features of Exchange Traded Currency Option Contracts AUD GBP CAD Euro Yen Swiss Franc Contract Size 50,000 31,250 50,000 62,500 6,250,000 62,500 Position and Exercise Limits 200,000 200,000 200,000 200,000 200,000 200,000 Base Currency USD USD USD USD USD USD Underlying Currency AUD GBP CAD EUR JPY CHF Exercise Price Intervals (for 3 nearest months) 1 ¿Ã‚   1 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.005 ¿Ã‚   0.5 ¿Ã‚   Exercise Price Intervals (for 6, 9 or 12 months) 1 ¿Ã‚   2 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.01 ¿Ã‚   1 ¿Ã‚   Premium Quotations Cents per unit Cents per unit Cents per unit Cents per unit Hundredths of cents per unit Cents per unit Minimum Premium Change $.(00)01 per unit = $5.00 $.(00)01 per unit = $3.125 $.(00)01 per unit = $5.00 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 Expiration Months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months Exercise Style American and European American and European American and European American and European American and European American and European 2.2 Future and Forward: 2.2.1 Forward: In 1982, a study had been conducted based on the random sampling of the Fortune 500 companies. In that study, it had been found that the extensive adoption of forward contracts amongst Fortune 500 companies that were involved in currency hedging, it is by far the most commonly adopted hedging instruments. This popularity is perhaps due to the long history of usage, dating back to the early days of civilization and the trading of crop producers. Forward contracts were the first financial derivatives derived from those early â€Å"buy now but pay and deliver later† agreements. In contemporary business world, forward contracts are commonly known as over-the-counter transactions between two or more parties where both buyer and seller enter into an agreement for future delivery of specified amount of currency at an exchange rate agreed today. They are generally privately negotiated between two parties, not necessarily having standardized contract size and maturity. Both parties in the forward contracts are obligated to perform according to the terms and conditions as negotiated in the contracts even if the parties circumstances have changed. In other words, once a forward contract has been negotiated, both parties have to wait for the delivery date to realize the profit or loss on their positions. Nothing happens between the contracting date and delivery date. Indeed, a forward contract cannot be resold or marked to market (where all potential profits and losses are immediately realized), because there is no secondary market for a forward contract. Although, technically, the forward contract can be re-negotiated with the original counterparty, it is usually practically too costly to proceed with. In fact, the counterparty is not obliged to proceed with the renegotiation. Forward contracts have one obvious limitation: they lack flexibility, and therefore do not allow companies to react in a timely manner to favorable market movements. This disadvantage is wide ly acknowledged and often criticism by authors and hedgers. So, why are forward contracts still the most popular hedging instrument? We believe this is mainly because forward contracts allow the hedging of large volumes of transactions with extremely low costs. Indeed, the parties involved in negotiating a forward contract are typically companies that are exposed to currency risk and their nominated banks. The nominated bank typically charges a service fee, of less than 1% of the face value of the hedge amount, for acting as the counter-party in the transaction. So it is the nominal service fee that is the low cost. 2.2.2 Futures Markets: Futures contracts are the first descendant of forward contracts. Futures contracts were derived, based on the fundamental of forward contracts, but with standardized quality, quantity, time (maturity), as well as place for delivery. Like other financial derivatives, futures contracts were initially designed for commodity trading, but as commercial trading continually evolved, the initial de

Freedom comes from within yourself :: essays research papers

Freedom in the Hindu Culture   Ã‚  Ã‚  Ã‚  Ã‚  Over the past three years in America we have been bombarded with the word freedom as a call to action or a word to persuade us to follow a specific view. Although our society was born on freedom as an idea, its meaning has been used in many ways. Hinduism is also a religion and a culture that places a lot of meaning on freedom but they give a different meaning to it. From learning about Hindu culture in this class their focus on it follows suit as does our version. While our â€Å"freedom† is an idea that can be used in many different ways the Hindu â€Å"Freedom† is a more pure idea as it seems the rest of the culture is. In the Eastern culture freedom comes along with a level or state that you have reached in your life. To understand the meaning of freedom you also have to understand its relation to words like Samsara, Avidya, Maya and Moksha. These are all part of the journey towards the Hindu concept of freedom. Samsara is important in defining freedom in Hindu terms because it is what you want freedom from. Samsara is the continuous cycle of life that takes place in the material world. It is thought of as a negative because it keeps us from moving on and up spiritually. Maya is a concept in Hinduism that relates to man disillusioning himself. The idea is that there is no such thing as an individual existence. When a person is trying to better their standing or wealth they are disillusioning themselves. In the Eastern culture you do not work harder to better yourself you work harder to better the world as a whole through your actions in life. This brings you closer to unity with the â€Å"Divine.† Avidya is similar to Maya. It is when the man is disillusioning himself that Avidya describes. When he denies his true â€Å"Self â€Å" and moves farther away from knowledge he is not taking care of his soul. Avidya is a product of the soul as well as a part of the soul. A person can always move away from this and make his soul healthy again by seeking truth and trying to reach the higher levels of spirituality. In the final stage of life we see Moksha come into play. After freeing yourself from material ties in the third stage of life you move on to the fourth and last. Freedom comes from within yourself :: essays research papers Freedom in the Hindu Culture   Ã‚  Ã‚  Ã‚  Ã‚  Over the past three years in America we have been bombarded with the word freedom as a call to action or a word to persuade us to follow a specific view. Although our society was born on freedom as an idea, its meaning has been used in many ways. Hinduism is also a religion and a culture that places a lot of meaning on freedom but they give a different meaning to it. From learning about Hindu culture in this class their focus on it follows suit as does our version. While our â€Å"freedom† is an idea that can be used in many different ways the Hindu â€Å"Freedom† is a more pure idea as it seems the rest of the culture is. In the Eastern culture freedom comes along with a level or state that you have reached in your life. To understand the meaning of freedom you also have to understand its relation to words like Samsara, Avidya, Maya and Moksha. These are all part of the journey towards the Hindu concept of freedom. Samsara is important in defining freedom in Hindu terms because it is what you want freedom from. Samsara is the continuous cycle of life that takes place in the material world. It is thought of as a negative because it keeps us from moving on and up spiritually. Maya is a concept in Hinduism that relates to man disillusioning himself. The idea is that there is no such thing as an individual existence. When a person is trying to better their standing or wealth they are disillusioning themselves. In the Eastern culture you do not work harder to better yourself you work harder to better the world as a whole through your actions in life. This brings you closer to unity with the â€Å"Divine.† Avidya is similar to Maya. It is when the man is disillusioning himself that Avidya describes. When he denies his true â€Å"Self â€Å" and moves farther away from knowledge he is not taking care of his soul. Avidya is a product of the soul as well as a part of the soul. A person can always move away from this and make his soul healthy again by seeking truth and trying to reach the higher levels of spirituality. In the final stage of life we see Moksha come into play. After freeing yourself from material ties in the third stage of life you move on to the fourth and last.