Explain How External Environment Influence Essay

External environment aims to help an organisation to obtain opportunities and threats that will affect the organisation’s competitive situation. External opportunities are characteristics of the external environment that have the potential to help the organization achieve or exceed its strategic goals. External threats are characteristics of the external environment that may prevent the organization from achieving its strategic goals. Therefore, organisations must formulate appropriate strategies to take advantage of the opportunities while overcome the threats in order to achieve their strategic goals. The external environment consists of variables that are outside the organization and not typically within the short-run control of top management. They may be general forces within the macro or remote environment, which consists of political-legal, economic, socio-cultural, technological forces – usually called PEST. Political-legal force influences strategy formulation through government and law intervention. For example, the environment law requires the world’s automobile manufacturers to reduce emission of green house gasses, and therefore these manufacturers have to reformulate their product strategy. Economic force influences strategy formulation through economic growth, interest rates, exchange rates and the inflation rate. For example, exchange rates affect the costs of exporting goods and the supply and price of imported goods in an economy, and thus influence strategy formulation of exporters. Socio-cultural force is about the cultural aspects, health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Trends in social-cultural factors affect the demand for a company’s products and how that company operates. For example, increasing health consciousness can influence strategy formulation of fast-food companies that may have to adopt product innovation strategy. Technological factors include technological aspects such as R;D activity, automation, technology incentives and the rate of technological change. For example, rapid development of the information technology has significantly influenced the strategy formulation of logistics service providers who are now able to provide superior express services. There may be specific forces within the micro or near environment, which involves analyzing the threat from the new entrant, rivalry among the existing players, pressure from the buyers, pressure from the suppliers and pressure from the substitutes. This is introduced in Porter’s Five-Forces Model. Profitable markets that yield high returns will attract new firms which eventually will decrease profitability for all firms in the industry unless the entry of new firms can be blocked by incumbents. The existing firms therefore need to formulate new strategies against potential entrants. For most industries, the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. For example, high intensity of competitive rivalry in the automobile industry forces competitors such as Ford, Honda, to form strategic alliances or adopts the strategy of M;A. The bargaining power of buyers is the ability of customers to put the firm under pressure. For example, strong bargaining power of buyers in the computer industry put Dell under pressure. To deal with such pressure, Dell has to focus on relationship marketing strategy by offering value-added services to its customers. The bargaining power of suppliers is also described as the market of inputs. Suppliers of raw materials, components, labor, and services (such as expertise) to the firm can be a source of power over the firm, when there are few substitutes. Suppliers may refuse to work with the firm, or charge excessively high prices for unique resources such as Microsoft software and Intel chips which affects the formulation of price strategy of PC makers. The existence of products outside of the realm of the common product boundaries increases the propensity of customers to switch to alternatives. In order to retain customers, companies must formulate appropriate strategies to compete with the substitutes. For example, milk producers compete with soy milk producers. However, strategy formulation is also influenced by the degree of turbulence of the external environment. A high degree of turbulence exists if changeability is high and predictability is low. Companies need to formulate strategies based on the planned prescriptive approach if turbulence is low, whereas based on the unplanned emergent approach if turbulence is high. How organization’s overcome environmental changes? Organisations need to deal with environmental changes with appropriate strategies. First, organisations may choose to wait and see. Such strategy has its advantages and disadvantages. For example, facing a significant technological change, some companies may choose to integrate the new technology into their products. If they are successful, the rest companies’ ‘wait and see’ strategy is obviously unwise. However, if they failed, the rest companies’ ‘wait and see’ strategy appears wise. As a result, strategic decision making is impacted on and opportunities may either be lost or capitalised on. Second, organisations may choose to change in response to environmental changes through either proactive or reactive. Proactive change involves actively attempting to make alterations to the work place and its practices. Companies that take a proactive approach to change are often trying to avoid a potential future threat or to capitalize on a potential future opportunity. Reactive change occurs when an organization makes changes in its practices after some threat or opportunity has already occurred in the external environment. As an example of the difference, assume that a hotel executive learns about the increase in the number of Malaysians who want to travel with their pets. The hotel executive creates a plan to reserve certain rooms in many hotel locations for travelers with pets and to advertise this new amenity, even before travelers begin asking about such accommodations. This would be a proactive response to change because it was made in anticipation of customer demand. However, a reactive approach to change would occur if hotel executives had waited to enact such a change until many hotel managers had received repeated requests from guests to accommodate their pets and were denied rooms. In reality, companies may use a combination of both proactive and reactive approaches. Proactive approach is highly common when an industry is new with little or no change. The bellwether company entering the industry is making all of the strategic decisions or being proactive. However, because of its success, competitors gradually enter the market, resulting in the turbulent change of the competitive environment. Consequently, the reactive change is on the part of the new competitors as well as the bellwether company. To overcome environmental changes, companies may also choose the merger or acquisition strategy. A merger is defined as the joining of two or more organizations to constitute a new combined, legal entity. An acquisition is defined as the purchase of more than 50 percent of the voting shares of one organization by another, but the two organizations are still separate legal entities with the acquiring organization running as the parent company and another as a subsidiary. For example, recent study discloses that the merger and acquisition strategy in the global automobile industry will be further enhanced in the near future in order to deal with the threat of global financial crisis which decreased the consumers’ disposable income and increased the debt of auto makers and suppliers that have to save their organisations through merger and acquisition Ddiscuss the importance of organisational culture in strategy implementation Organisational culture can be defined â€Å"as the system of shared beliefs and values that guide and direct the behaviour of members, can have a strong influence on daily organisational behaviour and performance. † (1) Reflection to leadership Successful strategy implementation needs strategic leadership. Strategic leadership is the ability of influencing others to voluntarily make decisions that enhance prospects for the organisation’s long-term success while maintaining short-term financial stability. It includes determining the firm’s strategic direction, aligning the firm’s strategy with its culture, modelling and communicating high ethical standards, and initiating, shaping and implementing changes in the firm’s strategy, when necessary. Strategic leadership sets the firm’s direction by developing and communicating a vision of future and inspires the organization’s members to move in that direction. (2) Enable to create mission & vision The vision is the source and the main idea of a company. The mission aims to give the direction which presents the unique scope of business, its vision nd specific competence & competitive advantages, and to tell employees, consumers, and shareholder what the firm is. For example, IBM’s vision is: solutions for a small planet. Mission is: At IBM, we strive to lead in the invention, development and manufacture of the industry’s most advanced information technologies, including computer systems, sof tware, storage systems and microelectronics. Create a shared vision to manage strategic change: objectives and vision of both individuals and organization should coincide. There should be no conflict between them. Senior managers need to constantly and consistently communicate the vision not only to inform but also to overcome resistance through proper communication. Strategy implementers have to convince all those concerned that the change is not superficial. The actions taken have to be credible, highly visible and unmistakably indicative of management’s seriousness to new strategic initiatives and associated changes. (3) Help to create a better strategy (4) Staff motivation Strategy implementation requires special motivation to achieve objectives. The motivation system functions according to the qualities and mechanisms of motivation, which is developed during the stage of entry strategy preparation. First and foremost, this system has to inspire employees involved in the process of strategy development and implementation to orient their mindset toward a strategic way of thinking. Formalizing the strategic motivation system includes establishing a system of daily incentives for employees, especially those who are responsible for strategy development and implementation. The formal system is presented in a document, where all suggestions about motivation and incentives are developed and described. It includes all moral, social, and financial instruments of motivation of individual employees and groups of employees. Special recognition and awards should be given to those who go above and beyond in creating and implementing strategic ideas. (5) Increase or enhance adaptability skills How to use organisation culture to develop competitive advantages 1. Develop CA An organization that is able to maintain a positive culture is likely to enjoy many benefits. When organization members identify with the culture, the work environment tends to be more enjoyable, which boosts morale. This leads to increased levels of teamwork, sharing of information, and openness to new ideas. The resulting increased interaction among employees activates learning and continuous improvement because information flows more freely throughout the organization. Additionally, such a culture helps to attract and retain top employees. For example, Wal-Mart’s founder, Sam Walton, showed concern and respect for his employees from the company’s inception. This created an environment of trust that persists to this day. Walton also modeled the behavior that he desired from his employees, especially customer service (both to internal and external customers), by visiting his stores, meeting customers, and greeting employees by their first names. Walton also embraced and encouraged change in order to remain competitive, and developed employees by having them work in a variety of positions. Wal-Mart considers its culture the key to its success, and to this day employees continue to think about â€Å"how Sam would have done it’’ when making decisions. 2. Proactive ; reactive Today’s globally-competitive business environment has made a positive corporate culture a critical aspect of success for firms. No longer just a competitive advantage, it has become a prerequisite for success, allowing companies to attract and retain top employees. Therefore, where the culture is serving to lower morale, it is recommended that management take proactive rather than reactive steps to change the corporate culture using a top-down approach, establishing a new vision and demonstrating new behavior consistent with the revised vision. 2. Ability to change 3. Strong learning curve

Conventional and organic food products Essay

While conventional food products are still dominating American market, the phrase â€Å"healthy eating† is gradually gaining popularity. To supplement this new trendy belief, a wave of organic products is sweeping across this nation’s grocery stores. But do people really realize the differences between conventional and organic products as they mound their shopping carts? Do they know that the main differences between the two categories of foods actually lie in their processing procedures, advertising strategies, and product ingredients? When people look at an organic product, the first thing they are most likely to notice is its cost. Which, under normal circumstances, is remarkably higher than average products. Since people have the misconception that the word â€Å"organic† on food labels means â€Å"all natural,† they accepted this phenomenon as a necessary price to pay for a healthy life, but it merely indicates that the product is minimally processed and is preservative free. The true reason behind the intimidating price of organic product is because organic production prohibits the use of synthetic fertilizers and pesticides as well as genetic manipulation of plants. These standards require greater labor input from organic farmers to provide a purer product, and at the same time help to protect our environment. People expect a â€Å"fair price† for conventional foods, because they are well informed of its manufacturing process. Modern machinery allows factories to undergo mass-production, thus little manual labor is required. This not only leads to increments in the yield, but also lowers the overall cost of production. Though the reasonable price of conventional products is beneficial to one’s budget, chemical preservatives are used during the manufacturing process. Conventional cropping practices may also include a combination fungicide/insecticide treatment to protect the seed from soil diseases and insects, which poses potential harm to our health and environment. Since the prices of organic products are far from alluring, and at the same time tend to have less variety, organic producers advertise their products by their nutritional appeals. Ostentatious statements such as â€Å"good for  life†, or â€Å"nature’s best† are printed unsparingly on the packages; accompanied by idealized pictures of nature. TV commercials for organic products are rarely seen; if people happen to see one, they will find themselves viewing a beautiful field of crops or a lively farm with cows mooing and chickens cackling. A middle-aged man in agrarian overalls will then come along to accentuate the freshness of their products with earnest. The popular demand for conventional food generates large profit for conventional food producers, which enables them to innovate more varieties of products and to advertise their products more efficiently on TV commercials. The majority of these commercials take place away from rural settings; they are either in a nice house, a fancy restaurant, or some imaginary land. While the well-dressed actors and actresses are feasting on the food products, a confident male voice will pop up in the background to announce that their products are better than those of others. Other than well-animated TV commercials, imagery also plays a key role in packaging. The producers wrap their products up in boxes that are covered by bright colors and decorated with popular food icons to attract consumers’ attention. Messages such as â€Å"50% more volume† or â€Å"free CD inside† can also be found on packages for promotion purposes. Nutritionists are placing an unprecedented amount of emphasize on organic products, which makes people feel compelled to read the list of ingredients before buying it. That’s when the buyers will be pleasantly surprised to discover that they can actually understand the list. For instance, the ingredients of organic milk are simply: certified organic grade A milk, and Vitamin D3. This unique feature not only helps consumers to identify an organic product, but also provides a sense of security when people consume the product. When people pick up a conventional product, they glance at it to check for defects, and then toss it into the cart. It is unlikely that anyone is going to read the ingredient list closely. Not only because people are so used to the products they use, that they tend to neglect the details, but also because the ingredient list of a conventional product is nearly meaningless  to the consumers. Reading the ingredient list of a processed food is like reading data from a chemistry book; it is incomprehensible and boring. For example, a simple bottle of conventional milk can consist up to four kinds of added chemicals. Therefore, the long list of scientific components does nothing more than bewilders the customers. Even though organic foods differ from conventional foods in many aspects, study shows that there are no substantial differences between their taste and safety. Buying an organic product is more of an act of protecting the environment than promoting one’s own health. If consumers’ budget allows, they should buy more organic products, because it is a simple way of giving back to the Mother Nature, and help to preserve biological stability on earth.

Ronald Reagan Research Paper Example | Topics and Well Written Essays - 1500 words

Ronald Reagan - Research Paper Example In both this institutions, Reagan remained as a leader and a sportsman. After finishing college, he managed to get a position as a radio presenter. Later in 1937, he managed to get a place as an actor in Hollywood contributing to his successful ventures. 3 years later, he married Jane Wayman, and then divorced her 8 years down the line. In 1952, he married Nancy Davis (Cannon 13). Reagan managed to become president of a society that managed fought for the rights of actors. He went around United States during that time supporting liberalism. As years went by, he changed his views to conservatism. In 1966, he became elected governor of California, the again in 1970. In 1980, he got elected as the 40th president of United States as a Republican candidate. The book describes Reagan as the president associated with Reaganomics, a policy that helped improve the economic situation at the time. In March 30th 1981, Reagan became assassinated, though later recovered and returned to office. In 1984, Reagan became re-elected in office with a landslide victory. Reagan played a significant role in encouraging peace in the world. For example, he initiated a peace agreement with the soviet regarding intermediate range missiles. In regard to foreign policy, Reagan gets depicted as a man that despised terrorism and did all it took to stop it (Cannon 112). He also sent U.S troops to various countries that needed help, for instance Grenada and Lebanon. The book hence provides a detailed account of the life of Ronald Reagan. Joseph, Paul. Ronald Reagan. New York: Abdo, 1999. The author, Paul Joseph, in his book describes the history surrounding Ronald Reagan life starting from childhood, education, Hollywood career and political career. An account of the early life of Ronald Reagan gets narrated by Joseph from the day he became born in February 6th, 1911, his parents and his social life (Joseph 14). Furthermore, his academic life gets revealed by the author as Reagan passed from ju nior to high school to college. In these various academic institutions that Reagan went, an account of the subjects and overall achievement in extra curriculum activities also become given in this book (Joseph 34). The author continues to write about Reagan’s life when he became an actor in Hollywood in 1937 and describes to the readers regarding some of the movies Reagan featured. A detailed account of Reagan’s career as an actor gets described in the book. In addition, some of the jobs Reagan did become described in the book, for instance, television host, spokesman, radio presenter and many more. During his life as an actor, Reagan managed to get many people to support him in his career and therefore, got a background support when he shifted to politics (Joseph 49). Furthermore, the author talks about how Reagan got political interest and his bid for the governorship. A history regarding his life as a governor of California starting from 1966 becomes accounted in th is book. Paul continues by giving a history of Reagan’s life when elected president in 1980, his inauguration, and then the events that surrounded his assassination (Joseph 89). Finally, an account of the achievements and downfalls Reagan’s rule brought to the United States of America. Majorly, Reagan often becomes remembered due to his Reaganomics that helped curb inflation that existed at the time Reagan took power. Furthermore, Reagan played a key role in initiating peaceful talks with the

American history marlboro Essay Example | Topics and Well Written Essays - 1500 words

American history marlboro - Essay Example The company has been maintaining quality in its products over the years. (Mission & Values, n.d.) The paper will look into the history of the brand and the path of its glory. The first trace of the Marlboro cigarettes was found in 1847 in England. The brand got its name from the Marlborough Street in UK. The brand was manufactured by Philip Morris, which was based in UK. It was in 1902, that the company extended its operations in the USA. The US market was seen as a good opportunity for the brand to cater to the needs of women in the society. The marketing strategies of the company over the years have been instrumental in the success of the brand. (Marlboro Cigarettes history, n.d.) The time it was introduced in the US, the brand used the slogan â€Å"Mild as May†. Obviously, the brand aimed at targeting the women. The advertisements of the cigarettes contained the hand of women. The filters of the cigarettes were painted red. This was done to hide the lipstick stains of the women while smoking. The marketing strategies of the brand underlined the fact that it was for women. The brand maintained the same stance up to the 2nd World War. However, the economic conditions of the war forced the brand out of the market. There was a rise in the popularity of the other cheap cigarettes. Various companies that were popular in the phase were unfiltered. The brands that survived the World War were Camel, Lucky Strike and Chesterfield. However, the Marlboro brand came back into the market when the conditions stabilized. After the World War, there was a rise in the health concerns of the people and several articles were published depicting the reasons of cancer for the use of the cigarettes. The companies understood the situation and began to produce filtered cigarettes. Marlboro introduced filtered cigarettes also. However, to be able to capture the market, the company had to involve a lot of marketing and the

Performancemangement Essay Example | Topics and Well Written Essays - 2500 words

Performancemangement - Essay Example t hand and to keep with the competition, the company has taken up the decision to focus more on the new costing and pricing techniques to keep their focus on the customer and on maximization of the profit through cost reduction. The company uses the traditional costing methods to base the cost of their surgical equipments which are quite outdated and are therefore show a lesser profit as compared to the new costing methods which can help a company to maximize their profits. The traditional method used by the company does not focus on the reason for the occurrence of the cost i.e. whether the cost is directly linked with the production of the equipment or the cost is merely an overhead cost. (Exact Cost n.d.) Therefore, the cost is incorrectly charged to the product which decreases the profit margin for the company. It does not differentiate the cost on the basis of their use. As a certain material used in the production of equipment may be more costly than the other but is required in a limited quantity while the other may be cheaper but required in huge quantity. Costs cannot be properly allocated on the basis as to which department has provided the maximum amount of service to the particular department and the large amount of cost may be allocated to a department which has provided no service at all thus increasing the cost of that particular equipment. In contrast with the traditional costing methods which have certain deficiencies, a modern costing method can be used. This method is known as Activity Based Costing (ABC). Some points regarding this method are discussed in detail below: This method is based on the actual costing of a particular department as people who are connected to the department are involved in the costing process extract the data of cost to be allocated and allocate the cost to the production or service department as per the level of service provided. Since the costs are properly allocated to the respective departments in the

Critically evaluate the policy network model Essay

Critically evaluate the policy network model - Essay Example In this case, we can expect too that solution can be best achieved through network of elucidation. NETWORK OF PROBLEMS: AN OVERVIEW OF POLICY NETWORK MODEL Introduction In our society today, there are many things in which we are trying to explain and identify why such things occurs. We also try to analyze situations or problems to come up with a solution that we thought to be a result of the observations. Well, this is the essence of being an analysts - This give us the right to be coined as analysts because we try to explain everything based on the content and what the other had perceived it to be and eventually lead us to create our own unique perception on that issue also with of course basis. In this part, we will be dealing on a policy model that is known to be one of the most influential models in these days in policy making. A policy network model by Rod Rhodes states that policy is prepared because of the interactions made between the pressure groups and the policy makers. .. . Policy Network Model As it were discussed and stated in the lecture presentation about policy analysis made by Dr. Adam White entitled ‘Theories of the Policy Process’, he identified there that a policy network model focus on policy subsystems. Primarily it focuses on subsystems because the actors involved may not be in line with the hierarchical structure. Leader’s prerogative on matters of laws or policies and other matters which involved the state (individual level of analysis) is not the only source of policies as well as state laws because there are multiple actors involved in here. The players in this model are the groups that make the state work as a whole which is consist of the departments and bureaucracies as well as interests groups in the states. We can label them as the trans-governmental or transnational actors coined in the complex interdependence theory. The policy outcome is indeed made because of the departments and bureaucracies’ intermed iations with each other together with the interest groups. These components are the main actors bounded by their beliefs and norms in the society in governance (Scharpf 1998, p.195). Furthermore, actors operate through interdependent relationships, with a view to achieve their personal goals by collaborating with each other (Bevir & Richards 2009, p.1). In a broader sense, what makes the policy are not because of the leaders’ ability alone to rule and create policy to make its country better but rather, it is a product of collective individual’s rational thinking ability shaped by their societal norms and its interactions to the government bureaus – their exchange of resources; and policy makers. â€Å"Policy network analysis stresses the importance of

International Students Research Paper Example | Topics and Well Written Essays - 1000 words

International Students - Research Paper Example From this study it is clear that  the main reason for many universities and governments to attracts a higher percentage and/or ratio of international students to their universities might have to do with the fact that they are attempting to promote diversity and understanding between peoples, the fact the matter is that the economics surrounding international exchange students tells quite a different story.This paper highlights that  whereas the local students might receive stipends, scholarships, and a variety of different aid to pursue higher education, the international student is almost always without any of these benefits; and left to rely fully upon their own ability to fund such an endeavor. Moreover, the amount of money at the local student discharged, not even counting the scholarship aid or other funds which might be applied to assist them, is invariably much cheaper than the amount of money that the international student pays per semester/per year.  Oftentimes the dif ferential intuition is nearly double. The many schools would like to promote themselves as liberal centers of learning that pride themselves upon a diverse and ethnically varied student body, the fact the matter is that the economics ultimately drive the push towards more and more international students within the system.  The reason for this is the fact that growing a university based upon the local resources of students does not provide a rapid degree of growth.

Term Paper Essay Example | Topics and Well Written Essays - 1250 words - 5

Term Paper - Essay Example Humans preserve life, as duty requires. Duty seeks to restrict the actions of humans to follow a certain direction. In a way, duty brings out the best of someone’s will. Kant depicts how a dealer interacts with his customers to illustrate how accordance to duty affects the will of a person. The dealer treats all of his customers, whether recent or patrons equally. He does so prudently to maintain his customer base. Utility is the greatest form of happiness a human can experience. According to the principle of utility, a person acts in ways that are most likely to cause him happiness. To the majority of humans, happiness is all about the absence of pain and the abundance of pleasure. Pleasure, as with any resource, is more desirable when it is in plenty. Quantity is more desirable than quality and is usually the measure of happiness. All humans are subject to this principle as they all attempt to achieve happiness in their lives. Another correlation that is similar to the relationship between pleasure and pain is that of vice and virtue. The desire of virtue is similar to that of happiness. Unlike happiness, the desire of virtue is not universal. For this reason, the pursuit of happiness is one of the motivators of human conduct but it is not the only one. The major issue of contention in developing laws is the issue of injustice and favoring one party over the other. Using a veil of ignorance, as Rawl puts it, lawmakers are able to develop laws that are just and fair. This veil ensures that there is no party that is advantaged or disadvantages as everyone becomes subject to social circumstances and natural chance. A veil of ignorance ensures that all the principles that dictate the law are arrived through fair agreement and bargain. Through the veil, justice has the chance to become fair. By thinking what might happen in the absence of a certain law, legislators naturally use to veil to come up with the laws. An example is that of a

Influential Theorist Essay Example | Topics and Well Written Essays - 1000 words

Influential Theorist - Essay Example Per Gardner, there are a wide range of cognitive abilities that are not too closely correlated with one another, in spite of the close correlations of the aspects of intelligence that is measured thru the IQ test. (Gardner, H., 1983, p 25) For instance, two kids learning the multiplication table and child A learns or memorizes the table easily and child B is a little slow learning it. In Gardner’s theory of multiple intelligences, child A doesn’t necessarily mean more intelligent then child B for the following reasons: child B may be using a different approach, child B may be understanding multiplication in an essentially deeper level, or child B may succeed in a career outside mathematics As the theory says, based on the example above, child B’s slowness can be a result of the processing of the mind of the child and doesn’t not necessarily mean the child is a slow learner. The theory suggests that the child B’s intelligence may be a notch higher In fluential Theorist 3 than of the child who easily memorized the multiplication table due to a deeper level of understanding, which appears like slowness. 7 Original Intelligences Based on the book â€Å"Frames of mind: The theory of multiple intelligences†, Gardner initially listed seven different types of intelligences. The first two intelligences are the ones that are valued at schools; the next three are those oftentimes associated with arts and the last two are the ones called personal intelligences. (Gardner, H., 1993, 41-43) The first of the pack is linguistic intelligence. It involves sensitivity to the written and spoken languages and the ability to learn different languages. This intelligence entails the capability of one person to express himself in either rhetoric or poetic manner, or both. The second type of intelligence is logical-mathematical intelligence. This connotes the capability of one person in analyzing logical problems, solving mathematical problems and investigating scientific concerns. According to Gardner, this includes the capacity of one person to detect patterns and think logically. This type of intelligence is linked to mathematical and scientific thinking. (Gardner, H., 1993, p 63) The third type and the first of the three intelligences related to arts is musical intelligence. This comprises the skill of a person in the performance, composition and appreciation of music. This includes the aptitude of a person to distinguish musical pitches, rhythms and tones and the composition of those. The fourth type is bodily-kinaesthetic intelligence. As Gardner believes mental and physical activity to be related, this type of intelligence entails the capability of one person to use mental abilities to be in sync with body movements. The fifth type is Influential Theorist 4 spatial intelligence. This types deals with the ability to visualize things with the mind’s eye. This entails the capability to recognize patterns of wide s pace and more confined areas. People of this type suit careers like designers, architects, artists and others of this sort. The second to the last type is interpersonal intelligence. This deals with the capacity of one person to understand other people’s feelings, motives, intentions and desires towards working with others effectively. Public figures

Carol Ann Duffy Essay Example for Free

Carol Ann Duffy Essay Originally was written by a Scottish lady, by the name of Carol Ann Duffy. The following commentary is to be comprised of varying elements, which conclude a decent analysis. These are the subject, form, tone, imagery, rhythm, rhyme and the poets intentions. The subject in this poem is the discovery of ones past and the process of moving forward in life by emigrating. This is explained through mental reactions or even physically. It seems as if the poet is attempting to convey to the reader that one must never forget the pleasures that one has experienced, and start being aware of life. The following three stanzas are comprised of eight lines each. The first stanza attempts to form a connection with the usage of assonance, rhyme and a half rhyme, which is another term for a consonance. This can be seen in line 7 and line 8. where we didnt live any more. I stared at the eyes of a blind toy, holding its paw. An alliteration is inserted at the beginning of this stanza, Which fell through the fields, our mother singing This helps the lyrical quality, and provides a description of vast and warm area, a utopia for the child. A contrast is made evident between lines 2-3. Which fell through the fields, our mother singing Our fathers name to the turn of the wheels. This only influences the statement previously mentioned, which focused on warmth and comfort. In addition to this it focuses on an even love spread among the whole area and family. The last element provided in this stanza is visible on the last line, I stared at the eyes of a blind toy, holding its paw. The toy is used to clarify that a child is in the scenario somewhere and that its a household. However this stanza seems a bit illusion full and as the first stanza progresses the child was some how deceived, as she seems deceived that the doll is blind. It can be certainly said that the second stanza has no rhyme scheme at all. This stanza illustrates an uneasiness and unfamiliarity with the surroundings that the speaker is compressed into. The wording is that of a direct nature, as in many lines are statements. This can be seen on line 9, All childhood is an emigration And line 11-12 Where no one you know stays. Others are sudden. Your accent wrong. This leads to an assumption, that the speaker is in some distemper, and then calms down and thinks a bit more which is cleverly carried out by the usage of commas as the following excerpt shows, All childhood is an emigration. Some are slow, Leaving you standing, resigned, up an avenue Where no one you know stays. The second stanza illustrates an acceptation of emigration. The first 3 lines of the second stanza show one side to emigration and the remaining lines show another version to the whole idea. Compared to the first stanza, the speaker has come to terms with the travelling and mentality ideas, behind moving very often. There is one short usage of imagery on line 15, My parents anxiety stirred like a loose tooth in my head. This simile only provides an explanation into the anxiety that the speaker and its family had to go through, under the influence of emigration. However the parents might not be showing their anxiety, the speaker knows what they are going through. The third and last stanza has a dull tone, and a blurry visage towards what is happening and to what may happen. Again the slowed tone is used on line 17. The usage of punctuation allows the speaker to gather its thoughts and ponder about the past experiences. Over the stanzas the tone has changed. On first sight the tone seemed depressive, and full of emotion. However it has become clear that the speaker has understood the matter, and not blames her/himself. To add to the lists of imagery, there is a simile mentioned on line 20 I remember my tongue shedding its skin like a snake, my voice This usage of defining how the speaker talks, is cleverly stated in that, it outlines the clear differences visible between the speaker and the surroundings. A type alien image is perceived through the outlines life. Yet contradicting the previous statement, the speaker has come to terms that it is only natural to feel like an outcast, which is like a snake shedding its skin, in that it is only natural. The usage of only adds to a feeling of longing or missing something, which is held dear to the speakers heart. In a sense this poem is unique to others, in that the first two stanzas focus on fitting in and belonging to something, whereas the third stanza seems not able to keep this, identity crisis theme afloat. The poem seeks to convey the poets deep and personal feelings, which she may have experienced when she was younger. Emigration is a common thing now a day for the modern youth, and each person has a different way of handling it. Overall this poem is about moving from a secure warm environment, that one calls home, to that of a different surrounding, by which the speaker treated it as emotional mine field.

Indias Financial Markets

Indias Financial Markets As all the Financial Markets in India together form the Indian Financial Markets, all the Financial Markets of Asia together form the Asian Financial Markets; likewise all the Financial Markets of all the countries of the world together form the Global Financial Markets. Financial Markets deal with trading (buying and selling) of financial securities (stocks and bonds), commodities (valuable metals or food grains), and other exchangeable and valuable items at minimum transaction costs and market efficient prices. Financial Markets can be domestic or international. The Global Financial Markets work as a significant instrument for improved liquidity. Financial Markets can be categorized into six types: Capital Markets: Stock markets and Bond markets Commodity Markets Money Markets Derivatives Markets: Futures Markets Insurance Markets Foreign Exchange Markets The Financial Markets play a major role in the Global Economy because it helps businesses to raise capital (in capital markets), they facilitate transferring of risk (in derivative markets), and they help international trade (in currency markets) to prosper. The International Stock Markets form a major part of the Global Financial Markets. The Amsterdam Stock Exchange is the oldest stock exchange, which started operating in continuous trade in the earlier part of the 17th Century. Some of the Important Stock Exchanges of the world are: The New York Stock Exchange (merged with Euro next): The New York Stock Exchange (NYSE) is a stock exchange based in New York City, USA that was incorporated in 1817. In terms of dollar volume, it is the largest stock exchange in the world, and in terms of the number of companies listed it is the second largest stock exchange in the world. The NYSE is also known as the Big Board. The indexes used in the NYSE are the NYSE Composite Index and the Dow Jones Industrial Average Index. The NYSE functions under NYSE Euro next, the formation of which was the result of NYSEs merger with Archipelago Holdings and Euro next. Tokyo Stock Exchange: The Tokyo Stock Exchange (TSE), incorporated in 1949, is located in Tokyo, Japan. In terms of monetary volume, The Tokyo Stock Exchange is the second largest stock exchange in the world, only next to New York Stock Exchange. The indexes used in the TSE are Nikkei 225, Topix, and J30. NASDAQ: The National Association of Securities Dealers Automated Quotations, or NASDAQ, is an electronic stock market based in New York City, USA that was incorporated in 1971. The NASDAQ Stock Market, Inc. is the owner and regulator of NASDAQ. The main index used in NASDAQ is the NASDAQ Composite. London Stock Exchange: Established in 1801, the London Stock Exchange (LSE) is one of the oldest and largest stock exchanges in the world. In terms of market capitalization, the London Stock Exchange was ranked 4th among all the other important stock exchanges in the world in March 2007. The London Stock Exchange is located in Paternoster Square near St. Pauls Cathedral, London. The stock market index of London Stock Exchange is the Footsie (FTSE). Euro next (merged with NYSE): Founded in 2000, Euro next N.V. is a pan-European Stock Exchange, which is based in Paris. In terms of market capitalization, Euro next ranks as the fifth largest stock exchange in the world. There was a merger of Euro next with the NYSE Group, which led to the formation of NYSE Euro next and it is the first global stock exchange. The main indexes used in Euro next are the Euro next 100 Index and the Next 150 Index. The Bombay Stock Exchange (BSE): Located in Mumbai, India and founded in 1875, the Bombay Stock Exchange is the oldest stock exchange of Asia. The main index of BSE is called the BSE Sensex (Sensitive Index) or the BSE 30. In terms of volume of transactions, the BSE was ranked as one of the top five stock exchanges in the world in 2005. Some terms that are used in the Global Financial Markets are: Geek, a Quant Grim Nerd, a Quant Quant Big Swinging Dick Rocket Scientist White Knight Today equity research has become a specialized activity, although confined to a very small segment of the market. It would be a little early to consider equity research as an independent business segment, but at the same time it must be appreciated that the value of equity research is being felt by the market. This is an interesting stage in the growth and development of equity research, especially in a situation where the traditional individual investor is unwilling to pay for vital stock related information while the institutional investor is already paying for research reports. The phenomenal growth of the financial markets over the last quarter of a century has meant that the very character of investment has changed with ever larger scales of market capitalization. The emergence of the Fund Manager as a new value addition in investment related financial services is actually a part of the growth and development of the institutional investor. The fund managers sole objective is to ensure maximum returns for his clients whose money he invests working in tandem with research inputs. The fund manager and his client are a vital part of the institutional investment process sustained by an advanced and research driven approach to capital market investment. Equity research still has some time to develop as a sustainable business model, but like any other research activity it has its limitations in developing into a booming business. Institutional investors are willing to pay ever higher amounts for in-depth and precise research in accordance with their requirements. Some of the modes of equity research are: Fundamental Analysis Technical Analysis Securities Market Analysis Index Momentum Analysis Securities Momentum Analysis Securities Chart Analysis India n Financial Market India Financial market is one of the oldest in the world and is considered to be the fastest growing and best among all the markets of the emerging economies. The history of Indian capital markets dates back 200 years toward the end of the 18th century when India was under the rule of the East India Company. The financial market in India today is more developed than many other sectors because it was organized long before with the securities exchanges of Mumbai, Ahmadabad and Kolkata were established as early as the 19th century. By the early 1960s the total number of securities exchanges in India rose to eight, including Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi, Bangalore and Pune. Today there are 21 regional securities exchanges in India in addition to the centralized NSE (National Stock Exchange) and OTCEI (Over the Counter Exchange of India). The corporate sector wasnt allowed into many industry segments, which were dominated by the state controlled public se ctor resulting in stagnation of the economy right up to the early 1990s. Thereafter when the Indian economy began liberalizing and the controls began to be dismantled or eased out, the securities markets witnessed a flurry of IPOs that were launched. This resulted in many new companies across different industry segments to come up with newer products and services. A remarkable feature of the growth of the Indian economy in recent years has been the role played by its securities markets in assisting and fuelling that growth with money rose within the economy. This was in marked contrast to the initial phase of growth in many of the fast growing economies of East Asia that witnessed huge doses of FDI (Foreign Direct Investment) spurring growth in their initial days of market decontrol. During this phase in India much of the organized sector has been affected by high growth as the financial markets played an all-inclusive role in sustaining financial resource mobilization. Many PSUs (Public Sector Undertakings) that decided to offload part of their equity were also helped by the well-organized securities market in India. The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) during the mid 1990s by the government of India was meant to usher in an easier and more transparent form of trading in securities . The NSE was conceived as the market for trading in the securities of companies from the large-scale sector and the OTCEI for those from the small-scale sector. While the NSE has not just done well to grow and evolve into the virtual backbone of capital markets in India the OTCEI struggled and is yet to show any sign of growth and development. The integration of IT into the capital market infrastructure has been particularly smooth in India due to the countrys world class IT industry. This has pushed up the operational efficiency of the Indian stock market to global standards and as a result the country has been able to capitalize on its high growth and attract foreign capital like never before. Potential of India Financial Market India Financial Market helps in promoting the savings of the economy helping to adopt an effective channel to transmit various financial policies. The Indian financial sector is well-developed, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. Features OF FINANCIAL Market in India: India Financial Indices BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee Dollar Chart Indian Financial market news Stock News Bombay Stock Exchange, BSE Sensex 30 index, SP CNX-Nifty, company information, issues on market capitalization, corporate earnings statements Fixed Income Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service Foreign Investment Foreign Debt Database composed by BIS, IMF, OECD, World Bank, Investments in India Abroad Global Equity Indexes Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes FX Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion Indian money market AS PER RBI DEFINITIONS A market for short terms financial assets that are close substitute for money, facilitates the exchange of money in primary and secondary market. Indian money market was highly regulated and was characterized by limited number of participants. The limited variety and instruments were available. Interest rate on the instruments was under the regulation of Reserve Bank of India. The sincere efforts for developing the money market were made when the financial sector reforms were started by the government. Money markets are the markets for short-term, highly liquid debt securities. Examples of these include bankers acceptances, repos, negotiable certificates of deposit, and Treasury Bills with maturity of one year or less and often 30 days or less. Money market securities are generally very safe investments, which return relatively; low interest rate that is most appropriate for temporary cash storage or short term time needs. The National Stock Exchange, where the stocks of the largest Indian. Corporations are traded, is a prime example of a capital primary market. Regarding timing, there is no hard and fast rule on this, but when describing debt markets, short term generally means less than one year, intermediate term means one to five years, and long term means more than five years. THE NATURE OF MONEY MARKETS In this we define money markets broadly to include all financial instruments easily converted to means of payment that are used by governments, financial institutions and nonfinancial institutions for short-term funding or placements. By convention, we limit our scope to instruments of less than one year maturity. The most important function of a money market is to provide a means whereby economic units can quickly adjust through cash positions. For all economic units (business, households financial institutions or governments) the timing of cash inflows is rarely perfectly synchronized or predictable in the short run. In addition to facilitating the liquidity management of economic actors, money markets fulfill a number of additional economic functions: Interest rates on money market instruments serve as reference rates for pricing all debt instruments; Governments or central banks use money market instruments as tools at monetary policy; Short-term interbank markets, finance longer-term lending when financial intermediaries transform maturities. Features of Money Market It is a market purely for short-terms funds or financial assets called near money. It deals with financial assets having a maturity period less than one year only. In Money Market transaction cannot take place formal like stock exchange, only through oral communication, relevant document and written communication transaction can be done. Transaction has to be conducted without the help of brokers. It is not a single homogeneous market, it comprises of several submarket like call money market, acceptance bill market. The components of Money Market are the commercial banks, acceptance houses NBFC (Non-banking financial companies). It is not a single market but a collection of markets for several instruments. It is a need-based market wherein the demand supply of money shape the market. Money market is basically over-the-phone market. Dealing in money market may be conductive with or without the help of brokers. It is a market for short-term financial assets that are close substitutes for money. Financial assets which can be converted into money with ease, speed, without loss with minimum transaction cost are regarded as close substitutes for money. The major players of money market Reserve Bank of India SBI DFHI Ltd (Amalgamation of Discount Finance House in India and SBI in 2004) Acceptance Houses Commercial Banks, Co-operative Banks and Primary Dealers are allowed to borrow and lend. Specified All-India Financial Institutions, Mutual Funds, and certain specified entities are allowed to access to Call/Notice money market only as lenders Individuals, firms, companies, corporate bodies, trusts and institutions can purchase the treasury bills, CPs and CDs. Money market instruments Money market instruments take care of the borrowers short-term needs and render the required liquidity to the lenders. The varied types of India money market instruments are treasury bills, repurchase agreements, commercial papers, certificate of deposit, and bankers acceptance. Treasury Bills (T-Bills) Treasury bills were first issued by the Indian government in 1917. Treasury bills are short-term financial instruments that are issued by the Central Bank of the country. It is one of the safest money market instruments as it is void of market risks, though the return on investments is not that huge. Treasury bills are circulated by the primary as well as the secondary markets. The maturity periods for treasury bills are respectively 3-month, 6-month and 1-year. The price with which treasury bills are issued comes separate from that of the face value, and the face value is achieved upon maturity. On maturity, one gets the interest on the buy value as well. To be specific, the buy value is determined by a bidding process, that too in auctions. Repurchase Agreements Repurchase agreements are also called repos. Repos are short-term loans that buyers and sellers agree upon for selling and repurchasing. Repo transactions are allowed only among RBI-approved securities like state and central government securities, T-bills, PSU bonds, FI bonds and corporate bonds. Repurchase agreements, on the other hand, are sold off by sellers, held back with a promise to purchase them back at a certain price and that too would happen on a specific date. The same is the procedure with that of the buyer, who purchases the securities and other instruments and promises to sell them back to the seller at the same time. Commercial Papers Commercial papers are usually known as promissory notes which are unsecured and are generally issued by companies and financial institutions, at a discounted rate from their face value. The fixed maturity for commercial papers is 1 to 270 days. The purposes with which they are issued are for financing of inventories, accounts receivables, and settling short-term liabilities or loans. The return on commercial papers is always higher than that of T-bills. Companies which have a strong credit rating, usually issue CPs as they are not backed by collateral securities. Corporations issue CPs for raising working capital and they participate in active trade in the secondary market. It was in 1990 that Commercial papers were first issued in the Indian money market. Certificate of Deposit A certificate of deposit is a borrowing note for the short-term just similar to that of a promissory note. The bearer of a certificate of deposit receives interest. The maturity date, fixed rate of interest and a fixed value are the three components of a certificate of deposit. The term is generally between 3 months to 5 years. The funds cannot be withdrawn instantaneously on demand, but has the facility of being liquidated, if a certain amount of penalty is paid. The risk associated with certificate of deposit is higher and so is the return (compared to T-bills). It was in 1989 that the certificate of deposit was first brought into the Indian money market. Bankers Acceptance A bankers acceptance is also a short-term investment plan that comes from a company or a firm backed by a guarantee from the bank. This guarantee states that the buyer will pay the seller at a future date. One who draws the bill should have a sound credit rating. 90 days is the usual term for these instruments. The term for these instruments can also vary between 30 and 180 days. It is used as time draft to finance imports, exports. It depends on the economic trends and market situation that RBI takes a step forward to ease out the disparities in the market. Whenever there is a liquidity crunch, the RBI opts either to reduce the Cash Reserve Ratio (CRR) or infuse more money in the economic system. In a recent initiative, for overcoming the liquidity crunch in the Indian money market, the RBI infused more than Rs 75,000 crore along with reductions in the CRR. Call money market The call money market consists of overnight money and money at short notice for periods up to 14 days. It essentially serves the purpose of equilibrating the short-term liquidity position of banks. The call money market as a significant component of the money market possesses a few special characteristics:- Call money is an instrument for ultra-short period management of funds and is easily reversible. It is primarily a telephone market and is therefore, administratively convenient to manage for both borrowers and lender. Being an instrument of liability management, it provides incremental funds and adds to the size of balance sheet of banks. From the macro-side, developed call money market helps to smoothen the fluctuations in the reserve-deposit rations of banks thereby contributing to the stability of the money-multiplier process. A stable money multiplier in turn serves as a reliable means of monetary regulation and policy guide. From the micro angle, short-run borrowing by banks improves the efficiency of funds management in two ways. One way, it enables banks to hold higher reserve-deposit ratio than would be possible otherwise. In another way, it allows some banks to permanently increase their pool of investible funds. Hence, active well-organized call money market improves the funds management practices of banks which in turn further their overall efficiency and profitability. The money market continued to remain orderly during Q2 of 2009-10. Reflecting the surplus liquidity conditions, the call rate hovered around the lower bound of the informal LAF corridor during the Q2 of 2009-10). The call rate averaged 3.25 per cent in Q2, which was marginally higher than 3.22 per cent in Q1.Interest rates in the collateralized segments of the money market the market repo and the collateralized borrowing and lending obligation moved in tandem with the call rate during Q2 but remained below the call rate. The weighted average interest rate in the collateralized segment of the money market marginally increased to 2.7 per cent during Q2 of 2009-10 from 2.4 per cent during Q1. Transaction volumes in CBLO and market repo segments continued to remain high during Q2 of 2009-10 reflecting the easy liquidity and active market conditions. Banks as a group are the major borrowers in the collateralized segment whereas mutual funds (MFs) continue to remain the single largest len der of funds in that segment. In fact, more than 75 per cent of the lending in the collateralized segment was contributed by the MFs in Q2, reflecting their continued enhanced lending capacity. The collateralized market remained the predominant segment of the money market, accounting for more than 80 per cent of the total volume in the money market in Q2. Source = http://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10690#t56 Objective of call Money Market To provide a parking place to employ short term surplus funds. To provide room for overcoming short term deficits. To enable the central bank to influence and regulate liquidity in the economy through its intervention in this market. To provide a reasonable access to users of short-term funds to meet their requirement quickly, adequately at reasonable cost. Importance of call Money Market Development of trade industry. Development of capital market. Smooth functioning of commercial banks. Effective central bank control. Formulation of suitable monetary policy. Non inflationary source of finance to government. To provide help to the industry and trade. Some practical aspect of call money market v Number of Participants in Call/Notice Money Market:- (As on March 31, 2008) Category Bank PD FI MF Corporate Total I. Borrower 154 15 169 II. Lender 154 15 20 35 50 274 v Market Shares of Constituents in Call/Notice Money Market (In Percent) Borrowings Lendings Year Banks PDs Banks PDs Others 2007 68 32 52 11 37 2008 66 34 45 11 44 v Shares of Select Participants in Call Money Market: Lending (In Percent) Year Banks FIs Total 2007 20 18 38 (15) 2008 17 14 31 (13) Banks: Canara Bank, Central Bank, PNB and SBI FIs: ICICI, IDBI, LIC, SIDBI and UTI. Parenthetic figures relate to those of the SBI. v Shares of Select Banks in Call Money Market: Borrowings (In Percent) Year Banks 2007 36 2008 39 Select banks include ABN-AMRO Bank, Centurion Bank, Citi Bank, Deutsche Bank; Grind lays Bank, HDFC Bank, Hongkong Bank, IDBI Bank and Standard Chartered Bank. Some guidelines regarding call money market by r.b.i It may be recalled that in the annual policy Statement of April 2008, the intention to move towards a pure inter-bank call/notice money market by gradually phasing out non-bank participation was highlighted. Accordingly, in stage I, non-bank participants are allowed to lend, on average in a reporting fortnight, up to 85 per cent of their average daily lending during 2007-08. Subsequently, in the annual policy Statement of April 2008, it was stated that RBI would announce the date of effectiveness of stage II, wherein non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice market during 2007-08, depending on the date when NDS/CCIL becomes fully operational. In view of the encouraging developments in the functioning of NDS/CCIL, it is desirable to accelerate the progress of moving towards a pure inter-bank call/notice money market and facilitate further deepening of repo/term money market. Accordingly, it has been decided that effective from the fortnight beginning June 14, 2007, under stage II, non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice money market during 2007-08. However, in case a particular non-bank institution has genuine difficulty in deploying its excess liquidity, RBI may consider providing temporary permission to lend a higher amount in call/notice money market for a specific period on a case by case basis. To facilitate monitoring of your operations in call/notice money market on a daily basis, you are requested to continue to submit the daily return in time to the Principal Monetary Policy Adviser, MPD, RBI as per the extant practice. Current market rate = 2.10% 3.30% Commercial Bill market Bills of exchange are negotiable instruments, drawn by the seller (drawer) of the goods on the buyer (drawee) of the goods for the value of the goods delivered. These bills are known as trade bills. Trade bills are called commercial bills when they are accepted by commercial banks. If the bill is payable at a future date and the seller needs money during the currency of the bill, he may approach his bank to discount the bill. The maturity proceeds or face value of a discounted bill from the drawee is received by the bank. If the bank needs funds during the currency of bill, it can rediscount the bill that has been already discounted by it in the commercial bill rediscount market at the available market discount rate. The RBI introduced the Bills Market scheme (BMS) in 1952 and the scheme was later modified into the New Bills Market Scheme (NBMS) in 1970. Under the scheme, commercial banks can rediscount the bills, which were originally discounted by them, with approved institutions. With the intention of reducing paper movements and in a bid to facilitate multiple rediscounting, the RBI introduced an instrument called Derivative Usance Promissory Notes (DUPN). Consequently, the need for the physical transfer of bills has been waived and the bank that originally discounts the bills only draws DUPN. These DUPNs are sold to investors in convenient lots of maturities (from 15 days up to 90 days) on the basis of genuine trade bills, discounted by the discounting bank. Commercial bill is a short term, negotiable, and self-liquidating instrument with low risk. It enhances he liability to make payment in a fixed date when goods are bought on credit. According to the Indian Negotiable Instruments Act, 1881, bill or exchange is a written instrument containing an unconditional order, signed by the maker, directing to pay a certain amount of money only to a particular person, or to the bearer of the instrument. Bills of exchange are negotiable instruments drawn by the seller (drawer) on the buyer (drawee) or the value of the goods delivered to him. Such bills are called trade bills. When trade bills are accepted by commercial banks, they are called commercial bills. The bank discounts this bill by keeping a certain margin and credits the proceeds. Banks, when in need of money, can also get such bills rediscounted by financial institutions such as LIC, UTI, GIC, ICICI and IRBI. The maturity period of the bills varies from 30 days, 60 days or 90 days, depe nding on the credit extended in the industry. Characteristics of Commercial bill Securities offered to the public must be registered with the Securities and Exchange Commission according to the Securities Act of 1933. Registration requires extensive public disclosure, including issuing a prospectus on the offering. It is a time-consuming and expensive process. Most commercial paper is issued under Section 3(a) (3) of the 1933 Act which exempts from registration requirements short-term securities as long as they have certain characteristics. Commercial paper is typically a discount security (like Treasury bills): the investor purchases notes at less than face value and receives the face value at maturity. The difference between the purchase price and the face value, called the discount, is the interest received on the investment. Commercial paper is, occasionally, issued as an interest-bearing note (by request of investors). The investor pays the face value and, at maturity, receives the face value and accrued interest. All commercial paper interest rates are quoted on a discount basis. The exemption requirements have been a factor shaping the characteristics of the commercial paper market. The following are requirements for exemption: The maturity of commercial paper must be less than 270 days. In practice, most commercial paper has a maturity of between 5 and 45 days, with 30-35 days being the average maturity. Many issuers continuously roll over their commercial paper, financing a more-or-less constant amount of their assets using commercial paper. The nine-month maturity limit is not violated by the continuous rollover of notes, as long as the rollover is not automatic but is at the discretion of the issuer and the dealer. Many issuers will adjust the maturity of commercial paper to suit the requirements of an investor. That proceeds from commercial paper issues be used to finance current transactions, which include the funding of operating expenses and the funding of current assets such as receivables and inventories. Proceeds cannot be used to finance fixed assets, such as plant and equipment, on a permanent basis. A safekeeping agent hired by the investor held the certificates, until presented for payment at maturity. The settling of the transaction, (the exchange of funds for commercial paper first at issuance and then at redemption, occur in one day. On the day the commercial paper is issued and sold, the investor receives and pays for the notes and the issuer receives the proceeds. On the day of maturity, the investor presents the notes and receives payment. Commercial banks, in their role as issuing, paying, and clearing agents, facilitate the settling of commercial paper by carrying out the exchanges between issuer, investor, and dealer required to transfer commercial paper for funds. Types of Commercial Bills: Commercial bill is an important tool finance credit sales. It may be a demand bill or a usance bill. A demand bill is payable on demand, that is immediately at sight or on presentation by the drawee. A usance bill is payable after a specified time. If the seller wishes to give sometime for payment, the bill would be payable at a future date. These bills can either be clean bil

Essay --

Arthrogryposis is a disorder in which a child is born with joint contractures; this means some of their joints may be stuck in one position (curved or crooked). Children born with this disorder may have thin, weak, stiff, or missing muscles around these joints. The most common cause of arthrogryposis is fetal akinesia which is where the baby doesn’t move around a lot in the womb during development. Extra tissue can form in the joints making movement more difficult for the child to move. The reasons that fetal akinesia can take place may be because the womb was abnormally shaped so there wasn’t enough room for the baby to move around, amniotic fluid may have leaked out of the womb, or the baby’s parts did not form normally such as joints, bones, and muscles. They have also found that in approximately one third of the children who have this disorder have been determined to be a genetic cause. Approximately one in three thousand children are born with this disorder and it does not progress over time. There does not appear to be any precedence as to sex or race and it is developed at conception. There are several types of Arthrogryposis which include Amyoplasia, Distal, Classic, and Syndromic. According to the Shriners hospitals for children, Amyoplasia is an overall lack of muscular development and growth with contracture, a loss of joint motion, and deformity of most joints. Babies with this type have dense fibrous tissue and fat instead of skeletal muscle. Distal affects several joints usually in the hands and feet, and range of motion may be slightly limited. Classic usually affects the hands, wrists, elbows, shoulders, hips, feet and knees with different degrees of severity. The most severe case can affect almost joint ... ...osture and weight bearing strength. In conclusion, children with arthrogryposis benefit from therapy; early intervention is important so they will not have further delays in performing tasks. Adaptive equipment can be provided to these patients so they can complete their ADLs and succeed in self-care skills. Having a supportive family is very important to these children. Children with this condition need a lot of encouragement and motivation from the people they love the most. If a family is not involved in their childs life it may cause other problems as well such as lacking emotional regulation skills or further delays in other skills from lack of opportunity. For these children to make progress, therapy should not only be worked on with the occupational therapist, but it should be carried over into the home too. Encouragement from loved ones is really the trick.

Richard Feynman :: biography biographies bio

Early Years * Richard Phillips Feynman was born May 11, 1918 to Melville and Lucille Feynman. His sister, Joan, followed later, March 31, 1928. * Richard's life was charted for science before he was even born. Melville decided while the child was still in the womb that if the baby was a boy he would grow up to be a scientist. Richard, in fact, was a boy and his precocious young mind caught on quickly to his father's earliest scientific teaching. His father's practice of teaching Richard to ask investigative questions began a lifetime devoted to the wonder and mystery of the universe. * It was this process, learned early in life, of questioning and observing, the classic scientific method, that Richard credited his discoveries by. As he stated in an address to science teachers in 1966, " I think it is very important--at least it was to me--that if you are going to teach people to make observations, you should show that something wonderful can come from them. I learned then what science was about: it was patience. If you looked, and you watched, and you paid attention, you got a great reward from it--although possibly not every time. As a result, when I became a more mature man, I would painstakingly, hour after hour, for years, work on problems--sometimes many years, sometimes shorter times; many of them failing, lots of stuff going into the wastebasket--but every once in a while there was the gold of a new understanding that I had learned to expect when I was a kid, the result of observation. For I did not learn that observation was not worthwhile (What Is Sc ience?)." * In high school, Richard's aptitude for learning was most evident. He excelled at math, building a solid foundation for his physics career ahead. In fact, he won first prize in the New York University math competition in his final year in Far Rockaway high school (Wikipedia). * After high school, Richard continued his education at Massachusetts Institute of Technology graduating with a degree in physics in 1939 as well as receiving the pretigious Putnam Fellow reward (Wikipedia). As an undergraduate, Feynman took every physics course offered at the university. He then continued his education, moving on to Princeton to study for his Ph.D. Once again, Feynman showed his facility with all things mathematical, receiving a perfect score on the mathematical and physics portion of the Princeton entrance exam.

Computer security Essay

1. What is a PHP Remote File Include (RFI) attack, and why are these prevalent in today’s Internet world? RFI stands for Remote File Inclusion that allows the attacker to upload a custom coded/malicious file on a website or server using a script. This vulnerability exploits the poor validation checks in websites and can eventually lead to code execution on server or code execution on website (XSS attack using javascript). RFI is a common vulnerability and all website hacking is not entirely focused on SQL injection. Using RFI you can deface the websites, get access to the server and do almost anything. What makes it more dangerous is that you only need to have your common sense and basic knowledge of PHP to execute this one, some BASH might come handy as most of servers today are hosted on Linux. 2. What country is the top host of SQL Injection and SQL Slammer infections? Why can’t the US Government do anything to prevent these injection attacks and infections? The United States of America is at the top of the list when it comes to SQL Injections and SQL Slammer infections, China comes in second. Cybercriminals have made vast improvements to their infrastructure over the last few years. Its expansion is thousands of websites vulnerable to SQL Injections. Malicious code writers have exploited these vulnerabilities to distribute malware so quick that the government cannot contain such a large quantity. The infected web servers redirected unsuspecting visitors to malicious websites, then the victim’s computers were then subjected to client-side exploit code. Once infected, these computers were added to the thousands of bots under the control of hackers. The attackers knew antivirus companies would write updates and software vendors will patch their code so they mad e sure their malicious web sites were loaded with a variety of exploit codes. 3. What does it mean to have a policy of Nondisclosure in an organization? It is a contract where the parties agree not to disclose information covered by the agreement. It outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties. 4. What Trends were tracked when it came to Malicious Code in 2009 by the Symantec Report researched during this lab? DoS attacks are always common, however targeted attacks using advanced persistent threats (SPT) that occurred in 2009 made headlines. 5. What is Phishing? Describe what a typical Phishing attacks attempt to accomplish. Phishing is Internet fraud that attempts to gain user’s credentials by deception. It includes theft of passwords, credit card numbers, bank account details and other confidential information. Phishing messages usually take the form of fake notifications from banks, providers, e-pay systems and other organizations. These notifications encourage its recipients, to enter/update their personal data. Excuses can vary but usually relate to loss of data, system breakdown, etc. 6. What is the Zero Day Initiative? Do you think this is valuable, and would you participate if you were the managing partner in a large firm? It is a program for rewarding security researchers for responsibly disclosing vulnerabilities. The outcome can be good for the company in means of protecting its infrastructure from harm, but may also expose weaknesses that can damage the company’s reputation. This policy further reassures researchers that in no case will any of their discoveries be â€Å"swept under the rug.† I would participate, but we must pass an internal audit with flying colors before signing up with the program. 7. What is a Server Side Include (SSI)? What are the ramifications if an SSI exploit is successful? The Server-Side Includes attack allows the exploitation of a web application by injecting scripts in HTML pages or executing arbitrary codes remotely. It can be exploited through manipulation of SSI in use in the application or force its use through user input fields. The attacker can access sensitive information, such as password files, and execute shell commands. The SSI directives are injected in input fields and they are sent to the web server. The web server parses and executes the directives before supplying the page. Then, the attack result will be viewable the next time that the page is loaded for the user’s browser. 8. According to the TippingPoint Report researched in this lab how do SMB attacks measure up to HTTP attacks in the recent past? Symantec identified a significant shift in an attackers tactics: 31% of targeted attacks were aimed at businesses with fewer than 250 employees. This shows a threefold increase from Symantec Corp.’s 2012 report, and is the latest sign that attackers are broadening their search for susceptible targets. 9. According to the TippingPoint Report, what are some of the PHP RFI payload effects DVLabs has detected this year? The common vulnerabilities in a CMS are unpatched or poorly patched plug-ins rather than the core system. Poor patch management represents a large hole in the overall security of the organization. 10. Explain the steps it takes to execute a Malicious PDF Attack as described in the Tipping Point Report? Each new release of a toolkit is likely to contain a new zero-day exploit that gives the attacker higher chances of infecting targeted hosts. Some toolkits keep very old exploits (4+ years) to cover a corner case in which targeted hosts are running older, unpatched versions of vulnerable software. Attackers infecting as many hosts as possible to increase profitability by monetizing the exploited systems. 11. What is a Zero Day attack and how does this relate to an organization’s vulnerability window? A zero day vulnerability is a hole in software that is unknown to the vendor. Hackers exploit before the vendor realizes it and hurries to fix it. The organization is vulnerable until the vendor comes out with a patch. 12. How can you mitigate the risk from users and employees from clicking on an imbedded URL link or e-mail attachment from unknown sources? Constant awareness efforts continuously made the organization. Ensure spoofing is included in the organizations AUP, practice risk mitigation exercises to embed in the users minds not to click on unsolicited messages, especially those from social media. 13. When auditing an organization for compliance, what role does IT security policies and an IT security policy framework play in the compliance audit? They play a very important role. Managers are responsible for placing and monitoring IT controls on systems. Senior managers are responsible for making the organization meet governance requirements. System administrators are responsible for implementing IT controls and provide data custodian functions. Risk managers are responsible for managing risks associated with compliance within the organization. IT auditors are responsible for information assurance. Data owners are responsible for identifying which data needs to be protected. 14. When performing a security assessment, why is it a good idea to examine compliance in separate compartments like the seven domains of a typical IT infrastructure? They are tied together. 15. True or False. Auditing for compliance and performing security assessments to achieve compliance requires a checklist of compliance requirements. True. There are different requirements per each compliance.

Leadership and Management Essay

The implementation of the care of the dying policy at the writer’s area of practice involved the process of change. This involved the use of both leadership and management theories which are essential to increased effectiveness as supported by Moiden (2002). The change was a political one due to the government initiatives to improve end of life care (Department of Health 2008). Antrobus (2003) states that political leaders aim to deliver improved health care outcomes for patients. The essay will critically analyze both leadership and management theories from the top of the organization to the bottom. These theories were used to implement this change to enhance quality care in this clinical area. The essay will also critically analyze and evaluate the nurses’ self management skills in fulfilling their role as clinical managers within interdisciplinary and the changing context of the healthcare. Similarly, the essay will discuss the implications upon quality assurance and resource allocation for service delivery within the health care sector. These will be related to current government strategies. The effects of government strategies in involving the user and carer or significant others in decision making process within current clinical and legal frameworks (Department of Health 2000b) will also be debated. Similar debate will also be on the nurses’ involvement in policy making (Antrobus 2003). Further discussion on government strategies will be discussed on the introduction of clinical governance and essence of care. Braine (2006) states that the purpose of implementing change is to improve effectiveness and quality. The whole process of change was based on the introduction of the care of the dying booklet which meant that all healthcare professional documented their notes in the same booklet. The change took place in a large hospital to implement a new policy which was politically driven by the government to improve quality of care. Like most hospital organizations, the hospital traditionally uses a bureaucratic management approach (Marquis and Huston 2006) reinforced with authoritarian leadership to facilitate efficiency and cost effective care. This is done through planning, coordination, control of services, putting appropriate structures and systems in place and monitoring progress towards performance activities (Finkelman 2006 and Faugier and Woolnough 2002). According to Marquis and Huston (2006) bureaucracy was introduced after Max Weber’s work to legalize and make rules and regulations for personnel to increase efficiency. The ward manager as a change agent had to design and plan the process of change. Designing change involved understanding the purpose of change and gathering data as supported by Glower (2002). Planning included identifying driving forces and ways to reduce restraining forces (Glower 2002). Unlike the top management who used bureaucratic management theory, the ward manager applied the human relations management theory (Marquis and Huston 2006) at ward level. This management theory is designed to motivate employees to achieve excellence. The human relations theory was introduced in attempt to correct what was believed to be the shortcoming of bureaucratic theory which failed to include the human aspects (Marquis and Huston 2006). Often referred to as motivational theory, Lezon (2002) agrees that this theory views the employee in a different way and helps to understand people better compared to the autocratic management theories of the past. It is based on theory Y of Douglas McGregor’s (1960) X and Y theories cited in (Lezon 2002). Theory Y assumes that people want to work, are responsible and self motivated, they want to succeed and they understand their position in the organization. Perhaps the appropriateness of this theory can be linked to the implementation of clinical governance which emphasizes that it is the responsibility of health care professionals to ensure effectiveness, high standards and quality (Braine 2006). This puts health care professionals in a responsible position and motivates them to provide high quality care. This explains why theory Y was used as opposed to theory X which according to Lezon (2002) assumes that people are lazy, unmotivated and require discipline. According to the human relations theory, there are some positive management actions that lead to employee motivation thus improving performance (Marquis and Huston 2000). Some of these actions used by the change agent were empowering and allowing employees to make independent decisions as they could handle, training and developing, increasing freedom, sharing big picture objectives, treating employees as if work is natural and other ways of motivating staff as supported by Marquis and Huston (2006 and Lezon 2002). The use of human relations theory in the implementation of this policy is well justified in contrast to other management theories. For example, theory X presumes that people must be coerced, controlled, directed and threatened with punishment (Lezon 2002). This theory adds that an average person has inherent dislike of work and prefers to avoid responsibility (Marquis and Huston 2006). In other words, theory X prefers autocratic style while theory Y prefers participative style. Managers using theory y seek to enhance the employee’s capacity to exercise high levels of imagination, ingenuity and creativity solving organizational problems. With the human relations theory, members feel special and involved rather than being controlled by threats and sanctions from the change agent (Dowding and Barr 2002). The team of health care professionals was aiming to achieve the same goal. This goal was to provide high quality care to patients approaching end of life. This involved a lot of organizational psychology and motivation to facilitate effective teamwork. Among the factors that facilitate effective teamwork, leadership is the most significant as stated by Clegg (2000). Toofany (2005) supports that leadership is on government’s modernization agenda for the National Health Service and is an influencing factor. Therefore, the change agent needed equally effective leadership style. To facilitate this, she applied the transformational leadership style. Markhan (1998) cited in Clegg (2000) defines transformational leadership style as a collaborative, consultative and consensus seeking. These are the same characteristics of the leadership style used by the change agent. Contrary to this leadership style is the transactional leadership style which is based on power of organizational position and authority to reward and punish performance (Moiden 2002). Based on Rosner (1990)’s research, Clegg (2000) states that gender affects leadership style and women prefer transformational style. Perhaps this explains why the change agent chose this style for this particular change. As in any form of change process, resistance, which falls under the unfreezing stage of Lewin’s (1951) cited in Murphy (2006) change theory is one of the common obstacles that needed to be dealt with (Curtis and White 2002). By inspiring a shared vision within the team (McGuire and Kennerly 2006) the change agent managed to increase driving forces and reduce resisting forces at the same time. Clegg (2000) values vision as a very important ingredient of transformational leadership, adding that it should be engaging and inspiring. Transformational leadership was first put forward by James Burns (1978) cited in Marquis and Huston (2006). According to him, a relationship of mutual stimulation and elevation converts followers into leaders, a fact shared by Murphy (2005). If a leader can stimulate followers, he or she can engage followers into a problem solving attitude (McGuire and Kennerly 2006). In addition, people engage together in a way that allows leaders and followers to raise each other to higher levels of motivation and morality (Marquis and Huston 2006). This approach emphasizes on the leader’s ability to motivate, coach and empower the followers rather than control their behaviors (McGuire and Kennerly 2006). Moiden (2002) states that this style is widely used in all types of organizations in dealing with change. Frequently, it is contrasted with transactional leadership which is a traditional way in which followers’ commitment is gained on the basis of exchange of reward, pay and security in return of reliable work (Mullins 2002). However McGuire and Kennerly (2006) state that if transactional leadership is predominantly used, followers are likely to place limits to organizational commitment and behave in a way only aimed at contract requirements. Despite the differences in various leadership styles, most researchers conclude that there is no one leadership style that is right for all circumstances (Reynolds and Rogers 2003). Fidler (1967) cited in Moiden (2002) agrees that a single leadership style is rarely practiced. Therefore situational theories were introduced in order to deal with various situations. Perhaps this is why the leader used the situational approach to leadership in order to meet the demands of different situations, an idea also shared by Marquis and Huston (2000). Reynolds and Rogers (2003) suggest that the effectiveness of day to day activities depends on balancing between the task at hand and human relations to meet everyone’s needs. Different competence levels, motivation levels and commitment levels of staff on this clinical area justify why a situational approach was used in conjunction with transformational leadership style. Reynolds and Rogers (2003) support that situations like this require the leader to adapt their style. However, they warn that it is important to know when to lead from the front, when to empower and when to let go. This situational approach enabled the leader to work on followers’ strength and weaknesses. Moreover, Reynolds and Rogers (2003) warn that it is not always easy to find leadership styles that suite the needs of every situation and not everything falls into place from the beginning. Marquis and Huston (2000) criticize that situational theory concentrate too much on situation and focus less on interpersonal factors. Support was given to followers according their needs. Supportive behavior, as supported by Reynolds and Rogers (2003) helps people to feel comfortable in their situations. This was facilitated by the use of a two way communication system which involved listening, praising, asking for help and problem solving. Consequently, as performance improved, the leader’s supportive behavior shifted to delegation. Delegation was mostly directed to staff with high competences, commitments and motivation. Reynolds and Rogers (2003) support that the style of leadership alters as performance improves from directing to coaching to supporting to delegation. Basing on research studies, Reynolds and Rogers (2003) warns that using different approaches to different staff can practically difficult in terms of developing the whole group as well as maintaining fairness. This further exposes the limitations of situational approach. Nevertheless, it is equally important to assess followers’ capabilities and developmental needs so this explains the relevance of situational approach to this clinical area. The delegation was directed to some members of the team while others still wanted to be directed. In addition, this was because of the leader’s trust in people, working to their strength and sharing the vision as supported by Kane-Urrabazo (2006). Delegation is defined as transferring responsibility of an activity to another individual and still remain accountable (Sullivan and Decker 2005). Davidson et al (1999) caution that critical thinking and sound decision making must be applied before delegating because it increases rather than decrease nurses’ responsibility. They clarify that to ensure safe outcome, delegation must be the right task, right circumstances, right person, right instructions and right supervision. Pearce (2006) shares the same thoughts and adds that you must be clear about what you delegate, inform other members, monitor performance, give feedback and evaluate the experience while remembering that you remain accountable. However, Kane-Urrabazo (2006) and Taylor (2007) argue that delegation is another way of empowering the subordinates. However, like every team going through the process of change, problems arose and were solved as they came. Apart from dealing with problems like resistance and lack of resources, there was an even bigger problem of interdisciplinary working for both the change agent and the subordinates. Although this policy was predominantly nurse orientated, it needed authorization by a doctor in order for a patient to be commenced on care of the dying pathway. Whether inside or outside health care, interdisciplinary working was introduced with the same concerns of improving quality (Hewison 2004). Interdisciplinary working has been emphasized by a number of government initiatives (Martin 2006b), more recently the NHS Plan (Department of Health 2000a). To ensure the demand for interdisciplinary working is met, there has been a lot of emphasis on professional education and training. Effective interdisciplinary working is meant to facilitate delivery of quality services and is fundamental to success of clinical governance (Braine 2006). However, Hewison (2004) argues that there is little evidence to support the effectiveness of interdisciplinary working. There is also insufficient evidence to support that collaboration improves quality of care given to patients (Hewison 2004). Nevertheless, if interdisciplinary working is to be achieved it is important to appreciate the potential barriers to this type of working. In this particular organization there were some barriers that impeded interdisciplinary working. These barriers needed problem solving skills from both the change agent and the nurses. In many cases there were some disagreements between nurses and doctors as to when to commence the care of the dying pathway for a patient. Although the policy was self explanatory in terms of when to commence it, doctors were often reluctant to authorize it. Hewison (2004) states that occupational status, occupational knowledge, fear and distrust of other occupational groups are some of the barriers to effective interdisciplinary working. Additionally, different backgrounds, training, remuneration, culture and language can contribute to professional barriers, mistrust, misunderstanding and disagreements (Hewison 2004). To solve this problem the change agent and senior members of the medical team held regular meetings to discuss problems like this. This way of problem solving is well recommended by Hewison (2004) who explains that if interdisciplinary working is to be successful, structures and procedures should be in place to support it. This is a way in which organization reflects emphasis on teams rather than individual professional groups. Hewison (2004) adds that if this is reinforced with communication between managers and other professional groups, it is likely to be successful. Perhaps in future interdisciplinary learning may be necessary to overcome some of the barriers to interdisciplinary working. Despite lack of evidence for its effectiveness, interdisciplinary learning has been identified as a government priority (Hewison 2004). Therefore study programmes for health care professionals are important to facilitate this approach to learning.