Henry Fayols Legacy And Contribution To The Management Science Assignment

Henry Fayols Legacy And Contribution To The Management Science - Assignment Example He therefore developed management ideas through personal experience as Chief Executive, and wrote ‘elements’ of administration in â€Å"Administration Industriele et Generale†, which was published in 1961 (Wren & Bedeian 2009). Abilities that he felt were essential in a manager include physical, mental and moral qualities, general education, and specialized knowledge and experience (Wren & Bedeian, ). The absence of management training in schools made Fayol see the need for management theory and identified fourteen principles of management (Fayol). He was a French management theorist. He was one of the most influential contributors to modern concepts of management, having formulated five primary functions of management- planning, organizing, commanding, coordinating and controlling ( Fayol). Henri Fayol is generally referred to as the Father of Modern Management theory (George, 146),in view of his extraordinary and revolutionary input to administrative management. Indeed, he is to administrative management while what Taylor is to scientific management. He later died in 1925 in Paris France. History of management science The management historians trace back the early origin of management and their pioneer ideas, which is the foundation of our modern formative thinking, its founders as well as well their contributions in the field d of management. As noted by early scholars such as McMahon and Carr (28), there is an increasing distance between the student and scholars of today and early scholars such as Henry Fayol among others. Through a critical examination of early biographies and early accounts, the relationship between the early and today’s management thought is established. In this case, we may gain a more complete understanding of own intellectual, reflections, and study of those of who have gone before and continue to study from the past as it forms the present (Bedeian) One such scholar is a Henry Fayol, who is thought as being the father of modern management science. As noted in Charles de Freminville, a synopsis of Fayol’s and Taylor’s thinking is explored. In this paper the modern management science is examined and its contribution to the modern field of management. It studies some of his theories, procedures, tools and techniques and it affect the modern management thought amongst scholars and student of management. His legacy and thoughts are unearthed to bring to light the dynamics of management and how the present scholars have been refined or been altered it. There is need to distinguish between management science and arts and note the difference and this influences the managers’ roles. As noted, the management as art is older as compared to the management as a science. Henry Fayol’s contribution to the body of management thought will be explored. Literature review: what other have said about Fayol Many models have explained the Henry Fayol and his contributions to the field of management. One such theory is the influence of Fayol’s work on other scholars in the fields of management. Gullick ( 13; 457) have a great impact on public administration. Gullick also found the acronym POSDCORB best to describe the executive’s job. Urwick utilized Fayol’s writings to promote a functional approach to management in developing his theory of administration and organization. The writings of Fayol have reached the international arena and pointed

Fast casual restauran Essay Example for Free

Fast casual restauran Essay An Analysis of The Bread of Salt by NVM Gonzalez (In which irony had it once again.) *** Arturo Pà ©rez-Reverte, in his exhilarating novel The Flanders Panel wrote, â€Å"There’s nothing more misleading than an obvious fact.† (Pà ©rez-Reverte, 1990. p. 76) It’s a philosophy to which most w Premium1668 Words7 Pages Dead Star Analysis Bread of Salt Name: | Subject: Lit 1N| Year, Section: MT1218| Date: 1/23/13| Dead Stars by Paz Marquez Benitez| THEME: (What does the story make you see about human life (or the S. H.E) The theme of the story is that sometimes, unexpected things happen rapidly in a short period of time and one da Premium1111 Words5 Pages Feminist Reading the Bread of Salt I. Introduction Throughout the course of history, there has been an evolution of courtship ideals. In the past, courtship had patriarchy present. Before, the males were always the one chasing the females. The men had to be the one to impress or chase after the girl. However, whenever a female t Premium3165 Words13 Pages The Bread of Salt The bread of salt As an author, N.V.M. Gonzalez usually wrote about the Filipino life and Filipinos in general. One of his most remarkable short stories is The Bread of Salt. The story is about a young boy who was very much in love with a girl named Aida but he was turned down mainly because of Premium575 Words3 Pages Bread of Salt The Bread of Salt by NVM Gonzalez (1958) U sually I was in bed by ten and up by five and thus was ready for one more day of my fourteenth year. Unless Grandmother had forgotten, the fifteen centavos for the baker down Progreso Street and how I enjoyed jingling those coins in my pocket!- woul Premium3639 Words15 Pages Panera Bread Case Analysis Hyapatia Green Panera Bread Case Analysis June 10, 2010 Overview Panera Bread, also called St. Louis Bread Company was founded in 1981. Rated high as a bakery-cafà © restaurant, they serve a variety of breads, soups, and salads. Panera is considered a â€Å"quick casual† restaurant offering Premium1103 Words5 Pages Bread of Salt As an author, N.V.M. Gonzalez usually wrote about the Filipino life and Filipinos in general. One of his most remarkable short stories is â€Å"The Bread of Salt†. The story is about a young boy who was very much in love with a girl named Aida but he was turned down mainly because of the difference i Premium561 Words3 Pages The Bread of Salt The Bread of Salt a theatrical adaptation by lit14bakeshop based on the story â€Å"The Bread of Salt† by N.V.M. Gonzales SCENE I [background: bakery at the left, Spaniard’s house with the veranda in the middle, boy’s house/room at the right. A lamp post is in t Premium2138 Words9 Pages Salt Analysis CHEMISTRY PRACTICAL NOTES SALT ANALYSIS S.No.| EXPERIMENT| OBSERVATION| INFERENCE| 1(a)| Noted the colour of the salt| BluePale greenGreenPale pinkColourless| May be Cu2+May be Fe2+May be Ni2+, Cu2+May be Mn2+Absence of Cu2+, Fe2+, Ni2+, Cu2+, Mn2+ | (b)| Noted the physical state of Premium1896 Words8 Pages Bread of Salt The Bread of Salt Summary It was his assigned duty to be up early in the morning and be on his way to the baker’s to buy rolls and pan de salt for the breakfast table. He was fourteen and he has already got used to his task. On his way he thought of the bread of salt – pan de salt – and Premium1468 Words6 Pages Panera Bread Company Case Analysis Panera Bread Company’s Growth Strategy Case Analysis Among the crowded field of casual, quick-service restaurants in America, the distinctive blend of genuine artisan bread and a warm, comfortable atmosphere has given Panera Bread Company a golden opportunity to capture market share and re Premium2325 Words10 Pages Bread Talk Marketing Analysis BREAD TALK GROUP (Bakery) Number of brands under Bread talk group ( bakery) 1) Bread talk 2) Toast Box 3) The icing room 4) Bread Society Macro- environment: * Economic: There is a rise in income for most middle and lower income earners, making the bread sold price inelastic Premium1208 Words5 Pages The Bread Salt THE BREAD OF SALT Characters †¢ BOY – main character of the play (Note: He doesn’t have a name in the story..) †¢ AIDA – object of the boy’s affections †¢ PETE SAEZ – guy who invites the boy to join his band †¢ OTHER BANDMATES – preferably two guys †¢ JOSEF Premium312 Words2 Pages Analysis: Chemistry Salt Chemistry Salt Analysis Cheatsheet Version 2.0  © 2008 Ankur Banerjee All Rights Reserved. Only important stuff for CBSE Class 12th Chemistry practical syllabus has been included, not everything. 2. WE + acidified K2Cr2O7 2 = sol 3 turns green 3. WE + acidified KMnO4 = pink colour of KMnO4 is d Premium1401 Words6 Pages Bread Haven â€Å"A Marketing Proposal in Starting a Business: Bread Haven† I. Purpose and Mission A. Introduction One may find difficulty to think of a food more vital and more universal other than bread. Bread, as one of our oldest food and best source of carbohydrates Premium8308 Words34 Pages Panera Bread Company Panera Bread Company Group D Monday and Wednesday 11:00-12:15 Anthony Allen, Laura Blakeman, Daniel DeMaiolo, Carla Hill, and Mason Shattuck Industry Analysis: Dominant Economic Features Definition of Full-Service Restaurant Industry According to the United States Census Bureau, Panera Premium13223 Words53 Pages Panera Bread Strategy Running head: PANERA BREAD CASE Title: Panera Bread Strategy Ron Johnson March 1, 2009 Southwestern College Professional Studies Abstract This case study is about Panera Bread Company and its strategy it wishes to employ to become the best brand name of fresh bread in the United States. Pa Premium1226 Words5 Pages Morton: a Brand Worth Its Reputation in Salt Introduction If asked to recall five seasonings in their mom’s, or even their grandma’s, cabinets during their childhood, atop of most people’s list would almost indefinitely include Morton Salt. For many Americans, Morton Salt is arguably as much of an iconic American brand name as automobi Premium1039 Words5 Pages Panera Bread Business Strategy This paper is about Panera Bread Company and the strategy it employs to become the best brand name of fresh bread in the United States. Panera Bread specializes in providing fresh goods, made-to-order sandwiches, salads, soups, custom roasted coffees and other cafe beverages. The company generates r Premium1371 Words6 Pages Swot Analysis of Giordano 1. A great dish that will go with that after-office beer, this corned tuna fishcakes with remoulade will be your perfect bet. Ingredients: 1 can San Marino Corned Tuna 1 egg 2 tbsps flour 1/2 cup red bell pepper diced 2 tbsps minced spring onions 1 white onion diced 2 cloves garlic, minced Premium2893 Words12 Pages Documents 1 20 of 775 |Go to Page 1 2 3 4 5 6 7 8 9 39 Previous | Next Search

Lester Pearson :: essays research papers

Lester Pearson Lester B. Pearson lived from 1897-1972. He was born on April 23 1897, in Newtonbrooke Ontario (now part of Toronto). He died on December 27 1972. He was born the son of a Methodist parson. As a child he worked very hard in school, and he became one of the minority of high school graduates who went on to college. In his studies he went to Victoria College and the Methodist College inside the University of Toronto. In his free time he played hockey and baseball. He then became a medical doctor in the Royal Flying Corps. He was Private Pearson in the Canadian Army Medical Corps. This took him to numerous foreign countries from 1915-1917. When he returned he went to Oxford University under the guidance of the poet Robert Graves. When he graduated he enrolled for the assignment of the Royal Flying Corps. He then began taking flight training but as fate would have it he was hit by a London Transport Bus. He remained in the hospital until he revived in the spring of 1918. In November 1918 he enrolled in the University of Toronto again. On June 5 1919 he graduated. Like many other young veterans he was at a loss for something to do. Law was a respectable profession at the time so he ground away at the ungrateful task of articling for law. After a week he decided that business was more promising. He worked at a number of places but in the end he decided to teach at the University of Toronto. He taught history in the University of Toronto from 1924-1928. All his students said he was a very unique teacher. In March 1924 one of his students, Maryon Moody decided to ensure getting her degree by becoming engaged to her teacher. And it worked. On August 22, 1925 Lester Pearson and Maryon Moody got married in Winnipeg. From there on they lived just outside of Toronto. Later he signed up for a position in The Canadian External Affairs Department. The government officials at first thought he had some sort of mental disorder due to the way he dressed and acted. In 1928 he got a position in the Canadian Department of External Affairs despite their beliefs. At the time Pearson had a very important position because Canada had finally achieved a feeling of nationalism. Canada also had hardly any diplomatic relations with other countries because Great Britain still handled most of it's affairs. For that reason when Great Britain went to war with Germany, so did Canada.

Gmos and Organic Food Essay

Why spend more money on organic food? Why are GMO products lasting longer? These are commonly asked questions which will be explained. By the definition of GMO products, they encompass alimentary products grown from seeds that have been genetically altered. Organic products are those that are grown under the traditional way, without any intervention of Bio-engineering, and also without the usage of chemicals, known as pesticides. The Author, Michael Pollan in both, â€Å"Omnivore’s Dilemma† and â€Å"In Defense of Food† makes an extensive and detailed analyzation of the production of food now days. The big corporations (farms) are now known as manufacturing factories; where practically all the elements of their production process are strictly controlled. This highly technological system reduces the nutritional value of their products and in many cases their flavor as well, but it guarantees high volumes and longer shelf life of the products. An example of a food that would be known as a GMO would be tomatoes, which would be less healthy and again it wouldn’t taste the same as an organic one. Organic products are grown by small farmers according to old farming techniques. These products do not need the addition of micronutrients like GMOs; they maintain all the nutritional values and the original taste. Unfortunately, small farmers can not satisfy the demand that the market needs, let alone, the prices are higher. For example, if you were to sell organic tomatoes, you would have to need to sell them locally. If a company such as organic valley were to be ship organic products from California to New York, with them having shorter expiration date, they would end up going bad. It would be hard for everyone to have the budget to buy and eat organic food; even expensive restaurants don’t use organic food. So, what is better? Feeding a large growing population with GMO products; or to go back to square one, and run the risk of not having enough supply and have the prices skyrocket. At the end of the day, people will eat more GMO food for not everyone has money to buy organic food.

The strategy of The Body Shop

â€Å"Business people have got to be the instigators of change. They have the money and the power to make a difference. A company that makes a profit from society has a responsibility to return something to that society.† 1 (Roddick, 1991) This statement, by Anita Roddick OBE, founder of ‘The Body Shop', demonstrates the strong ethical dimension of the company's way of doing business. She opened her first shop in Brighton on March 26th 1976 selling 25 varieties of 100-percent natural skin and hair care products inspired by cultural knowledge from around the world. The company has expanded dramatically since its origins and now has over 1900 stores worldwide. Despite its rapid growth, the strong beliefs and values existent in 1976 remain deeply embedded within the organisational culture. Throughout this writing I will discuss these beliefs and values in the context of corporate strategy and decision-making, and demonstrate how it relates to theoretical frameworks within the corporate strategy field. I will analyse The Body Shop's strategies using these theoretical models, and compare and contrast the models themselves. The strategy of The Body Shop in comparison to other businesses within the cosmetics and toiletries industry was unconventional. Their rapid growth, achieved mainly through franchising, was primarily due to the ‘green' nature of the organisation, prioritising ethical practice over making profits. â€Å"Ever since she started The Body Shop in 1976, Roddick had made a habit of going against the tide of the industry's established business practices.† 2 (Mintzberg, Quinn, Ghoshal, 1991: 447) This quotation reinforces the notion of The Body Shop's alternative approach to strategy. Unlike other companies within the industry, they didn't make miraculous claims for their products; they allowed labels with detailed lists of the ingredients and properties of products to tell customers about each good. This links in with the fact that a major component of The Body Shop's strategy was that they never engaged in any advertising. Throughout history and in contemporary advertising, organisations within the health and beauty sector have constantly bombarded the public with claims and promises associated with their products through the use of adverts and promotions. â€Å"The cosmetics industry makes its money through packaging and advertising, which together are 85 per cent of its costs.† 3 (Mintzberg, Quinn, Ghoshal, 1991: 453) This is a cost that The Body Shop's strategy enabled them to avoid. The business was started with just a $6000 bank loan, and so it wasn't possible to engage in expensive advertising campaigns, moreover, it was against the values of the organisation, who preferred to rely on word-of-mouth and publicity to secure sales. It is said that the initial success of the first store was a lot to do with the curiosity and publicity acquired through a local newspaper article illustrating the fact that it was called â€Å"The Body Shop† and was located close to a funeral parlour. Their strategy exploits the fact that they are a socially responsible organisation, meaning that customers buy their products knowing that nothing has been artificially manufactured and are produced with 100 percent natural ingredients. This unique selling point, together with their prominent beliefs and values, has the affect of providing The Body Shop with a competitive advantage over other firms in the industry. This will be developed in more depth later in the writing. The Body Shop's strong social message is reflected in every aspect of their mission statement. From dedicating the business to the pursuit of social and environmental change, to meaningfully contributing to local, national and international communities in which they trade.4 â€Å"The company is significantly involved in local communities and is prepared to get political and talk about big issues in countries where it does business. No company in the world campaigns at the level we do, or turns their shops into action stations, or challenges the role of business like we do.† 5 (Roddick, 2002) Throughout history The Body Shop has rapidly expanded geographically as well as in terms of their sales and product portfolio, however, in the late 1990s their performance began to suffer. As a result, February 2000 saw fundamental changes to the organisation and management, including substantial changes to the board of directors, and the outsourcing of manufacturing to a company named ‘Creative Outsourcing Solutions International Limited'. Anita and Gordon Roddick became non-executive directors and there were five new appointments to the board, including a new CEO. Despite these changes The Body Shop's performance failed to be rejuvenated, which forced them into more drastic changes. â€Å"In the most recent annual report, Peter Saunders (CEO) commented that the group's objective now was to apply a strategy to drive performance across the global business†¦The single most important priority, he added, was to improve comparable sales performance across stores through effective new product launches.† 6 (‘Mintel', 2003: 137) These new objectives seem to have the effect of diluting the self-proclaimed visions and primary concerns of The Body Shop. It could be said that the current management have somewhat contradicted Anita Roddick's earlier philosophies. â€Å"Too many businesses have gotten distracted with management structures and†¦making money.† 7 (Roddick, 1991) One of the main underlying reasons why they have encountered their current problems is because many companies within the health and beauty industry have noted the success of The Body Shop and are responding to the ever-increasing ‘green consumer' themselves through the release of their own versions of ‘all-natural' products. Examples being ‘Està ¯Ã‚ ¿Ã‚ ½e Lauder Origins', ‘Revlon New Age Naturals', and ‘Clairol Herbal Essences'. Competition erodes profit, and, as a result of the increase in competition, The Body Shop have lost their competitive advantage of being able to supply what others cannot. The strategies of The Body Shop can be analysed using several theoretical models from within the strategy discipline. Situation analysis can be used to determine what advantages BS have, or have had, over their competitors, and can illustrate how The Body Shop was so successful for many years. This theory, termed by Mintzberg as the ‘Design School', was based upon work by Professor Kenneth Andrews and addresses, amongst others, the view that: â€Å"Strategy is concerned with identifying opportunities in the enterprise's external environment which it is better qualified to exploit than its competitors.† 8 (Lilley, 2003) The current situation of The Body Shop was analysed by Mintel and appears in their February 2003 publication on health and beauty retailing in the UK. STRENGTHS * Strong worldwide coverage helps to spread corporate risk. * Well known and well respected global brand. * Franchising has enabled the company to grow at lower cost and lower risk. * Still has strong ethical and environmental credentials. WEAKNESSES * Mature business, with declining like-for-like sales. * Appears to lack the inspiration to re-invent itself. * Vulnerable to imitators. * Franchising reduces level of corporate control. * Rapidly rising rental costs in the UK. * Limited growth opportunities in terms of new geographical regions. OPPORTUNITIES * Still potential to enter new markets in Europe especially Central/Eastern Europe and other parts of the world. * Implementation of strategy to control costs and working capital in order to improve profitability and cash generation. * Development of more pharmacy concessions in Ireland and possibly other markets. * Further development of e-commerce and other non-store channels. THREATS * Strong competition from other innovative and environmentally friendly health and beauty retailers. * Great competition from discounters and grocers' health and beauty offer. * Recent new product launches have yet to produce a positive impact on sales densities. * Continued lack of like-for-like sales growth threatens profitability and the group's scope to expand physically. ‘Figure 1': SWOT Analysis of The Body Shop International Plc. 9 (Mintel, 2003: 144) The above analysis was compiled after The Body Shop's decline in performance – it is clear that all the threats from the external environment are modern occurrences that wouldn't have been an issue during their period of rapid growth in the 1980s. Throughout this time they effectively maintained a portfolio of differentiated products and, perhaps more prominently, a unique and differentiated brand image, which enabled The Body Shop to compete and be successful. â€Å"Product differentiation means that established firms have brand identification and customer loyalties, which stem from product differences, or simply being first into the industry.† 10 (Porter, 1980: 9) The environmentally friendly and ethical practices that The Body Shop claim they dedicate their business to could be described as their core competence within the industry. Even to this date Anita Roddick and the organisation actively campaign in issues such as animal testing, human rights, and protecting our planet. No other business within the health and beauty industry is as heavily associated with ethical and environmental practices as The Body Shop. The core competence of an organisation characterises its whole range, take for example, Sony's ability to miniaturise electronics or Aston Martin's competence in producing flawless motorcars. It is clear to see that The Body Shop's core competence is not only reflected throughout their product range, but is evident throughout all their business activities, from their minimal use of product packaging, to the layout of stores. â€Å"Core competencies and market-led strategy are nowadays the only pathways toward success.† 11 (Sophocleous, 2003) The strategy that The Body Shop employed can be analysed with another useful framework in the field of strategy, namely â€Å"The Five Competitive Forces that Determine Industry Profitability† by Michael E. Porter. This cannot be applied directly to The Body Shop, but can be used to analyse the external environment in which they operated in the past, and how it changed in the late 90s. ‘Figure 2†²: Forces driving industry competition. 12 (Porter, 1980: 4) The main principle behind this model is that the profitability of an organisation is determined by the collective strength of the five forces; in other words, the industry structure directly affects industry profitability. The Body Shop initially operated within a niche market where there were no real competitors offering the same products nor backing the same principles that they were. The threat of substitutes was minimal because if customers wanted all-natural products they would almost certainly have had to buy them from The Body Shop. In relation to the threat of new entrants, initially there was nothing stopping rival firms from competing within the all-natural cosmetics and toiletries sector, however, no other companies actively engaged in the ethical and environmental practices to the extent that The Body Shop did. The barriers to market entry increased in relation to the amount of stores opened by The Body Shop, and during their period of rapid growth, their power within the niche market could have been regarded almost as monopolistic. However, customers who preferred to buy all-natural products but didn't regard it as being entirely necessary could easily have turned to other companies' products within the wider industry, that didn't exercise such dominant views on ethical and environmental issues. The low threat of ‘all-natural' substitution that existed in the earlier stages of The Body Shop, coupled with the fact that the arrival of new entrants was particularly low, provided them with the opportunity to control the prices they charged for their products. The argument becomes more complex when trying to categorise The Body Shop into a particular market. They could be regarded as operating completely within their own sector, but can also be viewed as just another cosmetics company with the advantage of having a differentiated product range and image. â€Å"Differentiation, if achieved, is a viable strategy for earning above-average returns in an industry because it creates a defensible position for coping with the five competitive forces.† 13 (Porter, 1980: 38) To justify this quotation in relation to The Body Shop we must consider them to be in the wider cosmetics industry, which has a high level of competitors. Their differentiation led to customers' increased loyalty in The Body Shop brand, which resulted in a lower sensitivity in price. This had the effect of protecting the company from competition and rivalry. However, as time progressed, other companies intentionally sought to compete directly in the field of environmentally friendly products. The Body Shop was able to gain an advantage over competitors by not utilising traditional distribution channels – for many years they only sold their products through their own shops. This reduced the threat of new direct competition from other companies, as the level of investment required by a new entrant would be extortionate considering they would have to open an abundance of specialist shops. However, to overcome these problems the new competitors emerged using traditional distribution channels, such as through supermarkets and department stores. â€Å"The strength of the five forces varies from industry to industry, and can change as an industry evolves.† 14 (Porter, 1985: 4) The above statement from Porter's work in 1985 is related to the case of the cosmetics and toiletries industry in that the emergence of greater competition in the 90s meant that the strength of the competitive rivalry aspect of the five forces within the industry increased. In addition, customers now have the ability to simply pick and choose alternative brands' all-natural products in confidence – an increase in the threat of substitution. Through the use of Porter's five forces model we can see that the changes in the strength of the forces within the cosmetics and toiletries market have accounted for the recent decline in performance of The Body Shop. In the early days of the company, the threat of like-for-like substitutes and the associated power of customers were relatively low in comparison to the modern day situation. Competitors have increasingly matched the core competences of The Body Shop, and, as a result, the significant competitive advantage that they once had has been reduced. â€Å"Competition in an industry goes well beyond the established players. Customers, suppliers, substitutes, and all potential entrants are all ‘competitors' to firms in an industry.† 15 (Porter, 1980: 6) This quotation by Porter reveals that the five forces model has limitations with regard to The Body Shop case. The Body Shop do not regard their suppliers as competitors; in fact they want to actually financially support their suppliers. This is evident from their mission statement in their aim of balancing the financial and human needs of their suppliers. These more esoteric aspects of The Body Shop's strategy, termed by Anita Roddick as them doing ‘business as unusual', highlights another main drawback of the five forces model, in that it is geared around profit being the primary concern of an organisation and doesn't provide any flexibility or scope for change. The Body Shop's early successes can be partly attributed to the strong customer base they secured due to the general movement in society towards being more environmentally and ethically aware. The framework doesn't deal effectively with this idea of customer preference or changes in trends, nor does it cope with the notion that customers were gained through the fact that they appreciated, and could relate to, the values and beliefs of The Body Shop and their efforts to pursue social and environmental change, and not just because of factors relating to price. On the other hand, the SWOT analysis model is useful for clearly displaying the advantages of an organisation in relation to the market within which it operates, together with the negative aspects of the internal organisation and external environment. As with all theories, however, there are a number of limitations associated with it. All of a business's strengths do not necessarily directly contribute towards providing a competitive advantage, SWOT analysis also has the tendency to take a single dimension of a firm's strategy over-emphasise it. It is difficult to prove which strengths are likely to provide the most benefit to an organisation, and also determine which opportunity should be given more attention to shape the overall strategy of the business in question. The findings of SWOT analysis are greatly shaped by the opinions and perceptions of managers or analysts, meaning that they can be regarded as subjective in nature as opposed to the, perhaps initial appearance of being objective and rationally constructed. â€Å"What we are dealing with here is not the organisation or environment ‘in itself', rather we are attempting to extract and combine the perceptions of these entities that exist in the minds of managers.† 16 (Lilley, 2003) In conclusion, after analysing the strategy of The Body Shop using frameworks from the strategy discipline, it is apparent that SWOT analysis deals well with the unique aspects of The Body Shop's strategy. Although the analysis of The Body Shop's situation is greatly dependent upon personal judgement, their strengths shown in figure 1 give an accurate account of the 25-year success story, which was primarily based upon The Body Shop's core competence in displaying continuous proactive dedication towards ethical and environmentally friendly practices, together with their prime high street and inner-city shop locations, and famous and respected global brand. The reasons for their decline in performance during the late 90s are clearly displayed in the ‘threats' category of the analysis, prominently highlighting the emergence of increased competition from other companies operating within the health and beauty industry, who are reaching consumers through traditional distribution channels and via supermarkets. Michael Porter's model of the five competitive forces is valuable in that it offers a simple, structured analysis of the industry, but is limited in the sense that it's unable to satisfactorily consider the dynamics of markets, for example, the movement of consumer preferences towards environmentally friendly products. It can provide a helpful starting point for further analysis, but simplified versions alone can prove inadequate. It provides an account of how conventional, profit-maximising firms are affected by the structure and occurrences of the external environment, and how those firms can work towards shaping and exploiting the environment to their advantages, but fails to comprehensively account for the successes of unorthodox firms like The Body Shop, who do not, at least in their own claims, follow the usual route of or towards profit maximisation.

Free Essays on Martha Graham

Dance is a form of expression which is uniquely expressed by an individual in his or her own way. Martha Graham influenced the world with her individual form of dance which changed dance. Graham has influenced many dancers to learn the Graham technique because it is different from ballet and it’s contemporary. Martha Graham has choreographed many dances which have been touched by people around the world. Her dances are unique in style and choreography. She is called the pioneer of modern dance, because she developed her own style of dance. In the 1930’s Graham developed a technique which uses the body to perform in percussive manners and let the emotions run freely. In the performances choreographed by Graham feelings in each dance is carried out so the audience can feel the pain or the happiness. In the performance Cave of Heart Graham has once again shown how she works her magic by carrying out every feeling. Cave of the Heart is a Greek mythology which was turned into a dance by Martha Graham. The dance was presented with such expression and feelings. The destructive powers of love, dark passions of the human heart are shown through the dance. Medea was a sorceress who, was in love with Jason. She used her magical powers to help him gain a Golden Fleece. Medea fled with him to Corinth and sacrificed everything that was dear to her. Jason was very ambitious and just cared about power and abandoned Medea. Medea felt betrayed by Jason because he had felt her alone. So Medea plans a plot which would end in death of her rival the princess and murder of her own two children. Medea is so furious with Jason that she wants to destroy everything even there children. Medea was adopted by Martha Graham, to create an expressive dance. This dance showed how Medea felt with the moves and colors which were chosen for the costumes. The dance moves in weren’t stiff, the moves were talking with the hands and showing feelings. Medea express... Free Essays on Martha Graham Free Essays on Martha Graham Dance is a form of expression which is uniquely expressed by an individual in his or her own way. Martha Graham influenced the world with her individual form of dance which changed dance. Graham has influenced many dancers to learn the Graham technique because it is different from ballet and it’s contemporary. Martha Graham has choreographed many dances which have been touched by people around the world. Her dances are unique in style and choreography. She is called the pioneer of modern dance, because she developed her own style of dance. In the 1930’s Graham developed a technique which uses the body to perform in percussive manners and let the emotions run freely. In the performances choreographed by Graham feelings in each dance is carried out so the audience can feel the pain or the happiness. In the performance Cave of Heart Graham has once again shown how she works her magic by carrying out every feeling. Cave of the Heart is a Greek mythology which was turned into a dance by Martha Graham. The dance was presented with such expression and feelings. The destructive powers of love, dark passions of the human heart are shown through the dance. Medea was a sorceress who, was in love with Jason. She used her magical powers to help him gain a Golden Fleece. Medea fled with him to Corinth and sacrificed everything that was dear to her. Jason was very ambitious and just cared about power and abandoned Medea. Medea felt betrayed by Jason because he had felt her alone. So Medea plans a plot which would end in death of her rival the princess and murder of her own two children. Medea is so furious with Jason that she wants to destroy everything even there children. Medea was adopted by Martha Graham, to create an expressive dance. This dance showed how Medea felt with the moves and colors which were chosen for the costumes. The dance moves in weren’t stiff, the moves were talking with the hands and showing feelings. Medea express...

TQM Process Improvement Strategies Essays

TQM Process Improvement Strategies Essays TQM Process Improvement Strategies Essay TQM Process Improvement Strategies Essay Name: Course: Instructor: Date: TQM Process Improvement Strategies There is an unprecedented increase in the level of competition in the various business fields and markets. This has been driven largely by the presence of technological improvements and changes in the consumer needs resulting in diversified products for satisfaction of such consumer needs and wants. Hence, in an increasingly competitive society, in the business world, there is a dire need by organizations and modern manufacturers to ensure continued evaluation of their management principles. Constant evaluation of the existent strategies of management, operation and other practices in the organization aims at providing the highest management process in line with the trends in the market in terms of changes. Hence, success in the modern business world is achieved through efficiencies brought about by improvements through total quality management. Essentially, total quality management is defined as the chronological approach used by management in continuous improvements in operations, organizational process and functions. This is usually achieved by understanding the consumer needs and wants and striving to exceed such consumer expectations through efficiencies in the organizational processes. In addition, the main objectives for the use of TQM are to ensure adequate focus on the consumer, continuous improvement of the organizational processes, and participation of all individuals in the organization, in the TQM activities (Gupta, Shakti Kant, 2). Accreditation is an essential asset to an organization irrespective of the field of operation. Hence, organizations usually select and aim for goals, which are realistic and achievable with the resources available to the organization. Establishment of standards enables an organization achieve the select goals and objectives and thus in the process ensuring the satisfaction of the consumer needs and wants. Hence, the presence of goals with respect to the existent standards provides managers in an organization with the opportunity to focus on achievement of such on a holistic platform. Hence, daily activities in the organization are relegated to the lower hierarchal executives for execution. This focus is essential as it entails the need for constant evaluation of the existent standards and goals in the organization (Imai, 19). The effectiveness or appraisal of the standards in existence, in an organization, is evaluated through the focus on either the structural aspect or the outcomes because of the existent standards. Accreditation programs in the contemporary organizations focus on three essential aspects in the execution of tasks in the organization. The first is the focus on the structural aspect of the issue of services or the development of products. The second is the focus on the process aspect in an organization. The third and last focus is on the outcome of the procedures in the organization during execution of tasks (Gupta, Shakti Kant, 5). Accreditation is usually used as a means of achievement of quality in the organization. Accreditation programs in organizations play a significant role in continued updating of standards of quality in any organization. Continued evaluation and subsequent improvements in organizational processes and products is essential for the achievement of the consumer satisfaction. This is achieved because of the guaranteed high quality, considerable costs and the delivery of the service by an organization. This is a means of seeking and subsequently achieving and ensuring consumer satisfaction. Hence, the means of constant evaluation of the existent goals and standards in organizations is a means of ensuring the achievement of competitive advantage. Thus, the improvement of quality in the organizational processes and thus ensuing that the efficiencies accrue numerous benefits to the organization such as reduced process costs, increased profitability, better consumer relationships from satisfaction through high quality goods and services and the achievement of a strong brand image. Hence, improvements are used to align the existent resources such as the skills, labor and funds with the organization’s strategic goals and objectives (Gouranourimi, 48). For instance, manufacturing organizations around the world have increased their use of Total Quality Management practices and business process re-engineering (BPR) programs aimed at achievement of the consumer satisfaction. The advantages accrued form the use of such programs is the need to ensure a strong relationship based on consumer experiences. Consumer experiences are essential in that they determine they determine the relationship of the organization with the existent consumers of the services and products issued by the organization. It is an express indication of the ability of the organization to provide high value goods and services that provide the much needed consumer satisfaction. In an organization, the management is tasked with initiating and talking up the act of decision-making in order to align the organizational processes with the organizational goals and objectives. This is considered as the provision of the strategic direction with the aim of accruing long-term results, which are usually achieved in terms of the financial position of the organization. This entails the decision-making in terms of the competitive priorities of the organization, the policies used in the various processes in the organization and other sectors, as well (Powell, 21). The second phase is the improvement planning which involves the identification and prioritization of the improvement actions, which essentially contribute to the achievement of the overall strategic goals and objectives. Improvements could take the form of new designs or ensuring continued improvements in the organizational processes to achieve the goals and objectives of the entity in its market of operation. Essentially improvement projects are selected based on their levels of contribution to the organizational efficiencies and effectiveness of the processes in the competitiveness of the organization in its market of operation. Prioritization of such essential processes provides the organization with the much-needed focus for the achievement of the strategic goals and objectives. It is also essential to ensure refined select competitive priorities, which should undergo continuous improvement (Powell, 21). This is also actualized on continued investigations into the consumer needs, wants, expectations and preferences and how such relate to the performance of the organization when compared to other organizations in the market of operation. Additionally, the processes, which are prioritized for continuous improvement, are selected based on their level of impact related competitive priorities of the organization identified for improvement. TQM is a process, which applies quantitative models and human resources to improve the resources supplied by an organization to the consumers. Such ensures that the consumers of the goods and services are the primary targets of the TQM processes and activities. The execution and implementation of the TQM strategies has several salient features. Such include the presence of a distinct approach or TQM model, elements of quality in the process, the leadership in the TQM processes, multifaceted and dimensioned approach in the TQM process for maximization of the benefits or results of the process. Leadership in an organization is essential to ensure the success of the TQM processes. Leadership is at times characterized as animalistic in terms of the approach used by the organization. Commitment from the top management of the hierarchal order of the organization in terms of provision of the direction of the TQM processes. Good management is essential in the processes to ensure the achievement of the organization’s strategic goals and objectives. Involvement of the organization’s top management falls as a critical aspect in the TQM processes because of the issue of guidance and direction in the entire process. The involvement of top management ensures the ability of evaluation of all the organizational processes to gain information of the priorities in the organization. Such priorities are related to the relationship of the organization with consumers and the entire market in general. They usually provide the direction in terms of obvious areas as which accrue larger costs to the organization. Additionally other issues such as quality of services and products rest with the various organizational departments (Powell, 27). The commitment of the management should be driven by a strong desire by the organization to ensure improved quality in the processes, services and products to consumers for eventual satisfaction of the consumer needs and wants. TQM results usually focus on the presence of long-term benefits. Hence, there is a dire need to delegate duties, responsibilities and tasks to the senior mangers for the overall achievement of the strategic goals and objectives. Such should also be replicated in the entire organization to ensure that all employees are in active participation, in the TQM processes. Top management provides monitoring and control as it acts as an oversight authority towards the achievement of the possible benefits of the TQM process. Management also provides direction in terms of the corrective actions required as well as the adoption of new processes in the organization from the TQM processes. The involvement of the top management of the organization is essential in TQM in that it enforces the gravity of the need for evaluation of the processes in the organization using TQM processes. Contemporary organizations identify that customer needs, wants and expectations in terms of the services and products provided by the organization are the primary drivers of the need for evaluation of the processes in the organization. Additionally, connection between the improvement deployment process and the strategic competitive priorities of the organization is needed. TQM focuses on the presence of incremental changes and the eventual improvement, even though gradual, of the process in an organization. Such could be considered as a forward-looking approach as it aims at the achievement of positive results (Gouranourimi, 49). The results of TQM are usually measured best from an economic perspective. Such effects could lead to bankruptcy or financial success based on the approach used in the TQM process. Results of TQM are at times determined by the resources held by an individual organization. The differences in terms of results and benefits are due to the presence of imperfect imitability. This means that organizations are exposed to different conditions and resources leading to the difference in circumstances and thus the results of the TQM process. This is brought about by the presence of what is described as isolating mechanisms. Isolating mechanisms include time compression diseconomies whereby issues such as skills and experience may take longer to accrue leading to slow realization of the benefits of the TQM process (Imai, 41). Others include the presence of connectedness of resources in that an organization might acquire resources, which might require additional resources, which an organization mi ght be unable to achieve or acquire. Hence, resources cannot be imitated by an organization resulting into varied benefits of possibly failure of the TQM. TQM requires dedication in terms of the allocation of resources by the organization for actual achievement of the goals and objectives in target by the organization. The goals and objectives should be formulated with respect to the available resources. Dedication of the resources is based on the uniqueness of the organization in terms of its ability to achieve the provided goals and objectives form the use of the TQM (Yousaf, 9). This requires adequate top management involvement, as well as the general employee population in terms of understanding their roles in the achievement of the provided goals and objectives using the TQM processes provided. Work Cited Imai, Masaaki. Kaizen (ky’zen), the Key to Japan’s Competitive Success. New York: Random House Business Division, 1986. Print. Gouranourimi, Farshad. â€Å"Total Quality Management, Business Process Reengineering Integrating Them for Organizations’ Improvement† American Journal of Scientific Research, 46 (2012): 47-59. Print. Gupta, Shakti Kant, Sunil. â€Å"Total Quality Management and Accreditation Strategic Essentials for the next Millennium† Hospital Notes, 2. 2. (April-June 1999): 1-6. Print. Powell, C. Thomas. â€Å"Total Quality Management as Competitive Advantage: A review and Empirical Study† Strategic Management Journal, 16. 1. (1995): 15-37. Yousaf, Nadeem. â€Å"Top Management Commitment for TQM-a process model† Pakistan’s 10th International Convention on Quality Improvement. (2006): 1-11. Print.

How to Write a Thesis Proposal

How to Write a Thesis Proposal How to Write a Thesis Proposal A simple framework is followed in compiling a thesis proposal. At first, a particular issue on a given topic is identified. Afterwards, various findings and scholarly works on the given topic are identified and studied. An evaluation is then done on the collected documents where information, that would be necessary to solve such an issue from the collected documents, is singled out. An analysis of the data is then done where the results that are related to the stated issue, get reported. Thesis proposals are written using simple language for the purpose of quick understanding by the preferred reader. All thesis proposals should have a thesis proposal cover sheet that bears the authors title and other relevant information about the writer. Another rule that should be observed, while writing a thesis proposal, is that the writer should not include a title page. This is mainly because it is a minor requirement for this case. A title should always be given in the case of a thesis proposal, which should be relevant and must accurately describe the focus of the writer’s thesis statement. In the advent of writing a thesis proposal, various procedures need to be followed. For instance, the writer is supposed to first outline the objective of the thesis proposal. This part entirely entails creating awareness of the available research issue and probable approach to it. It also involves giving a clear problem statement that is done by looking at current research on the subject matter. The second step that is followed, while writing a thesis proposal, is presenting a good and clear outline of the required thesis proposal document. This step involves various sub-topics that form the body of the document. Such topics include the title; an abstract, a brief introduction on the subject matter; proposed findings; related research and conclusion; then lastly, a bibliography is given. In the case of the heading, it should be laid out clearly in order to attract the readers. This involves being careful for the sake of the writer, so as to avoid some common writing mistakes, hence the presentation of an outstanding thesis proposal. The last step towards writing a thesis proposal involves giving various details on minimal concerns, together with expectations. This largely includes issues to do with timing, length, flexibility and finally, preliminary works. For example, on the issue of time, some particular persons may feel that they need their proposal done by the end of two and a half years. This means that those, handling this particular thesis, need to consider performing the given task before the given time is over, in order for them to have met the thesis requirements. At you can easily get professional thesis proposal help online, from PhD academic writers. Custom thesis proposal writing of the highest quality guaranteed.

How the theme of servant and master in the Tempest is connected to the Essay

How the theme of servant and master in the Tempest is connected to the scenic progression - Essay Example ..' however further on lines 348 and 349 we learn that Caliban tried to rape Miranda and was not sorry for it. He wished he could have succeeded as he says, 'Thou didst prevent me - I had peopled else/This isle with Calibans.' This seems to be the reason for Prospero treating Caliban this way and shows Calibans savage, vindictive nature. This quote shows they have exploited him by making him work for them and treating him as an inferior by relating him to an animal by calling him names such as 'tortoise'. However Prospero also says, 'we cannot miss him' which shows how Prospero and Miranda rely on him and should treat him with a little bit more respect. Other ways in which we see Prospero as the colonizer are he forced Caliban to learn his language and Miranda calls Calibans language 'gabble'. He also insults Calibans mother and refers to Calibans race as 'vile'. This is how colonizers would have behaved. They would see their race as far superior. Prospero is also viewed as a colonizer because he uses force to control Caliban. He says, '...I'll rack thee with old cramps/Fill all thy bones with aches, make thee roar...' This shows that if Caliban is not willing to obey and do things for Prospero he will make him do it by inflicting pain upon him. This is how some f the colonizers would have behaved because they wanted control. This shows Caliban is paying fo... This is how some f the colonizers would have behaved because they wanted control. We see Caliban as the colonized native because he was stupid enough to show Prospero all the resources f the island and then he lost his island to Prospero. Caliban tells us this by saying, '...And then I loved thee And showed thee all the qualities o' the 'sle, The fresh springs, brine-pits, barren place... Cursed be I that did so!...' This shows Caliban is paying for his actions and wishes he had never have shown Prospero the good qualities f the island. This mirrors how the natives behaved. They genuinely welcomed the colonizers and treated them well. Again in Act 2 Scene 2 Caliban the same mistake again when he says to Stephano, ' I'll show thee every fertile inch o' th'island. And I will/kiss thy foot - I prithee be my god.' Here we can see that Caliban is making the same mistake again which leads us to believe he really is dumb and fits into the category f the stereotypical native. However here Caliban can be seen as quite intelligent as he sees Stephano as a softer master and an easier way to eventually be free. We know this because Caliban sings, 'No more dams I'll make for fish, Nor fetch in firing At requiring, Nor scrape trenchering, nor wash dish, ....Has a new master-get a new man. Freedom, high-day, high-day freedom' Although Caliban appears to be smart here he says in his song he will no longer have to do these tough tasks Prospero makes him do even though he promised to do them for Stephano. When Prospero first came to the island he was nice to Caliban they way Stephano is being but that could change when Caliban does not do what he promised and Stephano could end up being a harder master. Evidence that Caliban was colonised by Prospero is that he is

Religion Or Mythology In Greek Culture Essay Example | Topics and Well Written Essays - 750 words

Religion Or Mythology In Greek Culture - Essay Example There are two main types of myths in Greek culture; the divine myths that deals with the gods, their origins as well as actions, and heroic myths that are based on human actions. From these myths, one can affirm that Greeks valued life. They also believed in living their life to the fullest since they disregarded death as part of life (Sailors 7). Greeks also value specific people in the society. This is evidenced by their carving of imperishable legends that did magnificent things while they were alive. In other words, they carved their legends as one way of pursuing fame. In connection with this, it is apparent that some of the Greek myths influenced the lifestyle of youths. The myths were models of human excellence, and as a result of this, Greek youths emulates them. Greeks greatly admire strength, beauty as well as intelligence. The value of these elements is evidenced by their myth that grants men the power of measuring all things. In tandem with this, it is the nature of the G reeks to have a man deciding on almost all things in life. In conclusion, religion and mythology play a significant role in the Greek society. Religion enabled Greeks to communicate their experiences despite being made up of different religious practices. Apart from acting as self-representation of the Greek community, Greek religion served as a unifying factor. Greek myths show that Greeks valued life as well as specific people in the society. The involvement of religion in everything done in Greece led to the unification of the Greek’s religious culture.

Response to at least 3 students assignment posting separately (80 Coursework

Response to at least 3 students assignment posting separately (80 words each) with at least 2 references - Coursework Example Health records are sensitive information yet are vital in the effective treatment of patients. A national HER system would greatly increase efficiency as well as provide vital information e.g. chronic conditions or allergies that make some procedures unsuitable for some patients during medical emergencies (Centers for Medicare and Medicaid Services, 2012). The issue of security and privacy can be easily addressed by the federal government having central servers and records being accessed only by ascertained health practitioners with proper security credentials allowing them access to the records (Gunter and Terry, 2005). The example of using technology to address issues of air quality is a perfect example of technology being used to enhance policy implementation (Shafie, 2008). At the same time, hierarchical agency compliance is promoted as information sharing from the federal, state and local agencies moves quickly and efficiently. In addition to that, the people affected by the policies and its outcomes can share information among themselves and the agencies thus giving much needed feedback and suggestions for improvement of service delivery (AirNow, 2012). Centers for Medicare and Medicaid Services. (2012). EHR incentive programs. Available from: http://www.cms.gov/RegulationsandGuidance/Legislation/EHRIncentivePrograms/index. html?redirect=/EHRIncentivePrograms/ 30_Meaningful_Use.asp Shafie, D. M. (2008). â€Å"Participation in E-rulemaking: Interest groups and the standard-setting process for hazardous air pollutants.† Journal of Information Technology & Politics, 5(4), 399-410.

Principal-agent theory provides definitive answers to how ownership Essay

Principal-agent theory provides definitive answers to how ownership and control problems should be overcome in particular firms - Essay Example As Lane indicates, the analysis of multifaceted private contracting initiated the development of the principal-agent theory. A difference can be made between temporary contracting as with the buying and selling of goods on the one hand and continuing contracting on the other hand whereby an individual hires another individual or group of individuals to work for them against compensation (2). A principal-agent correlation is a contract in which one or more individuals appoint another individual to carry out some service on their behalf whereby the former is the principal and the later is the agent. This entails entrusting some decision making power to the agent which is fairly common. For instance, a homeowner (principal) may employ a carpenter (agent) to repair her table while a client (principal) may hire a lawyer (agent) to defend his case. Principal-agent correlations also normally arise within organizations, even though the above two examples describe relations in a private setti ng. In organizations, the role of the principal is often played by the board of directors, which contracts a manager to manage the institution in the interest of the investors or in the interest of the stakeholders in the case of a nonprofit organization (Caers et.al, 26). Principal-agent theory is used to portray a dyadic relation between a buyer and a seller. At its most basic levels, this model originated from economics. In this relationship the buyer makes a deal with the seller and has the finances to acquire the seller’s service of the service. This means that the buyer has the control required to fund and realize the service that they require. Conversely, the seller can push the association to their favor and increase the price since they have more knowledge concerning the service they are providing than the buyer does. However, either the seller or buyer can employ this to their benefit depending on phrasing of the contract. Principal-agent theory assumes that the sel ler and the buyer do not yearn for a jointly beneficial result of the association, but would somewhat pay less or charge more than what the other is offering (Cohen, 5) In a principal-agent interaction at least two people are to partner in the formation of a service that has value. However, the two individuals are not of the same legal standing or partners. The agent is the individual who works for the principal while the principal puts up the payment for agent’s effort against the value that the agent gives to the principal in the form of a product of some sort. Consequently, principal-agent interaction is basically an agreement on how much of the value that the agent produces should go back to him/her as an earning. Nevertheless, what makes the principal-agent model unique is the extra assumption of asymmetric information, meaning that the agent knows more than the principal about the service under consideration in a manner that may influences the contracting results (Lane, 2). In the principal-agent model, the payoff to the principal relies on an action taken by the agent. The principal cannot contract for the action, but can pay off the agent founded on some evident sign that is associated with the action. The first mover is the principal who decides an incentive system for paying the agent depending on the apparent sign. On the hand, the agent decides the best action to take, given the incentives, and then chooses whether to accept the principal’s offer, based on the estimated payment and the prejudiced cost of carrying out the action. Upon agreeing, the agent decides an action that makes the most of his remunerations and the principal monitors the signal associated with t

Why Communications Essay Example | Topics and Well Written Essays - 750 words - 1

Why Communications - Essay Example Without communication, it may be impossible for other people to know what their colleagues think or like. As such, it is important for people to exchange information in order for them to understand each other. We use communication in all facets of our life. For instance, we socialize through communication since we use it to exchange information. This also helps us to create mutual understanding among us so that our communities can be habitable if we understand each other. Conflicts in a given society are minimised if people understand each other through communication. Another important element about communication that makes it valuable in our lives is that it differs from place to place. There are also different types of communication, for instance, the most common ones are verbal and non verbal communication. In as far as non verbal communication is concerned, it can be noted that there are different signs that are used to convey meaning between two people involved. There is need for one to understand different signs used by other groups of people in order to communicate effectively with such people. Another important issue that should be taken into consideration with regards to non verbal communication is that signs differ from place to place. It can also be seen that communication skills are required especially in verbal communication when one is to achieve his or her desired goals. In business for example, there are different communication skills that are used in order to achieve the desired goals. For instance, the communicator ought to use persuasive speech in order to appeal to the interests of the targeted people or customers. This in turn can compel them to buy the products offered. Therefore, persuasion is a very important component of communication. There are different concepts that characterise communication in different scenarios. The message itself is a very important

Will climate change destroy New York City How can it be managed ( Essay

Will climate change destroy New York City How can it be managed ( weather science) - Essay Example As noted by Russs, Sandy resulted in damages amounting to about $20 billion with 43 people confirmed dead and many more injured by the storm. The transport facilities in the city, including highways, subways, railways and airports, were shut down. The city was thrown into darkness as critical infrastructure, including wastewater treatment plants, hospitals and infrastructure, were incapacitated. Communication systems were also cut following the effects of the storm. Reports on Hurricane Sandy pointed out the increase in the intensity and frequency of hurricanes observed in the North Atlantic from the 1980s. The devastation caused by Sandy had been worsened by changing climatic factors. Partly to blame according to the New York City Panel on Climate Change, NPCC (4) was the rise in the sea level in the region around New York City which increased the magnitude and extent of coastal flooding during Hurricane Sandy. Therefore, New York City remains exposed to destructive effects of clima te change. Borrowing from the Special Initiative for Rebuilding and Resiliency, SIRR, report authored after the exposure of the vulnerability of New York City by Sandy, there exist genuine threats to the city. Among the notable threats, heat waves, intense precipitation and coastal flooding have been noted to be the most extreme (NPCC 12). Heading towards 2050s, heat waves could increase in frequency, duration and intensity. New York has for a long time been experiencing an average of 18 days per year with temperatures of 32oC or 90oF and above. The SIRR report observes that by 2010, New York could experience between 26 and 31 such days. This could rise to up to 57 days a year by the year 2050. With this change would be an additional average of 110 to 260 deaths per year related to heat waves. The number of days when rainfall exceeds 2 inches or 5 centimeters could increase from the current average of 2 days per year to five by 2020. Coastal flooding has been projected to

Why Communications Essay Example | Topics and Well Written Essays - 750 words - 1

Why Communications - Essay Example Without communication, it may be impossible for other people to know what their colleagues think or like. As such, it is important for people to exchange information in order for them to understand each other. We use communication in all facets of our life. For instance, we socialize through communication since we use it to exchange information. This also helps us to create mutual understanding among us so that our communities can be habitable if we understand each other. Conflicts in a given society are minimised if people understand each other through communication. Another important element about communication that makes it valuable in our lives is that it differs from place to place. There are also different types of communication, for instance, the most common ones are verbal and non verbal communication. In as far as non verbal communication is concerned, it can be noted that there are different signs that are used to convey meaning between two people involved. There is need for one to understand different signs used by other groups of people in order to communicate effectively with such people. Another important issue that should be taken into consideration with regards to non verbal communication is that signs differ from place to place. It can also be seen that communication skills are required especially in verbal communication when one is to achieve his or her desired goals. In business for example, there are different communication skills that are used in order to achieve the desired goals. For instance, the communicator ought to use persuasive speech in order to appeal to the interests of the targeted people or customers. This in turn can compel them to buy the products offered. Therefore, persuasion is a very important component of communication. There are different concepts that characterise communication in different scenarios. The message itself is a very important

Brutality on women by the Japanese police Essay

Brutality on women by the Japanese police - Essay Example Brutality against women can be of many forms. It may entail enslavement, deportation or forcible transfer, torture, rape or even the non-spoken form of cruelty. The torture of not being able to freely state your thoughts or raise a voice to receive what you are entitled to. While looking at the Japanese economy, an act of disgrace which still murk golden pages of history would be the issue of the Japanese Imperial Government kidnapping and enforcing young girls under their occupation during the World War II into sex slaves. However, the Japanese Government still defends its acts and denies that the heinous act ever occurred. Walking down the lines of time, we can witness the estimates made by researchers about the number of â€Å"comfort girls† exploited during the past. The figure is expected to be around eighty to two hundred thousand; women were abused and brutalized in the â€Å"comfort centers†. The comfort women were administered, processed, dispatched and controlled by the Japan military. These women were to accompany the military to conquered places or colonial province and comfort them during the times of World War 2. These women were forced to please the military personals unless they were in hospital, there were no fixed leaves for the women, it purely depended on the needs of the men. They endured abuse and violence and were forced to accept military currency for their â€Å"services†. The torment of being forced everyday drained these women emotionally and psychologically. Post the war these women were allowed to leave without any sense of guilt or apologies from the gov ernment of Japan. These women could not openly speak about their ordeals due to the pressures from the society and were pushed to suffer the trauma silently.

Freudian Reading on Othello Essay Example for Free

Freudian Reading on Othello Essay Freudian Reading on â€Å"Othello† Is it possible for other people to act as our superegos? What are the effects of never resolving your oedipal complex? And when a situation becomes to over whelming, do we project our thought and feelings on to our peers? I am using â€Å"Through the Literary Looking Glass: Critical Theory in Practice† by Sian Evans and â€Å"Othello† by William Shakespeare to analyse the characters Othello and Iago as well as the major theme jealousy through a Freudian lens. The aim of this psychoanalysis is to try and give a better understanding of the character’s motivations and unconscious, narcissistic desires. The theme jealousy is revealed by both these characters throughout the play shows us how we need to be well rounded people, and the effects this has if we are not. The opening act of â€Å"Othello† begins with the marriage of Desdemona and Othello in Venice, Italy. Here we see a black, middle aged man, marry a fair, young, Venetian woman in front of an upper class white society. (This was highly frowned upon at that point in history). As the play proceeds Iago suggests to Othello that Desdemona is sleeping with Cassio, and tries to corrupt their marriage. This behaviour seems somewhat childish coming from a grown man and shows us how Iago doesn’t use his superego to control his id, as well as displaying his immense jealousy of Othello. However Othello believes what Iago is saying, as he has a reputation of being an â€Å"honest man†. Iago continues to insinuate Desdemona’s dishonesty to Othello and provides fake evidence. Othello gets increasingly â€Å"green-eyed† by the â€Å"poison† that Iago is telling him and becomes so overwhelmed by this jealousy that he goes back to his natural instincts, resolving issues through murder. This is a result of him joining the army at 7 and since then all he has known is war. The play ends with Othello acting on impulse and under the influence of his violent superego, murdering Desdemona, and then Iago after he realises Desdemona was innocent. He then proceeds to commit suicide as he believed this act would be considered noble, restore his reputation, and relieve his conscious mind of his violent actions. Othello is a mentally and emotionally frail character in the play. He joined the army at a young age and gradually became recognised in society as something other than a then a â€Å"middle aged†, â€Å"black moor†, due to his high rank in the army and then marrying Desdemona. However  when a supposedly â€Å"honest Iago† starts suggesting Othello’s wife is unfaithful, he is easily able to mentally control Othello through him never having resolved his oedipal complex. Othello had never resolved his oedipal complex because we see him give his mother’s handkerchief to Desdemona. Freud describes this as a method of transference and Othello is transferring his repressed love for his mother on to Desdemona. Iago then acting as Othello’s id then reveals Othello’s murderous superego which was caused by decades of warfare. We visually see this in the play when he says â€Å"How shall I murder him Iago† when Iago implies Cassio is sleeping with Desdemona. Here, Othello is also showing that his oedipal complex is still not resolved by transferring his repressed emotions on to new objects through his desire to murder Cassio (being the father) in order to be closer to Desdemona (being the mother). Later in the play we see hi s superego again when Desdemona (the woman he loves) becomes his enemy and he kills her. This act of murder was purely out of jealousy and the fear of him losing his reputation he has worked so hard for. â€Å"Yet she must die, else shell betray more men,† Shows us how Othello is subconsciously protecting his soldiers. Though a Freudian perspective it appears that Shakespeare has used Othello as a character to show us that if you are brought up with murder or warfare when you are young, you might never be able to overcome your violent superego as you get older and the detrimental effects this has. Shakespeare has also shown us how sublimation is applied through Othello, as he is someone that has the urge to hurt and kill and thus joined the army, so that the act of killing is morally justified by protecting their country or soldiers. He may not kill the person he wants to kill necessarily, but they will release their feelings by killing the enemy, if unless these feelings are manipulated by an external factor (Iago). Although many years have passed since â€Å"Othello† was written, people can still relate to it because human nature does not change. We all question those who are close to us, and whether or not they are honest and loyal. Shakespeare is using Othello to warn us of disastrous co nsequences that may arise when you are manipulated by a person (Iago) that capitalises on the jealous nature of another human. Iago is an extremely jealous character in the play. He is envious of Othello’s reputation, higher rank in the army, wife, and that he is more respected in a white society than him; even though he is middle aged and  black. This shown through the quote; â€Å"But for my sport and profit. I hate the Moor†Ã¢â‚¬ ¦Ã¢â‚¬Å"He has done my office†. Reputation means to a lot to Iago, and overall that’s all he cares about most, which shows narcissism and racism in his character. He believed that Othello robbed him of his reputation. We see this through the quote; â€Å"But he that filches from me my good name, Robs me of that which not enriches him, and makes me poor indeed†. Iago doesn’t use his superego to control his id so his urges and desires are unrestrained. This is shown throughout the play in his successful attempt to corrupt Othello’s marriage. Nearly one hundred per cent of the time when Iago is with Othello he is using reverse psychology to act as Othello’s superego and make him more jealous of Cassio; â€Å"O beware, my lord, of Jealousy! It is the green-eyed monster†. This is displaying two perspectives on Iago’s physiological state. Either Iago has zero control over his id, and just lets his jealous mind run wild. Or, he chooses not to control his psychopathic mind with his superego. This results in him tricking Othello into consciously thinking he’s jealous when he unconsciously isn’t. For example, when Othello asks for living reason (proof) that Desdemonas been disloyal, Iago tells him about an erotic dream that Cassio supposedly had one night while he was lying in bed next to Iago. In slee p I heard him say â€Å"Sweet Desdemona, let us be wary, let us hide our loves†. After Iago tells these rumours he then covers his tracks by deceiving Othello. An example of this is when he says; â€Å"Men should be what they seem† which is ironic coming from him, as he is not what he seems. He is deceptive and believable, and for Othello that is bad news for someone who is so easily jealous and mentally frail. â€Å"He hath a person and a smooth dispose, to be suspected, framed to make women false. The Moor is of a free and open nature, that thinks men honest but that seem to be so† This quote is reinforcing how Iago believes Othello will be easy to manipulate and deceive. Through this psychoanalysis we have a greater understanding of Iago’s motivations and unconscious desires. We see how he projected an overwhelming amount of jealousy he had for Othello on to him, and even though he thought he was in control of the situation and that he would come out on top, it led to both of their demise. For Iago jealousy played on the trust he developed in his relationship with Othello and whether Othello would believe him. However even though Othello did believe and trust Iago, Shakespeare still shows us  that jealousy destroys relationships and consumes the mind. My psychoanalysis of â€Å"Othello† has given me a new understanding of the play for a different perspective from what I would normally view it from. Iago and Othello both had major flaws in their characters which ultimately lead to their demise. Iago couldn’t control his id, which meant he was always acting on impulse without control of the superego and there was only a matter of time before he slipped up. Then Othello never resolving his oedipal complex meant someone like Iago could easily manipulate and mentally corrupt him. Both these characters have shown us as readers how we need to be well rounded people so we are not as easily susceptible to jealousy, and the effects this has if we are not.

Market Analysis and International Investment

Market Analysis and International Investment 1-(A) From various editions of the Economist, collect time series data of Big Mac prices for 3 countries and assess whether Purchasing Power Parity (PPP) holds. Discuss whether the (Big Mac Index) is a good Price index to be used in this analysis. Answer: The economist’s Big Mac index shown in table 1 has been used since 1986 as an indicator aimed to assess how PPP (Purchasing Power Parity) stands against most traded currencies such us the US dollar. Before entering into further analyses, it is worth providing some relevant information on the PPP theory and assess whether the Big Mac index implicitly delivers points of comparison that subsequently reflect exchange rate parity conditions across 120 nations where this worldwide known burger is largely sold.[1] Purchasing power parity theory by Rudiger Dornbush (Salamanca School) attempts to explain that two currencies adjust in compensation owing to the difference between the rates at which the two countries under watch are inflating. In relation to this, the underlying principle of the PPP theory lies in the law of a single price. This law can be simply explained based on the commodities trade whereby companies around the world tend to purchase goods from countries where these are more competitive in terms of price.[2] Following this first hypothesis, there is a determination mechanism starting when goods are purchased abroad and at the same time the demand for foreign currency results in increasing the value of the currency and putting extra pressure on the price of the good itself. Based on this scenario, the PPP entails that two currencies should stand at a level where buying the same goods in the two countries is equivalent. Furthermore, the theory projects that real effective exchange rate will remain constant through time. Based on further research, this work lays out some elements that intervene as potential culprits for not letting the PPP system operates over a short and medium-term horizon. As a relevant consideration to the findings and major setback to the PPP theory, the foreign exchange market framework has changed considerably over the last years moving exchange rates from fixed to floating. In the same context, capital movements and internal policies now explain differentials in exchange rates rather than a simplistic scenario of supply and demand of goods.[3] For instance, in 1973 the oil embargo led unexpectedly the United States, Japan and Italy to depreciating their currencies as a result of currency pressure. According to Buiter and Miller (1992), the exchange rate accommodation mechanism has a much broader significance than the one explained by PPP’s scope; the exchange rate is a measurement of competitiveness as a progressive or â€Å"non-casual† variable. Therefore, exchange rate is a price that reflects an efficient international financial market as opposed to a predetermined state controlled through market forces exclusively. Supporting the previous introduction and with regard to the Big Mac index headway between two years in a row, PPP does not always hold. Moreover, due to the composition of the product, Big Mac does not reflect a truthful price index to determine whether an exchange rate is undervalued or overvalued. According to the economist magazine, Big Macs are not cross-border trading goods as approximately 55% to 60% of the product costing is represented by non-traded goods such us labour, rent and services. Therefore, a price index with no dependence on international trading cannot fully reflect exchange rate comparisons; every country has a unique competitive position mainly produced by internal structures and factors such us labour market, productivity and purchasing capacity. Purchasing power parity theory brings cear shortcomings and most of them can be determined superficially by the Big Mac index and its trend. The most commonly mentioned problems behind the use of PPP: Trade Barriers Changes in patterns of demand and output Similar purchasing patterns and taste in products Varying price indices Taxation Long-term vs. short-term outlook Table 1 shows full coverage for the Big Mac index over a large group of countries. As a complementary part of the analysis this work has chosen two currencies to compare against the US dollar and determine the PPP trend between 2004 and 2005. In 2004 the Big Mac price in the US was US$ 2.90 compared to US$1.26 in China and US$ 5.18 in Norway. In 2005 the corresponding prices represented an increment of the US price by 5.5% to US$ 3.06, 0.7% in China and 16.9% in Norway reaching prices of US$1.27 and US$6.06 respectively. Following the PPP theory, it indicates that exchange rates move to rectify changes in inflation rates. In 2004 China’s currency was 57% undervalued and Norway 79% overvalued; the model expects that an inflationary process in the US of 5.5% would have generated a rectifying movement to close gaps. On the contrary, while the Big Mac price index in the US rose by 5.5%, China’s currency dropped further from 57% undervalued to 59% and Norway continued the other direction and got appreciated dramatically from 79% to 98%. If Big Macs could be exported, no buyers would be looking at Norway since its real international competitiveness is far below. However, in terms of purchasing capacity the Norwegians are potentially capable of purchasing Big Macs as their income per head is considerably higher than in US and China. (B)Choose any two countries and collect (approximately) one year of daily data of a forward exchange rate, the spot exchange rate and the two corresponding interest rates. Can you make any arbitrage profits? Carefully discuss. Answer: To open the discussion about the exchange rate market and its relationship with interest rates, the answer introduces the concept of Eurocurrency market. This is a marketplace where participants make money through borrowing and depositing currencies at a price dictated by interest rates. In this regard, the transactions period varies as short as overnight and in some cases as long as five years. For this exercise the answer considers one participant and two currencies, US Dollar and GBP based on data from 2005 central bank statistics. On January 31st 2005, this person borrowed US$ 18’833.000 in the US and made the decision to arbitrage in GPB pounds. Diagram 1.0 illustrates the foreign exchange arbitrage based on the use of financial instruments to generate profits. Diagram 1.0 Source: Author calculations Borrowed at US$ 18’833.000 at 4.83% and one repayment at the end of the first year (365 day repayment of US$ 19’743.633) Evaluate potential arbitrage: Sell US$ 18’833.000 to buy sterling pounds at GBP/USD 1.8833 and obtained  £10’000.000 Made deposit of  £10’000.000 at 6.20% for 12 months and agreed to received  £10’482.999 Same take a forward contract to buy US$ 19’742.633 1year forward at sustaining GBP/USD at 1.8526 and sell:  £10’657.256; losses: ( £36.716) The arbitrage would produce losses as USD appreciates against the US dollar on a 12-month period; you cannot make profits. 2-(A) Discuss the importance of the exchange rate as an economic variable for international investment decisions or for importers and exporters. Answer: Exchange rates are a key factor that concerning their mechanisms of adjustments and vulnerability originates differential positions and volatility risk within an economic outlook. In relation to this effect, Buiter and Miller’s approach (1992) explains that monetary policies combining prices stabilisation, capital freedom and rational expectations in the foreign exchange market produce a â€Å"transitional† effect on the level of international competitiveness and leave industry sectors exposed.[4] For financial assets and exchange rates levels, international trade activities have rapidly evolved into a more developed and complex sector that operates freely within a global economic system and lead economies to frequently reaching higher levels of surpluses or deficits. On a daily basis scenario, portfolio strategist search for competitive positions worldwide that match investment targets. Concerning the structure of the investment, foreign exchange forecasts are a driving force at the stage of resources allocation and use of financial instruments (Derivatives). But how the exchange rates intervene as a decisive economic variable and in which sectors they deliver benefits or vice-versa? Milton Friedman gives his opinion to this question, starting by responding on the effects over exchange rates through monetary policies; he says â€Å"†¦..monetary policy actions affect asset portfolios in first instance, spending decisions in the second, which translate into effects on output and then on prices. The changes in exchange rates are in turn mostly a response to these effects of home policy (on output and prices?) and of similar policy abroad†¦..†[5]. If one assumed Friedman’s comments, domestic policies move exchange rates affecting decisions in a certain order. With regards to international trade, one of the most compelling examples on how exchange rates affect the performance of particular sectors compared to others is the case of the British economy. On one hand an overvalued pound has jeopardised to some extent the lack of competitiveness of the industrial production and exports in the UK by soaring internal prices and changing the productive structure of the country. Conversely, on the other hand the levels of interest rates together with a strong currency have triggered capital inflows, which are being allocated on different asset classes and also in the continuous boost of service sectors (i.e. Financial Services). To understand the mechanism linking imports and exports with exchange rates, Maurice Levi (1990) explains that on a supply and demand setting the supply curve of a currency illustrates the quantity of that currency supplied and the price of the currency, given by the exchange rate, the supply curve of a currency is calculated as a result of a country’s demand for imports. This event occurs when buyers pay for imports that are sold in foreign currency, then the country’s recipients of the goods must sell their domestic currency for the requested foreign exchange and when imports are invoiced in local currency the foreign beneficiary of the currency sells it. In any case imports result in the country’s currency being supplied. The amount of the currency supplied is equal to the value of imports.[6] On the contrary, the demand curve for a currency shows the value of the currency that is demanded at each likely exchange rate. The need to buy a country’s currency takes off from the need to pay for the country’s exports; the currency’s demand curved is derived from the country’s export supply curve, which shows the volume of exports at each price of exports[7]. To summarise the answer, exchange rates send strong signals to both, portfolio investors and international traders; however the degree of the effect varies depending on the competitive position of the economy. In terms of traded goods, exchange rates place the level of international competitiveness of goods compared to the same goods in other country. On investment allocations such us bonds and equities, an exchange rates outlook is essential to sustain or withdraw positions. In relation to investments, exchange rate risk is generated by uncertainty in the future exchange rates at which the asset or liability will be converted into dollars. Thus, bonds, foreign stocks, real estates and accounts receivable and payable may be subject to exchange rate risk if their value in home currency is beaten by exchange rates. Concerning imports and exports of services such us tourism, banking services, consulting, engineering amongst others react to exchange rates variations in the same way as imports and exports of goods. (B) Collect data for 3 countries of your choice and assess the importance of the exchange rate for international equity investors. Use different investment horizons. Equity investors react to market sentiments, set out overall investment positions and individual strategies underpinned by economic forecasts. Decisions are based upon a group variables and future scenarios; for instance it is widely recognised the existing inverse relation between interest rates and equities. When interest rates are moved up by major central banks such us the Federal Reserve, European Central Bank (ECB), Bank of England and Bank of Japan, shares lose momentum and in most of the cases fall. In terms of foreign exchange conditions, investors go long on equities when they feel comfortable with correct valuation of the currency and if the economy’s balance of payments works in line with the external position of the country. In other words, the exchange rate is determined by the aggregated equilibrium between currency demand and supply. If any country is not in the position to sustain its competitiveness on its currency it sends strong signal for investment decisions. The following three countries US, UK and China have been selected to understand how bursaries respond or relate to changes in exchange rate: US Dow Jones (1-Y Horizon) US is a highly liquid market, Chart 1.0 shows market transactions above 2 billion US dollars a day sustaining levels over 1 year horizon. The Dow index moved up from 10500 (approx) in June 2005 growing by 3.8% (approx) to June 9th 2006. In chart 2.0 Euro gains grounds on the US dollar by almost 5% over the same period as shown on the Dow Jones outlook above. Thus, Euro appreciated by 5% against US dollar and Dow Jones with a slight growth without losing transaction levels. Hence, no particular direct correlation is found on the two variables (Exchange rate and Stock Index). However, it is relevant to clarify that more components such us interest rates expectations, unemployment levels in the US and Euro land, mortgage activities, retail index and companies profitability have an effect on these trends. UK FTSE (2-Year Horizon) In a 2-year Horizon, FTSE shows strong momentum soaring by 22% (approximately from 4500 to 5500); uptrend with a relevant drop in June 2006 due to oil prices and decision on interest rates accommodation by the FED and ECB. This analysis in terms of the pound outlook shows two scenarios for the currency. In 2004 starts at GBP/USD1.82 falling to its 18-month lowest level to 1.72 (5.8%), then it picks up again and in less than 5 months rebounds to 1.85. Again the analysis does not find a direct relationship between a positive steady FTSE trend and sterling variations. CHINA Shanghai Composite 6-Month Horizon The third example involves Chinese Yuan and US Dollar, which have experienced international trade growth five times faster than in 1990s decade. On one hand, Chinese moved from being the 9th most important destination for US Exports to being currently the 4th delivering an impressive uptrend in 2005 above 20% increase (United States Trade Representatives, 2006). On the other hand, the effect of Chinese exports has been stronger, in 2004 china’s trade surplus with the US increased by 24.5% to 202 billion US dollars, the largest between two economies according to the Economic Policy Institute in 2006. Over the last 6 months, the Chinese Yuan has not followed a revaluation against the US Dollar; as it would have been expected due the international trade context explained before (only 2% appreciation). In relation to the Shanghai composite index, it has experienced spectacular growth outperforming other stock markets (44% increases in the same period). Based on these figures, the analysis indicates, exchange rate is not the driving factor to buy stock in China; investors continue forecasting strong growth in Chinese listed companies due to strong internal market performance, domestic consumption as well as industry development. 3- Today is the 16th of December 1998.You are a small importer/exporter having to pay  £5,000,000 on the 26th of February 1999.You are concerned about exchange rate risk and you are considering using currency futures to hedge your currency risk. What would be your hedged and unhedged outcome with hindsight? Carefully explain what will happen over this hedging period with your margin account. One Pound Sterling futures contract is  £62,500 and the initial and maintenance margins are $2,295 and $1,700 respectively. Answer: (Using spreadsheet â€Å"Market†) and concepts from Brian Kettell (Financial Economics p321-330) In futures the principle is to sell what is overpriced and buy what is underpriced. In this example if the GBP/USD is overpriced (futures) less US dollars per Sterling pounds you should sell the futures contract on February 26th 1999 (Long Position in the Spot Market), which means purchase GDP/USD at the Spot Rate Spot Price Futures GBP/USD 1.6750-08 1.6060-1.5998 (at a Premium) The advice for the US importer is to protect the US value by hedging 80 contracts of Sterling Pounds using futures contracts. However, in this case the US dollar as of February 26th when the payment will be made, the futures price shows a US dollar at a premium, which means, the dollar will appreciate. Action: Unit of Trading  £ Pounds Go long in the future market selling your futures contract (right to deliver at 1.6060) and holding on at the the Spot Market. Currency Hedge US dollar against British Pound:  £5.000.000 at a spot rate February 26th 1999: Action buy future Contracts:  £62.500 Number of contracts: 80 Value locked on December 16th 1998:  £62.500 x 1.6750= US$ 104.687 Value of each futures contract on February 26th 1999: £62500 x 1.6060 = US$ 100.375 Net Profit of each contract: US$4. 312 x 80 = US$ 344.960 (Hedging profits) At the end of the period, without hedging you would have benefited as US dollar got appreciated. However, with hedging you will obtain profit margins of US$ 4312 in each contract improving your initial margins. Bibliography Bank of England Statistics available at: http://www.bankofengland.co.uk/statistics/index.htm Economic Policy Institute available at: http://www.epinet.org/content.cfm/webfeatures_econindicators_tradepict20060210 The Economist Big Mac Index available at: http://www.economist.com/markets/bigmac/displayStory.cfm?story_id=4065603 Federal Reserve Statistics available at: http://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Kettell, B. (2001) Financial Economics, Making Sense of Market Information: Prentice Hall: London Levi, M (1990). International Finance, the Markets and Financial Management of Multinational Business. McGraw-Hill Series in Finance: United States MacDonald R, Taylor M, (1992). Exchange Rate Economics Volume I â€Å"Monetary Policy and International Competitiveness: The problems of adjustments Willem H. Buiter and Marcus Miller, Published by Edward Elgar: England Walmsley, J. (1996). International Money and Foreign Exchange Markets, An introduction. Published by John Wiley Sons Ltd Baffins Lane Chichester. West Sussex Appendix Appendix I. Daily Data End month average Daily forward weighted interest premium/discount rate, instant Daily average of 4 rate, 12 months, US Spot exchange rate, access deposit, UK Banks base rates Dollar US $ into Sterling Bank branch accounts IUDAMIH XUDLDFY XUDLUSS IUMTHAI 04-Jan-05 4.75 -3.075 1.8833 n/a 05-Jan-05 4.75 -3.005 1.8881 n/a 06-Jan-05 4.75 -2.97 1.8754 n/a 07-Jan-05 4.75 -2.925 1.868 n/a 10-Jan-05 4.75 -2.905 1.8748 n/a 11-Jan-05 4.75 -2.85 1.877 n/a 12-Jan-05 4.75 -2.895 1.8932 n/a 13-Jan-05 4.75 -2.85 1.8806 n/a 14-Jan-05 4.75 -2.755 1.8684 n/a 17-Jan-05 4.75 -2.715 1.8593 n/a 18-Jan-05 4.75 -2.85 1.8669 n/a 19-Jan-05 4.75 -2.895 1.8769 n/a 20-Jan-05 4.75 -2.93 1.8706 n/a 21-Jan-05 4.75 -2.92 1.8693 n/a 24-Jan-05 4.75 -2.94 1.8757 n/a 25-Jan-05 4.75 -2.89 1.8647 n/a 26-Jan-05 4.75 -2.955 1.8815 n/a 27-Jan-05 4.75 -2.945 1.8864 n/a 28-Jan-05 4.75 -2.935 1.8829 n/a 31-Jan-05 4.75 -2.92 1.8859 2.18 01-Feb-05 4.75 -2.9 1.8799 n/a 02-Feb-05 4.75 -2.895 1.8848 n/a 03-Feb-05 4.75 -2.84 1.8794 n/a 04-Feb-05 4.75 -2.885 1.8858 n/a 07-Feb-05 4.75 -2.835 1.8657 n/a 08-Feb-05 4.75 -2.855 1.8561 n/a 09-Feb-05 4.75 -2.965 1.8578 n/a 10-Feb-05 4.75 -2.95 1.8712 n/a 11-Feb-05 4.75 -2.96 1.8654 n/a 14-Feb-05 4.75 -2.945 1.8869 n/a 15-Feb-05 4.75 -2.935 1.8872 n/a 16-Feb-05 4.75 -2.83 1.8786 n/a 17-Feb-05 4.75 -2.81 1.8906 n/a 18-Feb-05 4.75 -2.79 1.8944 n/a 21-Feb-05 4.75 -2.8 1.897 n/a 22-Feb-05 4.75 -2.9 1.9057 n/a 23-Feb-05 4.75 -2.985 1.906 n/a 24-Feb-05 4.75 -2.955 1.9077 n/a 25-Feb-05 4.75 -2.89 1.9153 n/a 28-Feb-05 4.75 -2.89 1.9257 2.18 01-Mar-05 4.75 -2.875 1.9198 n/a 02-Mar-05 4.75 -2.94 1.9101 n/a 03-Mar-05 4.75 -2.9 1.9084 n/a 04-Mar-05 4.75 -2.885 1.9258 n/a 07-Mar-05 4.75 -2.87 1.9139 n/a 08-Mar-05 4.75 -2.86 1.9311 n/a 09-Mar-05 4.75 -2.835 1.9212 n/a 10-Mar-05 4.75 -2.77 1.9236 n/a 11-Mar-05 4.75 -2.72 1.927 n/a 14-Mar-05 4.75 -2.64 1.9119 n/a 15-Mar-05 4.75 -2.61 1.9157 n/a 16-Mar-05 4.75 -2.65 1.9284 n/a 17-Mar-05 4.75 -2.595 1.9237 n/a 18-Mar-05 4.75 -2.555 1.9155 n/a 21-Mar-05 4.75 -2.515 1.8962 n/a 22-Mar-05