Utilitarianism By John Stuart Mill - 930 Words

Analysis Paper 2 In the essay â€Å"Utilitarianism† by John Stuart Mill, he explains his support for utilitarianism and argues any misconceptions of it. In his essay he talks about the difference between higher and lower pleasures and what significance they have in his utilitarian moral theory. His theory is based on the rule that â€Å"actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness.† Many people experience different kinds of pleasure and he talks about how they can differ in quality and quantity. Mills talks about higher and lower pleasures and what they mean. Higher and lower pleasures are two things that bring someone pleasure but pleasure one brings greater pleasure than pleasure 2. Although pleasure 2 brings the person happiness, pleasure 1 has a greater affect on their happiness and the person will always choose pleasure 1. Even is the quantity is greater in pleasure two they will still cho ose pleasure one because of the quality. Typically when someone experiences the higher pleasure they will not choose the lower pleasure when given the option. Once people have experienced a higher pleasure they will never want to go back to choosing the lower pleasure except in extreme circumstances. For example someone might get pleasure from eating McDonalds, but one day they decide to go to chipotle instead and find out that they like it much better than McDonalds. The next time that person is hungry and having toShow MoreRelatedUtilitarianism, By John Stuart Mill And Utilitarianism880 Words   |  4 Pagessometimes hard to define, but with John Stuart Mill and Utilitarianism it is a little bit easier. Utilitarianism is an easy one, for the reason that it is defined by the greatest happiness for everyone involved. Sometimes it does not always make everyone content, but if you look at it as a whole it makes sense. Mill says that we have to look at the bigger picture. One personà ¢â‚¬â„¢s happiness affects another’s and so on. Utilitarianism is a moral theory that John Stuart Mill, the philosopher, formulated toRead MoreUtilitarianism, By John Stuart Mill1365 Words   |  6 Pages In John Stuart Mill’s book Utilitarianism, he argues for the defense of utilitarianism, an age old theory originally developed by Jeremy Bentham that states the proper course of action is the one that maximizes happiness. The course of action that maximizes general happiness is also the only true standard for moral assessment. Mill also introduces the idea of ‘first principle’ which states that it is not acceptable for individuals to characterize actions as either ‘good’ or ‘bad’, because it isRead MoreUtilitarianism, By John Stuart Mill1372 Words   |  6 PagesAct Utilitarianism is a long standing and well supported philosophical argument that when boiled down to its most basic elements, can be described as creating â€Å"th e greatest good for the greatest number† (122). Such was the sentiment of John Stuart Mill, one of act utilitarianism’s (also known as just utilitarianism) greatest pioneers, and promoters. Mills believed that his theory of always acting in a way that achieved the greatest net happiness was both superior to other philosophical theories andRead MoreUtilitarianism By John Stuart Mill1805 Words   |  8 PagesIn his book Utilitarianism, John Stuart Mill presents his exposition and his major defenses of the philosophy of utilitarianism. Utilitarianism, a theory in ethics developed by the philosopher Jeremy Bentham, focuses on a concept of utility that focuses on deciding if actions are morally right or wrong by analyzing the pleasure and pain they cause. In other words, if an action causes primarily pleasure for all parties, then it must be good and right; however, if it causes pain for the parties involvedRead MoreUtilitarianism, By John Stuart Mill1599 Words   |  7 P agesUtilitarianism is a doctrine in normative ethics that is outlined and defended by many philosophers, including the English philosopher John Stuart Mill as a standard to determine what are right and wrong actions. At its most basic claim, the right course of action one must take should be in the interest of maximizing what is known as utility. The right course of action is determined as being right if it maximizes the total benefit and happiness gained, while at the same time reducing the greatestRead MoreThe Utilitarianism By John Stuart Mill984 Words   |  4 PagesDecriminalize Drug use Utilitarianism as an example of consequentialism is a moral theory generally considered to have started in the late eighteenth century. In the book Utilitarianism by John Stuart Mill he defined the ethical theory stating that â€Å"†¦actions are right in proportion as they tend to promote happiness; wrong as they tend to produce the reverse of happiness†(7). The idea behind the theory is that people seek happiness, and that the ultimate goal of all human beings is to be happy.Read MoreUtilitarianism, By John Stuart Mill854 Words   |  4 PagesJohn Stuart Mill, among other things, was an English philosopher and economist who lived from 1806 to 1873. Mill grew up being immersed in the principles of utilitarianism. Mill’s essay on utilitarianism, titled Utilitarianism, was written to debunk misconceptions of and to provide support for the ideology. Mill’s essay and argument span five chapters, where his discussions range from definitions, misconceptions, re wards, methods, and validity. Utilitarianism is generally held to be the view thatRead MoreJohn Stuart Mill And Utilitarianism983 Words   |  4 PagesIn Utilitarianism actions are judged right and wrong solely on their consequence, and in order to assess this consequences, the only thing that matters is the amount of happiness and unhappiness caused and by calculating happiness and unhappiness caused, nobody’s happiness counts any more than anybody else’s. Utilitarian ethics is the most common form of ethics used today, it has thrived because two needs have been met by it. Firstly, end-based thinking is common and people have sought to improveRead MoreJohn Stuart Mill And Utilitarianism1202 Words   |  5 Pages I contend that the philosophy of John Stuart Mill and Utilitarianism can be used to show that society should will that genetic enhancement be morally acceptable if the adverse cognitive or emotional effects are outweighed by the benefits. Glannon argues tha t gene enhancement is morally objectionable because â€Å"there would be the unacceptable social cost of some people suffering from adverse cognitive or emotional effects of the enhancement.† Under Utilitarianism, society would likely deem that geneticRead MoreUtilitarianism, By John Stuart Mill2436 Words   |  10 PagesUtilitarianism is an ethical speculation that communicates that the best movement is the one that expands utility. Utility is portrayed in various courses, frequently to the extent the success of mindful substances, for instance, people and diverse animals. Jeremy Bentham, the coordinator of utilitarianism, delineated utility as the entire of all bliss that results from a movement, short the burden of anyone required in the action. Utilitarianism is a variation of consequentialism, which communicates

Integration of Life and Death in Mrs. Dalloway and The...

Integration of Life and Death in Mrs. Dalloway and The Hours Mrs. Dalloway and The Hours show that life and death are dependent on each other. It is a persons life experiences that define their thoughts and feelings on death and death can define their life experiences. Cunningham, the author of The Hours, explains it best: We live our lives, do whatever we do and then we sleep - its as simple and ordinary as that. A few jump out of windows or drown themselves or take pills; more die by accident; and most of us, the vast majority, are slowly devoured by some disease or, if were very fortunate, by time itself. Theres just this for consolation: and hour here or there when our lives seem against†¦show more content†¦It is not until Richards death that Laura begins to regret her decision of abandonment. Clarissa Dalloway is a women living in the time when a womens primary role was that of a housewife. Clarissa spent her days reading memoirs and trying to get her servants to like her. Her life was restricted to a very set routine. Even her marriage was routine and void of passion. She had the oddest sense of being herself invisible, unseen; unknown; there being no more marrying, no more having of children now, but only this astonishing and rather solemn progress with the rest of them, up Bond Street, this being Mrs. Dalloway; not even Clarissa and more; this being Mrs. Richard Dalloway (Woolf 11). Although her life was a set routine, Clarissa embraced her role of mother and housewife because she feared life and the thought of dying. Her fear for life is illustrated when she repeats the line of Shakespears Cymbeline while she walks to buy flowers. Clarissas fear of dying stems from her living through the death of her mother, father and sister. She has the notion that everyday is dangerous and she was going through it alone. She had a perpetual sense, as she watched the taxi cabs, of being out, out, far to sea and alone; she always had the feeling that it was very, very dangerous to live even one day (Woolf 8). Clarissa realizes that life is not worth living unless you are passionate

Enterprise Risk Management Free Essays

Enterprise / Operational Risk Management IT Audit Manager City National Bank California State Polytechnic University, Pomona Enterprise risk management (ERM) is a relatively new discipline that focuses on identifying, analyzing, monitoring, and controlling all major risk classes (e. g. , credit, market, liquidity, operational risk classes). We will write a custom essay sample on Enterprise Risk Management or any similar topic only for you Order Now Operational risk management (ORM) is a subset of ERM that focuses on identifying, analyzing, monitoring, and controlling operational risk. The purpose of this paper is to explain what enterprise risk management is and how operational risk management fits into the ERM framework. In our conclusion, we discuss what is likely to happen in the ERM / ORM environment over the next 5 years. Introduction As the Internet has come of age, companies have been rethinking their business models, core strategies, and target customer bases. â€Å"Getting wired,† provides businesses with new opportunities, but brings new risks and uncertainty into the equation. Mismanagement of risk can carry an enormous cost. In recent years, business has experienced numerous, related risk reversals that have resulted in considerable financial loss, decrease in shareholder value, damage to company reputations, dismissals of senior management, and, in some cases, the very dissolution of the business. This increasingly risky environment, in which risk mismanagement can have dire consequences, mandates that management adopt a new more proactive perspective on risk management. What is Enterprise / Operational Risk Management? Clearly, there is a correlation between effective risk management and a well-managed business. Over time, a business that cannot manage risk effectively will not prosper and, perhaps fail. A disastrous product recall could be the company’s last. Rogue traders lacking oversight and adequate controls have destroyed old well-established institutions in a very short time. But, historically, risk management in even the most successful businesses has tended to be in â€Å"silos†Ã¢â‚¬â€the insurance risk, the technology risk, the financial risk, the environmental risk, all managed independently in separate compartments. Coordination of risk management has usually been non-existent, and identification of emerging risks has been sluggish. This paper espouses a recent concept—enterprise-wide risk management—in which the management of risks is integrated and coordinated across the entire organization. A culture of risk awareness is created. Companies across a wide crosssection of industries are beginning to implement this effective new methodology. 1 Enterprise / Operational Risk Management At first glimpse, there is much similarity between operational risk management and other classes of risk (e. . , credit, market, liquidity risk, etc. ) and the tools and techniques applied to them. In fact, the principles applied are nearly identical. Both ORM and ERM must identify, measure, mitigate and monitor risk. However, at a more detailed level, there are numerous differences, ranging from the risk classes themselves to the skills needed to work with operational risk. Operational risk management is just beginning to define the next phase of evolution of corporate risk management. Should firms be able to develop successful ORM programs, the next step will be for these firms to integrate ORM with all other classes of risks into truly enterprise-wide risk management frameworks. See Exhibit 1 for an example of an ERM / ORM organizational structure representative of the banking industry: ERM Organization Chart CEO Group Risk Director (ERM) Economic Capital (Planning) Risk Transfer Group Risk Executive Committee Change Program Credit Risk * Market Risk* Operational Risk (ORM)* Corporate Compliance IT Security and Business Continuity Corporate Risk Evaluation (Audit) †¢ Note – the major categories of risk to which financial services firms expose themselves are credit risk, market risk and operational risk. Not surprisingly, financial services firms’ largest risk concentrations—credit risk and market risk are most effectively managed. Exhibit 1 2 Why Enterprise / Operational Risk Management? There are many reasons ERM / ORM functions are being established within corporations. following are a few of the reasons these functions are being established. Organizational Oversight Two groups have recently emphasized the importance of risk management at the organization’s highest levels. In October 1999, the National Association of Corporate Directors released its Report of the Blue Ribbon Commission on Audit Committees, which recommends that audit committees â€Å"define and use timely, focused information that is responsive to important performance measures and to the key risks they oversee. † The report states that the chair of the audit committee should develop an agenda that includes â€Å"a periodic review of risk by each significant business unit. In January 2000, the Financial Executives Institute released the results of a survey on audit committee effectiveness. Respondents, primarily chief financial officers and corporate controllers, ranked â€Å"key areas of business and financial risk† as most important for audit committee oversight. In light of events surrounding recent corporate scandals (e. g. , Enr on, etc. ), and the increasing executive and regulatory focus on risk management, the percentage of companies with formal ERM methods is increasing and audit committees are becoming more involved in corporate oversight. The UK and Canada have set forth specific legal requirements for audit committee oversight of risk evaluation, mitigation, and management which are widely accepted as best practices in the U. S. Magnitude of Problem The magnitude of loss and impact of operational risk and losses to date is difficult to ignore. Based on years of industry loss record-keeping from public sources, large operational risk-related financial services losses have averaged well in excess of $15 billion annually for the past 20 years, but this only reflects the large public and visible losses. Research has yielded nearly 100 individual relevant losses greater than $500 million each, and over 300 individual losses greater than $100 million each. 1 Exhibit 2 is a listing of major operational losses. Interestingly enough, the majority of these losses have occurred in financial services, which explains the industry’s leading focus on operational risk management especially in the area of asset-liability modeling and treasury management models to manage risks in the highly volatile capital markets activity of derivative trading and speculation. The 1 Hoffman, Douglas G. , Managing Operational Risk (New York: John Wiley Sons, 2002), p. xvi. 3 Top Operational Risk Losses Company Numerous Financial Institutions and Others BCCI Sumitomo Corporation Tokyo Shinkin Bank Banca Nazionale del Lavoro Daiwa Bank Barings Non-Financial Institutions: LTCM Texaco, Inc. Cendant Corporation Dow Corning St. Francis Assisi Foundation Mettlgesellschaft Owens Corning Fiber Glass Orange County Atlantic Richfield Kashima Oil Showa Shell Prudential Securities Drexel Burnham Lambert General Motors Phar Mor Loss Amount $20 million. Initial Estimates $17 billion $2. 9 billion $2. 3 billion $1. 8 billion $1. 1 billion $1 billion $4 billion $3 billion $2. 9 billion $2 billion $2 billion $1. billion $1. 7 billion $1. 6 billion $1. 5 billion $1. 5 billion $1. 5 billion $1. 4 billion $1. 3 billion $1. 2 billion $1. 1 billion Date 2001 1991 1996 19901991 1992 19831995 1995 1998 1984 19851998 1994 1999 19911993 1980s1990s 1994 19861990 1994 19891993 1994 19981993 1996 1992 Description Terrorists hijacked four commercial airliners and crashed them into the World Trade Center. Over 2000 lives lost. Countless businesses impacted. Regulators seized about 75 percent of The Bank of Credit and Commerce International’s $17 billion in assets in a major fraud. Sumitomo Corporation incurred huge losses through excessive trading of copper. The manager of the Imasato branch forged 19 deposit certificates, which were used to raise money for stock deals. Former employees plead guilty to conspiring to arrange $5 billion in unauthorized loans to Iraq. Loss due to unauthorized trading by an employee. This catastrophic loss has become a benchmark for operational risk. Losses due to lack of dual control and checks and balances. Huge market losses due to inadequate model management and inadequate controls at Long Term Capital Management. Pennzoil sued Texaco alleging that Texaco â€Å"wrongfully interfered† in its merger deal with Getty. Largest and longest-running accounting fraud in history. Former executives conspired to inflate earnings. The company agreed to pay settlements to 18 women who indicated breast implants made them ill. Insurance fraud case in which Martin Frankel allegedly stole as much as $2 billion from this foundation. Loss due to liquidation of oil supply contracts. Settlement of asbestos-related claims. Largest people risk class case in financial history. Largest investment loss ever registered by a municipality. Settlement of North Slope oil royalties dispute with Alaska. Disguised losses on FX forward contracts. Major oil refiner in Japan faced losses from forward currency contracts. Settled charges of securities fraud with state and federal regulators. Former employees filed a class action suit charging the company with fraud, breach of duty and negligence. Heavy losses suffered due to 3 strikes. A former president of the firm defrauded in an embezzlement scheme. Exhibit 2 Source: Hoffman; Managing Operational Risk 4 Increasing Business Risks With the increasing speed of change for all companies in this new era, senior management must deal with many complex risks that have substantial consequences for the organization. A few forces currently creating uncertainty are: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Technology and the Internet Increased worldwide competition Free trade and investment worldwide Complex financial instruments Deregulation of key industries Changes in organizational structures from downsizing, reengineering, and mergers Increasing customer expectations for products and services More and larger mergers Collectively, these forces are stimulating considerable change and creating an increasing risk in the business environment. Regulatory The international regulators clearly intend to encourage banks to develop their own proprietary risk measurement models to assess regulatory, as well as economic, capital. The advantage for banks should be a substantial reduction in regulatory capital, and a more accurate allocation of capital vis-a-vis the actual risk confronted. In December 2001, the Basel Committee on Banking Supervision submitted a paper â€Å"Sound Practices for the Management and Supervision of Operational Risk† for comment by the banking industry. In developing these sound practices the Committee recommended that banks have risk management systems in place to identify, measure, monitor and control operational risks. While the guidance in this paper is intended to apply to internationally active banks, plans are to eventually apply this guidance to those banks deemed significant on the basis of size, complexity, or systemic importance and to smaller, less complex banks. Regulators will eventually conduct regular independent evaluations of a bank’s strategies, policies, procedures and practices addressing operational risks. The paper indicates an independent evaluation of operational risk will incorporate a review of the following six bank areas:2 †¢ †¢ Process for assessing overall capital adequacy for operational risk in relation to its risk profile and its internal capital targets; Risk management process and overall control environment effectiveness with respect to operational risk exposures; 2 Basel Committee on Banking Supervision, Sound Practices for the Management and Supervision of Operational Risk, (Basel, Switzerland: Basel Committee on Banking Supervision, 2001), p. 1. 5 †¢ †¢ †¢ †¢ Systems for monitoring and reporting operational risk exposures and other data quality considerations; Procedures for timely and effective resolution of operational risk exposures and events; Process of internal controls, reviews and audit to ensure integrity of the overall risk management process; and Effectiveness of operational risk mitigation efforts. Market Factors Market factor s also play an important role in motivating organizations to consider ERM / ORM. Comprehensive shareholder value management and ERM / ORM are very much linked. Today’s financial markets place substantial premiums for consistently meeting earnings expectations. Not meeting expectations can result in severe and rapid decline in shareholder value. Research conducted by Tillinghast-Towers Perrin found that with all else being equal, organizations that achieved more consistent earnings than their peers were rewarded with materially higher market valuations. 3 Therefore, for corporate executives, managing key risks to earnings is an important element of shareholder value management. The traditional view of risk management has often focused on property and iability related issues or internal controls. However, â€Å"traditional† risk events such as lawsuits and natural disasters may have little or no impact on destroying shareholder value compared to other strategic and operational exposures—such as customer demand shortfall, competitive pressures, and cost overruns. One explanation for this is that traditional risk hazards ar e relatively well understood and managed today—not that they don’t matter. Managers now have the opportunity to apply tools and techniques for traditional risks to all risks that affect the strategic and financial objectives of the organization. For non-publicly traded organizations, ERM / ORM is valuable for many of the same reasons. Rather than from the perspective of shareholder value, ERM / ORM would provide managers with a comprehensive overview of other important items such as cash flow risks or stakeholder risks. Regardless of the organizational form, ERM / ORM can be an important management tool. Corporate Governance Defense against operational risk and losses flows from the highest level of the organization—the board of directors and executive management. The board, the management team that they hire, and the policies that they develop, all set the tone for a company. As guardians of shareholder value, boards of directors must be acutely attuned to market reaction to negative news. In fact, they can find themselves castigated by the public if the reaction is severe enough. As representatives of the shareholders, boards of directors are responsible for policy 3 Tillinghast-Towers Perrin, Enterprise Risk Management: Trends and Emerging Practices. (The Institute of Internal Auditors Research Foundation, 2001), p. xxvi. 6 matters relative to corporate governance, including but not limited to setting the stage for the framework and foundation for enterprise risk management. Right now, operational risk management is a â€Å"hot topic† of discussion for regulators and in boardrooms across the US. In the wake of the 2001 releases from the Basel Risk Management Committee, banks now have further insight as to the regulatory position on the need for regulatory capital for operational risk. Meanwhile, shareholders are aware that there are means to identify, measure, manage, and mitigate operational risk that add up to billions of dollars every year and include frequent, low-level losses and also infrequent but catastrophic losses that have actually wiped out firms, such as Barings, and others. Regulators and shareholders have already signaled that they will hold directors and executives accountable for managing operational risk. Best-Practice Senior managers need to encourage the development of integrated systems that aggregate various market, credit, liquidity, operational and other risks generated by business units in a consistent framework across the institution. Consistency may become a necessary condition to regulatory approval of internal risk management models. An environment where each business unit calculates their risk separately with different rules will not provide a meaningful oversight of firm-wide risk. The increasing complexity of products, linkages between markets, and potential benefits offered by overall portfolio effects are pushing organizations toward standardizing and integrating risk management. Conclusion It seems clear that ERM / ORM is more than another management fad or academic theory. We believe that ERM / ORM will become part of the management process for organizations in the future. Had ERM / ORM processes been in place during the past two decades, a number of the operational risk debacles that took place may not have occurred or would have been of lesser magnitude. Companies are beginning to see the benefit of protecting themselves from all types of potential risk exposures. By identifying and mapping risk exposures throughout the organization, a company can concentrate on mitigating those exposures that can do the most damage. With an understanding of risks, their severity, and their frequency, a company can turn to solutions; be it retaining, transferring, sharing, or avoiding a particular risk. Our thoughts on what will happen in the ERM / ORM environment in the next 5 years are: In the next 5 years, it is likely that companies will no longer view risk management as a specialized and isolated activity: the management of insurance or foreign exchange risks, for instance. The new approach will 7 keep managers and employees at all levels sensitized to and concerned about risk management. Risk management will be coordinated with senior management oversight and everyone in the organization will view risk management as part of his or her job. The risk management process will be continuous and broadly focused. All business risks and opportunities will be covered. In the next 5 years, the use of bottom-up risk assessments will be a standard process used to identify risks throughout the organization. The self-assessment process will involve everyone in the company and require individual units to focus and report on the threats to their individual business objectives. Through the selfassessment process, the organization will be able to understand loss potential and risk control by business, by profit center and by product. The individual line manager will begin to understand the loss potential in his or her own processing system. In the next 5 years, the use of top-down scenario analysis will be another standard method used to identify risks throughout the organization. Top down scenario analysis will determine the risk potential for the entire firm, the entire business, organization, or portfolio of business. By its very nature, it is a high-level representation and cannot get into the bottom-up transaction-by-transaction risk analysis. For example, because Microsoft has a campus of more than 50 buildings in the Seattle area, earthquakes are a risk. 4 In the past, Microsoft looked at silos of risk. For example, they would have looked at property insurance when they considered the risks of an earthquake and thought about protecting equipment and buildings. However, using scenario analysis they are now taking a more holistic perspective in considering the risk of an earthquake. The Microsoft risk management group has analyzed this disaster scenario with its advisors and has attempted to quantify its real cost, taking into account how risks are correlated. In the process, the group identified risks in addition to property damage, such as the following: †¢ †¢ †¢ †¢ †¢ †¢ 4 Director and officer liability if some people think management was not properly prepared. Key personnel risk Capital market risk because of the firm’s inability to trade. Worker compensation or employee benefit risk. Supplier risk for those in the area of the earthquake. Risk related to loss of market share because the business is interrupted. Michel Crouhy, Dan Galai, and Robert Mark, Making Enterprise Risk Management Payoff (New York: McGraw-Hill, 2001), pp 132-133. 8 †¢ †¢ Research and development risks because those activities are interrupted and product delays occur. Product support risks because the company cannot respond to customer inquiries. By using scenario analysis, management has identified a number of risks that it might not have otherwise and Microsoft is now in a better position to manage these risks. The future ERM / ORM tools such as risk assessment and scenario analysis will assist companies in identifying and mitigating the majority of these risks. In the next 5 years, companies will be using internal and external loss databases to capture occurrences that may cause losses to the company and the actual losses themselves. This data will be used in quantitative models that will project the potential losses from the various risk exposures. This data will be used to manage the amount of risk a company may be willing to take. In the next 5 years, companies will allocate capital to individual business units based on operational risk. By linking operational risk capital charges to the sources of that risk, individuals with risk optimizing behavior will be rewarded and those without proper risk practices will be penalized. In the next 5 years, internal audit will become even more focused on how risks are managed and controlled throughout the company on a continuous basis. Internal audit will be responsible for reporting on integrity, accuracy, and reasonableness of the company’s entire risk management process. In addition, Internal Audit will be involved in ensuring the appropriateness of the company’s capital assessment and allocation processes. Furthermore, audit will influence continual improvement of risk management and controls through the sharing of best practices. In the next 5 years, management will be looking for individuals who are skilled in risk management. Professional designations such as the Bank Administration Institute’s Certified Risk Professional (CRP) and the Information and Audit and Control Association’s Certified Information Security Manager (CISM) will demonstrate proficiency in the risk management area and will be in demand. In the next 5 years, external auditors will be required to report on the efficiency and effectiveness of a company’s risk management program. These companies will be required to disclose the scope and nature of risk reporting and/or measurement systems in their annual reports. Overall, companies will be better positioned in the next 5 years to deal with the broad scope of enterprise-wide risks. By implementing the ERM / ORM process now, companies will begin to maximize their overall risk profile for competitive advantage. 9 Bibliography Barton, Thomas L. ; Shenkir, William G. ; Walker, Paul L. Making Enterprise Risk Management Pay Off. New Jersey: Financial Times / Prentice Hall, 2002. Basel II Mandates a Nest http://web2. infotrac. galegroup. co Egg for Banks† US Banker. (July 1, 2002) 48. July 2002. BITS. BITS Technology Risk Transfer Gap Analysis Tool. Washington, D. C. : BITS, 2002. Bock, Jerome T. , The Strategic Role of â€Å"Economic Capital† in Bank Management, Wimbledon, London: MidasKapiti International, 2000. Business Banking Board. RAROC and Operating Risk. Washington, D. C. : Corporate Executive B oard, 2001. Business Banking Board. Risk Management Structure. Washington, D. C. : Corporate Executive Board, 2001. Consultative Document Operational Risk. 2001. Bank for International Settlements and Basel Committee on Banking Supervision. July 2002. http://www. bis. org/publ/bcbsa07. pdf Crouhy, Michel; Galai, Dan; Mark, Robert, Risk Management. New York: McGraw-Hill, 2001. â€Å"Elements of a Successful IT Risk Management Program†. Gartner. (May 2002. ) 9. July 2002. http://www. gartner. com/gc/webletter/bindview/issue1/ggarticle1. html Ernst Young, Integrated Risk Management Practices. Unpublished PowerPoint slides, Ernst Young: 2000. Hively, Kevin; Merkley, Brian W. ; Miccolis, Jerry A. Enterprise Risk Management: Trends and Emerging Practices. Florida: The Institute of Internal Auditors Foundation, 2001. Hoffman, Douglas G. Managing Operational Risk. New York: John Wiley Sons, Inc. , 2002. â€Å"In Brief: Ferguson Urges Investing in Risk Control†. American Banker. (March 5, 2002) 1. July 2002. http://0proquest. umi. com. opac. library. csupomona. edu James, Christopher, RAROC Based Capital Budgeting and Performance Evaluation: A Case Study of Bank Capital Allocation. Pennsylvania: The Wharton School, 1996. Jameson, Rob; Walsh, John, â€Å"The Leading Contenders,† Risk Magazine, (November 2000). 6. July 2002. http://www. financewise. om/public/edit/riskm/oprisk/opr-soft00. htm Insurance Industry – Participating companies: Allianz, AXA, Chubb, Mitsui Sumitomo, Munich Re, Swiss Re, Tokio Marine and Fire, Xl, Yasuda Fire and Marine and Zurich. Insurance of Operational Risk Under the New Basel Accord. Insurance Industry, 2001. Lam, James, â€Å"Top Ten Requirements for Operational Risk Management† R isk Management (November 2001) July 2002. http://0-proquest. umi. com. opac. library. csupomona. edu Marks, Norman, â€Å"The New Age of Internal Auditing† The Internal Auditor (December 2001) 5. July 2002. http://0-proquest. mi. com. opac. library. csupomona. ed McNamee, David; Selim, George M. Risk Management: Changing the Internal Auditor’s Paradigm. Florida: The Institute of Internal Auditors Research Foundation, 1998. National Association of Financial Services Auditors. â€Å"Enterprise Risk Management,† National Association of Financial Services Auditors. Spring 2002. 12-13. netForensics is a Web site that discusses those regulations that govern information security in financial services, healthcare and government. http://www. netforensics. com/verticals. html 10 Ong, Michael; â€Å"Why bother? Risk Magazine, (November 2000). 6. July 2002. http://www. financewise. com/public/edit/riskm/oprisk/oprcommentary00. htm Practice Advisory 2100-3: Internal Auditâ €™s Role in the Risk Management Process. March 2001. The Institute of Internal Auditors. July 2002. http://www. theiia. org/ecm/guide-frame. cfm? doc_id=73 Santomero, Anthony M. , Commercial Bank Risk Management: an Analysis of the Process. Wharton School, 1997. Pennsylvania: The Sound Practices for the Management and Supervision of Operational Risk. 2002. Bank for International Settlements and Basel Committee on Banking Supervision. July 2002. http://www. bis. org/publ/bcbs86. htm The Financial Services Roundtable, Guiding Principles in Risk Management for U. S. Commercial Banks. Washington D. C. : The Financial Services Roundtable, 1999. Verschoor, Curtis C. Audit Committee Briefing – 2001: Facilitating New Audit Committee Responsibilities. Florida: The Institute of Internal Auditors, 2001. Working Paper on the Regulatory Treatment of Operational Risk. 2001. Bank for International Settlements and Basel Committee on Banking Supervision. July 2002. http://www. bis. org/publ/bcbs_wp8. pdf 11 How to cite Enterprise Risk Management, Essays

Economics and Quantitative Analysis Demand and Employment

Questions: 1.Explain why real GDP might be an unreliable indicator of the standard of living. 2.Why does unemployment arise and what makes some unemployment unavoidable? 3.Consider the following statement: When the average level of prices of goods and services rises, inflation rises? Do you agree or disagree? Explain. 4. What is the aggregate demand (AD) curve and why does it slope downwards? Explain. 5.What is the long run aggregate supply (LRAS) curve and why is it vertical? Why does the short run aggregate supply curve slope upwards? Answers: 1. In order to measure the standard of living, real GDP is mostly used however; due to several causes, it can be misleading. This is mostly because real GDP does not comprise household production, useful activities performed in and around the house by the house owner. This in turn creates key measurement problem as these tasks are considered as an important element of the work of the individual. The underground economy as well as the economic activity that is legal is omitted by Real GDP (Fleurbaey and Blanchet 2015). It also does not include the measurement of health and life expectancy of an individual. Environmental harm is also barred from real GDP. Leisure time of an individual is also not a part of real GDP. Leisure time are valued by everyone and as a result, an increase in the leisure time enhances economic welfare of an individual that in turn lowers the well-being of the nation. Thus, it can be concluded that an economy that grows at the expense of its environment, misleadingly appears to offer greater economic wellbeing as compared to a similar economy that expands somewhat more slowly but at less environmental cost (Brynjolfsson and McAfee 2015). 2. Unemployment is mostly considered as an e economic reality and even a healthy economy has a certain level of unemployment. Unemployment arises mostly due to government regulation. According to labor laws, employers require to pay certain amount of wages and provide health insurance as well as other benefits when they hire a certain number of workers. This in turn adds to the cost of every worker and forces companies to hire fewer workers and terminate existing employees in order to make the remaining workforce more reasonably priced. Unemployment also arise due to increased competition between trades that leads to unemployment as trades looks for ways to reduce their costs in order to enlarge expansion or draw investors. Increased automation is also considered as a major historical reason of unemployment that leads to job loss in some industries. Increased automation is also referred to as increased technology that displaces employees. On the other hand, assistance programs by gov ernments that offers financial help to the unemployed workers are mostly considered as the root reason for unemployment. In other words, a noteworthy portion of unemployment statistics refers to individuals who register as part of the labor force in order to receive benefits. The most common cause for structural unemployment is technological change. In the long-run demand for workers is larger as compared to the temporary demand. As a result, the rate of unemployment is larger as compared to its natural rate (Levine 2013). Unemployment is unavoidable because there are always people who enter the workforce looking for a job at any point in time. On the other had there are some individuals who stops looking for a job if they are not able to find any. Unemployment is also unavoidable due to the existence of depressed employees (Holzmann, Gcs and Winckler 2012). 3. It is agreed that when the average level of prices of goods and services rises, inflation rises. Inflation is considered as the rate of increase in prices over a given time period. Inflation represents the overall expense of the appropriate set of commodities and services over a certain time period. The cost of living of an individual depends on the average level of prices of goods and services. Inflation is all about the general increase in the prices of goods and services. The major inflationary trigger is the fall in unemployment or the increase in economic movement. Inflation leads to speculative purchasing that leads to wastage. The average increase in price is mostly associated with inflation that is increases in paper money (Woodford 2012). 4. In macroeconomics, aggregate demand indicates the total demand for completed goods as well as services in an economy at a specified time. It denotes the amounts of commodities and services that will be purchased at all possible level of prices. It is also indicated as the demand for the gross domestic product of a country. It is also known as the effective demand however; at other times, this term is eminent (Gal 2013). The aggregate demand curve mostly slopes downwards due to three diverse effects, such as wealth effect of Pigou, interest rate effect of Keynes and exchange rate effect of Mundell-Fleming. Figure 1: aggregate demand curve slopes downwards (Source: Created by Author) According to the Pigou effect, a higher level of price indicates lower real wealth and as a result, lowers consumption spending. This in turn gives a lower amount of goods demanded in the aggregate. On the other hand, when prices fall an individual becomes wealthier, a circumstance that induces more customers spending. Therefore, a fall in the price level persuades customers to spend more, thus raising the aggregate demand. The Keynes effect on the other hand, states that a higher level of price implies lower real money supply and as a result, higher rates of interest results from fiscal market equilibrium. On the other hand, a low rate of interest raises the demand for investment as the cost of investment decreases with the rate of interest. The third cause that slopes the aggregate demand curve downwards is the exchange rate effect of Mundell-Fleming. Domestic investors mostly have a tendency to invest in foreign currency, if the domestic rate of interest is low as compared to inte rest rate available in foreign countries (Rao 2016). 5. The relationship between price level and output in the long-run is represented by the long-run aggregate supply. It differs from the short-run aggregate supply and is a presentation of potential output. Since LAS is considered as impending output, it is shifted by the factors that have an impact on impending output. These factors includes obtainable resources, capital, private enterprise as well as technological developments (Case, Fair and Oster 2012) Figure: LAS curve is vertical (Source: Created by Author) The LAS curve is vertical because, it indicates a potential output and when this takes place all prices, such as input prices, increases when an increase in price level takes place (Motyovszki 2013). Figure: SAS curve is upward sloping (Source: Created by Author) The graph shows that the SAS (short-run aggregate supply) curve is upward sloping as firms have a tendency to rise the level of price with the increase in demand and because in sale markets they are upward sloping curves. The two major theories that help to explain why the SAS curve is upward are the sticky-wage model and the sticky-price model (Bernanke, Antonovics and Frank 2015). References Bernanke, B., Antonovics, K. and Frank, R., 2015.Principles of macroeconomics. McGraw-Hill Higher Education. Brynjolfsson, E. and McAfee, A., 2015. 5. Computing Bounty: GDP and Beyond1.Understanding the Growth Slowdown, p.87. Case, K.E., Fair, R.C. and Oster, S.M., 2012.Principles of economics. Prentice Hall,. Fleurbaey, M. and Blanchet, D., 2015. Book Review of Beyond GDP: Measuring Welfare and Assessing Sustainability. Gal, J., 2013. Notes for a new guide to Keynes (I): wages, aggregate demand, and employment.Journal of the European Economic Association,11(5), pp.973-1003. Holzmann, R., Gcs, J. and Winckler, G. eds., 2012.Output decline in Eastern Europe: unavoidable, external influence or homemade?(Vol. 34). Springer Science Business Media. Levine, L., 2013. The increase in unemployment since 2007: Is it cyclical or structural?.Current Politics and Economics of the United States, Canada and Mexico,15(3), p.345. Motyovszki, G.E.R.G.?., 2013. The Evolution of the Phillips Curve Concepts and Their Implications for Economic Policy. Rao, B.B. ed., 2016.Aggregate demand and supply: a critique of orthodox macroeconomic modelling. Springer. Woodford, M., 2012.Inflation targeting and financial stability(No. w17967). National Bureau of Economic Research.

Norms and Cultures free essay sample

A brief examination of problems that a newcomer faces when joining an organization and attempting to conform to new norms and cultures. This paper defines what culture is and discusses what hurdles an outsider faces when joining a new organization. The focus is an example of a new work place and dress code ethics. Culture had been defined not as the behavior of the people living in it; it is the it in which they live. The culture of an organization includes the language, dress codes, and habits of the operations, value systems, an ethics code, attitude and interactions between various strata of the organization and work principles. Norms-are the organized and shared ideas of what the members in the organization do and feel, and how these norms should be regulated. The basic needs are physiological, needs for security, affiliation, to feel self-esteem and for self-actualization (Harvey and Brown, 1976).

Each vs. Both

Each vs. Both Each vs. Both Each vs. Both By Maeve Maddox A reader asks, What is the correct usage for each and both? Example: You and I both know what its like. or You and I each know what its like. Each is singular. In relation to a group, it means â€Å"all of any number, considered individually.† Examples of usage: Each child in the school has been vaccinated against smallpox. When groups of individuals join together in business partnerships,  each  member of the partnership becomes bound by basic legal  duties.   Both is plural. It refers to two of something. Examples of usage: Both men are Nobel Prize winners. Walthers lectures were  both informative and entertaining. When speaking of two people, both is usually the more appropriate choice. The only reason to use each when speaking of two people/things would be to emphasize the individuality of separate acts or to avoid ambiguity. Consider the following sentences: 1. Jack and Bill share a room. Both are responsible for cleaning half. 2. Mr. Jones gave both his daughters a dog. 3. Both of us received a letter this morning. Most listeners would understand the first sentence to mean that each boy is responsible for one half of the room. Sentence three might be understood to mean that each of the two received separate letters. Sentence two is definitely ambiguous: Did each daughter receive a dog of her own, or did both daughters receive one dog to share? The following revisions would prevent misunderstanding: 1. Jack and Bill share a room. Each is responsible for cleaning half. 2. Mr. Jones gave each of his daughters a dog. 3. Each of us received a letter this morning. In the reader’s question, the first example is correct: â€Å"You and I both know what its like.† The second example presents an impossibility of agreement: â€Å"You and I each know what its like.† The subject â€Å"You and I† is plural and requires the plural verb know. The word each, however, is singular and would require the singular verb knows. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:Possessive of Proper Names Ending in S30 Baseball Idioms10 Varieties of Syntax to Improve Your Writing

Quality Assurance in Clinical Bacteriology Assignment

Quality Assurance in Clinical Bacteriology - Assignment Example From start to end, the full production line has to be properly monitored and to be prepared with contingency plans. To achieve Total Quality Management, a Quality System—defined as the organizational structure and resources needed to implement quality requirements (Kumari and Bhatia, 2003, p. 20)—must be established. The organizationl management and structure, the referential (quality) standards, documentation, assessment (monitoring and evaluation) and training are all part of Quality Systems. Proper delegation of responsibilities and appropriate distribution of work load will provide balance to the systems as well as make a stable foundation for the work flow. Standards for quality measurement are also critical not only in ensuring the uniformity but also in the assurance of providing quality output all the time. Proper documentation and assessment of the work flow usually defines the level of progress the system will be able to achieve. Thorough evaluation of the whole process may uncover loop holes, weaknesses and possible sources of errors of the production line. Identifying th ese flaws is the first step in developing its solution. Henceforth, training of the work force and countinous update of protocols must be implemented for the whole group to improve. Aside from Quality System, Quality Audit is also important for the improvement of the laboratory. As explained by Kumari and Bhatia (2003), Quality Audits are established to verify the effectiveness of the acivities of the laboratory. This is to test whether the implemented actions do solve and/or accomplish its designated target. A separate team, either another group within the laboratory (internal audits) or a group not within the laboratory (external audits), usually handle these concerns to achieve an impartial view and judgement. Improvement is not a one-step thing. It is continous. It is vital for the system to repeatedly plan, do (implement), check and act

Essay Example | Topics and Well Written Essays - 250 words - 101

Essay Example This study goes further and defines performance as the actions of a speaker. Performance is the situation where a speaker is able to convey information through actions. In Brown’s report, competence has been referred to as i-language, which is the language in the brain. This is similar to the earlier definition of competence. Bloom also defines performance as e-language. This refers to language that is externalized. According to the three perspectives, performance is the actual saying of a word or a sentence. This is the sound that is articulated and made. Competence is the ability of a speaker to produce a word or a sentence. It is what is known about a word or a sentence. Linguistics has been described as the science that study language. This is because Linguists carry out experiments to obtain results that act as a basis for the various conclusions made about different aspects of language. The difference between descriptive and prescriptive approaches to language has also been brought out clearly. We see that the descriptive strategy normally has its basis on the past. It makes conclusions about a certain language depending on past state of issues. On the other hand the prescriptive strategy puts all factors into consideration while analyzing various criteria. The prescriptive strategy takes the second best option in choosing the strategy that could be applied realistically. A synchronic view to linguistics has been explained as a view that analyses a linguistic phenomenon at a given time (Aitchison,j.1992). On the other hand, diachronic analysis considers a certain phenomenon in terms of changes that have taken place over a given time duration. These definitions appear to be almost similar in the three cases that have been

Relapse Prevention Plan Essay Example | Topics and Well Written Essays - 250 words

Relapse Prevention Plan - Essay Example The initial procedure for early relapse prevention that Jed should use is as follows: he should recognize that he is undergoing an emotional relapse that is changing his behavior; he should also recognize that he is isolating himself and therefore he should ask for help. Nonetheless, Jed should understand that he is anxious and should employ new relaxation techniques (Addictions and Recovery.org, 2012). Consequently he should recognize that his eating and sleeping habits are deteriorating and practice good self-care. Prolonged emotional relapse will make him exhausted which might prompt him to go back to drinking; this will result into mental relapse (Melemis, 2012). The only way to avoid relapse is that he should take good self-care, and if he cant, he should ask for help. Whenever he feels a drinking urge he should call a friend, a support, or someone in recovery and share what he is undergoing. The moment he shares his feelings, the urge will automatically disappear (Clarkson,

What Is The Nuclear Arms Race History Essay

What Is The Nuclear Arms Race History Essay In this IA we will try find out how the origin, the peak and the end of the nuclear arms race. The  nuclear  arms race  was a struggle for supremacy in  nuclear warfare  between the  United States, the  Soviet Union, and their respective allies during the  Cold War. In addition to the American and Soviet nuclear stockpiles, other countries developed nuclear weapons, though none engaged in warhead manufacture on nearly the same scale as the two  superpowers. This topic was chosen because of its enormous weight during the Cold War, as well as being a very famous topic to talk about (especially when it comes to history) and generally due to the preposterous thought that all life on this planet could have been destroyed just because one nation disliked the other nation. The investigation will focus on: The origin of the race (this will include the creation of the first nuclear weapon, which kick started the race, as well as shift in the world powers). A brief mention will be made about spy wars during the period. The peak of the race (this will include the peak in the terms of the production and destructive capabilities of nukes e.g. hydrogen bombs, thermonuclear devices and ICBMs). A brief mention will be made about nuclear scare. The end of the race (this will include MAD, the collapse of U.S.S.R and nuclear disarmament). A brief mention will be made about the negative affect upon the economy of both superpowers. Note: There will be mention of all major nuclear detonations in the world e.g. Trinity, RDS-1, Castel Bravo, and Tsar Bomba. This investigation will only include nuclear arms race conducted between U.S.S.R and U.S.A and within the time period of 1945 to 1991. Summary of evidence September 17, 1942, Manhattan Project  [1]  : The Manhattan Project was a secret military project created to produce the first US nuclear weapon. July 17, 1945, Potsdam Conference  [2]  : The Potsdam Conference, a meeting of the victorious leaders of the Allies in Europe, attempted to confront the delicate balance of power of the opposing governmental structures, democracy and communism.   July 16, 1945, Trinity  [3]  : First fission device test, first plutonium implosion detonation. August 6, 1945, Little Boy  [4]  : Bombing of Hiroshima, Japan, first detonation of an enriched uranium gun-type device, first use of a nuclear device in military combat. August 9, 1945, Fat Man  [5]  : Bombing of Nagasaki, Japan, and the last use of a nuclear device in military combat. August 29, 1949, RDS-1  [6]  : First fission weapon test by the USSR. November 1, 1952, Ivy Mike  [7]  : First cryogenic fusion fuel staged thermonuclear weapon, primarily a test device and not weaponized. August 12, 1953, Joe 4  [8]  : First fusion weapon test by the USSR (not staged). March 1, 1954, Castel Bravo  [9]  : First dry fusion fuel staged thermonuclear weapon; a serious nuclear accident occurred. November 22, 1955, RDS-37  [10]  : First staged thermonuclear weapon test by the USSR (deployable). October 31, 1961, Tsar Bomba  [11]  : Largest thermonuclear weapon ever tested, however was scaled down from its initial 100 Mt (mega tons) design by 50%. Important People: Robert Oppenheimer  [12]  : director of the Manhattan project, American physicist Robert Oppenheimer was responsible for collecting, coordinating, and leading the team that developed and detonated the first atomic bomb. Klaus Fuchs  [13]  : German physicist, and Communist Party member, was employed by the United Kingdom atomic energy program during World War II, and was sent to work on the Manhattan Project at Los Alamos. Theodore Hall  [14]  : was an American physicist and an atomic spy for the Soviet Union, who, during his work on US efforts to develop the first atomic bomb during World War II, gave a detailed description   Nikita Khrushchev  [15]  : led the Soviet Union during part of the Cold War. He served as First Secretary of the Communist Party of the Soviet Union from 1953 to 1964, and as Chairman of the Council of Ministers, or Premier, from 1958 to 1964 Theodore Roosevelt  [16]  : was the 26th President of the United States of America. Harry Truman  [17]  : was the 33rd President of the United States. Joseph Stalin  [18]  : was the Premier of the Soviet Union from 6 May 1941 to 5 March 1953. Evaluation of Sources Spartacus Educational, s. v. Nuclear Arms Race, accessed May 18, 2012, http://www.spartacus.schoolnet.co.uk/COLDnucleararms.htm Establish by John Simkin, in September 1997. Spartacus Educational website provides a series of historical encyclopedias. Entries usually include a narrative, illustrations and primary sources. The text within each entry is linked to other relevant pages in encyclopedia. In this way it is possible to research individual people and events in great detail. The sources are also hyper-linked so the student is able to find about the writer, artist, newspaper and organization that produced the material. Youtube, s.v. The Truth Game, accessed May 21, 2012, http://www.youtube.com/watch?v=wjLgbeUwK_c John Pilgers documentary which looks at world-wide propaganda surrounding the nuclear arms race. When the two American atomic bombs were dropped on Hiroshima and Nagasaki in 1945, they were code-named  Fat Man  and  Little Boy, and President Truman announced after the event:  The experiment has been an overwhelming success.  These, says Pilger,  were words used to describe the awful and horrific carnage of nuclear war. By using reassuring, even soothing language, this new kind of propaganda created acceptable images of war and the illusion that we could live securely with nuclear weapons. Analyses The origin Between the years 1941 and 1945, Robert Oppenheimer began the production of what was known at the time the Manhattan Project, the construction of a weapon that would create a fission reaction and have catastrophic affects. During this time, war time ally, the Soviet Union was weary of US actions and sent Klaus Fuchs and Theodore Hall to spy on any activity that might be considerate suspicions. What they uncovered was the Manhattan Project. Stalin was informed of the project before Theodore Roosevelts death. President Truman was in fact unknowing of the project up until his presidency. When Truman told Stalin of the atomic bomb, at the Potsdam conference, he had no idea that Soviet Union and Stalin had known about the bomb before he had. The atomic bomb was first utilized on august 6, 1945 when the bomb, code named Little Boy, was dropped on Hiroshima, Japan. Three days later on August 9 1945, President Truman gave the order to drop the bomb, code named Fat Man, on Nagasaki. The world was shocked. Oppenheimer resigned after the dropping of both bombs, having said: Now Ive become death, destroyer of worlds. Many things changed in the world after that, the county of Japan was crippled, the balance of power had been disturbed and USSR had opened its eyes in regards of developing nuclear weapons. US estimated that USSR would not have nuclear weapons program up and running up until later half of 1950s. This was based on the belief that there was scarcity of uranium in the world and that US had the monopoly on that. However thanks to research gathered by spies and new resources coming from the satellite states the USSR got a bomb a decade sooner than anticipated. RDS-1 was detonated by the USSR, for the second time in four years the balance was again disturbed in the world and the global panic ensued. The US and USSR spent the coming years stockpiling weapons and resources in the effort for both countries to be more prepared than the other. The Peak Developments of hydrogen enriched bomb began 1952, in November that year the US detonated the first of these (Ivy Mike). This was responded a year later with USSRs true hydrogen bomb (Joe 4). At this point in time espionage was not working for USSR and so domestic research began on new developments. During this time the goal was to fire nukes from respective countries that would be able to reach the other nations and thus the research into ICBMs (Intercontinental ballistic missiles) started. The launch of satellite Sputnik, in 1957, would prove US that USSR could launch a missile that would hit anywhere in the world. This would start the era know as space race. By the late 1950s a growing tensing between the two nations was forming, due to the idea that both the attacker and the defender will be destroyed if a nuclear war ever happened, thus the idea of MAD (mutually assured destruction) was conceived. This period spawned a lot of social change in respective countries. US started the campaign of Red Threat. Videos in schools across North America instructed children to duck and cover in case if they got attacked. The Soviet Union responded by attacking the US way of life and putting up propaganda against capitalist ideals. Nikita Khrushchev succession of Stalin, in 1953, showed much promise for a move towards peace between the two nations. Khrushchevs peaceful co-existence doctrine was however rejected by the US and forced the USSR to continue stockpiling weapons in fear of being bombed. Thou many of their weapons were more powerful than those dropped on Japan, the US began to move from kiloton bombs to megaton bombs. Castle bravo would prove to be the most powerful nuclear weapon the US would ever detonate. It was detonated on March 1, 1954 and yielded fifteen megatons of power. The thermonuclear ability of the bomb made it much more powerful than most conventional bomb at this time. However the USSR was developing a megaton bomb of their own, codenamed the Tsar Bomba (king bomb) it was nuclear weapon that held a hundred megatons of power, however due to impracticality of the bombs production and size it was reduced to half of the explosive effect. The results were still gargantuan. Tsar Bomba was detonated on October 31, 1961. It was a single most destructive force unleashed on earth by man. The End The production of nuclear weapons was a major hit to both economies, both had focused so much time, and resources, towards their projects that their economic situations were beginning to feel the heat. The US moved from anti-Soviet movement to a peace and disarmament movement. This would lead to both nations starting an era of nuclear weapon disarmament. During this period many treaties were singed to stop the production of new nuclear weapons, however the goals of the Treaties were only partially successful due to control maintained by both super powers in space. Where the treaties succeeded in limiting production, they would fail when it came to disarmament. Like many thing that year the arms race ended in 1991, with collapse of Soviet Union and mass disarmament occurred around the world. Conclusion In conclusion it can be said that nuclear arms race was a competition for supremacy in  nuclear warfare  between the  United States and the  Soviet Union to achieve dominance over the other nation as well as the production of nuclear weapons and capabilities to be able to unleashing destructive power of nuclear armaments upon the opposing nation. However this would prove useless to both sides, since both side had the capability to retaliate if the other attacked and would lead to MAD. Additionally it can be mentioned that the nuclear arms race was a way for US to keep U.S.S.R producing and spending more money to eventually win in the long run, which US did.

Salvation on Sand Mountain by Dennis Covington Essay -- Religion, Spir

Dennis Covington writes about a unique method of worship—snake handling, in his memoir, Salvation on Sand Mountain. He begins as a journalist, looking in on this foreign way of life; however, as time progresses he increasing starts to feel a part of this lifestyle. As a result loses his journalistic approach, resulting in his memoir, detailing his own spiritual journey. Upon the conclusion of his stay in this world, Covington realizes the significance of this journey, and argues in his memoir that we cannot entirely know ourselves until we step outside of our comfort zone and separate ourselves from our norm. It is almost as if Covington was in a dream or some sort of trance throughout this whole experience. He begins as a journalist covering an eccentric trial. Instead of leaving this world after the conclusion of the trial, he is intrigues and uses journalism to get a closer look and this unfamiliar practice. He becomes intoxicated with this fascination causing him to forget his initial intentions as a writer, and begins to act and feel as if he is one of them. It is only until he disagrees with the way they feel about women, Covington is forced to wake up from his dream and come back to life, finally realizing he this is not where he belongs or wants to be. The author says, â€Å"I think he knew what he was doing in releasing me back to the wider world† (236). Covington says, â€Å"It was as though nothing has happened, but of course everything had. I knew it could never be the same with the handlers. I had found my people. But I had also discovered that I couldn’t be one of them, after all. Knowing where you come from is one thing, but its suicide to stay there† (236). Everybody at that moment knew that his prescribed time... ...ife, and he does not want to end up like them. He says, â€Å"It’s sad, in a way. I wish I could assure the Porter and the McGlocklins and all the others that we can be friends as long as we like, but that I won’t be taking up serpents anymore. I refuse to be a witness to suicide, particularly my own. I have two daughters to raise, and a vocation in the world† (238). He finally acknowledges his place in the world, is ready and happy to fulfill his calling. It is evident that the author Covington has a strong ethos, which he uses to convey his argument to his readers. His argument becomes clear only at the end of the memoir, which is intentional; readers had to see the entirety of his journey in order to fully understand his underlying message. The author successfully conveys the message of self-purpose through his own struggles and experiences written in his memoir.

Code of Ethics for Engineers Essay

In his essay, â€Å"Thinking Like an Engineer†, Michael Davis argues that: engineering is a profession which requires a code of ethics, and that the engineers must abide by the code of ethics. He argues that engineering is a profession which requires a code of ethics so that engineers can be expected to follow specific normative patterns in carrying out their profession. This is for the benefit of the engineer himself, for other engineers and for the public in general. Having a set of normative patterns to follow as guidelines in exercising the engineering profession helps the engineer weigh different factors in making decisions. It lessens the possibility of being effectively influenced by outside considerations. The engineer can choose to abide by what the code of ethics provides and he will still avoid the shame and disrepute in case the decision he made based on his code of ethics will ultimately turn out to be wrong. His fellow engineers are also benefited because they will have a right to expect that an engineer will do according to what the code provides. They can trust that their colleagues will not adopt any conduct inimical to the profession and will not cut them short because of competition. They could reasonably expect that they can perform what engineers are ethically bound to do without the risk of being overruled by other engineers in the ethical aspects of their work by any high-handed method. They need not succumb to the pressure to do the things that an engineer should not do. Also, they could generally criticize the work of other engineers which are more or less opposed to what the code requires of them. The protection to the public afforded by this code of ethics for engineers is generated by giving them the right to expect that engineers will follow what the code requires of them so that the general public could reasonably object to any work done by an engineer which may seem unethical. The public can also be assured that the engineers will apply their expertise for the common good and will not take advantage of the public. The argument that the engineers must abide by the code of ethics is also for the good of everyone including the engineer himself. It is interesting to note here that Davis said that all engineers are obliged to follow their code of ethics whether they have read it or not. Indeed, the ethics they are to follow is inherently embedded into their profession. The engineer must abide by the code for the simple reason that he has chosen that profession and, therefore, must vow to abide by the rules and conventions set out by such profession. As a professional, he also has an obligation towards society to seek the common good and not only his personal aggrandizement. And more practically, he must abide by the code to avoid the shame and embarrassment in case something wrong happens with his work or with its results. He can fall back to the code to justify his decision. In fact, if his decision is totally done by the â€Å"book†, then the â€Å"book† itself will do the explanations for him. What is more, he can trust his colleagues to come to his defense with claims that â€Å"the engineer was just doing his job. † All in all, an engineer must abide by the code of ethics because it is his duty and it is also for his own protection. In conclusion, Davis went further to say that the responsibilities of an engineer goes beyond than just abiding by the code ethics. An engineer must also support it and require his fellow engineers to adopt a conduct which is in consonance with what the code provides.

Free Essays on Cisco Company

COMPANY PROFILE Cisco Systems is one of the largest network communications company in the world. Cisco provides networking solutions that customers use to build a integrated information infrastructure of their own, or to connect to someone else’s network. Cisco also offers an extensive range of hardware products used to form information networks, or to give them access to these networks. Cisco also has it’s own software called IOS software, which provides network services and enables networked applications. Cisco serves customers in a wide range of businesses, such as corporations, government agencies, utilities, and educational institutes, and small to medium size businesses. Cisco sells it’s products worldwide. They serve as many as 115 different countries. They have more than 225 sales and support offices in 75 countries. Cisco strongly believes in the advantages of a global networked business. By using networked applications over the internet and it’s own inter nal network, Cisco is gaining financial contribution of at least $825 million a year in operating costs savings and revenue enhancements. Today, Cisco is the largest commerce site, with 87% of their orders are transacted over the web. Cisco is one of Americas greatest corporate success stories. Since shipping it’s first product in 1986, The company has grown into a global market leader that holds No.1 or No.2 market share in almost every market section in which it participates. Cisco went public in 1990 on the nasdaq stock market with annual revenues at $69 million in that year. But now their revenues are at $12.2 billion in fiscal 1999. Their revenues in the last four quarters are shown in the figure below. QUARTERS REVENUES Q3 (ending 4/00) $4.9 billion Q2 (ending 1/00) $4.3 billion Q1 (ending 10/99) $3.9 billion Q4 (ending 7/99) $3.6 billion Cisco world headquarters: San Jose, California, USA Senior Management * John Cham... Free Essays on Cisco Company Free Essays on Cisco Company COMPANY PROFILE Cisco Systems is one of the largest network communications company in the world. Cisco provides networking solutions that customers use to build a integrated information infrastructure of their own, or to connect to someone else’s network. Cisco also offers an extensive range of hardware products used to form information networks, or to give them access to these networks. Cisco also has it’s own software called IOS software, which provides network services and enables networked applications. Cisco serves customers in a wide range of businesses, such as corporations, government agencies, utilities, and educational institutes, and small to medium size businesses. Cisco sells it’s products worldwide. They serve as many as 115 different countries. They have more than 225 sales and support offices in 75 countries. Cisco strongly believes in the advantages of a global networked business. By using networked applications over the internet and it’s own inter nal network, Cisco is gaining financial contribution of at least $825 million a year in operating costs savings and revenue enhancements. Today, Cisco is the largest commerce site, with 87% of their orders are transacted over the web. Cisco is one of Americas greatest corporate success stories. Since shipping it’s first product in 1986, The company has grown into a global market leader that holds No.1 or No.2 market share in almost every market section in which it participates. Cisco went public in 1990 on the nasdaq stock market with annual revenues at $69 million in that year. But now their revenues are at $12.2 billion in fiscal 1999. Their revenues in the last four quarters are shown in the figure below. QUARTERS REVENUES Q3 (ending 4/00) $4.9 billion Q2 (ending 1/00) $4.3 billion Q1 (ending 10/99) $3.9 billion Q4 (ending 7/99) $3.6 billion Cisco world headquarters: San Jose, California, USA Senior Management * John Cham...

over population in Pakistan Essays

over population in Pakistan Essays over population in Pakistan Essay over population in Pakistan Essay In human biology, the whole numbers of residents take up an area (such as a country or the world) and frequently being changed by increases (births and migrations) and losses (deaths and migrations). What is Over Population? The term Over Population or Population Explosion is used to express the idea of more population for fewer resources. Population Situation in Pakistan: According to the economic survey of Pakistan 2010-11, the total population of Pakistan is 177. 1 million against the 173. 5 million in last year. Population growth rate is 2. 1 % and in the list of most populous countries, Pakistan is at 6th number. CAUSES OF OVER POPULATION Following are the main causes of over population in Pakistan: ALLAH RAZIQ Muslims have a solid belief that God gives food to everyone even to an ant living in a stone. So, why they reduce the size of family? No or Less Opportunity Cost 71 % Women are not active in economic activities in Pakistan. Women have no any economic loss while having a childe. Opportunity cost for having a childe is very low r zero in Pakistan. Low Per Capita Income We know that per capita income derives by dividing national income on total population. Low per capita income shows population explosion. Per capita income in Pakistan $ 1254. Unemployment Unemployment is also a symbol of over population. It is difficult to adjust the huge High Population Growth Rate The birth rate is very high which shows that our country is over populated. Rapid growth rate of population is 2. 1 % in Pakistan. Need for More Earning Hands A single person cannot sport his large family in developing countries like Pakistan. He hinks to have more children to be more earning hands. Afghan Refugees An arrival of refugees from India and especially from Afghanistan is also resulting in more population. Low Death Rate Reduction in death rate is another cause of over population. Death rate in 1951 was 2. 8 % while it just 0. 73 % in 2010-11. Low Standard of Living It is observed that in Pakistan people with low income have more children. It is difficult to support such large size family. It results in low living standard of the population. Warm Climate Due to the warm climate, youth and maturity is attained at an early age. It also results in rapid population growth. Absence of Family Planning Effective family planning is not available in Pakistan. People are not familiar with the methods of family planning. They feel hesitation to consult a doctor. Joint Family System There is competition among the family member in accordance with the family size in joint family system. It is also a cause for rapid growth of children. Early Marriages duration for re-productivity is very lengthy. Illiteracy Due to lack of education, people are not aware of with the economic problems caused by high birth rate. Literacy rate is 57. % in Pakistan. Inefficient Population Dependency ratio is very high in our county. Only 32. 17 % population take part in economic activities and other 67. 83 % depends upon them. It views as a pressure on land and population expulsion. Polygamy Practice Polygamy is the condition or practice of having more than one wife at one time. The existence of polygamy also contributes to the increase in population. Urbanization Due to rural urban migration and lack of facilities in cities, there are many social problems. It results in increase in urban population. Higher rate of urbanization is an ndicator of over population. Low Saving Investment The rate of saving and investment of GDP are only 9. 5% and 13. 4% respectively in Pakistan. Rate of investment and employment is also very low due to low rate of savings. So these indicate that Pakistan is over populated. Poor Nutrition People in Pakistan get poor diet, which affects the health and working capacity. It reduces the per capita income, which is a sign of population explosion. Concept of Large Family Large family size is considered as a source of power to influence people and to control the persons around them. People feel pride to have a large family. Vicious Circle of Poverty Very high population growth rate reduces the per capita income, saving, investment and productivity. A country is thus caught up in vicious circle of poverty. Vicious circle Universality of Marriage All men and women of marriageable age enter into wedlock. As such the birth rate is higher in Pakistan. Absence of Other Activities There is absence of recreational facilities and employment opportunities in Pakistan. Time passing and any other enjoyments in Pakistan are very costly. So, people have a more time to spend with thetr wives. EFFECTS OF OVER POPULATION Low Per Capital Income The population growth reduces per capita income of the people because national income is divided by a big size of population. Per capital income of Pakistan is $ 1254 dunng 2010-11. Unemployment, Under-employment and Disguised-unemployment It is impossible to provide Jobs to such highly growing population in Pakistan. It results in unemployment, under-employment and disguised-unemployment. Rate of unemployment in Pakistan is 5. 6%. Low Growth of Agriculture Sector Very fast growth rate of population is a pressure on land. It caused to use of gricultural products at domestic level, increase in the landless workers and shortage of food. Growth rate of agriculture sector is 1. 2%. Low Saving and Low Investment The rapidly increasing population increases the expenditure of government. It reduces the saving and investment. Low level of saving investment means economic backwardness. Domestic savings are 9. 5% of GDP and total investment is 13. 4% of GDP dunng 2010-11. High Rate of Inflation There is more demand for goods due to more population. More demand results in more prices and inflation in the country. Rate of inflation is 14. % in Pakistan. Pollution with billion dollars of resources but do not install treatment plants of million rupees. The rapid growth of population creates pollution, unplanned colonies and environment problems. Backward Social Infrastructure Rapidly growing population creates economic and social problems such as housing, education, health, transport, water, power etc. Very high rate of population growth lowers the per capita income, which caused in low saving and low investment that result in low rate of capital formation. All this forms the vicious circle of poverty. Low Living Standard Rising population cannot be provided the basic facilities of life in developing countries like Pakistan. So, rising population means low living standard. About 21 % population is living below poverty line. Adverse Balance of Payment Over populated nation has to import various items to support a huge population. On the other hand their export decreases. Due to over population our balance of payment is unfavourable in case of Pakistan. At present value of deficit in balance of payment is $ 8. 3 billion. Reduction in Wage Rate High growth rate of population is caused in more labour force and unemployment. There is absence of skill and training that leads to low wage rate. 12. Increase in Dependence Ratio Rapid rise in population growth increases the dependency ratio of unemployed population to employed population. Labour force is 54. 92 million of the population in Pakistan and remaining population is depending upon them. MEASURES TO CONTROL OVER POPULATION Following measures are suggested by the people and experts to check the rapidly raising population: Control the Birth Rate Effective and successful family planning should be introduced. Use of Medicines More contraceptive medicines should be introduced to people. By using these medicines; people will control the birth rate. Late Marriages Marriages should take place in late age to control the rapidly rising population. It will be helpful to control the over population. Health Centers Government should open the health clinics in all the regions of the country. These clinics will be useful for reducing the high birth rate. High Literacy Rate Government should provide the more educational facilities to the backward population. This will provide the true picture of the economy, resources and opulation growth rate. Literacy rate is 57. 7% in Pakistan. Women Employment Only 29 % women take an active part in the economic activities in Pakistan. They live full time at home and have no opportunity cost to have a baby. Family Planning Government should introduce the family planning to the population to control the high growth rate of population. Increase in Employment More employment opportunities must be provided to the young, talented, trained and educated population. It will be helpful to decrease the fast birth rate. Provision of Credit Facilities Government should provide the easy credit facilities to population to adjust the existing population in economic activities. It will lead to reduce the population explosion. Growth and development of small-scale and cottage industries is also necessary to reduce the pressure on land. It will provide more Jobs to men and also to women. Conclusion: High growth rate of population creates unfavorable effects on the economic development in the developing countries like Pakistan. High rate of population growth in Pakistan means poverty, illiteracy, low living standard, absence of prosperity and vicious circle of poverty.

Psychology (humanistic counseling) Essay Example | Topics and Well Written Essays - 1500 words

Psychology (humanistic counseling) - Essay Example Even the most advanced computers have trouble understanding the meaning of a simple story or conversation. Cognitive psychologists have found similar complexity in other mental processes. Developmental Psychology is the studyofchangesin human behavior and thought from infancy to old age. Developmental psychology is the study of how people change over time, but it also investigates how and why certain characteristics remain consistent over the life course. A child changes dramatically in size, physical coordination, and thinking capacity while maturing into an adult, for example, but may also maintain the same basic temperament while growing up. Traditionally,developmental psychologists have focused on child development, believing that most formative experiences of life occur during infancy and childhood. The early years are indeed a time of extremely rapid development, when children acquire motor skills, thinking abilities, social skills, capacities for feeling and regulating emotion, and other characteristics that will last a lifetime. But psychologists have more recently turned their attention to adolescence and adulthood, recognizing that development continues throughout the life span. The study of adult development focuses on the unique experiences of this stage of life and examines how adults maintain and refine their capabilities as they age. Thestudyofhumandevelopment requires an especially broad and integrative approach. Thus, developmental psychology incorporates ideas from almost every other area of psychology, including social psychology, cognitive psychology, biopsychology, clinical psychology, and educational psychology. It also draws from many other fields concerned with human behavior. These include sociology, biology (especially genetics and evolutionary biology), anthropology, and economics. The variety of fields relevant to developmental psychology reflects the complexity of human growth and change.(Microsoft Encarta 2007 1993-2006 ) 3. Biological Psychology Biopsychology, is thescientificstudy of the biology of behavior and mental processes. People also refer to this field as biological psychology, psychobiology, behavioral biology, or behavioral neuroscience. Thetermbiopsychology denotes a biological approach to psychology, rather than a psychological approach to biology. Most biopsychologists are trained experimental psychologists who have brought their knowledge of biology to the study of psychological phenomena. These phenomena include behavior and underlying psychological processes, such as learning, memory, perception, attention, motivation, emotion, and cognition. Biopsychologistswork in a variety of overlapping fields of study. Scientists in cognitive neuroscience primarily study the brain to understand the neural mechanisms of mental processes. Researchers in the field of psychopharmacology examine how drugs affect the psychological functions of the brain. Scientists in the field of

Standard Alignment Essay Example | Topics and Well Written Essays - 500 words

Standard Alignment - Essay Example Language arts mainly consisted of lessons to be learnt, poems to be recited, and grammar to be understood. If we consider standard alignment in the learnings we had, it can be said that the courseware and the approach was horizontally aligned. By horizontal alignment we mean that the standards, curriculum etc. was in accordance with the age of a child and the content delivered to any child of that age was both sufficient and necessary. Since the knowledge of language is not only restricted to knowing how to speak and write, it is very much required that all parts of language are covered in the early education which will also help cultivate interest in the child for the language. Therefore, the early education was horizontally well aligned. Another subject of major importance was Maths. Maths is a subject of vital importance as it marks the beginning of a calculated approach. It involves a child's brain to the maximum and the basic art of calculation is required in every sphere of life. Even for people who do not work, calculations and simple mathematics play a major part in dealing with day to day activities. The early education given to us about Maths comprised of counting. Counting forms the basis of every kind of calculations. The early education also focuses on minor additions and subtractions.

Freedom And Determinism ( its for philosphy class) Essay

Freedom And Determinism ( its for philosphy class) - Essay Example idered the enigma of whether people freely exercise their own choices or if their ultimate fate is actually determined by some mysterious external force. If not for free will, no one could be held accountable for their actions because all behavior, whether good or bad, moral or immoral would be predetermined therefore out of an individuals control. However, most people sincerely believe they possess free will, as evidenced by Darwin’s evolution theory which indicates that â€Å"we do in fact have free will, that we can decide and determine our futures within the limits of physical reality† (Truth and Reality, 2007). A person can chose to, for example, type an essay or go watch television. Simple reasoning dictates that people, and animals for that matter, have the freedom of choice. We are not robots or puppets acting out in some cosmic entities stage play. The power is within each of us to alter behaviors, even long-standing patterns of behavior. The choice to take the right or left direction when we reach a fork in the road is completely ours. It would be unjust to imprison anyone for a crime if society as a whole was not convinced that free will did not exist. Common sense dictates that people have and exercise freedom of choice. William James explained this point of view maybe better than anyone by saying â€Å"people experience regret or sorrow only because they could have done otherwise.† (Stumpf, 1984) According to the concept of determinism, free will is only an illusion as described by Baron dHolbach. People are unable to alter their behaviors because actions are determined by events preceding those actions. The determinism theory dictates that all actions are determined by universal laws. In other words, if only people were fully aware of the inner-workings of the universe, they could reliably forecast impending actions. â€Å"Any present event, including human behavior, is caused by an antecedent cause† (Weiss, 1996). The merits of

Programming software can be good for children Essay Example for Free

Programming software can be good for children Essay Programming software can be good for children with the correct guidance. Antonio Garcia Vicente at only six years old entered to the young programmers club of Valladolid University to learn how to create video games with the computer and mobile devices. He created his first video game at seven years old to help his classmate to improve their understanding of the classes. Maria Vicente, his mother, and software engineer explain that children, computers and mobile devices are meant to be misunderstood. \Children are capable of doing more things with computers and mobile devices but the elders believe that everything is very delicate, and it is, but children have more imagination and they are not afraid to try things.\ (Tosas, 2016). Due to the fact, there is evidence showing that using computers and mobile devices could be harmful to children who are 4-6 years old, the parents and educational institutions can teach the children how to use properly it, can improve their growth. Opponents said that children who are exposed more than ever to computers and mobile screens are more prone to addiction and depression. Even though specialists in psychology from the Childish Hospital Federico Gà ³mez at Mexico City explain that, these negative effects are avoidable by limiting the use of computers and mobile devices (Univision, 2015). It is necessary to balance the time spent with those devices with other activities important for their development such as physical exercise and social coexistence. Mark Baley, Director of the Pacific University Child Learning and Development Center describes how a 5-year-old child fascinated with the Titanic received an interactive CD-ROM with a large screen computer. As he piloted this virtual tour of the Titanic, friends who wanted to hear the story and see the pictures surrounded him. He had to use the mouse carefully and precisely to navigate this tour. His social skills and small motor skills began to show improvement over a cou ple of weeks (Naeyc, n.d). Opponents consider children between 4-6 years old who use computers and mobile devices at risk of potentially irreversible eye damage because of blue light emissions from those screens. Whereas these conditions can be treated and prevented with regular breaks and blinking, the hazards of accrued exposure to blue light are still relatively unknown. In 2014, a US study showed artificial retina cells grown in a laboratory were destroy when exposed to blue light (Ongaro, 2014). However, they were exposed directly to the blue light for many hours that is why they were destroy. This is because they don ´t have the natural blinking that children naturally have. The parents have to educate the children to make continuous blinking, take some breaks, do some exercises and look at distant objects for 10-30 seconds periodically, so that children can rest the muscles they use to see. In addition, the new technologies like the fast refresh rate, high resolution, automatic brightness and contrast are in favor of children ´s ocular health. Opponents argue that there is a struggle with obesity because sitting in a chair in front of a computer and mobile devices can trap children between 4-6 years old, without even thinking to go to the toilet. However, according to Health Awareness Community, the advancement of computers and mobile devices will make the next generation more active, not less (2016). With the advances in smart phone technologies and high accuracy GPS systems, there are entirely new fun physical activities for children. The Sworkit Kids mobile app virtual platform for free was born with the mission to turn physical exercise into a game by providing parents and kids with personalized activities focused on improving flexibility, strength, and agility. This app is to motivate children to play sports, is suitable for 4-6 years old, and encourages them to be entertained and motivated. It is evident that using computers and mobile devices on children between 4-6 years old could be unhealthy, but all those arguments are avoidable with the guidance of parents and educational institutions. Those technology devices will not disappear, the children have to be educated to optimize its use. The computers and mobile devices will not negatively affect the children ´s learning capacity if their parents limit the time spent on it and combine it with other activities. The computers and mobile devices now have better screens and children educated to blinking, take breaks and do some eye exercises after their use, so that they will not damage their eyes. With the mobile devices and its technology, children and their parents will be motivated to do some physical exercise to improve their flexibility, strength and agility.

Applied Research Technologies Incorporation Analysis

Applied Research Technologies Incorporation Analysis Introduction of Case study:- The case study is about the Applied Research Technologies Incorporation, which is an emerging corporation in the field of technology. Company has built up its strength from mergers and acquisitions in the year of 1980 and 1990. As a result, in the year of 2006, the ART portfolio consist of 60 business units having major divisions of Industrial automation, Health care, HVAC (Heating ventilation and air conditioning) and Water management Division. Backbone of the business:- Innovative Culture:- The company success is based on the innovative environment and friendly culture for the entrepreneur mind people. The encouragement for innovative ideas can be idealized from the fact that company spends double money on supporting innovative ideas from the other industrial companies. This innovative culture comes from the top, because the CEO (David Hall) encourage employees to spend half day in a week in brainstorming, problem solving and experimenting which is referred as tinker time. According to the CEO, he likes to have meetings of managers and innovators so that new ideas emerged. According to him, it is the fact that you will not succeed every time but we should celebrate worthy attempts even they are unsuccessful. Knowledge Sharing:- Knowledge dissemination and sharing is also a promising picture that reflects the cooperative culture of the company. Experts of different department help each other in the successful completion of the project as well as problem solving. Funding to entrepreneurial ideas:- As discussed earlier, company serve significant amount of resources on innovative ideas. Whenever an idea comes which successfully complete the beta batch production and market potential analysis process also called proof of concept, quickly the resources are put behind the idea. CEO of the company wanted to minimize the period from the emergence of idea and the successful launching of commercial product. To convert this idea into reality company introduce a program which is referred as fast track pipeline, the main purpose behind this activity is to provide additional resources for the high priority projects. Competitive targets and executive compensation:- As the structure of the company belief on decentralized decision making, so to coordinate the activities toward the completion of business as well as corporate goal highly performance targets are set followed by executive compensation. In 2006, the company gives the target referred to as 10(sale growth 10%)/ 15(pretax margin 15%)/ 20(return on investment). Work force Diversity:- CEO of the company wanted to have a global presence. For this, he not only want to expand his business in different geographical areas but also to open its branches in different areas to grasp the talent and utilize for the further development of the company. In response to this idea, RD group of ART has opened Indian Technical Center (ITC) in 2000. Filtration Unit:- Our main area of discussion is regarding Filtration unit that struggled hard to reach at a success level. This business has been acquired in 1996 from oil and gas Service Company. Its core products are relating to the Government requirement of recycling of water at drilling sites and well heads. A change comes into this business when a 32 years old manager is hired for this unit called Vyas. Having an enthusiastic personality, he immediately starts hiring innovative and creative mind people into his team. Janice Wagner is one of those hired people who have already worked as marketing department of HVAC division of ART Inc. Small scale Oxidation Unit:- Vyas has a strong belief that innovation is the key to success. So to make an innovative culture more strong, he hires a team of technology evaluation. During his review of current and some near past project, he came to know that ITC was working on a project of water purification for developing countries water problem. This small scale oxidation project had been set aside because of increased cost. Market analysis:- Vyas closely review the project and convinced that it could be a considerable idea. ITC was so much motivated and developed a promising design of the product. They claimed that this product can process approximately 2000 liters of unhygienic water. Vyas was quiet satisfied that the product would be a successful one but he also asked Wagner to arrange a brief market analysis. After her analysis, he pointed out some facts: Only 2.5% pure water was available in the World and most of them was frozen. 1.1 billion people suffered due unavailability of pure water. 3.1 Million (90% children) people had been died in 2002 as a result of diarrheal diseases. On these finding and promising design of product enforced Vyas to pursue the project. In result he gave a go ahead sign to ITC technicians and also asked Wagner to make a comprehensive market analysis of potential customer, so that the product would be developed according to the target market demand. After market assessment, she give the report about target customer. In his report he pointed out following customer. For Developing Countries: Purified water is required for drinking. For USA Residential landscape irrigation. Disaster relief. Military. Commercial landscape irrigation. Farms etc. She also claimed that many other industries of China, Europe, Canada and USA were trying researching on this type of product but our design was probably the superior one. First generation product:- Vyas team targeted the developing countries customer who suffered from infected water. Team contacted with funding agencies and made the small scale oxidation system for field testing. This was unfortunate that regardless of too much research and hard work behind the product, it was failed because of significant smell was still found out in the purified water. In the result, funding agencies rejected the projected. Second generation product:- Although the failure of the product was a big disaster for the Vyas, but he came up with a new enthusiasm and tried to turn the tables over. The team decided to work for another group of potential customers that was mentioned in Wager market analysis report. In this time they wanted to manufacture a product for military and disaster relief NGO, s. They refocus all their efforts and at the end they succeeded to overcome the odor problem. But in this time problem caught them in another way, due to high power requirement a frequent battery replacement was a necessary outcome. So, no order would be expedited in near future. Third generation product:- It is the reality that there were two consecutive failures but the Vyas team still thought that it was not the end of story. They made up a new plan and demanded $2 Million. A new six person development team was designed by Vyas who had smart project management and leading skills. The team work tirelessly for the completion of three phase model of Cynthia Jackson (Vice President of Water Management Division). Cynthia Jackson gave a three phase model for third generation product: Market analysis. Technological development. Business planning. Phase 1: Market analysis and product concept:- Before starting the product idea, Wagner took the responsibility of market research of product. This time focus was on the residential water purification. In this sector, she wanted to analyze that cushion was available in domestic agriculture applications or not. She found in her research that there was a water scarcity problem in the Western and Southeastern region of USA. Due to this reason government imposed restriction on the usage of water for residential irrigation. Also, when the water was used for irrigation then the lower quality water could be accepted. It was also indicated in the research that domestic water treatment market generate sale of app $9 Billion. Also, sprinkler units available in the market were ranging from $1800 $4000. So Wagner was quiet sure about the positive response of the market regarding this product. After the research had been made, the team compiled the results and for the Residential irrigation mini-oxidation system (RIMOS) decided a retail price of $2000. But there would be significant discount on price per acre for Agriculture irrigation large oxidation system (AILOS). Vyas and Wagner formed a formal report including all the research analysis and recommendation of the prices for the approval from Jackson. Jackson response on the research was not satisfactory. She had concerns on many issue. After reviewing all the report, she advised the team to reduce the cost of the project either by rejecting RIMOS or AILOS. Vyas and his team agreed upon the rejection of AILOS and decided to unite the efforts for the success of RIMOS project. Phase 2: Initial design and product specification:- Vyas and his team immediately started working on prototype. They should restrict the design in such a way that the cost remain at the level, given in the research. They wanted to convert the design of generation one product into the new product for irrigation. The managers had to face many challenges; one of them was a situation of misunderstanding between researchers team of India and United States. The conflicting point was the delay in production design deadline. The Indian researcher had clarified that wanted to develop a design that satisfy the needs of the customer. They clarified that there is no need to rush and the product design would be finalized after proper testing. The reason behind such a watchful way of developing the design was the threat of failure and that was not acceptable in any case. Jackson was quiet satisfied because the team showed their strong willingness and put efforts for the success of product. But she also advised to use the full internal resources of ART Company. Vyas found out managers and engineers with the help of Jackson form HVAC and Healthcare divisions who coordinate with the team. They suggested some production specification and design changes with resulted in the cost reduction. Phase # 3: Business Plan:- The business plan was a real challenge for Vyas and his team. Anyhow they put all their efforts and made a sale projection, cost elimination plan, product concept, marketing plan and cost projections for RIMOS. They also still believe that there was a big market of water purification for the underdeveloped countries waiting for them. Although the team worked with full commitment but Jackson challenged the pro forma report of financials and instructed the team to review the assumptions given in the report. On the other hand, Vyas and Wagner were pretty sure that the research was quiet satisfactory and had been worked out with due diligence by technological and manufacturing experts. Jackson was also concerned about the price of $2000 and advised Vyas to closely observe the risk linked with it. So, the teams also made a risk assessment. The results showed that: Company should take a close look at beta batch that helps to reduce flaws. Price could be justifiable by increased water efficiency. Competition could be low because of the global impact of ART, its after sale service, distribution channel and supplier relationship. Market acceptability could be increased by highlighting the ART name which has significant value in market. Also distribution channel of HVAC should be used. Decision for the project:- Vyas was still thinking whether to accept the proposal or to reject it. He knew that his team has the required potential for gaining success. His team was absolutely sure about the good performance. On the hand, Jackson heard from grapevine that Vyas had received the funding request of $2000. She was thinking over and over again what would her answer when Vyas came for approval. She knew that her action would be watched critically because many managers of her division think that filtration unit caused to much loss and this is the time to set aside the project. Porter Five Forces Analysis (Figure.1) Willingness to pay Value for the customer Porter five forces analysis consist of following: Price Bargaining power of customer. Bargaining power of Supplier. Threat of new entrance. Cost Competitive rivalry within an industry. Threat of substitute. Bargaining power of customer:- First of all we have to understand the logic behind power of customer. We can clarify our mind from the figure.1, if the price of the product is lower than the willingness to pay range, power of customer is low and vice versa. When we look at the whole scenario, we came to know that filtration made many researches regarding the target market. They have made the prototype for several times and for several types of products. Also a comprehensive study had been conducted to rightly identify the product price with respect to value given by the product. Now to comment on the power of customers, there are two divisions: Bargaining power of customer for first two generations: The product of first generation is highly demanded in the marked. Also the target market was quiet perfect for the product. If the prototype became successful in that time then bargaining power of the customer would be lower than supplier (also depend upon the price charged). Same would be the case with Second generation product. Although the product was a good solution for military and disaster relief activities but the price at sale cost will be very high. Customer had to spend too much money on continuous changing of the battery. Due to this reason customer may be on upper end. So the company realizes this fact before time and leaves this plan. Beginning power of the customer for third generation:- In the third which was under consideration, I believe that the product is a good solution for the customer and available on compatible price in relation to the competitors. As US government had imposed restriction on the landscape irrigation so for landscape irrigation people have to purchase these types of products. So there is a bid market available. Company also has brand equity because of its customer relationship, global presence and speedy efficient distribution channel. So, as the value of product is high, bargaining power of seller is also high. Bargaining power of supplier:- Bargaining power of supplier can also be described for the three scenarios separately. Bargaining power of supplier for first two generations:- Bargaining power of supplier would be very high for the supplier if the odor problem could be solved (also depend upon the price of the product) because the target market chosen by the supplier was quiet demanding for that kind of product. Same would be the case with second generation where target market was properly set, product had a value for the customers but in the end same problem occurs with the company and rather than solving the problem they start thinking for the new product. Bargaining power of the supplier for the third generation:- In this situation, if the product is launched successfully, bargaining power of suppliers will be slightly high. The reason behind that the value of the product will be high for the customers because of government restriction on water irrigation and compatible price. Also the company has its distinct value in the minds of customer regarding its quality, after sale services and distribution channel. Threat of new entrance:- Wagner had analyzed the market for the first generation and pointed out that many private and government sectors RD efforts had been in progress for the purification plant but finally she gave the remarks that our technology was the best amongst all up till that time. For second generation, cushion of success was available as Wagner had pointed out this factor in her analysis. For third generation product, competitors are already into action and new comers are also expected. But the advantage of the company is its compatible price, its global presence, distribution network and suppliers relationship as compared to the competitors. Competitive rivalry within an industry:- We can perceive from the case that competitive rivalry was very high in the first generation because Wagner analysis highlight the Europe, USA, China and Canada government and private sector companies, already working on such a product. But she was also sure that ART technology was far better than the competitors. Also the significant global presence of ART along with the enthusiastic distribution channel and after sale service increases the value of product in the eyes of customers. Competitive rivalry factor is always present in most of the industries dimensions. So this factor is also present in second generation. Competitors are already present in third generation product but as discussed earlier company has a distinguishable position in the market that leads towards high brand equity. Also price and quality of product is some what same as compared to the competitors of the market. So there are bright chances of the success in the market. Threat of substitute:- Substitutes are available for the generations but the technology and brand equity provides special edge to ART. The only lacking factor was the lack of consistency. When we take a look at the case, we came to know that when a problem occurs in the product they simply reject the product. The rational behavior should be that they have to think over the problem and solve it rather than leaving the project and put all the effort into loss. Pestle Analysis:- By Pestle analysis, we mean to say: P = Political analysis E = Economic analysis. S = Social analysis. T = Technology analysis. L = Legal analysis. E = Environmental analysis. I will explain each part separately. Political analysis:- Third generations product is most effected from the political point of view. Third generation product is actually related with the irrigation of residential landscape. But as the case suggest that due to less rain and increasing population growth extreme scarcity of water take place in the region because of that government impose limitations on landscape irrigation. Now this political move causes increase in the demand of the product. So this government action is affecting the demand positively. Economic analysis:- While making the analysis of the product target market and product acceptability, one thing that should be kept in mind is the economic condition of the target market. Because it may be possible that there is a need of product, people are willing to purchase and product contents are absolutely matched with the needs of target market but only due to high cost incurred on the production process it is away from the reach of market. This was the case with second generation product where a problem of consistent change would cause an increase in cost of product that is unacceptable for the target market. Social analysis:- Social aspect also disturbed the ART progress regarding this filtrations unit. Corporate RD section of ART opened ITC and water purification project concept emerged from that unit. But due to difference in social values and culture of the two different continents, there was a situation of misunderstanding communication gap exist between head office and this unit. We can see the confusion among both units, when mini-oxidation plant face a problem of odor and project will be closed that make the ITC technicians harsh. Some situation happens when the third generation product design becomes late. Technological analysis:- ART has advanced technology but the only issue is regarding proper research, effective utilization of technology and consistency. In my view when first generation product faces the problem of odor, there would be a need to reorganize all technological aspect and a RD operation would be done with new passion. It might be a chance that the result would be in companies favor. Same will be the case with second generation product. Legal analysis:- There are minor legal issued faced by the organization. Only the restriction of landscape irrigation is a legal issue that proves beneficial for the increasing demand of the target market. Environmental analysis:- Environmental factor also have a some effect on the existing scenario. The target market of the generations has some environmental characteristics that collectively results in the emerging needs of the products produced by the ART business unit. For example polluted water of underdeveloped countries increase the need of purified water and lack of rain increased population results in the demand for landscape irrigation product Strategic group analysis:- ART has many business units depending upon the different type of products they have provided. Corporation has brand equity in the market due to its after sale services, customer satisfaction, global presence and distribution network. IF we look at the strategic strengths of the organizations on over all bases, we came to know that the corporation has a strategy of growing itself with innovation and entrepreneurial activities. And knowledge sharing dissemination helps to achieve the target. Tinker time is a helping step to achieve that strategic goal. Strategic analysis has another view; filtration unit is a part of the corporation. Having core product of water treatment for oil and gas exploration that meets the government requirement of recycling. The case shows a sort of strategic mistake from the point of view of management while new project was under progress. There is a lack of consistency and lack of commitment that can be seen easily. First generation product came into the field-testing phase after the lab test had been completed. Then, why this problem not be shown in that phase? May be that would happen because of careless attitude while testing or may be the product quality in lab test was different from the field-testing product quality? Even then, if product faces odor problem, the management should encourage the ITC technicians to overcome the problem rather converting the face of project in different way. Same will be the case with second generation product which shows a careless attitude of management as well as lack of strategic vision regarding the project. Key Success Factors:- If we take a birds view of the case, we can easily assess that innovation, entrepreneurial activities, knowledge sharing and dissemination are the four active participants that guides ART towards the success story. Corporation has an urge to achieve competitive advantage over rivals through these factors. CEO advice of tinker time is an example of the innovative vision of the corporation. Key drivers of change in selected industry:- After the two failure of purification water project, now the company stands on a crucial point regarding the decision of investment on the landscape irrigation project. The under discussion industry should keep the vision of innovation and entrepreneurial activities in mind but to achieve a goal this business unit also needs to be more disciplined. Managerial decision should be taken by keeping in view the broader aspect and by analyzing that what impact this decision would be on whole Corporation. Following are the point that should be kept in mind if the company wanted to have success in this project: Critically analyze the market analysis and financials of the plan. If that found to be practical, make the prototype version followed by field testing production. If the product gets success in field testing production then company has to move toward marketing and production. Regular innovative change not only helps to sustain a competitive advantage but also create value for the customer and then increased value can be enjoyed through fruitful profit generation.