Answer the 4 questions at the end of the case study

Answer the 4 questions at the end of the - Case Study Example It is evident from the report of McGowan (2004) that putting denial of market access for Mexico is unjustified due to the fact that other countries like fishing agencies of Costa Rica and Ecuador and even USA are also purse seine method to catch tuna; therefore only increasing world demand as the United States was not integrating with a particular market. Figure 1 illustrates the negative impacts to supply and demand that the imposition of an embargo imposes. Figure 1 Imposing embargo not only created trade barriers for Mexico but also caused a loss of millions of dollars for the countries involved in the dispute. It is evident from the argument of McGowan (2004) that fishermen of Mexico use purse seine methods due to non availability of alternatives; alternatives which ultimately could have saved the life of dolphins. Within such a context, a consideration of the research work of Porter (2006) reveals the fact that USA should provide knowledge and resource support to Mexico fisherme n in order to encourage the use of alternate fishing methods; instead of purse seine nets. Porter (2006) found that using purse seine nets can cause serious damage to aquatic eco-system and might even increase death threats for dolphins. However, fishermen in Eastern Tropical Pacific (ETP) still using purse seine nets which are posing death threat for dolphins. ... Question 2: Did the U.S. denial of market access ultimately work? Answer: The U.S. imposed a denial of market access for tuna imports from countries like Mexico, Costa Rica and Ecuador which were known to use purse seine nets. Recently, the USA and Mexico have both appealed to World Trade Organization (WTO) regarding favoritism in tuna exportation (United States Trade Representative, 2012). Mexico subsequently challenged the U.S. denial by stating that fishermen of the USA are also using purse seine nets to catch tuna. In 1992, after the meeting between USA representatives of countries whose market access was denied by U.S, Dolphin safety panels were installed in most of the nets. As could easily have been predicted, the United States denial of market access had both positive and negative impacts. Firstly, it allowed the partner nations to lose a great deal of business revenue and merely shifted the supply and demand curve for tuna throughout the regional and global markets. Secondly , it can be stated to have had a positive impact due to the fact that the United States and partner nations realized that this trade dispute was having negative impacts upon their own respective economies; thereby encouraging them to address the issue and seek to improve tuna fishing technology to better safeguard the plight of the dolphins. Due to such measures, dolphin mortality rate was decreased significantly between1986 to 1998. Figure 2: Decrease in Total Dolphin Death (Source: Czinkota & Ronkainen, 2002) However, U.S denial of market access cannot be classified as only factor behind the sharp decrease in dolphin’s mortality rate because coagulation of other

Call money and commercial bill market

Call money and commercial bill market Global Financial Market As all the Financial Markets in India together form the Indian Financial Markets, all the Financial Markets of Asia together form the Asian Financial Markets; likewise all the Financial Markets of all the countries of the world together form the Global Financial Markets. Financial Markets deal with trading (buying and selling) of financial securities (stocks and bonds), commodities (valuable metals or food grains), and other exchangeable and valuable items at minimum transaction costs and market efficient prices. Financial Markets can be domestic or international. The Global Financial Markets work as a significant instrument for improved liquidity. Financial Markets can be categorized into six types: Capital Markets: Stock markets and Bond markets Commodity Markets Money Markets Derivatives Markets: Futures Markets Insurance Markets Foreign Exchange Markets The Financial Markets play a major role in the Global Economy because it helps businesses to raise capital (in capital markets), they facilitate transferring of risk (in derivative markets), and they help international trade (in currency markets) to prosper. The International Stock Markets form a major part of the Global Financial Markets. The Amsterdam Stock Exchange is the oldest stock exchange, which started operating in continuous trade in the earlier part of the 17th Century. Some of the Important Stock Exchanges of the world are: The New York Stock Exchange (merged with Euro next): The New York Stock Exchange (NYSE) is a stock exchange based in New York City, USA that was incorporated in 1817. In terms of dollar volume, it is the largest stock exchange in the world, and in terms of the number of companies listed it is the second largest stock exchange in the world. The NYSE is also known as the Big Board. The indexes used in the NYSE are the NYSE Composite Index and the Dow Jones Industrial Average Index. The NYSE functions under NYSE Euro next, the formation of which was the result of NYSEs merger with Archipelago Holdings and Euro next. Tokyo Stock Exchange: The Tokyo Stock Exchange (TSE), incorporated in 1949, is located in Tokyo, Japan. In terms of monetary volume, The Tokyo Stock Exchange is the second largest stock exchange in the world, only next to New York Stock Exchange. The indexes used in the TSE are Nikkei 225, Topix, and J30. NASDAQ: The National Association of Securities Dealers Automated Quotations, or NASDAQ, is an electronic stock market based in New York City, USA that was incorporated in 1971. The NASDAQ Stock Market, Inc. is the owner and regulator of NASDAQ. The main index used in NASDAQ is the NASDAQ Composite. London Stock Exchange: Established in 1801, the London Stock Exchange (LSE) is one of the oldest and largest stock exchanges in the world. In terms of market capitalization, the London Stock Exchange was ranked 4th among all the other important stock exchanges in the world in March 2007. The London Stock Exchange is located in Paternoster Square near St. Pauls Cathedral, London. The stock market index of London Stock Exchange is the Footsie (FTSE). Euro next (merged with NYSE): Founded in 2000, Euro next N.V. is a pan-European Stock Exchange, which is based in Paris. In terms of market capitalization, Euro next ranks as the fifth largest stock exchange in the world. There was a merger of Euro next with the NYSE Group, which led to the formation of NYSE Euro next and it is the first global stock exchange. The main indexes used in Euro next are the Euro next 100 Index and the Next 150 Index. The Bombay Stock Exchange (BSE): Located in Mumbai, India and founded in 1875, the Bombay Stock Exchange is the oldest stock exchange of Asia. The main index of BSE is called the BSE Sensex (Sensitive Index) or the BSE 30. In terms of volume of transactions, the BSE was ranked as one of the top five stock exchanges in the world in 2005. Some terms that are used in the Global Financial Markets are: Geek, a Quant Grim Nerd, a Quant Quant Big Swinging Dick Rocket Scientist White Knight Today equity research has become a specialized activity, although confined to a very small segment of the market. It would be a little early to consider equity research as an independent business segment, but at the same time it must be appreciated that the value of equity research is being felt by the market. This is an interesting stage in the growth and development of equity research, especially in a situation where the traditional individual investor is unwilling to pay for vital stock related information while the institutional investor is already paying for research reports. The phenomenal growth of the financial markets over the last quarter of a century has meant that the very character of investment has changed with ever larger scales of market capitalization. The emergence of the Fund Manager as a new value addition in investment related financial services is actually a part of the growth and development of the institutional investor. The fund managers sole objective is to ensure maximum returns for his clients whose money he invests working in tandem with research inputs. The fund manager and his client are a vital part of the institutional investment process sustained by an advanced and research driven approach to capital market investment. Equity research still has some time to develop as a sustainable business model, but like any other research activity it has its limitations in developing into a booming business. Institutional investors are willing to pay ever higher amounts for in-depth and precise research in accordance with their requirements. Some of the modes of equity research are: Fundamental Analysis Technical Analysis Securities Market Analysis Index Momentum Analysis Securities Momentum Analysis Securities Chart Analysis India N Financial Market India Financial market is one of the oldest in the world and is considered to be the fastest growing and best among all the markets of the emerging economies. The history of Indian capital markets dates back 200 years toward the end of the 18th century when India was under the rule of the East India Company. The financial market in India today is more developed than many other sectors because it was organized long before with the securities exchanges of Mumbai, Ahmadabad and Kolkata were established as early as the 19th century. By the early 1960s the total number of securities exchanges in India rose to eight, including Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi, Bangalore and Pune. Today there are 21 regional securities exchanges in India in addition to the centralized NSE (National Stock Exchange) and OTCEI (Over the Counter Exchange of India). The corporate sector wasnt allowed into many industry segments, which were dominated by the state controlled public se ctor resulting in stagnation of the economy right up to the early 1990s. Thereafter when the Indian economy began ‘liberalizing and the controls began to be dismantled or eased out, the securities markets witnessed a flurry of IPOs that were launched. This resulted in many new companies across different industry segments to come up with newer products and services. A remarkable feature of the growth of the Indian economy in recent years has been the role played by its securities markets in assisting and fuelling that growth with money rose within the economy. This was in marked contrast to the initial phase of growth in many of the fast growing economies of East Asia that witnessed huge doses of FDI (Foreign Direct Investment) spurring growth in their initial days of market decontrol. During this phase in India much of the organized sector has been affected by high growth as the financial markets played an all-inclusive role in sustaining financial resource mobilization. Many PSUs (Public Sector Undertakings) that decided to offload part of their equity were also helped by the well-organized securities market in India. The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) during the mid 1990s by the government of India was meant to usher in an easier and more transparent form of trading in securities . The NSE was conceived as the market for trading in the securities of companies from the large-scale sector and the OTCEI for those from the small-scale sector. While the NSE has not just done well to grow and evolve into the virtual ‘backbone of capital markets in India the OTCEI struggled and is yet to show any sign of growth and development. The integration of IT into the capital market infrastructure has been particularly smooth in India due to the countrys world class IT industry. This has pushed up the operational efficiency of the Indian stock market to global standards and as a result the country has been able to capitalize on its high growth and attract foreign capital like never before. Potential Of India Financial Market India Financial Market helps in promoting the savings of the economy helping to adopt an effective channel to transmit various financial policies. The Indian financial sector is well-developed, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. Features Of Financial Market In India: India Financial Indices BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee Dollar Chart Indian Financial market news Stock News Bombay Stock Exchange, BSE Sensex 30 index, SP CNX-Nifty, company information, issues on market capitalization, corporate earnings statements Fixed Income Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service Foreign Investment Foreign Debt Database composed by BIS, IMF, OECD, World Bank, Investments in India Abroad Global Equity Indexes Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes FX Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion Indian Money Market AS PER RBI DEFINITIONS â€Å"A market for short terms financial assets that are close substitute for money, facilitates the exchange of money in primary and secondary market†. Indian money market was highly regulated and was characterized by limited number of participants. The limited variety and instruments were available. Interest rate on the instruments was under the regulation of Reserve Bank of India. The sincere efforts for developing the money market were made when the financial sector reforms were started by the government. Money markets are the markets for short-term, highly liquid debt securities. Examples of these include bankers acceptances, repos, negotiable certificates of deposit, and Treasury Bills with maturity of one year or less and often 30 days or less. Money market securities are generally very safe investments, which return relatively; low interest rate that is most appropriate for temporary cash storage or short term time needs. The National Stock Exchange, where the stocks of the largest Indian. Corporations are traded, is a prime example of a capital primary market. Regarding timing, there is no hard and fast rule on this, but when describing debt markets, short term generally means less than one year, intermediate term means one to five years, and long term means more than five years. The Nature Of Money Markets In this we define money markets broadly to include all financial instruments easily converted to means of payment that are used by governments, financial institutions and nonfinancial institutions for short-term funding or placements. By convention, we limit our scope to instruments of less than one year maturity. The most important function of a money market is to provide a means whereby economic units can quickly adjust through cash positions. For all economic units (business, households financial institutions or governments) the timing of cash inflows is rarely perfectly synchronized or predictable in the short run. In addition to facilitating the liquidity management of economic actors, money markets fulfill a number of additional economic functions: 1. Interest rates on money market instruments serve as reference rates for pricing all debt instruments; 2. Governments or central banks use money market instruments as tools at monetary policy; 3. Short-term interbank markets, finance longer-term lending when financial intermediaries transform maturities. Features Of Money Market It is a market purely for short-terms funds or financial assets called near money. It deals with financial assets having a maturity period less than one year only. In Money Market transaction cannot take place formal like stock exchange, only through oral communication, relevant document and written communication transaction can be done.   Transaction has to be conducted without the help of brokers. It is not a single homogeneous market, it comprises of several submarket like call money market, acceptance bill market. The components of Money Market are the commercial banks, acceptance houses NBFC (Non-banking financial companies). It is not a single market but a collection of markets for several instruments. It is a need-based market wherein the demand supply of money shape the market. Money market is basically over-the-phone market. Dealing in money market may be conductive with or without the help of brokers. It is a market for short-term financial assets that are close substitutes for money. Financial assets which can be converted into money with ease, speed, without loss with minimum transaction cost are regarded as close substitutes for money. The Major Players Of Money Market Reserve Bank of India SBI DFHI Ltd (Amalgamation of Discount Finance House in India and SBI in 2004) Acceptance Houses Commercial Banks, Co-operative Banks and Primary Dealers are allowed to borrow and lend. Specified All-India Financial Institutions, Mutual Funds, and certain specified entities are allowed to access to Call/Notice money market only as lenders Individuals, firms, companies, corporate bodies, trusts and institutions can purchase the treasury bills, CPs and CDs. Money Market Instruments Money market instruments take care of the borrowers short-term needs and render the required liquidity to the lenders. The varied types of India money market instruments are treasury bills, repurchase agreements, commercial papers, certificate of deposit, and bankers acceptance. Treasury Bills (T-Bills) Treasury bills were first issued by the Indian government in 1917. Treasury bills are short-term financial instruments that are issued by the Central Bank of the country. It is one of the safest money market instruments as it is void of market risks, though the return on investments is not that huge. Treasury bills are circulated by the primary as well as the secondary markets. The maturity periods for treasury bills are respectively 3-month, 6-month and 1-year. The price with which treasury bills are issued comes separate from that of the face value, and the face value is achieved upon maturity. On maturity, one gets the interest on the buy value as well. To be specific, the buy value is determined by a bidding process, that too in auctions. Repurchase Agreements Repurchase agreements are also called repos. Repos are short-term loans that buyers and sellers agree upon for selling and repurchasing. Repo transactions are allowed only among RBI-approved securities like state and central government securities, T-bills, PSU bonds, FI bonds and corporate bonds. Repurchase agreements, on the other hand, are sold off by sellers, held back with a promise to purchase them back at a certain price and that too would happen on a specific date. The same is the procedure with that of the buyer, who purchases the securities and other instruments and promises to sell them back to the seller at the same time. Commercial Papers Commercial papers are usually known as promissory notes which are unsecured and are generally issued by companies and financial institutions, at a discounted rate from their face value. The fixed maturity for commercial papers is 1 to 270 days. The purposes with which they are issued are for financing of inventories, accounts receivables, and settling short-term liabilities or loans. The return on commercial papers is always higher than that of T-bills. Companies which have a strong credit rating, usually issue CPs as they are not backed by collateral securities. Corporations issue CPs for raising working capital and they participate in active trade in the secondary market. It was in 1990 that Commercial papers were first issued in the Indian money market. Certificate of Deposit A certificate of deposit is a borrowing note for the short-term just similar to that of a promissory note. The bearer of a certificate of deposit receives interest. The maturity date, fixed rate of interest and a fixed value are the three components of a certificate of deposit. The term is generally between 3 months to 5 years. The funds cannot be withdrawn instantaneously on demand, but has the facility of being liquidated, if a certain amount of penalty is paid. The risk associated with certificate of deposit is higher and so is the return (compared to T-bills). It was in 1989 that the certificate of deposit was first brought into the Indian money market. Bankers Acceptance A bankers acceptance is also a short-term investment plan that comes from a company or a firm backed by a guarantee from the bank. This guarantee states that the buyer will pay the seller at a future date. One who draws the bill should have a sound credit rating. 90 days is the usual term for these instruments. The term for these instruments can also vary between 30 and 180 days. It is used as time draft to finance imports, exports. It depends on the economic trends and market situation that RBI takes a step forward to ease out the disparities in the market. Whenever there is a liquidity crunch, the RBI opts either to reduce the Cash Reserve Ratio (CRR) or infuse more money in the economic system. In a recent initiative, for overcoming the liquidity crunch in the Indian money market, the RBI infused more than Rs 75,000 crore along with reductions in the CRR. Call Money Market The call money market consists of overnight money and money at short notice for periods up to 14 days. It essentially serves the purpose of equilibrating the short-term liquidity position of banks. The call money market as a significant component of the money market possesses a few special characteristics:- (1) Call money is an instrument for ultra-short period management of funds and is easily reversible. (2) It is primarily a â€Å"telephone† market and is therefore, administratively convenient to manage for both borrowers and lender. (3) Being an instrument of liability management, it provides incremental funds and adds to the size of balance sheet of banks. From the macro-side, developed call money market helps to smoothen the fluctuations in the reserve-deposit rations of banks thereby contributing to the stability of the money-multiplier process. A stable money multiplier in turn serves as a reliable means of monetary regulation and policy guide. From the micro angle, short-run borrowing by banks improves the efficiency of funds management in two ways. One way, it enables banks to hold higher reserve-deposit ratio than would be possible otherwise. In another way, it allows some banks to permanently increase their pool of investible funds. Hence, active well-organized call money market improves the funds management practices of banks which in turn further their overall efficiency and profitability. The money market continued to remain orderly during Q2 of 2009-10. Reflecting the surplus liquidity conditions, the call rate hovered around the lower bound of the informal LAF corridor during the Q2 of 2009-10). The call rate averaged 3.25 per cent in Q2, which was marginally higher than 3.22 per cent in Q1.Interest rates in the collateralized segments of the money market the market repo and the collateralized borrowing and lending obligation moved in tandem with the call rate during Q2 but remained below the call rate. The weighted average interest rate in the collateralized segment of the money market marginally increased to 2.7 per cent during Q2 of 2009-10 from 2.4 per cent during Q1. Transaction volumes in CBLO and market repo segments continued to remain high during Q2 of 2009-10 reflecting the easy liquidity and active market conditions. Banks as a group are the major borrowers in the collateralized segment whereas mutual funds (MFs) continue to remain the single largest len der of funds in that segment. In fact, more than 75 per cent of the lending in the collateralized segment was contributed by the MFs in Q2, reflecting their continued enhanced lending capacity. The collateralized market remained the predominant segment of the money market, accounting for more than 80 per cent of the total volume in the money market in Q2. Source = http://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10690#t56 Objective of call Money Market To provide a parking place to employ short  Ã‚   term surplus funds. To provide room for overcoming short term deficits. To enable the central bank to influence and regulate liquidity in the economy through its intervention in this market. To provide a reasonable access to users of short-term funds to meet their requirement quickly, adequately at reasonable cost. Importance of call Money Market Development of trade industry. Development of capital market. Smooth functioning of commercial banks. Effective central bank control. Formulation of suitable monetary policy. Non inflationary source of finance to government. To provide help to the industry and trade. some guidelines regarding call money market by r.b.i It may be recalled that in the annual policy Statement of April 2008, the intention to move towards a pure inter-bank call/notice money market by gradually phasing out non-bank participation was highlighted. Accordingly, in stage I, non-bank participants are allowed to lend, on average in a reporting fortnight, up to 85 per cent of their average daily lending during 2007-08. Subsequently, in the annual policy Statement of April 2008, it was stated that RBI would announce the date of effectiveness of stage II, wherein non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice market during 2007-08, depending on the date when NDS/CCIL becomes fully operational. In view of the encouraging developments in the functioning of NDS/CCIL, it is desirable to accelerate the progress of moving towards a pure inter-bank call/notice money market and facilitate further deepening of repo/term money market. Accordingly, it has been decided that effective from the fortnight beginning June 14, 2007, under stage II, non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice money market during 2007-08. However, in case a particular non-bank institution has genuine difficulty in deploying its excess liquidity, RBI may consider providing temporary permission to lend a higher amount in call/notice money market for a specific period on a case by case basis. To facilitate monitoring of your operations in call/notice money market on a daily basis, you are requested to continue to submit the daily return in time to the Principal Monetary Policy Adviser, MPD, RBI as per the extant practice. Current market rate = 2.10% 3.30% Commercial Bill Market Bills of exchange are negotiable instruments, drawn by the seller (drawer) of the goods on the buyer (drawee) of the goods for the value of the goods delivered. These bills are known as trade bills. Trade bills are called commercial bills when they are accepted by commercial banks. If the bill is payable at a future date and the seller needs money during the currency of the bill, he may approach his bank to discount the bill. The maturity proceeds or face value of a discounted bill from the drawee is received by the bank. If the bank needs funds during the currency of bill, it can rediscount the bill that has been already discounted by it in the commercial bill rediscount market at the available market discount rate. The RBI introduced the Bills Market scheme (BMS) in 1952 and the scheme was later modified into the New Bills Market Scheme (NBMS) in 1970. Under the scheme, commercial banks can rediscount the bills, which were originally discounted by them, with approved institutions. With the intention of reducing paper movements and in a bid to facilitate multiple rediscounting, the RBI introduced an instrument called Derivative Usance Promissory Notes (DUPN). Consequently, the need for the physical transfer of bills has been waived and the bank that originally discounts the bills only draws DUPN. These DUPNs are sold to investors in convenient lots of maturities (from 15 days up to 90 days) on the basis of genuine trade bills, discounted by the discounting bank. Commercial bill is a short term, negotiable, and self-liquidating instrument with low risk. It enhances he liability to make payment in a fixed date when goods are bought on credit. According to the Indian Negotiable Instruments Act, 1881, bill or exchange is a written instrument containing an unconditional order, signed by the maker, directing to pay a certain amount of money only to a particular person, or to the bearer of the instrument. Bills of exchange are negotiable instruments drawn by the seller (drawer) on the buyer (drawee) or the value of the goods delivered to him. Such bills are called trade bills. When trade bills are accepted by commercial banks, they are called commercial bills. The bank discounts this bill by keeping a certain margin and credits the proceeds. Banks, when in need of money, can also get such bills rediscounted by financial institutions such as LIC, UTI, GIC, ICICI and IRBI. The maturity period of the bills varies from 30 days, 60 days or 90 days, depe nding on the credit extended in the industry. Characteristics Of Commercial Bill Securities offered to the public must be registered with the Securities and Exchange Commission according to the Securities Act of 1933. Registration requires extensive public disclosure, including issuing a prospectus on the offering. It is a time-consuming and expensive process. Most commercial paper is issued under Section 3(a) (3) of the 1933 Act which exempts from registration requirements short-term securities as long as they have certain characteristics. Commercial paper is typically a discount security (like Treasury bills): the investor purchases notes at less than face value and receives the face value at maturity. The difference between the purchase price and the face value, called the discount, is the interest received on the investment. Commercial paper is, occasionally, issued as an interest-bearing note (by request of investors). The investor pays the face value and, at maturity, receives the face value and accrued interest. All commercial paper interest rates are quoted on a discount basis. The exemption requirements have been a factor shaping the characteristics of the commercial paper market. The following are requirements for exemption: The maturity of commercial paper must be less than 270 days. In practice, most commercial paper has a maturity of between 5 and 45 days, with 30-35 days being the average maturity. Many issuers continuously roll over their commercial paper, financing a more-or-less constant amount of their assets using commercial paper. The nine-month maturity limit is not violated by the continuous rollover of notes, as long as the rollover is not automatic but is at the discretion of the issuer and the dealer. Many issuers will adjust the maturity of commercial paper to suit the requirements of an investor. That proceeds from commercial paper issues be used to finance current transactions, which include the funding of operating expenses and the funding of current assets such as receivables and inventories. Proceeds cannot be used to finance fixed assets, such as plant and equipment, on a permanent basis. A safekeeping agent hired by the investor held the certificates, until presented for payment at maturity. The settling of the transaction, (the exchange of funds for commercial paper first at issuance and then at redemption, occur in one day. On the day the commercial paper is issued and sold, the investor receives and pays for the notes and the issuer receives the proceeds. On the day of maturity, the investor presents the notes and receives payment. Commercial banks, in their role as issuing, paying, and clearing agents, facilitate the settling of commercial paper by carrying out the exchanges between issuer, investor, and dealer required to transfer commercial paper for funds. Types Of Commercial Bills: Commercial bill is an important tool finance credit sales. It may be a demand bill or a usance bill. A demand bill is payable on demand, that is immediately at sight or on presentation by the drawee. A usance bill is payable after a specified time. If the seller wishes to give sometime for payment, the bill would be payable at a future date. These bills can either be clean bills or documentary bills. In a clean bill, documents are enclosed and delivered against acceptance by drawee, after which it becomes clear. In the case of a documentary bill, documents are delivered against payment accepted by the drawee and documents of bill are filed by bankers till the bill is paid. Commercial bills can be inland bills or foreign bills. Inland bills must (1) be drawn or made in India and

Iwo Jima Speech :: American History

Iwo Jima Speech DETAILED OUTLINE INTRODUCATION: 1. GAIN ATTENTION: (30sec PowerPoint Presentation) Good Morning Marines. My name is and your next period of instruction will be on the Island Iwo Jima 2. OVERVIEW: The purpose of this period of instruction is to give you a better understanding of the historical importance of Iwo Jima and the Flag raising that took place there. 3. INTRODUCE LEARNING OBJECTIVES:   Ã‚  Ã‚  Ã‚  Ã‚  A.TERMINAL LEARNING OBJECTIVES: Upon completion of this period of instruction you will understand the historical importance of the island Iwo Jima and identify the names of the six Flag Raisers.   Ã‚  Ã‚  Ã‚  Ã‚  B.ENABLING LEARNING OBJECTIVES: Upon completion of this class you will be able 1. To fully understand the historical importance of the Island of Iwo Jima 2. You will be able to identify the names of the six Flag Raisers 4. METHOD/MEDIA: This period of instruction will be taught by the lecture method with the aid of PowerPoint Presentation and handouts 5. EVALUATION: You will not be tested on this material, so please hold your questions until the end. TRANSITION: Now that you are aware of the course syllabus, allow me to move into the historical importance of the island Iwo Jima. 6. BODY: 1. HISTORICAL IMPORTANCE: Iwo Jima was Japanese home soil only 650 miles from Tokyo. No foreign army in Japan's 5000 year history had fought on Japanese soil. To the US, Iwo Jima was important because of its location, midway between Japan and American bomber bases in the Marianas. Iwo Jima with its three airfields was an ideal location for fighter-escort stations and as a safe haven for damaged bombers. TRANSITION: There are six men that standout from the rest, these men are known as the Flag Raisers. 1.  Ã‚  Ã‚  Ã‚  Ã‚  THE FLAG RAISING: Mount Suribachi is a 550 foot volcanic cone at the island’s southern tip. It dominates both possible-landing beaches, from this point Japanese gunners have every inch of the beaches covered. Every marine on the island was in range of Japanese guns. 2.  Ã‚  Ã‚  Ã‚  Ã‚  THE FLAG RAISERS: There were six flag raisers from the 28th Regiment, 5th Division. a.  Ã‚  Ã‚  Ã‚  Ã‚  Sgt. Mike Strank was the Marine who led the other five safely to the top of Mount Suribachi. He also gave the order to find a pole and attach the flag and â€Å"put’er up!† Sgt. Strank died on March 1, 1945. b.  Ã‚  Ã‚  Ã‚  Ã‚  Cpl. Harlon Block was Sgt. Strank’s second in command. He took over the leadership of his unit when Sgt. Strank was killed. Cpl. Block also died on March 1, 1945.

Financial Accounting 3 Summary

CHAPTER 1: FINANCIAL STATEMENTS Financial Statement – the means by which the information accumulated and processed in financial accounting is periodically communicated. General purpose financial statements -PAS1 prescribes to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. -statements intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs. Components of financial statements 1. Statement of financial position 2. Income statement 3. Statement of Comprehensive Income 4. Statement of Changes in Equity 5. Statement of Cash Flows 6. Notes comprising a summary of significant accounting policies and other explanatory information objectives of financial statements -to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. General features of financial statements Going Concern An entity preparing PFRS financial statements is presumed to be a going concern. If management has significant concerns about the entity’s ability to continue as a going concern, the uncertainties must be disclosed. If management concludes that the entity is not a going concern, the financial statements should not be prepared on a going concern basis, in which case PAS1 requires a series of disclosures. Accrual Basis of Accounting PAS1 requires that an entity prepare its financial statements, except for cash flow information, using the accrual basis of accounting. Materiality and Aggregation Each material class of similar items must be presented separately in the financial statements. Dissimilar items may be aggregated only if they are individually immaterial. Offsetting Assets and liabilities, and income and expense, may not offset unless required of permitted by a Standard or an Interpretation. Frequency of Reporting An entity shall present a complete set of financial statements at least annually. Comparative Information PAS 1 requires that comparative information shall be disclosed in respect of the previous period for all amounts reported in the financial statements, both face of financial statements and notes, unless another Standard permits or requires otherwise. Consistency of Presentation The presentation and classification of items in the financial statements shall be retained from one period to the next unless a change is justified either by a change in circumstances of requirement of a new PFRS. Measurement of elements process of determining the monetary amounts at which the elements of FS are recognized and carried in the statement of financial position and income statement. Measurement base on financial attributes 1. Historical cost- amount paid or the face value of the consideration given to acquire assets at the time of acquisition. 2. Current cost- amount that would have to be paid if the same or an equivalent asset was acquired currently. 3. Realizable value- am ount that would currently be obtained by selling the asset in an orderly disposal. 4. Present value- discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. CHAPTER 2: STATEMENT OF FINANCIAL POSITION The Statement of Financial Position Elements Asset An asset is a resource controlled by the entity as a result of the past events and from which future economic benefits are expected to flow the entity. Liability A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Equity Equity is the residual interest in the assets of the entity after deducting all its liabilities. Statement of Financial Position Presentation An entity must normally present a classified statement of financial position, separating a current and noncurrent assets and liabilities. Only if a presentation based on liquidity provides information that is reliable and more relevant may the current/noncurrent split be omitted. In either case, if an asset (liability) category commingles amounts that will be received (settled) after 12 months, note disclosure is required that eparates the longer-term amounts from the 12-month amounts. An asset shall be classified as current when it satisfies any of the following criteria: * It is expected to be realized in, or is intended for sale or consumption, in the entity’s normal operating cycle; * It is held primarily for the purpose of being traded; * It is expected to be realized within 12 months after the reporting period; or * It is ca sh or a cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets shall be classified as noncurrent. A liability shall be classified as current when it satisfies any of the following criteria: * It is expected to be settled in the entity’s normal operating cycle; * It is held primarily for the purpose of being traded; * It is expected to be settled within 12 months after the reporting period; or * The entity does not have an unconditional right to defer settlement of the liability for at least 12 months after reporting period. All other liabilities shall be classified as noncurrent. Long-term debt expected to be refinanced under an existing loan facility is noncurrent, even if due within 12 months. If a liability has become payable on demand because an entity has breached an undertaking under a long-term loan agreement on or before the balance sheet date, the liability is current, even if the lender has agreed, after the balance sheet date and before the authorization of the financial statements for issue, not to demand payment as a consequence of the breach. However, the liability is classified as non-current if the lender agreed by the balance sheet date to provide a period of grace ending at least 12 months after the balance sheet date, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. When an entity presents current and non-current assets and liabilities as separate classifications on the face of the BS, it shall not classify deferred tax assets (liabilities) as current assets. CHAPTER 6: ACCOUNTING CHANGES Changes in accounting estimate A change in accounting estimate is a normal recurring correction or adjustment of an asset or liability which is the natural result of the use of an estimate. Examples of accounting estimate a. Bad debt b. Inventory obsolescence c. Useful life, residual value, and expected pattern of consumption of benefit of depreciable asset. d. Warranty cost e. Fair value of financial assets and financial liabilities Changes in accounting estimates are to be handled currently and prospectively, if necessary. Prospective recognition of the effect of a change in accounting estimate means that the change is applied to transactions, other events and conditions from the date of change in estimate. A change in depreciation method is accounted for as a change in accounting estimate. Accounting policies -are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. Changes in accounting policy A change in accounting policy shall be made only when: a. Required by an accounting standard or an interpretation of the standard. b. The change will result in more relevant or reliable information about the financial position, financial performance and cash flows of the entity. Examples of change in accounting policy a. Change in the method of inventory pricing from the FIFO to weighted average method b. Change in the method of accounting for long term construction contract. c. The initial adoption of policy to carry assets at revalued amount d. Change from cost model to fair value model in measuring investment property and property, plant and equipment e. Change to a new policy resulting from the requirement A change in accounting policy required by a standard or an interpretation shall be applied in accordance with the transitional provisions therein. If the standard or interpretation or transitional provisions or if an accounting policy is changed voluntarily, the change shall be applied retrospectively. Retrospective application means that any resulting adjustment from the change in accounting policy shall be reported as an adjustment to the opening balance of retained earnings. The amount of the adjustment is determined as of the beginning of the year. Prospective application means that the new accounting policy is applied to events and transactions occurring after the date of change. Change in reporting entity A change in reporting entity is a change whereby entities change their nature and report their operations in such a way that the financial statements are in effect those of a different reporting entity. CHAPTER 7: INTERIM FINANCIAL REPORTING Interim report is a financial reporting period shorter than one financial year. Components of an interim financial report a. Condensed statement of financial position . Condensed income statement c. Condensed statement of comprehensive income d. Condensed statement of cash flows e. Selected explanatory notes Under PAS 34, paragraph 28, the general rule in preparing interim financial statements is that costs and expenses that clearly benefit more than one interim period are allocated to the interim periods affected. Inventory loss from market decline is reported in the interim period in w hich the decline occurs. Recovery of such loss on the same inventory in later interim period is recognized as gain in the later interim period. However, any gain on reversal of inventory writedown is limited only to the amount of loss previously recognized. The effects of a disposal of segment of business are reported separately in the interim periods in which they occur. PAS 34, paragraph 39, provides that cost incurred unevenly during a financial year shall be anticipated or deferred for interim purposes only if it is also appropriate to anticipate or defer such cost at the end of the financial year. Gains should be recognized in the interim period in which they are realized. The cumulative effect of change in accounting policy is shown in the statement of retained earnings, not in the income statement. CHAPTER 8: OPERATING SEGMENT Under PFRS 8, an entity shall disclose information about an operating segment that meets any of the following quantitative thresholds: 1. The segment revenue, including both sales to external customers and intersegment sales or transfers, is 10% or more of the combined revenue, internal and external, of all operating segments. 2. The segment profit or loss is 10% or more of the greater of the following: a. The combined profit of all operating segments with profit b. The combined loss of all operating segments with loss 3. The assets of the segment are 10% or more of the combined assets of all operating segments. Under PFRS 8, paragraph 13, segment revenue includes sales to external customers and intersegment sales of operating segments engaged solely in manufacturing. Revenue includes both sales to unaffiliated customers and intersegment sales. Under PFRS 8, paragraph 15, the total external revenue attributable to reportable operating segments must be at least 75% of the total entity external revenue. General corporate expenses are not allocated to operating segments as a measure of profit or loss. If the total external revenue attributable to reportable segments constitutes less than 75% of the entity external revenue, additional segments shall be identified even they do not meet the 10% quantitative threshold until 75% of the entity external revenue is included in reportable segments. Moreover, reportable segments that are below the10% threshold can be aggregated as one segment if they have similar economic characteristics and share a majority of the five aggregation criteria as follows: a. Nature of product b. Nature of production process c. Class of customer d. Method of distributing product e. Regulated environment CHAPTER 9: CASH AND ACCRUAL BASIS Method of Accounting. 1. Cash Basis- Income is recognized when received regardless of when earned, and expense is recognized when paid regardless of when incurred. 2. Accrual Basis- Income is recognized when earned regardless of when received, and expenses are recognized when incurred regardless of when paid. Computation of sales under accrual basis Cash Sales XX Sales on account: Trade accounts and notes receivable XX Collection of Trade accounts and notes receivable XX Sales returns, allowances and discounts XX Accounts and notes receivable write off XX Trade notes receivable discounted XX Total XX Less: trade accounts and notes receivable,beg XX Total Sales XX Computation of Purchases under Accrual Basis Cash Purchases XX Purchases on account XX Trade accounts and notes payable,end XX Payment of Trade accts and Notes payable XX Purchases return, discounts & allowances XX Total XX Less: Trade accts and notes payable,beg XX Total purchases XX Income other than sales Income received XX Add: Deferred income- beg XX Accrued income- end XX Total XX Less: Deferred income- endXX Accrued income- begXX XX Income for the current year XX Expenses in general Expenses paid XX Add: prepaid expenses- beg XX Accrued expenses- end XX Total XX Less: Deferred income- endXX Accrued income- beg XX XX Income for the current year XX Prepaid expenses are expenses paid in advance but not yet incurred. These are assets. Accrued expenses are expenses already incurred but not yet paid. These are liabilities. CHAPTER 10: SINGLE ENTRY Single Entry System A system of record keeping in which transactions are not analyzed and recorded in the double entry framework is called a single entry system when the records are said to be incomplete. CHAPTER 11: ERROR CORRECTION Prior Period Errors Prior period errors are omissions from, and misstatements in, an entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that was available and could reasonably be expected to have been obtained and taken into account in preparing those statements. Such error result from mathematical mistakes, mistakes in applying accounting policies, oversights or misinterpretation of facts, and fraud. Prior period error shall be corrected by retrospective restatement, meaning, if comparative statements are presented, the prior year statements are restated to correct the error. Types of Errors a. Statement of financial position errors *affect the statement of financial position and real accounts only, meaning, the improper classification of an asset, liability and capital account. b. Income Statement errors * affect the income statement or nominal accounts only, meaning, the improper classification of revenue and expense account c. Combined statement of financial position and Income statement errors * affect both the statement of financial position and income statement ecause they result in a misstatement of net income If it is impracticable to determine the period specific effect of an error on comparative information for one or more prior periods presented, the entity must restate the opening balances of assets, liabilities, and equity for the earliest period for which retrospective statement is practicable (which may be the current period) Further, if it is impracticable to determine the cumulative effect, at the beginning of the current periods, the ent ity must restate the comparative information to correct the error prospectively from the earliest date practicable. CHAPTER 12: STATEMENT OF CASH FLOW Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash flows are inflows and outflows of cash and cash equivalents. Operating Activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalent. Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. *Interest and dividends received and paid may be classified as operating, investing, or financing cash flows, provided that they are classified consistently from period to period. Interest paid – usually operating; alternatively financing Interest received – usually operating; alternatively financing Dividends received – usually operating; alternatively financing Dividends paid – usually financing; alternatively operating FINANCIAL STATEMENT ANALYSIS THE BASIC FINANCIAL STATEMENT ANALYSIS 1. HORIZONTAL OR COMPARATIVE ANALYSIS -represents the differences in absolute amount and in percentage between two periods (i. e. years, quarters, etc. ), two companies, actual and budgeted date, and other bases analyses. Percentage of changes= Amount of change/Base 2. TREND ANALYSIS It extends beyond two years. The purpose of trend analysis is to track down what happened in the past and provide a pattern on what may happen in the coming years. It uses indexes and ratios to simplify the visible complications of numbers contained in financial reports. . THE VERTICAL ANALYSIS (OR COMMON-SIZE ANALYSIS) It gets the proportional component of each of the variables in the financial statements in relation to a chosen base 4. THE FINANCIAL MIX RATIO CLASSIFICATION OF FINANCIAL MIX RATIOS a. Profitability Ratios It measures the ability of the business to generate profit in relation to sales, investments, assets, equities, or common shares outstanding. â⠂¬ ¢RETURN ON SALE = Net Income Net sales †¢GROSS PROFIT RATE = Gross Profit Net Sales †¢RETURN ON TOTAL ASSETS = Net income + Interest expense, net of tax/ average total assets RETURN ON SHE = Net income Ave. SHE b. Growth Ratios -Are indicative of the organization’s potential and attractiveness as an investment option. EARNINGS PER SHARE = Net income – Pref. dividend Ave. common shares outstanding BOOK VALUE PER SHARE = Shareholder’s Equity Ave. shares outstanding c. Liquidity Ratios Liquidity refers to the ability of the business to pay its obligations in cash as they mature. OPERATING TURNOVER = collection period + inventory days INVENTORY TURNOVER = COGS Ave. inventory INVENTORY DAYS = 360/ inventory days RECEIVABLE TURNOVER = Net credit Sales Ave. Trade receivables COLLECTION PERIOD = 360/ ARTO PAYABLE TURNOVER = Net credit purchases Ave. Trade payables PAYABLES DAYS = 360/ payable turnover NET WORKING CAPITAL = Current Assets-Current Liabilities CURRENT RATIO = Current asset/ Current Liabilities QUICK RATIO = Quick Assets/ Current Liabilities d. Leverage Ratios Financial leverage is a measure of risk. DEBT to EQUITY RATIO = total debt Net SHE DEBT to ASSET = Total debt total assets TIME INTEREST EARNED = EBIT interest expense

GE’s Two-Decade Transformation: Jack Welch’s Leadership Essay

Jack Welch received his Master of Science and Ph.D. degree from the University of Illinois in 1960. After completing his years of education, Welch was hired by General Electric Corporation (GE) as a chemical engineer for the Plastics department. Promotions followed rapidly and at the age of 45, in April 1981, he became CEO of GE, one of the world’s leading diversified industrial companies. Even though, the U.S. economy was in a recession during that time and unemployment rates were very high, Welch found the way to challenge everyone around him and to made changes that helped him create one of the †Most Admired Companies in the United States† 1.How would you describe Jack Welch’s leadership style? Was his effect on organizational culture positive or negative? Defend your argument. When Jack Welch became CEO of GE, he made a decision to radically restructure the company, realign goals and motivations, and push managers and employees to â€Å"stretch† to new previously unknown limits. He set high standards for each of the business units to become number 1 or 2 in the industry, and if the results weren’t satisfying, he disengaged from that sector or sold it completely. Between 1981 and 1990, GE sold more than 200 businesses that freed up over $11 billion of capacity. Jack believed in complete dedication and always putting 110% into everything he was doing. His management style and motivation included three main areas: empowering/motivation, goal setting and clear communication. Welch was very motivated and full of internal driving passion that made him work for reasons that went beyond money or status. He was always â€Å"thirsty† for better results and continuously raised performance bar for GE. He was a strong believer in incentives and rewards, in addition he also implemented a model where stock options became the primary component of management compensation. Employees who were scored highly on their performance reviews received large bonuses, what further motivated them to even higher performance. Welch continuously worked on creating environment in which people could do their best. He believed that good people were GE’s highest asset and created main foundation for company’s success. In order to improve communication and organizational culture, Welch reduced the hierarchical levels from nine to four and made sure that all business units would report directly to him. Welch focused on creating the boundaryless company, with a friendly, open and anti-parochial  environment. It was important to him to create atmosphere where employees could freely share new ideas and find best solutions to any obstacles that company had to deal with. He was completely aware that employees at GE come from different backgrounds and with different experience, therefore his goal was to take away from the benefits of this diversity and aimed to reshape them and guide them toward the right direction with the use of GE philosophies. He promoted people who were thinking outside the box and were able to challenge the status quo. Through these channels of open communication Welch was able to motivate his employees, as they felt direct connection with the company. Welch spent most of his time on training and developing talent within top managers of GE. Around 70% of his time was dedicated to people issues, various problems and developing others. He used Crotonville training center as a place for communication throughout the GE organization. It was a place where managers learned and experienced many of the GE problems, as well as ways to better cope with various business difficulties and challenges. Through the implementation of the 360 ° reviews he was able to openly communicate with his employees and let everyone know exactly where they stand in the organization. It was a major motivational force that contributed to increased performance and employee’s dedication. Jack Welch wanted to create a work environment where people at all levels would be held accountable for their own work and asked people to use their dreams while setting business targets. His goal was to make everyone â€Å"stretch† and constantly work on becoming a better performer. In order to reward those employees who were able to reach their dream goals, he compensated them with stock options and substantial bonuses. Welch was fully aware of psychological contract that exists between employees and organizations. Throughout his career as a CEO, he knew that GE offers the best jobs for people who are willing to compete and perform at their highest standards. The company offered opportunities for personal and professional growth and simultaneously rewarded top performing individuals. By flattening the organizational hierarchy, removing the bureaucracy, setting clear goals and open communication Welch succeeded in transforming GE and creating healthy organizational culture. His motivational strategy and clear understanding of psychological contract helped him create best managers and company that became a global leader. 2.From a motivational perspective, was Welch an effective or ineffective leader? How so? Explain and support your argument. Jack Welch is a truly legendary leader who has made General Electric into one of the world’s most successful companies and as Fortune described him â€Å"Manager of the Century†. Throughout his career at GE, Welch has continuously concentrated on motivating his employees and â€Å"stretching† their abilities. He believed that leaders should articulate a vision and then energize others to execute it. As we all know, socially skilled people are also expert persuaders who find the right way to motivate others. Their passion for work seems â€Å"contagious† and has a positive impact on other employees. Welch was striving to attract only the best talent and people who would bring the most value to the organization. He succeeded in getting huge numbers of very capable people all pulling them in the same very profitable direction. He knew that good people will steer the company toward success and therefore he was a strong believer in incentives. He made sure that psychological contract between employees and organization was being constantly negotiated and that great performance needed to be rewarded. He expended the number of options recipients from 300 to 30,000 and made sure to distribute generous bonuses to individuals who demonstrated outstanding performance. Another characteristic that helped boost motivation and performance within employees was â€Å"integrated diversity†, this open and friendly environment helped inspire a much broader thinking, new ideas were being generated and it also improved collaboration between departments. Welch encouraged his teams by always looking at change as a never-ending opportunity. He constantly urged his people to reinvigorate their business model before someone else did. This strategy helped him gain new market share and strengthen GE’s leadership position. It further invigorated creative thinking and made the company more competitive. His next objective was to create the culture where everyone felt engaged and important. By eliminating one of the sector levels he was able to gain more direct contact with managers reporting to him. We must remember that motivation starts with employee engagement, and engagement begins with effective communication skills. Welch dedicating most of his time to communicating with his staff, developing special management training programs that would help managers reach their goals and educate  them to become great leaders. As he knew that General Electric was an A-plus company, he only wanted to attract A players. To find the right equilibrium he knew that it was necessary to take good care of his best personnel. He did it through promoting them, offering great salaries and stock options and investing in their further development. According to one of the articles written by Victor H. Vroom â€Å"Work and motivation†, the concept of Force concentrates on efforts an individual will take when pursuing a particular course of action. Vroom also argued that a person’s behavior is the result of a field of forces, each of which has direction and magnitude. Highest level of force will be reached by actions with high level of both valence and expectation. According to Vroom’s equation of force (Force=Valence x Expectancy), valence and expectation cannot be zero, as it will result in no force to adopt given course of action, since anything multiplied by zero is zero. When choosing alternatives, people tend to select ones that correspond to the strongest positive force or least negative force. As we can observe in the leadership style of Mr. Welch, he was fully aware of this relationship and knew it was necessary to take good care of his top management. Welch didn’t concentrate on micro management, by giving his employees clear visions and setting new goals he was able to make his workers determine the necessary level of support required to achieve those goals. He constantly set high expectations and asked for more, this triggered creative thinking, increased performance and set new standards for the followers. He didn’t waste time on trying to train and develop Cs to Bs. Through the use of performance appraisal system and â€Å"vitality curve† the company was able to eliminate poor performers and only keep the best talent. Welch was able to inspire his staff and his employees were certainly glad he was captaining their side. Whether they liked him or not, they respected him, followed his leadership style and admired him.

The Looking Glass Analysis Essay Example

The Looking Glass Analysis Essay Example The Looking Glass Analysis Paper The Looking Glass Analysis Paper Essay Topic: Through the Glass Essay on The Looking Glass by Anton Chekhov With the particular use of dark tone and vivid imagery, Anton Chekhov, helps the reader to recognize imperative themes that shape the story and focus on the true significance of the looking glass. The portrayal of Anilines dream demonstrate that one of the themes can be in offered from the text is the importance of dreams. Using her dream exhibits her internal co inflict within herself and her challenges to relate her problems with others. This mechanism of writ ting corresponds with Bob Available statement that, Chekhov believed that how characters see themselves is more important, finally, than how an author sees them, and that we as readers can understand characters more deeply if we dont have an author standing between us and t hem (Available). By basing the story off of Anilines dream, the reader is able to understand the De fiction of the intense scenes that happen within her and recognize how teams influence the e decisions and 2 responses of people. There is a better understanding of the main character M the the use of dreams as a theme. The reality of helplessness is also a key theme that is portrayed throughout TTL story. Chekhov enables the reader to inquire the realism of the possibility of people unable to solve the problems within themselves and that the same can be seen within others. Wi h his careful usage of tone and imagery, it becomes evident that the protagonist suffers to response ND to the situation that shes in. The depiction of Nellie and her inability to find a solution iconic sees with Chekhov naturalistic style of rather than creating rowdy, dashing heroes an d elaborate cliffhanging plots, he set out to depict the slow, ticking banalities of everyday His SE of helplessness as a theme gives the story a sense of naturalism that the deader can connect to with their everyday life, as well. Because Of the reliability, This way Of writing g gets the reader hooked and keeps them interested throughout the story because of the story s reliability. The fear of the future is a relevant theme in this piece with Chekhov use of homeboys. The looking glass or mirror, for this piece, remains symbolic because it is use( to portray the future. From the way the story was depicted, the author enables the reader TTT recognize that dreams reflect the subconscious. In this case, the dark dream that the story r evolves around shows Anilines fear of the future. For example, Chekhov use of lines, the grim y background (looking glass)was not untouched by death (Chekhov), shows how she was etc reified and anxious for the future as the dream unfolds. The use of the mirror is very instrument I throughout the story because it is served as a window to the protagonists subconscious. The e symbolic mirror portrays Anilines inner feelings, fear and helplessness; and with its use, the rye becomes successful in bringing together its goals and objectives of the story to the real Overall, is a very successfully written short story by Chekhov that illustrates his mechanisms on his wanting of the reader to understand the co incept of his story, deeply. He portrays a dream which remains to show its significance to enders tanning the subconscious and by dwelling into the consciousness, readers are able to see situations that puts her in a state of helplessness. By the careful use of dark tone and vivid imagery y, Chekhov is able to connect points that indicate human condition and how problematic situate ions illustrates ones fear of the unknown.

Research Paper Ideas

Research Paper Ideas Research Paper Ideas Research Paper Ideas You must approach research paper topic choice very seriously. You do not take trite, long-studied research paper topics because you are unlikely to say something new. The best way is to find a topic that is sufficiently relevant and at the same time insufficiently known in the science. Undoubtedly, your research paper adviser might greatly help you. But even without outside help, it is very useful to get acquainted with the English language literature devoted to the country and the period that you want to deal with. While selecting research paper topic you must keep the perspective in range of vision. It is very good when a student dedicates his work to specific circle of college research paper topics. Thus, by the last course he compiles findings for the last scientific college work. It is important that the choice of the topic is clearly understood by the student - you have to understand the goals and objectives of research paper writing. Your research paper writing must not be purely descriptive. It should contain a central idea, the key idea dedicated to the research itself. Research Paper Ideas and Tips Once enough information is collected, you should start writing research paper. You do not have to wait until 25 articles are identified and all information is processed. Experience shows that research paper writing is about finding "white spots" that require more reference to the sources. First, make a clear research paper outline and show it to your adviser. Among research paper writer there are a lot of those who prefer writing research paper "without stopping" within two or three days. Nevertheless, it is very difficult to create a qualitative research paper, and the most part of the previous work is in vain. It is better to write college research paper in stages, writing individual parts and combining them into a coherent research or term paper. Text of the research paper writing should not consist of facts without explanation and analysis. Student should be able to group the existing material and analyze it. It is important to identify the causes, the essence and meaning of events and processes mentioned in English research paper. If the examined subject is controversial, it is better to bring both sides of the argument to the reader's attention and then indicate which side is more logical. Put forward your own ideas and original concepts. .com Research paper ideas are diverse and many students feel lost in details. As the result, they end up with producing poor essay. We offer you a unique opportunity to take advantage of professional custom research paper writing assistance. All you need to do is to place an order, provide detailed instruction and wait until your assignment is being completed for you!

A History of the Colony of Rhode Island

A History of the Colony of Rhode Island The colony of Rhode Island was founded between 1636 and 1642 by five separate and combative groups, most of whom had been expelled or left the Massachusetts Bay colony for disputative reasons. The colony was first named Roodt Eylandt by Dutch trader Adriaen  Block (1567–1627), who had explored that area for the Netherlands. The name means red island and it refers to the red clay that Block reported there. Fast Facts: Rhode Island Colony Also Known As: Roodt Eylandt, Providence PlantationsNamed After: Red Island in Dutch, or perhaps after RhodesFounding Year: 1636; permanent charter 1663Founding Country: EnglandFirst Known European Settlement: William Blackstone, 1634Residential Native Communities: Narragansetts, Wampanoags  Founders: Roger Williams, Anne Hutchinson, William Coddington, William Arnold, Samuel GortonImportant People: Adriaen BlockFirst Continental Congressmen: Stephen Hopkins, Samuel WardSigners of the Declaration: Stephen Hopkins, William Ellery Early Settlements / Plantations Although the Puritan British theologian Roger Williams (1603–1683) is often given the sole role of founder of Rhode Island, the colony was in fact settled by five independent and combative sets of people between 1636 and 1642. They were all English, and most of them began their colonial experiences in Massachusetts Bay colony but were banished for various reasons. Roger Williamss group was the earliest: in 1636, he settled in what would become Providence on the north end of Narragansett Bay, after he was kicked out of the Massachusetts Bay colony.   Roger Williams had grown up in England, only leaving in 1630 with his wife Mary Barnard when the persecution of Puritans  and Separatists began increasing. He moved to the Massachusetts Bay Colony and worked from 1631 to 1635 as a pastor and a farmer. Although many in the colony saw his views as quite radical, Williams felt that the religion he practiced must be free from any influence of the Church of England and the English king. In addition, he questioned the right of the King to grant land to individuals in the New World.  While serving as a pastor in Salem, he had a fight with the colonial leaders, because he believed that each church congregation should be autonomous and should not follow directions sent down from the leaders.   Founding of Rhode Island In 1635, Williams was banished to England by the Massachusetts Bay Colony for his beliefs in the separation of church and state and freedom of religion. Instead, he fled and lived with the Narragansett Indians  in what would become Providence Plantation (meaning settlement). Providence, which he formed in 1636, attracted other separatists who wished to flee from colonial religious rules of which they did not agree.   One such separatist was the poet and feminist  Anne Hutchinson (1591–1643), another Puritan from Massachusetts Bay, who began Pocasset on Aquidneck Island in 1638, which eventually became Portsmouth. She had been banished for speaking out against the Church in Massachusetts Bay. William Coddington (1601–1678), a magistrate at Massachusetts Bay, settled first in Pocasset but split from Hutchinsons group and settled in Newport, also on Aquidneck Island, in 1639. In 1642, Massachusetts Bay ex-patriot William Arnold (1586–1676) settled on the mainland in Pawtuxet, now part of Cranston. Finally, Samuel Gorton (1593–1677) settled first in Plymouth, then Portsmouth, and then Providence, and finally set up his own group in Shawomet, later renamed to Warwick in 1642.   A Charter Political and religious squabbling was a common feature of these small plantations. Providence evicted people for speaking out in meetings; Portsmouth had to hire two police officials in late 1638 to keep the peace; a small group of people from Shawomet were arrested and brought forcibly to Boston where they were tried and convicted on various charges. William Arnold fell into dispute with Warwick plantation and for a time put his plantation under the jurisdiction of Massachusetts Bay. These disputes were primarily were struggles over religious practices and governing, in addition to boundary issues with Connecticut. Part of the problem was they had no charter: the only legitimate authority in Rhode Island from 1636–1644 was the voluntary compacts which everybody but Gortons group had agreed to. Massachusetts Bay kept intruding into their politics, and so Roger Williams was sent to England to negotiate an official charter in 1643.   Uniting the Colony The first charter was validated by British Lord Protector Oliver Cromwell in 1644 and that became the basis of government in Rhode Island colony in 1647. In 1651, Coddington obtained a separate charter, but protests led to the reinstatement of the original charter. In 1658, Cromwell died and the charter had to be renegotiated, and it was on July 8, 1663, that the Baptist minister John Clarke (1609–1676) went to London to get it: that charter united the settlements into the newly named Colony of Rhode Island and Providence Plantations.   Despite the conflict, or perhaps because of it, Rhode Island was quite progressive for its day. Known for fierce independence and the absolute separation of church and state, Rhode Island attracted persecuted groups such as Jews and Quakers. Its government guaranteed freedom of religion for all its citizens, abolished witchcraft trials, imprisonment for debt, most capital punishment, and chattel slavery of both blacks and whites, all by 1652.   The American Revolution Rhode Island was a prosperous colony by the time of the American Revolution with its fertile soil and ample harbors. However, its harbors also meant that after the French and Indian War, Rhode Island was severely impacted by British import and export regulations and taxes. The colony was a frontrunner in the movement towards independence. It severed ties before the Declaration of Independence. Although not a lot of actual fighting occurred on Rhode Island soil, except for the British seizure and occupation of Newport until October 1779.   In 1774, Rhode Island sent two men to the First Continental Congress: former governor and then-chief justice of the Supreme Court Stephen Hopkins and former governor Samuel Ward. Hopkins and William Ellery, an attorney who replaced the deceased Samuel Ward, signed the Declaration of Independence for Rhode Island.   After the war, Rhode Island continued to show its independence. In fact, it did not agree with the federalists and was the last to ratify the U.S. Constitution- after it had already gone into effect, and the government had been established. Sources and Further Reading Bozeman, Theodore Dwight. Religious Liberty and the Problem of Order in Early Rhode Island. The New England Quarterly 45.1 (1972): 44-64. Print.Frost, J. William. Quaker Versus Baptist: A Religious and Political Squabble in Rhode Island Three Hundred Years Ago. Quaker History 63.1 (1974): 39-52. Print.Gorton, Adelos. The Life and Times of Samuel Gorton. Philadelphia, Higgenson Book Company, 1907.  McLoughlin, William. Rhode Island: A History. States and the Nation. W. W. Norton Company, 1986

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The Talk Show in Relation to the Free and Democratic Debate Dissertation

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Implementation of an Industrial Hygiene Program Research Paper

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Implementation of an Industrial Hygiene Program Research Paper

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Strategic implementation process

Strategic implementation process Implementing Strategies the step that differentiates between success and failure of strategic planning. Abstract To discuss in detail, the strategic implementation process and also to understand the management and operational nuances of a successful implementation. The topic spans across vital tools such as annual objectives, organizational structure, reengineering, performance culture and process improvements. The research paper also brings out the challenges of implementation, which are much complex to solve, and makes it even more difficult to implement the formulated strategies. This research also authenticates the fact that there is a pre-requirement for special set of programs/ initiatives etc to prepare an organization towards change in the terms of peoples acceptance towards the new implementation. (www.csuchico.edu/mgmt/strategy/module/sld044.html) Literature Review The strategy management process does not end when the firm decides what strategy to pursue. There must be a translation of strategic thought into strategic action. This translation is much easier if the managers and the employees of the firm understand the business, feels as part of the company, committed to the organizations strategic intent. Implementing a strategy affects the firm from top to bottom; it also affects all the functional/ divisional areas of business. Even the most technically perfect strategy plan will serve little purpose if it is not implemented. Many organizations tend to spend an inordinate amount of money, time and resources in developing strategic plans; but lets them wither out once change or uncertainty creeps in, failure of implementation is not only a setback but erodes the confidence of the firm and brings it back to worse than the pre-strategic scenarios leading to management failure and organization chaos. Research Aims Objectives Startegy formulation concepts and tools do not differ greatly between small, large or bigger firms, but the implementation varies substantially among different types and sizes of organizations. As the implementation will affect many aspects of the organization like the altering of sales territories, expanding financial budgets, changes in the pricing model, developing new employee benefits, establishing cost-control procedures, changing marketing approaches, building on infrastructures for ehnaced products and services, better management information systems, launching new organization wide development projects and initiatives. This research paper exactly focusses on these aspects and try to elucidate the managerial and operational perspectives in breif details with respect to strategy implementation. Research Methodology An individual project research covering many corporate strategies internet links, strategic business books, executive management journals, the Harvard Business Review magazines and various case studies. Some articles were also used as references in the Strategy Focused Organization written by the Robert Kaplan David Norton duos. Few were read from various SEM websites, through the search engine Google. It is more of a desktop based literature research and translating the understanding into research paper/ article. Discussion Management Perspectives The transition from formulation to implementation requires a shift un responsibility from strategists to divisional/ functional managers. Managers and employees are motivated more on perceived self-interest than organizational interest, hence it is essential for the top management to translate these goals in alignment with their personal/ functional goals, so a message is sent across that achieving these small set of goals leads to achieve the super ordinate organizational goals. These will let the management focus on establishing annual objectives and then breaking them down to functional objectives, devising policies and procedures to act as a general guideline for steering the functionalities, followed by allocating resources (material, money and men), restructuring and regrouping if necessary to align to the need of the organizations strategy, structured communication programs to reduce resistance for change, revising the rewards and the incentives plans, developing a strategic s upport culture, adapting to synergetic operational and production processes and developing an effective HR function. Management changes are necessarily more extensive when strategies to be implemented move a firm in a major new direction. The managers should start involving in strategy implementation process right from the early stages so as to maintain the commitment towards the end results and transfer the confidence to grass root level so that their team members are also motivated to work towards the agreed objectives both functional and organizational. Top-down flow of communication is essential for developing bottom-up support. Every employee should be able to benchmark his/her efforts against best-in-class competitors so that the challenge becomes personal, on the other hand the firm should provide the best training for both managers and employees to ensure that they have to acquire and maintain skills necessary to be world-class performers. Strategic management should not become self-perpetuating bureaucratic mechanism. Rather it must be a reflective learning process that familiarizes managers and employers in the organization with key strategic issues and feasible alternatives for resolving those issues. It must not become ritualistic, stilted, orchestrated or too formal, predictable and rigid. Always remember to keep the strategic management process simple but effective, jargon-free but content rich. Words supported by numbers should be represented as the medium for explaining strategic issues and organizational responses. A key role of strategist is to facilitate continuous organization change and learning that enhances the next perspective production operations (HR, Learning, Culture and Leadership aspects as well). Discussion Production/ Operations (Learning, HR) Perspective The production or operations perspective constitute more than 70% of the firms total routine strategy or operational strategy. These limitations can significantly enhance the risk of non-attainment of the desired objectives as they are back bone of the business development/ market expansion focuses of the organization. Production related decisions on plant size, plant locations, product design, choice of equipments, kind of tooling, size of inventory, inventory control, quality control, cost control, use of standards, job specialization, employee training, equipment and resource utilizations, shipping and packaging and technological innovations can have a dramatic impact on the success or failure of strategy-implementation efforts. Factors that should be studied before locating production facilities include the availability of resources, make or outsource decisions, margin of production costings, the location of major markets, political risks in the area/ region. For high technology companies, production costs may not be as important as production flexibilities because major product changes can happen more frequently. This also results in cross-training of employees in various production platforms leading to: Reduction in substantial investments in training learning activities. Workers skill level gets cross-pollinated and resulting in higher efficiency. It can reduce the thrust of managers responsibility in training/ and make them focus more towards coaching and mentoring. It reduces time gaps and hence gains on productivity levels are easily expected. You have to understand your industry well to develop the connection between process improvements and outputs achieved. Take three divisional examples of cycle-time measurement, a common process measure. For much of our defense business, no premium is earned for early delivery. And the contracts allow for reimbursement of inventory holding costs. Therefore, attempts to reduce inventory or cycle times in this business produce no benefit for which the customer is willing to pay. The only benefits from cycle time or inventory reduction occur when reduction in factory-floor complexity leads to real reductions in product cost. The output performance targets must be real cash savings, not reduced inventory levels or cycle times. In contrast, significant lead-time reductions could be achieved for our packaging machinery business. This improvement led to lower inventory and an option to access an additional 35% of the market. In this case, the cycle-time improvements could be tied to specific targets for increased sales and market share. It wasnt linear, but output seemed to improve each time we improved throughput times. And in one of our agricultural machinery businesses, orders come within a narrow time window each year. The current build cycle is longer than the ordering window, so all units must be built to the sales forecast. This process of building to forecast leads to high inventory-more than twice the levels of our other businesses-and frequent overstocking and obsolescence of equipment. Incremental reductions in lead time do little to change the economics of this operation. But if the build cycle time could be reduced to less than the six-week ordering time window for part or all of the build schedule, then a breakthrough occurs. The division can shift to a build-to-order schedule and eliminate the excess inventory caused by building to forecasts. In this case, the benefit from cycle-time reductions is a step-function that comes only when the cycle time drops below a critical level. So here we have three businesses, three different processes, all of which could have elaborate systems for measuring quality, cost, and time but would feel the impact of improvements in radically different ways. With all the diversity in our business units, senior management really cant have a detailed understanding of the relative impact of time and quality improvements on each unit. All of our senior managers, however, understand output targets, particularly when they are displayed with historical trends and future targets. The concept of learning organization (cultural intervention in strategy) is emphasized here as part of the changing business model to suit the strategic intent. Learning organizations are characterized by total employee involvement in a process of collaboratively conducted, collectively accountable change directed towards shared values or principles. (Watkins and Marsick 1992: 118). The basic rationale for such organizations is that in situations of rapid change only those that are flexible, adaptive and productive will excel. For this to happen, it is argued, organizations need to discover how to tap peoples commitment and capacity to learn at all levels. While all people have the capacity to learn, the structures in which they have to function are often not conducive to reflection and engagement. Furthermore, people may lack the tools and guiding ideas to make sense of the situations they face. Organizations that are continually expanding their capacity to create their future requi re a fundamental shift of mind among their members. When you ask people about what it is like being part of a great team, what is most striking is the meaningfulness of the experience. People talk about being part of something larger than them, of being connected, of being generative. It becomes quite clear that, for many, their experiences as part of truly great teams stands out as singular periods of life lived to the fullest. Some spend the rest of their lives looking for ways to recapture that spirit. For Peter Senge, real learning gets to the heart of what it is to be human. We become able to re-create ourselves. This applies to both individuals and organizations. Thus, for a learning organization it is not enough to survive. Survival learning or what is more often termed adaptive learning is important indeed it is necessary. But for a learning organization, adaptive learning must be joined by generative learning, learning that enhances our capacity to create The learning organizations require a new view of leadership. He sees the traditional view of leaders (as special people who set the direction, make key decisions and energize the troops as deriving from a deeply individualistic and non-systemic worldview. At its centre the traditional view of leadership, is based on assumptions of peoples powerlessness, their lack of personal vision and inability to master the forces of change, deficits which can be remedied only by a few great leaders. Against this traditional view he sets a new view of leadership that centers on subtler and more important tasks. In a learning organization, leaders are designers, stewards and teachers. They are responsible for building organizations were people continually expand their capabilities to understand complexity, clarify vision, and improve shared mental models that is they are responsible for learning. Learning organizations will remain a good idea until people take a stand for building such organizations. Taking this stand is the first leadership act, the start of inspiring (literally to breathe life into) the vision of the learning organization, which is also part of the structural intervention, a part of planned change or Organization Development. Conclusion Successful Strategy formulation does not at all guarantee successful strategy implementation, although they are sequential in nature, but the latter simply means the change actually. It is widely agreed that the real work starts after strategies are formulated. It is sometimes frightening to think a single individual, a system failure, a process hiccup or a disturbing structure would completely sabotage the success of the strategic implementation and achievement of the agreed objectives. So the actual grounds have to prepare in terms of managing human resources and political relationships, creating a strategy supporting conducive climate/ culture, adapting to the right kind of systems, operations and processes. Depending on the size and type of the organization other management issues could be equally important to successful strategic implementation. References Dale McConkey, Planning in a Changing Environment, Business Horizons, September October 1988; 66. S. Ghoshal C.A. Bartlett, Changing the role of management beyond structure to processes, HBR 73, 1(1995); 88 90. www.hbr.org How important is personal goal alignment in Strategic Objectives, article by Thomas Strickland in 1998 (White Papers Category). Richard Brown, Outsider CEO: Inspiring changes with force and grace, USA Today (July 19, 1999): 3B. H. Igor Ansoff, Strategic Management of Technology, Journal of Business Strategy 7, no: 3 (Winter 1987); 38. Jack Duncan, Management (New York Random House, 1983): 381-390. Translating strategies into action, course notes on published by HBS Feb 1990. Robert Waterman Jr. How the better get best?, Business Week (September 14th 1987): 104-105. Implementing Strategies: Management Operations Issue, Fred R. David, South Carolina University, 2006 Prentice Hall Edition, 245 261. T. Deal A. Kennedy, Culture: A new look through the old lenses, Journal of Applied Behavioral Sciences 19, no:4 (1983), 498 504. Peter Senge on Learning Organizations in the American Management Journal, (Senge 1990: 340) Harris Dawn, Constance E. Helfat and Paul J Wolfson the pipeline to the top, the Academy of Management Perspectives 20, No: 4 (2006); 42. James C Wimbush, Spotlight on Human Resources Management, Business Horizon 49, No: 6 (Nov-Dec 2006); 433 Robert Simons, Control in the Age of Empowerment, Harvard Business Review (March-April 1995); 80. Readings from Strategic Management by Charles W.L. Hill Gareth R. Jones, 4th Reprinted 2000 Millennium Edition.