Columbia Business Environment

As per (Walter, J. (2006), any business commendable its salt must complete a business investigation review before wandering into extension plans. This regularly spares an association time and assets which would be lost if the choice to extend or move business did not depend on sound strategic approaches. The case underneath investigations the business condition in Colombia, by tending to the political, social, monetary, and local and industry examination of the nation. At last the paper gives a decision dependent on the discoveries of the examination which is fundamentally a proposal on the monetary speculation alternatives for a business targeting wandering into the Colombian market. Area. Colombia, neighbors Caribbean Sea, Panama, Venezuela, a well as North Pacific Ocean. With a populace of around 40 million individuals, the nation has a decent residential market. Colombia appreciates a blend of atmospheres, for example, waterfront tropic atmosphere just as in the eastern fields it additionally has cool good countries atmosphere reasonable for agrarian exercises. World of politics Major ideological groups presently incorporate, Democratic Alliance, Liberal Party, Patriotic Union, and Social Conservative Party (Kline, and Harvey, 1985). Political pioneers incorporate the president, Carlos Franco Echavarria, Antonio Navarro Wolff, Otty Patino, Carlos Alonso Lucio, Jose Fernando Bautista, Aida Abella and Dr. Eugenio Merlano de la Ossa. The nation has fair binds with the US and has diplomat in the US just as hosts a minister from the US. Regarding religion the individuals are to a great extent Roman Catholics, which comprise over 90% of the populace with different religions shaping the 10 percent. At present the nation is wrestling with common uproars, neediness, rebellion, deteriorating money just as shaky world of politics. The nation has been confronted with common hardship for as far back as 40 years something which has prompted the removal of more than 200,000 individuals inside (Amnesty International, 2002). At present, the administration is from right â€wing and numerous savants have anticipated that, as long as he keeps on preferring communist standards, the since a long time ago held up changes particularly those tending to the situation of the poor in Columbia will proceed with uncertain. Monetary conditions. The economy is anticipated to develop at a pace of 6. 1something inferable from stable local utilization just as positive private venture circumstance. In the year 2005 the GDP was 5. 13 and a 6. 1 development this year is appositive pointer of a great financial condition. The best performing parts are exchange, framework and industry. Columbia’s GDP has been developing at a pace of 3. 1 to 3-6 over the most recent 3 years that is from the year 2004 to directly. Improved worldwide financial condition is the purpose for a great deal of monetary action being knowledgeable about Colombia (Bagley, and Michael, 1987). Also, the household advertise is developing in a sharp differentiation to the devastated individuals. The development rate can be named as empowering with the nation encountering solid and unsurprising trade rates, just as low and positive financing costs. On the abovementioned, the credit conditions have improved fundamentally when contrasted with the circumstance in the 90’s. Major monetary parts incorporate materials, oil investigation, drinks, synthetic substances, concrete; just as minerals like gold, coal, and emeralds (Thoumi, Francisco 1987). Work conditions. The work advertise in Colombia is prepared and oversupplied. Anyway significant difficulties lay ahead due to the regrettable work development conditions in that nation. More or less it is obvious from the accessible writing that, work associations are non operational in Colombia, joining worker's organization is fair to pursuing passing something which has significantly influenced the work relations in the nation. What's more, employees’ confidence in the nation is on an unsurpassed low because of the way that, the laborers in that nation don't have a solid dealing power (Peeler, &John, 1976). The circumstance turns out to be increasingly mind boggling because of the association of military gatherings which other than being furnished, appear to work resolute by law authorization organizations. There have been accounted for various kidnappings, dangers and deaths all legitimately identified with work issues something which calls for incredible anticipating the side of a remote organization wishing to put resources into Colombia. The above have negatively affected the financial condition of the nation and have been the main sources for speculators avoiding from putting resources into the nation. Other than the above named states of wrongdoing, there has been recently an influx of monetary wrongdoing, for example, hijackings of shipments, deliver request kidnappings, fake merchandise exchange, all of which have made creation expenses to go up because of high dangers. Colombia is dynamic in provincial and universal associations, for example, UN, Andean people group, the Rio gathering and OAS (Martz, and John, 1962). The country’s political framework is a majority rules system of bicameral congress and autonomous official just as legal executive. The greatest ideological groups are the Liberal and Conservative as of now the president is, Alvaro Uribe. The individuals communicate in their ethnic dialects of their particular ethnic gatherings however Spanish is the official and national language, such ethnic gatherings and dialects incorporate; Mestizo, Whites, Blacks, mulatto and Amerindian. The proficiency level is high with 91% of the populace being proficient which suggests that talented work is promptly accessible in the nation. The individuals are known to be affable and once in a while has there been accounted for enmity identified with outsiders. Obviously, Colombia is anything but a politically steady nation something which has come about because of proceeded with guerrilla fighting just as paramilitary exercises. Urban crime percentage is high just as the frailty conditions in the entire nation. Debasement is accounted for to be high couple with medicate dealing and all other way of social violations. It is right to state that Columbia is one of the most risky spots to put resources into and subsequently the business ought to delay its development designs in Colombia and maybe move to other neighboring nations with same key business focal points as Columbia however less dangers and in this manner operational expenses..

Investigate how the Concentration of a Sucrose Solution affects the Rat

Research how the Concentration of a Sucrose Solution influences the Rate of Osmosis Presentation: Dissemination is the development of particles from a high fixation to a low fixation until they are spread out uniformly. A case of dissemination is the point at which an airborne is splashed. The particles spread out from the high focus at the spout into the remainder of the room and that is the manner by which the smell moves. Assimilation is the entry of water atoms from a more vulnerable answer for a more grounded arrangement through an in part penetrable film. Assimilation is a sort of dispersion including water - the water particles move from a feeble arrangement (with a high centralization of water) into a solid arrangement (with a low convergence of water). The cell layer in a plant cell is mostly porous - it has little gaps that can allow in little atoms however not enormous ones. This permits water through and in this way permits assimilation. At the point when the cell has all the water it can take within it the assimilation process stops. The water pushes facing the cell divider which is sufficiently able to stop it blasting. The cell is bloated and the plant needs bloated cells to give it inflexibility and permit it to stand upstanding. On the off chance that the cell has insufficient water in it, it is flabby and doesn't bolster the plant which goes limp. So as to get ready for my analysis I did a fundamental trial to get a thought of how I would do my genuine examination and what device what's more, arrangements I would require. I gauged 11 potato chips and put them into discrete bubbling cylinders. I filled each bubbling cylinder with a distinctive grouping of a sucrose arrangement from 0 molars (water) through to 1.0 molar with 0.1M interims in the middle. Following 30 minutes I expelled the potato chips and estimated their mass. I found that the contributes the convergences of 0M to 0.2M had expanded in mass and the rest had diminished in mass. For my analysis I have decided to utilize five centralizations of sucrose arrangement - 0.0M, 0.1M, 0.2M, 0.3M and 0.4M. I have picked these focuses for two reasons. Right off the bat they spread where the expansion in mass changes to a decline also, consequently I can ideally discover the balance where the mass remains the equivalent, and besides they are all at equivalent interims so it will be simple and exact to draw a chart for my outcomes. Expectation: I anticipate that out of the five potato chips utilized in the examination at least two will... ...tato chip in the answer for various timeframes. I could then analyze the angles of the lines of best fit for the 5 unique occasions, and furthermore draw charts for every molarity over the 5 timespans. I could likewise do a test utilizing indistinguishable focuses from I did in this analyze, yet estimating the mass of the potato chips after each 3 or on the other hand 4 hours until the mass remains the equivalent, and perceive to what extent potato contributes various arrangements took to arrive at a last mass and to perceive how enormous it's mass would get. At last I might want to do likewise test as I did here, however give it a shot on various kinds of plants also, look at the paces of assimilation of the various plants. This would give a thought of which plants were increasingly proficient at taking up water what's more, I could perceive what kinds of plants had the quickest pace of assimilation, what's more, regardless of whether there was a connection between the pace of assimilation in a plant what's more, the natural surroundings it exists in. For instance I may find that plants that live in hot, dry conditions have a quicker pace of assimilation than plants which live in cool, wet conditions. These trials would help give a superior thought of how the pace of assimilation is influenced by the grouping of an answer.

Common and Rare Side Effects of Xanax

Common and Rare Side Effects of Xanax Bipolar Disorder Treatment Medications Print Common and Rare Side Effects of Xanax By Marcia Purse Marcia Purse is a mental health writer and bipolar disorder advocate who brings strong research skills and personal experiences to her writing. Learn about our editorial policy Marcia Purse Medically reviewed by Medically reviewed by Steven Gans, MD on August 05, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on January 21, 2020 Tara Moore / Getty Images More in Bipolar Disorder Treatment Medications Symptoms Diagnosis Xanax is the brand name for the drug alprazolam, a type of benzodiazepine that is sometimes prescribed to treat panic disorder and other anxiety conditions. Common side effects of Xanax include dizziness, dry mouth, drowsiness, headache, and slurred speech, but there are some effects that are rarer. If you or someone you love is taking Xanax or alprazolam (the generic version), you should be aware of the potential side effects, as well as the effects of overdose and discontinuation. According to a study published in JAMA Internal Medicine, alprazolam is the third most commonly prescribed psychiatric drug in the U.S.?? Xanax Side Effects Check with your doctor if any of the following side effects are pervasive or are bothersome: More Common: Dry mouth; sleepiness; drowsiness; clumsiness or unsteadiness; dizziness or light-headedness; speech disturbances.?? Less Common or Rare: Gastrointestinal disturbances; blurred vision or other changes in vision; changes in sexual desire or ability; a headache; increased saliva; muscle spasm; problems urinating; trembling or shaking; unusual tiredness or weakness; weight changes.?? When to Notify Your Doctor Contact your doctor if you experience the following side effects: Less Common: Anxiety; confusion (may be more common in the elderly); fast, pounding or irregular heartbeat; memory disturbances. Rare: Abnormal thinking, disorientation, delusions or agitation; behavior changes, including aggressive behavior, bizarre behavior, decreased inhibition or outbursts of anger; convulsions (seizures); hallucinations; hypotension (low blood pressure); muscle weakness; skin rash or itching; sore throat, fever, and chills; ulcers or sores in mouth or throat; uncontrolled movements of body, including the eyes; unusual bleeding or bruising; unusual excitement, nervousness or irritability; unusual tiredness or weakness (severe); yellow eyes or skin.?? Xanax Withdrawal Side Effects   Xanax dependence may occur within a relatively short period of time, especially at higher dosages. Tolerance can also occur quickly, so people may find themselves needing to take more of the drug to achieve the same effects that they initially experienced. For this reason, Xanax should be tapered off. Tapering involves gradually reducing the dosage of the drug in order to minimize potential withdrawal effects. There is a higher risk of withdrawal effects if the drug is stopped abruptly. More Common: Irritability; nervousness; insomnia; anxiety; light-headedness; a headache; fatigue; nausea or vomiting; weight loss; decreased appetite; sweating; unusual involuntary movement.?? Less Common: Abdominal cramps, nausea or vomiting; fast or pounding heartbeat; increased physical sensitivities; increased sweating; delusions, hallucination, cognitive disturbances, muscle cramps or abnormal movements. Rare (Notify Your Doctor Immediately): Confusion of time, place or person; convulsions (seizures); feelings of suspicion or distrust; hallucinations. Xanax Overdose Side Effects   Side effects of a Xanax overdose include confusion (continuing); convulsions (seizures); drowsiness (severe) or coma; shakiness; abnormal heartbeat; slow reflexes; slurred speech (continuing); staggering; troubled breathing; weakness (severe). Other side effects not listed above may also occur in some patients. If you notice any other effects, check with your doctor.

My Sibling And I Have Very Different Personalities

My sibling and I have very different personalities, nature resulted in conflict growing up. My sister Abbey and I are only eighteen months apart and have shared a room for as long as I can remember. We have polar opposite personalities and would fight constantly growing up. I am very introverted, bring in large groups of people drains me. I like having time to myself but can be extroverted in social situations. I am a very easy-going flexible person and I try to avoid conflict as much as possible. While Abbey is extremely extroverted. She is the life of the party and is not afraid to state her opinion. Growing up we were always getting into arguments over everything. Arguing over who got to sit shotgun in the car, who got the television remote, or whose friends could sleep over. My little brother Timmy is five years younger than me and is one of my best friends. We have fairly similar personalities and almost never fought. This was not the case for Abbey and Timmy. 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Orbital Atk Management At Orbital Atk Management - 1306 Words

Introduction: Purpose: The purpose of this document is to present to Orbital ATK management to discuss about why it is important to hire a full-time technical writer or writers in the workplace. The purpose is to describe the benefits of having a technical writer and how he/she can impact the company greatly. Description/Background: In business, there’s people that rely on technical writers if they ever make mistakes towards there writing. At Orbital ATK we’re all about cooperating with each other and as employees, few of us became involved in strategic thinking and planning for our company. We are all actively involved in our projects and we would love to discuss them while we are developing with new and creative ideas for brainstorming new machinery for more production of product and quality. Sharing ideas and getting different kinds of inputs how optimize our staffs can be towards making better machinery and quality ammo for government and non-government officials along the way (Linton). Scope: This proposal will show how beneficial it is to hire a full-time technical writer or writers. There’s much to discuss on what makes a technical writer and what can we use him or her for. Throughout observing the literature behind the importance of having a technical it can be quite help make our staffs improve more on the skills they need and the advice they can get whenever they get into some sort of trouble with their jobs. Along the discussions, there are differentShow MoreRelatedOrbital Atk Management : Importance Of Hiring A Hire A Full Time Technical Writer Or Writers1367 Words   |  6 Pagespurpose of this document is to present to Orbital ATK management the importance of hiring a hire a full-time technical writer or writers in the workplace. Also to describe the benefits of having a technical writer and how he/she can impact the company greatly. Description/Background: In many businesses, there are people that rely on technical writers to produce technical documentation that helps people understand and use a product or service. At Orbital ATK we’re all about cooperating with one anotherRead MoreMy Career Development Of An Office Environment1698 Words   |  7 Pages human resources, accounting, as well as operations. I would often run the gym alone working open until close on the weekends. I developed relationships with the customers and the employees. As other locations around the state started to close, management cut hours back. I left to work full-time in the Army and while I was gone they sold out to LA Fitness. Doherty After being unemployed for two months, I started to work for Doherty Employer Services as a payroll assistant. I entered all of the

Role of Student in Making of Pakistan Free Essays

Pakistan — an ideological state: Pakistan claims itself to lay an ideological state because it is founded on a certain specific ideology-the ideology of Islam. It came into being because Muslims of the Indo-Pak subcontinent developed a specific attitude of mind-and attitude which was determined by the consciousness of certain principles or objectives which they felt must be realized. These were the eternal spiritual and ethical values of Islam. We will write a custom essay sample on Role of Student in Making of Pakistan or any similar topic only for you Order Now Islam gives ethical bases of life to the Muslim nation. To them Islam is more than a religion as considered in the western sense. It is in fact a complete code of life which embraces social, political, economic and cultural aspects of human behaviors. Ideology of Pakistan: The ideology of Pakistan, the overwhelming Muslim country is ideology which comprises the dictates and sanctions which are attributed or prone to the Islamic concept of nation and that of state. i) Muslim nationhood: As regards the Muslims, their basis of nationhood is neither geographical boundaries nor social or linguistic similarities but their religion-Islam. All Muslims are a nation without any distinction. This is the first principle of Pakistan ideology on which Quaid-i-Azam demanded a separate homeland for the Muslims of the subcontinent. To Pakistan, Islam is the basis of ‘Nationalism’. II) Islamic state: The ideology of Pakistan is based on the principles and ideals of Islam. Islam is the ideal for which Muslims struggled and on which the ideals on the newly born nation were based. III) Ancient ideology: Ideology of Pakistan- the Islamic way of life is not something life a manifesto that Pakistanis adopted in the morrows of their freedom. On the country, it is as old as Islam itself. Indeed Indo-Pakistani Muslim emerged as a new nation because they had stood fast to this ideology. They founded a new state because they had described to enthrone the values underlying this ideology without being checked by the domination of other conflicting values. It has been sufficiently warranted by the historical facts that not withstanding a thousand years of co-existence of the two communities-the Hindus and the Muslims, in the Indian subcontinent, they could not become harmonic, cohesive, was the expediency which was based on regionality. But this regionality could not become effective since the Muslim community is totally different from the Hindu society having its own moods and methods, names and nomenclature legends and heroes, language and literature, this concept of co-existence between them even at the regional levels could not prove a success. Thus they started their struggle for a separate homeland on the basis of Islamic ideology. How to cite Role of Student in Making of Pakistan, Essays

Queenslands Adaptation to Climate Change

Question: Discuss about theQueenslands Adaptation to Climate Change. Answer: Introduction Climate change is a global issue, and the paper primarily discusses the challenges faced by the Australians due to their change in climatic condition. Queensland is the most affected region and has some severe threats of the effects of climate change. The negative influence of the climate change leads to increasing in sea level and increase in the temperature of the Queensland as well the whole of Australia ("Adapting to climate change | Environment, land, and water | Queensland Government," 2016). The government of Australia gives considerable importance to the issue of global warming and is aiming towards the development of the climatic condition of Queensland. Different policies are being implemented to make the people adapt to the climate change in the country. The paper systematically deals with several points associated with it and addresses the important questions that come up with it. The coastal region and the marine life of the Great Barrier Reef are of utmost importance si nce it is an important place of tourist attraction and the huge change in climate will eventually destroy the aquatic life of the reef (Taylor et al., 2014). Thereby the paper narrates about the steps that can be adopted to combat this situation. The challenges to face the climatic changes for the dwellers of Queensland is quite tough and needs proper planning and implementation of policies on the part of the governments. The paper systematically addresses all the answers and elaborately illustrates the challenges, the role of the three levels of government and their working style to assist or help Queensland adapt to the changing climate. Important Climate Changes Adaptation Issues Queensland is an important part of Australia, and since the place lies in the coastal region of Australia, there are several climatic challenges and the challenge of adapting to the surrounding climatic environment (Kiem, 2014). The issues that are mostly highlighted in this prospect include occasional cyclones, extreme temperatures, scarcity of food as well as water, floods, droughts, the rise in sea level and so on. Since it is a coastal area, bushfires or forest fires are common due to the windy nature of the place (Webb, 2015).This forest fire also ushers in a change in the climatic condition of the place. This adversely affects the human life as well as the natural life of Queensland. Apart from this, the challenge of drought and flood also persist all through the year. Flood greatly affects the life of the humans and the animals in the region and can even lead to loss of lives. Drought, on the other hand, affects the cultivation and agricultural production of the region. Then a long the coastline, there lay some important buildings that aggravate the possibility of a flood and if the water of the ocean gushes in, it will be disastrous for the people of Queensland. Due to the presence of the ocean, the place is very humid the humidity reaches up to a level of 75% at times that makes the place very hot (Lyons, Phinn Roelfsema, 2012). Queensland is known as a "sunny state" and as the name suggests there is hardly any winter season in this region. Thereby the people of the region always need to face extreme heat and sunshine. Due to the increase in temperature skin disease like skin cancer can also occur and it can severely affect the citizens of Australia. Apart from these, other challenges to cope up with for the people of the coastal region are a scarcity of food and even water at times, when there is a draught. However, these are all the major issues of the climatic environment of Queensland that needs to be addressed. It requires a considerable amount of time to adapt to this weather condition, and the people of the region are the worst suffers in this prospect (Taylor et al., 2014). Powers of the Governing Bodies The authority or power is evenly distributed among the Commonwealth Government, the state government, and the local government. They have powers or authority to address the issue of the unfavorable climatic condition in Queensland. The powers are granted to these governing bodies based on some acts or laws present in the Australian constitution (Kiem, 2014).The state government has the power to make policies to usher in some changes or to provide some protection to evade the unfavorable climatic condition of Queensland. However, legally the local government does not possess much power to implement some rule or to take some measure in this context but otherwise it can work individually with the permission of the upper governing bodies for the betterment of the situation. The local government can also team up with other governing bodies to address this issue. The local government also has the power to conduct some activities to address the problem and can also make the people of the re gion aware about the scopes of improvement from this problem. The Commonwealth Government in Australia possesses the maximum authority in this aspect, and it has the power to implement the norms of the United Nations Framework regarding the issue of change in the climate of Queensland. Apart from this treaty like, Kyto Protocol can also be implemented by the Commonwealth Government to address this issue of climate change ("Climate change impacts in Queensland | Department of the Environment and Energy", 2016). The Commonwealth Government is the national government and is answerable for the drastic change in climate in the whole of Australia. The Commonwealth Government looks after the external issues or affairs. Thereby these are some of the powers that are granted by the Constitution of Australia and the local government of Queensland. The governing bodies thereby can work on these areas and aim towards bringing some favorable changes. A proper integration and collaboration of the three working bodies are necessary for the proper implementation or execution of the policies (Kiem, 2014). Role of Commonwealth Government The Commonwealth Government plays a major role in this aspect and can be influential in bringing in some positive changes. The Commonwealth Government primarily looks after the national welfare of the country (Lyons, Phinn Roelfsema, 2012). The Government is concerned about the climatic condition of the whole of Australia since it is an issue of national level. The Commonwealth Government can have a very strong economy to provide safety to the dwellers of the Queensland as well as to the people of neighboring states. The Commonwealth Government can share information about the global climate change and set some steps or measures to adapt to the climate change in Queensland, based on the practices that are used at an international level (Shoo, 2014). The Commonwealth Government can develop a department of climate change and can appoint some researchers or scientists always to look after the change in climate in Queensland and thereby recommend some policies that can be undertaken to c ombat the situation. The researchers or scientists can put forward some relevant case studies or information in this prospect so that a more insight in this aspect can be gained. Apart from this, the Commonwealth Government can also take some steps to prohibit the negative economic impacts that the whole country will face. The commission of climate in Australia along with the Commonwealth government can spread awareness as well as collate views of the Australians regarding this issue. The different climatic research bodies present in Australia can also come forward and join hands with the Commonwealth government to make necessary recommendations and amendments for adapting to the climate change in Queensland. One important role of the Commonwealth Government in this aspect is the protection of the Great Barrier Reef ("Adapting to climate change | Environment, land, and water | Queensland Government," 2016). The Great Barrier Reef is one of the famous spots in Australia and due to in creasing in temperature, floods, occasional cyclones and increasing pollution in the water, the reef is in great danger. The marine or aquatic life of the Great Barrier Park is in danger, and it can create an imbalance in the biodiversity of the place. The tourism industry of Australia will also be affected if the reef is polluted, therefore the Commonwealth Government can implement some strict rules regarding the usage to Marine Park (Frusher et al., 2012). Security can also be employed on the coast for the proper maintenance of the Great Barrier Reef and the coasts of Queensland. Reef 2050 is a plan of the Commonwealth Government to combat with the changing climatic condition. Role of State Government The Queensland state government can tie up with the local governing bodies to delve deep into the issue and bring forward some change. The state government or the government of Queensland can adopt some strategies to be implemented along the coast of Queensland (Frusher et al., 2014). Better communication between the state government and the local governing bodies can also be brought into action for a clear knowledge and know-how of the climatic condition of Queensland. However, due to the climatic change, not only Queensland but also the whole of Australia will suffer from the impacts of climate change is far-reaching and huge. Better infrastructure for combating the climatic change can also be done by the state government. For example, the flood can bring in destructiveness, which can be evaded by building dams, and the people living in the coastal region should be instructed to build their houses away from the coastal area. Better services for safety and security can also be provi ded to the people of Queensland by the state government. Good and improved services can also be given to the people of Queensland to adapt to this changing climate (Shoo, 2014). The state government is working towards the development and implementation of some of the policies like coastal risk adaptation program, promoting the use of renewable source of energy, reduction in the emission of greenhouse gasses and so on. Another important role of the state government is investing for the societal communities of Queensland to manage the impacts of climatic change. The state government is spending near about $15 million to better and implement the adaptation strategies (Ivkovi? et al., 2016). Role of Local Government The local government can take a crucial role in adapting to the changes in the climatic condition of the country. The local government of Queensland and promote active engagement and response of the people in this matter (Burton Mustelin, 2013). The local government can regulate several measures like the lease of land, building construction rules and so on. Then the local government of Queensland can take extra care of the people living in the coastal area since they are more vulnerable to floods and cyclones. The adaptation to the climatic change of Australia is greatly dependent on the role of the local government since they are closer to Queensland and the problems of climate change. The local government is also considering plantation of huge numbers of trees to combat the negative impacts of climatic change. The climatic change is a global issue, and Australia is taking early initiatives in this aspect. Queensland being adjacent to the Pacific Ocean is more affected by the clima tic change in Australia. Apart from the local government also closely monitors the change in the population of Queensland, especially those living in the coastal area (Hilbert et al., 2014). Due to globalization, many people from different parts of the world come and settle in this region, which can lead to the reckless use of the coastal areas and can develop social disparity due to the difference in income (Bell, 2016). All these negatively affect the biodiversity of the place and thereby aggravate the problems of climate change. The local government can also work towards forming different communities who can converse among themselves to bring some small changes to address the issue of climate change. The local government with the help of state government and national government is aiming towards investing more money for the overall development of Queensland. The responsibility of the local government is also to look after urban development near the coastal area, conservation of t he environment, the health of the people and so on (Frusher et al., 2012). The Three Levels of Government The three levels of governments, which are the national government, the state government, and the local government can collaborate and work together. COAG is a link that effectively joins these three levels of governments. All the three levels of government should be well informed about their working style and their agenda ("Adapting to climate change | Environment, land, and water | Queensland Government," 2016). The national government being the one with supreme power can invest more money to improve the climatic condition of Australia with the help of the state and local government of Queensland. The three levels of government can keep track of the policies or acts made by them for adapting the changes and the proper implementation of the policies (Ivkovi? et al., 2016). The outcome or result of the policies and how the people are responding to that should also be evaluated. The three governing bodies can work as a unit in solving the problem and should keep in mind the sustainabl e development of Australia. The marine life, ecosystem and the biodiversity of Australia are utmost important and should be conserved and bettered for future generations. The three levels of governing bodies should be more responsible towards their duties and responsibilities. Though the entire challenge of adaptation to the climatic changes is on the shoulder of the national government, the state, and local government can also take proper initiative to address this issue. The acidification of the water of "Great Barrier Reef" negatively affects the tourism industry of Australia and it is an issue of major concern (Webb, 2015). Making decisions and forming policies by the governing bodies should be a systematic and a collaborative approach. The primary key to this aspect is the integration and mutual trust of the governing bodies without which the problem can never be properly addressed. Improvement of Policy Cycles The policies are mainly made based on the issues that are identified, and the policies can be improved with the effective working of the three governing bodies. Policymaking is a systematic and structural approach and is primarily done to analyze a certain problem and then taking necessary steps (Burton Mustelin, 2013). The discussion of the roles and responsibilities of all the three levels of government have been done in the in the paper, and it is desirable that the governments work as a team and keep information of each other. The local government of Queensland can better understand and analyze the negative impacts of the climate change the necessary awareness that should be created among the people to address this issue. The issues should be precisely identified by the governing bodies and clearly jotted down to address the problems in a systematic way. The policies for adaptation can be more effectively formulated if the challenges or the difficulties are properly discussed. S urvey can also be conducted mainly in the coastal region of Queensland to have a clear knowledge of the threats and problems of the area. The people of the region can be asked about the problems that they are facing, and the governing bodies can take steps accordingly (Reser et al., 2012). The governing bodies can also allow participation of stakeholders in this prospect and thereby get some new ideas and thoughts to address this problem. The Commonwealth Government, being the one to grant money for the development of the current scenario can also take a suggestion from the local government of Queensland to get ideas of where to invest for the betterment of the coastal region. The strategy of protecting the Great Barrier Reef is a great one, and it can be done with the help of the local and state government. Many independent organizations of Australia are also concerned with the issue of climate change and helping Queensland combat this issue (Martin Rice, 2012). The governing bodi es should also recognize the efforts of these organizations and help them with money or suggestions. An account of Australia's climatic condition can also be studied thoroughly to improve the policies that are formulated by the governing bodies. Extra focus can be put on the policy of the Reef 2050 since this is all about the sustainable development and growth of the Great Barrier Reef. However, the paper in details represents the aspects of climate change in Australia and more particularly of Queensland. It addresses the main points that are associated with the concept of climate change. Queensland is a coastal region and is surrounded by the Pacific Ocean. This place experiences a very high humid climate and thereby a gradual change in the climatic condition of the place can be observed over the past few years. Researchers and scientists are analyzing the cause of the climate change and with the assistance of the governing bodies, making plans and policies to develop the scenario. Impacts of flood, cyclones, forest fires and storms are the major issues of this place. The role of the three levels of governments in this scenario is huge, and a collaborative approach of the governing bodies can change the situation. Reference: Adapting to climate change | Environment, land, and water | Queensland Government. (2016). Qld.gov.au. Retrieved 24 October 2016, Bell, W. P. (2016). Submission to the Queensland Governments discussion paper Advancing Queensland climate: Making the transition to a low carbon future. Burton, P. A. (2014). Policy responses to climate change in Australia: contestation, complexity and uncertainty. Burton, P., Mustelin, J. (2013). Planning for climate change: Is greater public participation the key to success?.Urban Policy and Research,31(4), 399-415. Climate change impacts in Queensland | Department of the Environment and Energy. (2016). Environment.gov.au. Retrieved 24 October 2016, Frusher, S. D., Hobday, A. J., Jennings, S. M., Creighton, C., DSilva, D., Haward, M., ... van Putten, E. I. (2014). The short history of research in a marine climate change hotspot: from anecdote to adaptation in south-east Australia.Reviews in Fish Biology and Fisheries,24(2), 593-611. Head, B. W. (2014). Evidence, uncertainty, and wicked problems in climate change decision making in Australia.Environment and Planning C: Government and Policy,32(4), 663-679. Hilbert, D. W., Hill, R., Moran, C., Turton, S. M., Bohnet, I., Marshall, N. A., ... Laurance, S. G. W. (2014). Climate change issues and impacts in the Wet Tropics NRM cluster region.James Cook University, Cairns. Ivkovi?, M., Hamann, A., Gapare, W. J., Jovanovic, T., Yanchuk, A. (2016). A framework for testing radiata pine under projected climate change in Australia and New Zealand.New Forests,47(2), 209-222. Keys, N., Bussey, M., Thomsen, D. C., Lynam, T., Smith, T. F. (2014). Building adaptive capacity in south east Queensland, Australia.Regional Environmental Change,14(2), 501-512. Kiem, A. S. (2013). Drought and water policy in Australia: Challenges for the future illustrated by the issues associated with water trading and climate change adaptation in the MurrayDarling Basin.Global environmental change,23(6), 1615-1626. Low Choy, D. C., Serrao-Neumann, S., Crick, F., Schuch, G., Sano, M., Van Staden, R. C., ... Baum, S. (2012). Adaptation options for human settlements in South East Queenslandmain report. Lyons, M. B., Phinn, S. R., Roelfsema, C. M. (2012). Long term land cover and seagrass mapping using Landsat and object-based image analysis from 1972 to 2010 in the coastal environment of South East Queensland, Australia.ISPRS Journal of Photogrammetry and Remote Sensing,71, 34-46. Martin, N. J., Rice, J. L. (2012). Developing renewable energy supply in Queensland, Australia: A study of the barriers, targets, policies and actions.Renewable Energy,44, 119-127. Quezada, G., Grozev, G., Seo, S., Wang, C. H. (2014). The challenge of adapting centralised electricity systems: peak demand and maladaptation in South East Queensland, Australia.Regional Environmental Change,14(2), 463-473. Reser, J. P., Bradley, G. L., Glendon, A. I., Ellul, M. C., Callaghan, R. (2012). Public risk perceptions, understandings and responses to climate change in Australia and Great Britain.Gold Coast, Qld: Griffith Climate Change Response Adaptation Facility. Rodriguez, D., Cox, H., Power, B. (2014). A participatory whole farm modelling approach to understand impacts and increase preparedness to climate change in Australia.Agricultural Systems,126, 50-61. Serrao-Neumann, S., Crick, F., Harman, B., Sano, M., Sahin, O., Van Staden, R., ... Choy, D. L. (2014). Improving cross-sectoral climate change adaptation for coastal settlements: insights from South East Queensland, Australia.Regional Environmental Change,14(2), 489-500. Serrao-Neumann, S., Schuch, G., Harman, B., Crick, F., Sano, M., Sahin, O., ... Choy, D. L. (2015). One human settlement: a transdisciplinary approach to climate change adaptation research.Futures,65, 97-109. Shoo, L. P., OMara, J., Perhans, K., Rhodes, J. R., Runting, R. K., Schmidt, S., ... Lovelock, C. E. (2014). Moving beyond the conceptual: specificity in regional climate change adaptation actions for biodiversity in South East Queensland, Australia.Regional environmental change,14(2), 435-447. Taylor, B., Wallington, T., Heyenga, S., Harman, B. (2014). Urban growth and climate adaptation in Australia: Divergent discourses and implications for policy-making.Urban Studies,51(1), 3-21. Webb, R. (2015). Bringing Climate Action Down Under: The Politics of Climate Change in Australia.KBH Energy Center Blog.

Honda free essay sample

Honda Motor Co. , Ltd. operates under the basic principles of Respect for the Individual and The Three Joys commonly expressed as The Joy of Buying, The Joy of Selling and The Joy of Creating. Respect for the Individual reflects company’s desire to respect the unique character and ability of each individual person, trusting each other as equal partners in order to do the best in every situation. Based on this, The Three Joys expresses the belief and desire that each person working in, or coming into contact with Honda Motor Co. , Ltd. hould share a sense of joy through that experience. In line with these basic principles, since its establishment in 1948, Honda has remained on the leading edge by creating new value and providing products of the highest quality at a reasonable price, for worldwide customer satisfaction. In addition, the company has conducted its activities with a commitment to protecting the environment and enhancing safety in a mobile society. We will write a custom essay sample on Honda or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The company has grown to become the worlds largest motorcycle manufacturer and one of the leading automakers. With a global network of 466 subsidiaries and affiliates accounted for under the equity method, Honda develops, manufactures and markets a wide variety of products, ranging from small general-purpose engines and scooters to specialty sports cars, to earn the company an outstanding reputation from customers worldwide. As of December 31 2012, consolidated sales consisted of ? 7,948,095 million (Figure 1 â€Å"Consolidated Financial Data†). Consolidated Financial Data Figure 1 â€Å"Consolidated Financial Data† http://world. honda. com/profile/financial/ Honda is headquartered in Minato, Tokyo, Japan. Their shares trade on the Tokyo Stock Exchange and the New York Stock Exchange, as well as exchanges in Osaka, Nagoya, Sapporo, Kyoto, Fukuoka, London, Paris and Switzerland. II. The products and services Honda Motor Co. , Ltd. , together with its subsidiaries, engages in the development, manufacture, and distribution of motorcycles, automobiles, and power products worldwide. Its motorcycle line consists of business and commuter models, as well as sports models, including trial and moto-cross racing; all-terrain vehicles; and multi utility vehicles. The company also produces various automobile products, including passenger cars, light trucks, and mini vehicles; and power products comprising tillers, portable generators, general-purpose engines, grass cutters, outboard marine engines, water pumps, snow throwers, power carriers, power sprayers, lawn mowers and lawn tractors, and home-use cogeneration units, as well as thin film solar cells for home, public, and industrial uses. In addition, it sells spare parts and provides after sales services through retail dealers; and offers retail lending and leasing to customers, as well as wholesale financing to dealers. The Honda represented its efforts in competing in the kei car segment, offering sedan, delivery van and small pick-up platforms on a shared chassis. The Life StepVan had a novel approach that, while not initially a commercial success, appears to be an influence in vehicles with the front passengers sitting behind the engine, a large cargo area with a flat roof and a lift gate installed in back, and utilizing a diagonally installed engine with a front-wheel-drive powertrain. Honda produces a Civic hybrid electric vehicle that competes with the Toyota Prius. Honda Motor Co. , Ltd. is also quite innovative in the robotic development program. ASIMO is the part of Hondas Research amp; Development robotics program. Weighing 54 kilograms and standing 130 centimeters tall, ASIMO resembles a small astronaut wearing a backpack, and can walk on two feet in a manner resembling human locomotion, at up to 6  km/h (3. 7  mph). ASIMO is the worlds only humanoid robot able to ascend and descend stairs independently. Hondas robot ASIMO as an Ramp;D project brings together expertise to create a robot that walks, dances and navigates steps. For the past few years Honda has developed a machine capable of reading a users brainwaves to move ASIMO. The system uses a helmet covered with electroencephalography and near-infrared spectroscopy sensors that monitor electrical brainwaves and cerebral blood flow – signal that alter slightly during the human thought process. Honda Motor Co. , Ltd. also offers retail lending and leasing to its customers as well as wholesale financing to dealers. If the customer is looking to purchase or lease, as an example, a Honda or Acura product, Honda Financial Services and Acura Financial Services will be very helpful. The customer can also browse special lease and finance offers, estimate payments and even get credit pre-approval if applying online. Current customers can also learn how to pay bills online and over the phone, sign up for online account access or sign up to make payments automatically. In addition to different bill payment methods, Honda Financial Services and Acura Financial Services offer online account access through Owner Link web site, to find out about payoff information, whether the customers have a lease or traditional financing. III. Market Penetration Strategy Expanding into international markets is a very important step for every company looking for chance to increase sales and profits through new ontacts and opportunities as well as to increase the market shares globally, become more competitive and gain exposure to new ideas, technologies and business processes. As one of the leading multinational companies, Honda Motor Co. , Ltd. has set big plans to grow globally in the future by means of creating world-leading environmental technologies, bring them to life as products, and offer them to more custom ers; also to achieve a significant advancement toward the next generation of manufacturing systems which will enable Honda to create very advanced products. Lululemon Athletica, or Lululemon for short, was founded in 1998 by Dennis â€Å"Chip† Wilson, an entrepreneur who after 20 years in the surf, skate and snowboard business, saw an outstanding business opportunity in yoga clothing after taking a yoga class. In November of 2000, the first Lululemon store was opened in Vancouver BC, Canada. The first store included a design studio, retail store, and shared space with a yoga studio in order to cover rent expenses. Clothing was offered for sale, and an underground yoga clothing movement was born. The yoga instructors were asked to wear the yoga clothing products and provide their insights as their feedback was very important in promoting the success of the yoga clothing during the first steps of launching the product. The Lululemon name was chosen in a survey of 100 people from a list of 20 different brand names and logos. The logo is a stylized A that was made for the first letter in the name athletically hip, a name which failed to make the grade. Wilson proposed a differentiation strategy that not only provides customers with niche product but also a healthy, positive, yoga style way of life. The initial idea was to have the store become a community hub where people could learn about important aspects of healthy living from yoga and diet to running and cycling as well as discuss their opinions and share experiences. However, this concept became so successful that it was impossible to help the customer in this way in addition to selling the product. And Wilson realized that there was a need to expand. Eight years later, Lululemon has grown to have over forty stores across Canada, thirty eight stores and showrooms throughout the United States, and seven stores and showrooms in Australia. Lululemon’s product assortment includes fitness pants, shorts, tops, bottoms, jackets, yoga accessories, wear accessories, gear accessories, and gift cards. In 2005, Advent International, in accordance with Highland Capital Partners, a U. S. private equity firm, bought a 48% minority interest in Lululemon for a reported CAD $225 million, and former Reebok chief executive officer Robert Meers became the new Lululemon CEO. Wilson, the founder, now has 42% ownership, with retail staff owning 10% in stocks and shares. The company formed a partnership with Descente of Japan to oversee Lululemons Japanese operations; however, in mid-2008, Lululemon closed its Japanese operations (three stores) to focus on the North American market. As of now, Christine Day, a former Co-President of Starbucks International, is the chief executive officer of Lululemon. In 2007, Lululemon announced their initial public offering and by July 27th, 2007 became a public company. In the fall of 2009 the company launched Ivivva Athletica, a new line targeted for girls aged 6 to 12. Lululemon’s main factory is in Vancouver BC, Canada, but has outsourced some of its production to factories in the United States, China, Israel, Taiwan, India, Thailand, Peru and Indonesia. As of January 29, 2012, the Company’s products were sold through 155 corporate-owned stores in North America, including 47 in Canada and 108 in the United States. During the fiscal year ended January 29, 2012, the company opened 33 stores in the United States and Canada, including its remaining four franchised stores that were reacquired. As of January 29, 2012, it operated 18 corporate-owned stores and four showrooms in Australia, one corporate-owned store and two showrooms in New Zealand, and one corporate-owned showroom in Hong Kong. There are now a total of 155 Lululemon stores; the majority of its sales come from its core markets in Canada and the United States. Out of all the retail stores throughout the world, there are 18 stores in Australia, one in New Zeland, one in China and one in the United Kingdom. Financially, Lululemon Athletica has gone from strength to strength. During 2011, Lululemon was given the #13 rank out of 100 of the fasting-growing companies by CNN. It reported 2011 revenues of $1 billion, up from $712 million the year before, for its trendy $98 yoga pants. Since 2004, Lululemon has increased its revenue at an annual rate of 61% and at the end of 2010 reported $760 million in revenue and at the end of 2011 $1 billion in revenue. Lululemon plans on expanding its business into the men’s market, increase international sales, as well as adding new products to its line, all while keeping the Lululemon lifestyle. Some of the main competitors of Lululemon are Under Armour, Nike, Gap and Liz Claiborne. Lululemon, in comparison to the other companies has a higher price of earning that could lead to increased profitability, and investors expect high growth in the future, which indicates an extremely valued company. IV. The product and its tariff number After a detailed analysis conducted over Lululemon Athletica, it has become obvious there is an outstanding opportunity to expand into Zurich, Switzerland. Although it is only the second time that Lululemon entered into a foreign market in Europe, I truly believe that expanding into Zurich will be a great success and a chance to build a strong relationship in a prosperous Swiss community.

Welfare System Reform †Government (300 Level Course)

Welfare System Reform – Government (300 Level Course) Free Online Research Papers Welfare System Reform Government (300 Level Course) While the welfare system may be costly to taxpayers, it gives many youths an opportunity to overcome their predestined poverty. Welfare punishes any child that is born into it. The Republican’s proposal seeks to change the Welfare program, if passed; it would effect the lives of the youth from poverty stricken families. From a governmental standpoint, it should not be their responsibility to support illegitimate children with welfare checks. This dilemma deals mainly with sexual conduct presently practiced. Robert L. Woodson, Sr., writes that welfare and the majority of the issues in the United States today, â€Å"[A]re matters of behavior, the results of choices made in the absence of a clear set of guiding values†(19). Marge Roukema, a Republican Congresswoman from New Jersey, continues, â€Å"We need welfare reform based on the notion of individual responsibility†(320). By supplying single mothers with welfare checks, the government is acknowledging that illegitimate children are fine and that the will provide for these kids. Charles Krauthammer states, â€Å"[T]he only realistic way to attack this cycle of illegitimacy and its associated pathologies is by cutting off the oxygen that sustains the system. Stop the welfare checks†(101). This solution would place the responsibility of providing for the child directly on the mother and father. Krauthammer continues, â€Å"Taking [welfare checks] away is the single most immediate and direct measure that government can take to break the cycle of illegitimacy and dependency†(102). Some states have instituted a family cap. La Donna A. Pavetti writes, â€Å"Under the cap a woman already receiving welfare will not receive additional financial help if she gives birth to another child†(3). This will allow the government to control who should and should not receive the benefits. The family cap presently exists in various forms in 22 states. Lucie White describes the goal of welfare reform, â€Å"[T]o provide strong incentives for recipient families to become self-sufficient, producing all of their income through waged work alone†(120). This view sees reform as a way to help participants of the welfare program to become self-supporting. Welfare Reform would stop wages to all families after five years; this may consequently destroy family life for some people. Mimi Abramovitz writes, â€Å"Welfare critics sat AFDC causes families to break up because the program for single parents sometimes leads men to move out so their families can survive†(36-37). This plan would cut childcare funding, which is a necessity to those individuals who are trying to get a job. William J. Coyne, a Democratic Congressman from Pennsylvania, states, â€Å"The legislation will result in America’s poor children being left alone†(323). Walter Shapiro continues, â€Å"Taking somebody who wasn’t a worker and turning them into a steady worker takes time†(12). Employment, another issue in the Welfare debate, also designates the victims as the children. The Republican proposal seeks that any able worker must work in order to receive their benefits. George E. Brown, Jr., a Democratic Congressman from California, writes, â€Å"There are many on public assistance who work hard every day for wages that are simply too low to allow them to rise above the poverty level†(324). The Reform plan would require that 50 percent of the people on Welfare must be working. It is a tough task for people to afford apt housing, if they live below the poverty level. The Center for Budget Policy Priorities conducted a survey, that concluded, â€Å"60 percent of poor renter households spend over half their income on housing†(3). The money, which the people earn from working, won’t even allow them to pay for suitable childcare. Consequently, the bill will prevent mothers from seeking jobs. The proposal will â€Å"cut Federal funds,† according to Congressman Coyne, â€Å"for child care by 25 percent in the year 2000. This means that over 400,000 fewer children will receive Federal childcare assistance. Pennsylvania alone will lose $25.7 million in Federal care assistance funding by the year 2000. That means that over 15,000 children in Pennsylvania will be denied Federal assistance for safe childcare†(323). Welfare Reform may prevent a person from rising above one’s financial troubles. The bill will allow each state to cease benefits to a family after two years. Also it will require the state to stop funding after five years. Therefore after five years, participants will not receive any benefits and be forced to find a job in the working world, a place unfamiliar to them. Maxine Waters, a Democratic Congresswoman from California, explains, â€Å"We are talking about people, some of whom were born into situations through no choice of their own that keeps them locked into the cycle of poverty, and there have been no real guidelines, rules by which they can get out of the cycle of poverty†(327). Children will be effected the most by a parent, whose benefits have been terminated. George J. Duncan writes, â€Å"New restrictions will increase the number of extremely poor families and put the very youngest children at risk†(67). While cutting welfare to mothers with illegitimate children may seem fair to taxpayers; it is denying underprivileged youths a chance to improve their economic status. The children are not the ones to blame; yet they are the ones punished. Teresa McCrary, a welfare mom, states, â€Å"[M]otherhood is a career in itself†(103). A mother has a responsibility to care for her child, yet cutting off her welfare would force her to find a job. Taking a job would conflict with her responsibility to her child. McCrary writes, â€Å"Minimum wage will not pay for housing costs, health care, child care, transportation and work clothes that an untrained uneducated woman needs to support even one child†(103). The future for welfare for single mothers is in jeopardy. Mothers on welfare want to get off, but there are not many options for them. David Zucchino describes the situation of a welfare mother named Elaine, â€Å"She needed to be there for them. They didn’t nee d a baby-sitter, she thought. They needed their mother†(30). Another problem that faces single mothers is child support. Geraldine Jensen states, â€Å"Nonpayment of child support is a crime that causes poverty in America. Certainly with welfare reform children are going to be even more at risk†(5). Robert Scheer explains, â€Å"Perhaps the Republicans will create jobs by lowering the minimum wage. But jobs or no jobs, the Republicans plan to kick the poor off welfare after two years†(111). The Welfare program was set up to help those families who need financial assistance. It was not created for people to depend on it. The Republican’s proposal would cut off benefits to those parents who truly need it. While cutting off welfare to single mothers may be an issue to taxpayers, many feel that the real issue is the innocent children that are punished as a result. Abramovitz, Mimi. Under Attack, Fighting Back: Women and Welfare in the United States. New York: Monthly Review Press, 1996. Archer, Bill, Hon., Marge Roukema, Hon., and Michael Collins, Hon. â€Å"Welfare Reform: Pro.† Reading and Writing Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. New York: Longman, 1997. 317-22. Center for Budget Policy Priorities. â€Å"Crisis in Low-Income Rental Housing.† America 4 July 1998: 3. Coyne, William J., Hon., George E. Brown, Hon., and Maxine Waters. â€Å"Welfare Reform: Con.† Reading and Writing Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. New York: Longman, 1997. 323-27. Duncan, Greg, J. â€Å"Welfare’s New Rules: A Pox on Children.† Issues in Science and Technology Winter 1997-98: 67-72. Jensen, Geraldine. â€Å"Deadbeat Parents Leave Kids in Poverty.† USA Today 22 April 1999: A5. Krauthammer, Charles. â€Å"Subsidized Illegitimacy.† Reading and Writing Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. New York: Longman, 1997. 101-3. McCrary, Teresa. â€Å"Getting Off the Welfare Carousel.† Reading and Writing Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. New York: Longman, 1997. 103-5. Pavetti, La Donna A. â€Å"Welfare Reform’s Darker Side.† America 19 September 1998: 3. Scheer, Robert. â€Å"Newt’s Welfare: Think of It as a Homeless Drill.† Reading and Writing Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. New York: Longman, 1997. 109-11. Shapiro, Walter. â€Å"Turning Welfare Into Work: Do This Job Right.† USA Today 17 May 1996: A12. Woodson, Robert L., Sr. â€Å"Government Can’t Cure Poverty.† USA Today 7 Jan. 1998: A18-19. White, Lucie, ed. and Joel F. Handler, ed. Hard Labor: Women and Work in the Post-Welfare Era. Armonk, New York: M.E. Sharpe, 1999. Zucchino, David. Myth of the Welfare Queen. New York: Scribner, 1997. Research Papers on Welfare System Reform - Government (300 Level Course)The Effects of Illegal ImmigrationComparison: Letter from Birmingham and CritoBook Review on The Autobiography of Malcolm XPersonal Experience with Teen PregnancyInfluences of Socio-Economic Status of Married MalesHip-Hop is ArtTwilight of the UAWBringing Democracy to Africa19 Century Society: A Deeply Divided EraStandardized Testing

Case study Essay Example | Topics and Well Written Essays - 2000 words - 3

Case study - Essay Example That was the time when she realized that this bag can be popular product for people who loves innovative designing articles like cloths, umbrella, handbags, wallet, makeup bags, lamp shades etc. Clare, mother of Calypso also helped her with the business. Her first year turnover was ?180 000 and she became the London Business person of the year at the age of 22 (Burns, 2011). Calypso and her mother Clare chose to manufacture the bags from UK and use their house as the office. The reasons are: Working from home was advantageous cause their Calypso did not had to pay any rent for her office to anybody. Except that no extra electricity or internet bill there are flexible office time. She could able to work any time in a day and handle any matter whenever they arise without delay. And she got her mother’s help from home (Clippy London, 2013). She was worried that any big and established manufacturer in market can easily steal her idea or copy it so she had to make the sales fast an d regular, to do that she needed the supply unit and manufacturing unit to be close. If the supply unit is thousands of miles away somewhere in china and she had import everything from there it would took couple of valuable days. Instead of that if that if both the unit in UK the orders can be more quickly handled. And once the business start and run smoothly the payment terms for business chain will be regular and spontaneous and it will help the cash flow for her business. An online directory namely Kelly’s online directory (Kelly Search, n.d.) helped her to find out a manufacturer from UK (Smith, 2010). Calypso was a first timer in business field and she had no experience in that domain. Also her volume of business was not very big it was precisely 250 bags only. So for 250 bags going to foreign country to search supplier and renting a separate office would have been more fancy for her cause she was not sure the idea of transparent and graphics bag would hit in the market or not. Her initial customers were family, relatives, friends and those people who appreciated her idea earlier. The official launch of the product was on 2004 during Christmas Fair in Olympia’s Spirit (Stylist.co.uk, n.d.). These three were the main reason of choosing UK as the place of manufacturing for calypso for her fashionable see through bag with customised designs. During start ups and initial growth period manufacturing unit of Clippy was at UK, there were some advantages as well as some disadvantages also. Advantages can be: If supply and manufacturing unit are nearby then time cycle from order of raw materials –delivery of them –and making finished items and delivering them to market become fast and regular. Communication between various members in supply and delivery chain is become easy and effective. In that respective if we look at Clippy’s initial days (start up and initial growth) it was quite expectable for such an innovative product. It was an innovative product no such see through bags with pockets and photos of family and friends on it was available previously in any market. It was an experiment for her to launch it in small scale in UK market from where she also got couple of encouragements from various fashion lovers. So it was like a gamble for her. So it was better to choose her home market rather than foreign market for manufacturing (Department for Business Innovation and Skills, 2012). Calypso did not have any experience as a

Electronic Media Essay Example | Topics and Well Written Essays - 2000 words

Electronic Media - Essay Example The changes in newspaper industry for example is staggering as many newspaper companies nowadays have their own websites too, allowing the new generation of internet user to access the news anytime in their computers. As we have observed during the last few years, the readership of printed papers has declined considerably. More than 1 billion users of the internet all over the world, access the news through the net and the number is expected to rise in the years to come as young people prefer the convenience of Internet-based technologies in order to obtain news, information, and entertainment (Watkinson 67). Societies whose technology is well developed have now entered the digital age and industries are searching for new opportunities to take this chance to develop business. Although there are threats to this utilization of technology in the media to advance business, the melding together of various media - also referred to as 'convergence' causes furor among many technology users as it holds a lot of promise. The amalgamation of different medium, which 1incorporates personalized services could be overwhelming for many but is very exciting as well. The utilization of high-powered and high technology innovation in computers, switch to digital platforms and the construction of high-speed computer networks brought about novel ideas and methods of doing common and ordinary activities. Hindrances to achieving these, like time and space have been eradicated and media users can read, listen, watch anything or interact with someone anytime. The amalgamation of all mediums into one eliminated the problems of putting all technologies in the media together (Thorburn 122). The conglomeration of media corporations in the 1990's for example has brought convergence in ownership and resulted to, in the consumers' point of view, more exciting delivery systems of our favorite medium. Online newspapers now provide streaming video, TV has chat that is extremely interactive and even radio has camera's or telephone systems (Quinn 43). The advent of the very exciting 3G telephony has likewise brought new feeling of excitement and fascination as companies in the field of mass media could include videogames, news, entertainment and online communication. This is now referred to as 2'convergence media.' 3G (or 3-G) is the short terminology to refer to 'third-generation technology' which utilizes the technology of the mobile phone. The 3G technology has the capability to transfer both voice data and non-voice data such as access to information, email messaging system, instant messaging, internet browsing access, entertainment such as streaming audio and video, streaming movies, and real time TV access (Livingston 12). As of now, there are approximately 60 3G networks in 25 countries all over the globe and spans three continents: Asia, Europe, and North America.NTT DoCoMo - the biggest telecommunications company in Japan - in the early 21st century-one of the giant telecommunication companies in Japan-became the first an d leading company to initiate a commercial 3G system. Meanwhile, the introduction of 3G services in Europe started in the year 2003 (Serajul 25) . Currently, debates if the web and television will converge more in the future which will allow only one form of technology instead of the two forms and people in the future will not be able to distinguish the difference between the two. But in order for

The Role Of Global Manager Commerce Essay

The Role Of Global Manager Commerce Essay Global manager is a manager who has specialization to manage in different skills of management. A person who manages or works globally/internationally. Who has a head quarter. He has to play multidimensional role by combining his technical skill, people skill and soft skill. A manager must have combination of hard as well as soft skills. He must be able to organize analyse and motivate people at international level. Â   A manager whose portfolio may include securities of firms that are located throughout the world -:- GLOBAL MANAGER -:- There are 3 types of specialists irrelevant field of managing. Business Managers Country Managers Functional Managers There are top executives at corporate Headquarters . Who manages the complex interactions between the three and can identify and develop the talented executives that a successful transnational requires. Transnational integrate assets, resources diverse people in operating units around the world. Through a flexible management process in which business,country and functional are included. 1. Business Managers: Business Managers are the managers who manages business of a particular organization or a firm. 2. Country Managers: Country managers are the mangers who manages nationally. Say for example. (Prime Minister) is said to be Country Manager. 3. Functional Managers : Functional managers are the managers who manages a particular department only. Global Management is a capability that achieves multinational businesses value and need in the international marketplace. Companies that operate across international borders need executives and managers who understand cross-cultural customs and business practices and how to promote efficiency and optimize profitability in a global environment. Global Management goes beyond how to organize and run a business. It also includes how to operate it in todays business world where many corporations work across international borders. To compete around the world, a company needs three strategic capabilities: global-scale efficiency, local responsiveness, and the ability to leverage learning worldwide. No single global manager can build these capabilities. Rather, groups of specialized managers must integrate assets, resources, and people in diverse operating units. Such managers are made, not born. And how to make them isand must bethe foremost question for corporate managers. Drawing on their research with leading transnational corporations, Christopher Bartlett and Sumantra Ghoshal identify three types of global managers. They also illustrate the responsibilities each position involves through a close look at the careers of successful executives: Leif Johansson of Electrolux, Howard Gottlieb of NEC, and Wahib Zaki of Procter Gamble. The first type is the global business or product-division manager who must build worldwide efficiency and competitiveness. These managers recognize cross-border opportunities and risks as well as link activities and capabilities around the world. The second is the country manager whose unit is the building block for worldwide operations. These managers are responsible for understanding and interpreting local markets, building local resources and capabilities, and contributing toand participating inthe development of global strategy. Finally, there are worldwide functional specialiststhe managers whose potential is least appreciated in many traditional multinational companies. To transfer expertise from one unit to another and leverage learning, these managers must scan th e company for good ideas and best practice, cross-pollinate among units, and champion innovations with worldwide applications. -:- The Skills Of Global Manager -:- This management training course focuses on the interpersonal and management skills you need to be an effective manager. Its an ideal primer for new managers and a helpful refresher for those who have long been in a management role. Discover the difference between leadership and management and what you can do to become a better leader. Understand your role in team communication and what you can do to ensure fewer misunderstandings. Use the Myers-Briggs Personality Indicator and understand how to effectively communicate, deal with conflict and difficult people, and motivate and create a positive team atmosphere. In this class, youll learn how to build, motivate, and maintain an effective, high-performing team. Make the most of your employees skills and abilities by delegating appropriately and avoiding micromanaging. Learn how to link feedback, coaching, performance management, and progressive discipline to ensure top performance and to deal effectively with under performers. Also, learn how to manage time, set priorities for you and your team, and negotiate those priorities with your boss. [As important as] open-mindedness, I think, is recognizing that global management is all about legitimizing diversity. We often talk about diversity in terms of race or gender. But it is really about a total perspective. It is about legitimizing diverse views in an organization, including those based in cultural differences. People from other cultures think, argue, and perceive things very differently. A manager who is sensitive to that will understand and respond much better in a global context. Just living in that world of trade-offs can be invaluable. Understanding how the need for global efficiency cannot always trump the need for local responsiveness, for example. Or having the experience of finding that the brightest marketing person in your organization is in Australia. Or finding the best new product ideas coming out of the U.K. Such experience is invaluable in developing the needed skills and perspectives. Overall skills of Global managers can be measured in a method which is called as PEST+EL. P-Political E-Economical S-Sociological T-Technological E-Environmental L-Legally It can affect political Example: strike in the country. It can affect Economical Example: Economically Country or a Firm should be Sound. It can affect Sociological Example: Due to culture change society is affected. It can affect Technological Example:Technologically it should be correct. It can affect environment Example: environmentally it should be in favour of country. It can affect legal Example: legally taxes in Malta is higher than in U.K. due to jurisdiction. All the above points, any Global managers has to face in their working area. Any Manager who tackles this Situation and get a way out in profit of the company is said to be a sound Global Manager. -:- GLOBAL MANAGERS ROLE -:- GLOBAL MANAGER HAS FOLLOWING ROLES : 1. IN THE CAPACITY OF COUNTRY MANAGER. The global manager has to deal with clients, legal bodies, and immigration authorities on behalf of his office. 2. IN THE CAPACITY OF FUNCTIONAL MANAGER. The global manager has to select right technique, right resources, and software projects to compete at international level. 3. IN THE CAPACITY OF BUSINESS LEADER. The global manager has to make changes in the organization keeping in mind the trend of World and requirement of outsourcing. 4. Multicultural approach to reflect global operations. 5. Shift of focus on soft tools vision ,process and people to achieve objectives . 6. Collaboration with a network of vendors, partners, and customers. 7. Recrutment from global talent pool. 8. Global transfer of human resources 9. Creating a learning Organization 10. Focus on Big Picture respond rapidly to global business environment change. -:- WORK CHART OF GLOBAL MANAGER -:- GLOBAL MANAGER ITALY HEAD QUATER (VODAFONE) MALTA SPAIN INDIA BUSINESS MANAGER BUSINESS MANAGER BUSINESS MANAGER BUSINESS FUNCTIONAL MANAGER FUNCTIONAL MANAGER FUNCTIONAL MANAGER COUNTRY MANAGER COUNTRY MANAGER COUNTRY MANAGER -:- Conclusion -:- In short, Global Manager works worldwide .He responsible for all globally business for the achieve the strategic goal of business .

Gmat Statement of Purpose

STATEMENT OF PURPOSE Finance, as a field, had always fascinated me right from my undergraduate college days. I believe my penchant for this field stems from the fact that Finance runs in my family. My grandfather was an accountant, my mother is a postgraduate in economics and my father has a keen interest in keeping up-to-date with the markets. During my days at Engineering College I used to help my father to manage his portfolio of equities and other financial instruments. This was the time I learnt the first lesson of finance from my father i. e. risks and returns are proportionate.In 2001 the Indian stock market crashed. But fortunately, my father had a well-diversified portfolio because of which our returns were protected from the downside risk. This was when I learnt the second principle of finance from my father i. e. diversification reduces risk. While I understood these two principles intuitively, it produced in me a strong urge to learn and understand the complex theory behi nd the working of Finance. This, I believe, was a turning point in my career. I made up my mind to pursue a career in Finance and hence decided to do a Masters program in Commerce.Good academic performance in my school and college, active participation in academic as well as extra curricular activities have helped to develop strong quantitative and analytical abilities and good leadership and communication skills. These have prepared me to handle complex problems and have given me the confidence to pursue graduate studies. To achieve my career goals, I need to learn about current developments and techniques in finance, financial markets and financial applications and acquire hands-on experience of financial analysis.A Master's Degree will provide me with theoretical understanding, an in depth idea of practical approaches in aiding managerial decision-making and research skills to enable me to develop an expertise in the core areas of financial strategies and global corporate financi al operations. In India with the onset of liberalization since 1991 and deregulation of the interest rates, the Indian corporations and financial institutions are exposed to various kinds of risks. The Government and the Reserve Bank of India have initiated appropriate reforms to develop derivatives markets and financial markets on the whole.This has suddenly increased the demand for professionals who can not only understand but also develop new financial instruments to evaluate and hedge the risk. I believe that in order to use financial engineering pro-actively and dynamically for optimum hedging, a finance professional should be well versed with the mathematics that underlies the financial theory. In the future I see myself, as a Finance professional, designing structured financial products by incorporating cutting edge methodologies and sophisticated tools in order to cater to the above mentioned requirements.To achieve this I would like to gain exposure to the latest practices adopted in the field of Finance and Risk Management. To this end I would want to work with a leading investment bank or in the treasury of a commercial bank, which would enable me to help corporations manage their risks. I believe that my educational background has instilled in me the qualities required to meet the rigor of this demanding profession. Graduation in Engineering (Computer Science) has provided a strong foundation in Mathematics and Computer Programming.Mathematics was one subject in which I had always excelled right from my school days. During the course of my Engineering education I took up a project with WIPRO Technologies. This project, which I was offered, required extensive use of C programming language. This project, for the first time gave me a real world experience of programming. This association helped a lot in consolidating my programming skills, especially in C-language. Thus, it inculcated in me problem solving and analytical abilities.I strongly feel that the MCom program specializing in Finance at The Universityis a highly structured program because it provides the right balance between theory and practice. I bring along a strong grasp of fundamentals in Engineering and Mathematics, a penchant for teamwork and leadership and a zest for challenges. I would like to take with me in addition to the knowledge of the latest theory and practices in the field of Engineering, a network of strong and lasting relationships with my teachers and fellow-students. I hope my background and qualifications are found suitable for admission to the MCom program at The University.

Enterprise Risk Management

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