The good life free essay sample

What is the good life? This ambiguous idea differs for everyone. Americans may believe that to live the good life is to live the American Dream and achieve freedom, equality, and prosperity. Others may believe that the good life involves being very wealthy or famous. Over all, the definition of the good life varies for everyone. There isn’t one specific way that a person should live in order for it to be â€Å"good†. However, although the definition of the good life is very diverse and open to multiple interpretations, in order to live the best life possible, one should concentrate on doing whatever makes him or her happy, listening to his or her conscience and doing what it right, and establishing good relationships with family and peers. The most key piece to living the good life is doing whatever makes one happy. For most adults, this could mean having a job in their dream career field, and actually wanting to get out of bed to go to work in the mornings. We will write a custom essay sample on The Good Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Or, it could mean not having a job at all. Nonetheless, most adults would be happy by achieving success in their chosen careers, and having stable and loving families. However, a small number of adults actually achieve this ideal happiness. Regardless, the good life is still attainable. In order to live the good life, one has to strive to find happiness in whatever he or she does. According to Ralph Waldo Emerson in his essay â€Å"The Over-Soul†, one can achieve happiness through God and religion. He states that God is accessible to everyone, religious or not, and that religion is essentially the key to all happiness. For Christians, Emerson’s point of view may be correct. Many Christians believe that God can bring happiness to anyone who believes in Him. For non-Christians on the other hand, Emerson’s idea is irrelevant. Still, religious or not, people should strive to find happiness in whatever they do, and they should learn to accept their lives as they are. Even though no one lives a perfect life, people should aim to make the most out of their lives, and learn to find happiness in even the smallest situations. Doing so would allow one to become closer to attaining the good life. Another important part to living the best life possible is listening to one’s conscience and doing the right thing, and actually feeling good about the decisions that are made. If one’s life consists of doing bad things, he or she will ultimately feel bad about them, and many regrets will be left behind. However, if one does a lot of good deeds throughout his or her life, there will be minimal regrets and he or she will be able to work towards living the best life possible. Listening to one’s conscience is also an effective way of avoiding regrets. Many times, when one doesn’t listen to his or her conscience, regrets occur, because one looks back on the decisions made and realizes that they should have done something differently or listened to their conscience. Even though listening to one’s conscience might not always be the right thing to do or yield the best results, it will allow for one to live with few regrets. And, by living with few regrets, doing what is right, and listening to the conscience, one will become closer to achieving their good life, in whatever way it is defined. The last way to live the best life possible is through establishing good and meaningful with one’s family and peers. A lack of friendships and substantial relationships will most likely leave one feeling very lonely and outcast. However, if one can form positive relationships, they will be more social, happy, and closer to achieving the good life. In Gary Eberle’s text, The Geography of Nowhere, Eberle states that electronics and the media are preventing many people from establishing good, intimate relationships with others. Electronics are causing us to be very disconnected from each other: â€Å"The people spend so much of their lives connected electronically to someplace else that most of the time they hardly seem to be there, or anywhere at all, for that matter† (Eberle 2). Here, Eberle is showing how electronics and the media have caused society to be very disjoint, and they have hindered meaningful relationships from forming. So, in order to live the best life possible, we should strive to overcome the power of electronics and try to continue to make successful relationships with others, as healthy friendships are one of the most important pieces to living a good life. Still, working past the power of electronics is not the only way to secure good relationships. In addition, one ought to be a trustworthy person. Trust is essential to all relationships, and if one is trustworthy, he or she will have more satisfying relationships with others. Along with trust, in order to form good relationships, one could be understanding, generous, comforting, and more. Doing so will allow one to develop healthy relationships with their friends and family, and the good life will then be more reachable. Over all, the good life remains a very unclear idea, and there is no concrete definition on what the good life is, nor is there a definite way on how one is supposed to live it. Still, one can work towards living the best life possible by striving to find happiness in his or her life, as well as listening to his or her conscience, doing what is right, and establishing valuable relationships with peers. If one can do all of these things, they will be closer to achieving their definition of a good life. The Good Life free essay sample Attaining and living the â€Å"Good Life† does not always come easily. There are costs to living a fulfilling life and often times sacrifices must be made in order to do so. This is most notable in a few of the readings from the course. Siddhartha, from Hesse’s novel, exemplifies someone who so passionately wanted to find enlightenment that he was willing to give up his family, prior beliefs, and all of his belongings. Rama’s situation in the Ramayana also demonstrates the idea that the good life does not come without sacrifice. A final example of this idea is read in the Bhagavad-Gita where Krishna must put his family in danger on the battlefield to do what is right. After a more in depth look at the situations from these readings, it is ever more apparent that the good life does not come free. The novel Siddhartha by Herman Hesse is a clear example of the good life requiring sacrifices. We will write a custom essay sample on The Good Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Siddhartha so badly desired attaining Nirvana that he was willing to abandon his beliefs, stray from his family and friends, and give up all of his worldly possessions. With each different belief system with which he orientated himself, he changed his lifestyle in one way or another. Some beliefs required him to give up his belongings, so he did. Siddhartha’s rationalization for this new life he was willing to lead was that in the end, he would find enlightenment, which would be worth more than anything currently present in his life. Most people in today’s world would never be able to handle such a sacrifice but still believe they are living a good life regardless, which argues Siddhartha’s method of attaining enlightenment. I can attest to that in that I find myself living a good life without giving up my possessions. As long I have people in my life who matter, that is all I need to be happy. It is ironic that Siddhartha felt he had to give up people in life in order to be happy when in the end, it was a person (his son) who brought him to the state of total happiness he looked so long and hard to find . The Ramayana by Valmiki also gives insight to the idea that the good life is not led without a cost. Rama, the first son of the King, was next in line for the throne as necessary for Dharma. His stepmother forcing the king to give the throne to her son and the King’s second son left Rama banished to the forest with no throne and no one but his wife Sita. This situation can be viewed in two ways: Rama accepting his banishment means that Dharma is not being done since the first son must rule. The other is that he is willing to sacrifice the throne because it was his father’s order. This shows that maybe Rama’s idea of a good life is doing his father’s will rather than what society and cultural belief call â€Å"right† (Dharma). However, Rama does end up â€Å"doing good† in the forest when Sita is kidnapped and he is given the opportunity to rescue her. That could be seen as his Dharma. Rama rationalizes his banishment by knowing he is doing what his father desires of him and that is all he needs to feel fulfilled. Rama’s situation relates to a topic that recently came up in American History class where John Brown wanted slaves to be free and ended up being hanged for measures he took to free them. The similarity lies in the fact that both Brown and Rama felt they had an obligation to someone and were willing to sacrifice whatever they had to in order to meet that obligation. Rama’s story is a contrast from Siddhartha’s idea of gaining enlightenment. Rama will do the will of the person he sees as his master while Siddhartha feels the need to be independent and find enlightenment himself by abandoning others. Again, it seems that Rama’s method was more accurate seeing as in the end Siddhartha realized that certain people mean more than you think which was Rama’s thought from the beginning . The Bhagavad-Gita is a story in which the most drastic sacrifice takes place in order to what is right and attain the good life. Arjuna, the Pandavas leader, is told he must fight his family, the Kauravas. Arjuna is opposed to fighting his own blood for a kingdom he does not really want. Krishna tells him that he must act selflessly to attain enlightenment, which is reached by dissolution of the soul. The main concepts of this include renunciation, self-service, and meditation. He is telling Arjuna that he must work off his karma so that he can achieve enlightenment and the first step is to be selfless by fighting his family and forgetting that he fighting against his own blood. After Krishna’s lengthy lesson, Arjuna realized that it truly was his duty to fight in battle against his family, challenging as it may be. This situation compares to Rama’s in the Ramayana in that both characters are loyal to their families. The only difference lies in Arjuna’s final decision to abandon his selfishness of not wanting to harm his family and do hat was expected of him. The story of the Bhagavad-Gita is similar to the Bible passage Genesis 22 verses 1-18 where God asks Abraham to sacrifice his only son. While although Arjuna was not literally sacrificing his family members he was fighting them knowing bloodshed would occur but was willing to go through with battle because it was expected of him and would ultimately bring him the enlightenment he d esired . It has been evident throughout the course â€Å"What is the Good Life† that reaching enlightenment and living a happy life do not come without a cost. There are times when family might have to take a back seat or unnecessary goods must be purged. Some are willing to do whatever may be required if it means they will reach enlightenment but seeing as no one can pin point what exactly enlightenment is, it is a big step to alter ones entire life not knowing what will truly come out of it. The characters of these readings from the course exemplify the kinds of people who take the chances and have faith that those costs will lead them to the good life. Word Count: 1071 Really good essay! Sorry it’s coming back so late again, just been overloaded with work! Hopefully this helps.

Free Essays on Arts and Literature

Art, Literature and Society from 1955-1970 Fear and Loathing in a Clockwork Age Ah! The noble search for identity. That intangible achievement that all artists lust after and lay in torment over. And during the post war era that struggle reached incredible magnitudes. The world cried out for legions of anti-heroes, who were only virtuous in their unapologetic and brutally honest lack of virtue. And the art world provided as many counter culture messiahs as was needed to "Damn the Man". The Beats, hippies, and punks are evidence that behind the white picket fence of suburbia lay an America that wanted more out of life than the sugar coated portrayals of domesticity and patriotism it received from pop culture. The unfortunate side of authenticity often lead to the conclusion that autonomy was an impossible dream and that just mere existence required an individual to compromise his integrity. The post-war generation developed an interesting love-hate relationship with the mass culture of it’s time. Some, like Andy Warhol, embraced the inevitability of mass c ulturalization in order to control the beast (yes, this is a reference to Revelations). While others recognized the American Dream as being a hypocrisy and so chose the Golden Eternity instead. The Beat generation and early hippies sought to separate themselves from mainstream society where they believed they could start anew and fully experience life, liberty, and the pursuit of happiness. The flower child philosophy was in fact very Transcendental, minus the stuffy New England mentality. The sexual, spiritual, and intellectual freedom and autonomy that characterized the Haight-Ashberry scene were closer to the Whitmanesque ideal than anything achieved during his life time. Postwar America was extremely prosperous from the stand point of the middle class white suburbanite. The only problem was that not everyone fit that mold. And even those who were born into that environm... Free Essays on Arts and Literature Free Essays on Arts and Literature Art, Literature and Society from 1955-1970 Fear and Loathing in a Clockwork Age Ah! The noble search for identity. That intangible achievement that all artists lust after and lay in torment over. And during the post war era that struggle reached incredible magnitudes. The world cried out for legions of anti-heroes, who were only virtuous in their unapologetic and brutally honest lack of virtue. And the art world provided as many counter culture messiahs as was needed to "Damn the Man". The Beats, hippies, and punks are evidence that behind the white picket fence of suburbia lay an America that wanted more out of life than the sugar coated portrayals of domesticity and patriotism it received from pop culture. The unfortunate side of authenticity often lead to the conclusion that autonomy was an impossible dream and that just mere existence required an individual to compromise his integrity. The post-war generation developed an interesting love-hate relationship with the mass culture of it’s time. Some, like Andy Warhol, embraced the inevitability of mass c ulturalization in order to control the beast (yes, this is a reference to Revelations). While others recognized the American Dream as being a hypocrisy and so chose the Golden Eternity instead. The Beat generation and early hippies sought to separate themselves from mainstream society where they believed they could start anew and fully experience life, liberty, and the pursuit of happiness. The flower child philosophy was in fact very Transcendental, minus the stuffy New England mentality. The sexual, spiritual, and intellectual freedom and autonomy that characterized the Haight-Ashberry scene were closer to the Whitmanesque ideal than anything achieved during his life time. Postwar America was extremely prosperous from the stand point of the middle class white suburbanite. The only problem was that not everyone fit that mold. And even those who were born into that environm...

An Argument Against the Use of Hydraulic Fracturing

An Argument Against the Use of Hydraulic Fracturing Against Hydraulic Fracturing Oil and natural gas are crucial to the twenty-first-century. They are used for fuel, tires, household appliances, and even heart valves. Without oil and natural gas, the modern way of life would be almost entirely different. However, the cost of obtaining these products using a process called hydraulic fracturing can be fatal. Hydraulic fracturing is the method by which oil natural gas is extracted from shale rock deep in the earth’s crust. Water pollution, air pollution, and climate change are three of the biggest downfalls of this extraction procedure. Hydraulic fracturing, or fracking, is a dangerous operation which negatively affects human and environmental health. Hydraulic fracturing begins with drilling 7,000 to 12,000 feet into the ground. During this step, toxic gases and respirable crystalline silica are released into the air. Crystalline silica is respirable, which means it can easily be inhaled and absorbed by the human body. A hazard warning released by OSHA in 2012 warns, â€Å"Crystalline silica, in the form of sand, can cause silicosis when inhaled by workers. Silicosis is an incurable lung disease. Some of the symptoms of silicosis include fatigue, extreme shortness of breath, cough, respiratory failure, and, in some cases, death. Despite preventative measures such as masks and protective uniforms, workers at fracking sites are commonly exposed to respirable crystalline silica. Benzene, toluene, xylene, and ethylbenzene are just a few of the deadly chemicals released into the air. A study related to the situation where workers are being exposed to crystalline silica, if they are at a drilling site it is impossible to avoid breathi ng in the chemicals. The next step is to inject millions of gallons of a toxic water-sand-chemical mixture into the ground at a very high pressure in order to break up the shale rock. After that, the water is stored in unlined pits in the ground. Sometimes it escapes the pit, contaminating clean water in the area. In December 2016, the Environmental Protection Agency, â€Å"concluded for the first time that the fracking process can contaminate drinking water. This creates a dangerous and potentially life-threatening situation for both humans and wildlife in the area. It is not only affecting above-ground reservoirs, ponds, and lakes, but it also affects groundwater. A study in Colorado found that â€Å"77 fracking wastewater spills that impacted groundwater supplies, of which 90 percent were contaminated with unsafe levels of benzene, a chemical linked to cancer. There are organizations who specialize in cleaning up contaminated sites all over the United States, but the compounds in fracking fluid diff er from site to site and aren’t commonly analyzed in commercial labs. Scientific American revealed that as a result of this, â€Å"conducting a groundwater investigation related to fracking is extremely complicated.†. The inability to analyze these compounds makes it tough for doctors to treat patients who have drank the contaminated water. Despite the fact that hydraulic fracturing has been proven to be the cause of so many health problems, the method by which fracking water has not changed. If a solution is not found before it escalates, the consequences could be devastating for not only humans but also the environment. In addition to harming human health, newer studies are finding that hydraulic fracturing also contributes to climate change. Many studies have found that â€Å"during the fracking process, small amounts of methane are released directly into the atmosphere.† To enumerate, air pollution from fracking affects more than just the nearby area. â€Å"Air pollution from hydraulic fracturing operations can likely travel hundreds of miles, even into states with little or no fracking,† one of the new studies released. This means that even if one area, a country, state, or community bans fracking, they could still be affected by fracking sites hundreds of miles away. Natural gas is believed to be cleaner and safer than previous mass-produced resources. It lessens the worlds dependence on coal, which is thought to be worse for the environment. The Smithsonian stated, â€Å"Burning natural gas, for instance, produces nearly half as much carbon dioxide per unit of energy compared with coal.† Fracking does produce less Carbon Dioxide than coal, but other, more harmful chemicals are released in the process. Natural gas appears to be the better alternative, but it usually is just as equally damaging as coal. The Guardian says, â€Å"shale gas and oil extraction were found to be easily the dominant source giving leak rates of 0.18-2.8% even before the gas was distributed to users.† The leak rate of shale gas, which contains methane, is far more detrimental than the effects of coal production and usage combined. Hydraulic fracturing, the method by which humans obtain oil and natural gas, is dangerous and destructive. Water and air pollution are two major results of fracking, which deteriorate human and environmental health. Despite the fact that fracking has been proven to be damaging to both the planet and its inhabitants, mankind will continue to do it because their dependence on natural gas is too great. As a result, nature will continue to deteriorate until an alternative which humans will utilize, is found.

The Role of E-Commerce Technology and the Impact of E-Commerce on the Essay

The Role of E-Commerce Technology and the Impact of E-Commerce on the Supply Chain - Essay Example The online markets tend to involve the third party element of the business in that the transaction may affect the enterprise and the consumer or the sales made by a consumer to another consumer. Moreover, e-commerce involves the selling and activities of purchasing that include two businesses such that is a business to the business transaction as the description by (Chen, Chen & Kazman, 2007). Other involvements of e-commerce are the collection and subsequent use of the data on demographics that is available from the great representations of the contacts on the web as well as the contacts in the social media. Other instances of e-commerce include the prospects in marketing that focuses on the customers and employ the electronic emails or fax that may be a part of the newsletters. In fact, electronic commerce entails the launch of various new products and new services in the online markets. The most critical attribute of e-commerce is the interactivity aspect that keeps the customers or the buyers to be in a continuous form of involvement in the processes that constitute the activities of the favorite seller. The interactivity case implies that the market has plenty of individualizations. Besides, the online businesses are cheap to operate as a basis of the usage of already existing computer applications. The applications make up the EDI that is the Interchange of the Electronic Data. The regulations are probably to ensure that the business transactions that take part in the online markets are authentic.

Organizational Misbehavior Essay Example | Topics and Well Written Essays - 2500 words

Organizational Misbehavior - Essay Example Nowadays organizations are clearly conscious that, "organizational ethical behavior will necessitate serious thought, at the board and executive level." (Armbrste 5) Prevalent organizational misbehavior and illegal activity have made the formation of an official ethics strategy an elevated priority for all enterprises, regardless of their size or structure. Many larger organizations have established a position for an Ethics Officer, and smaller organizations turn to consultants that specialize in ethical consultation. Such individuals provide the frontline of defense against moral decay in corporate America. Organisations are made up of individuals: This is because collectively a group can achieve far more than the equivalent number of individuals. Misbehaviour in organizations can be tricky for management to spot and correct, and as an end result, the cost to organizations can be high. ... The current research examines the causes of different types of misbehaviour, and makes suggestions for remedies and managerial practices that can help to reduce its occurrence and impact. The members of an organisation have their zones of comfort and agendas. The organisation has a specific mission; the management task is to ensure that these individual endeavors are aligned towards their organisation's purpose. Therefore an understanding of how individuals fit in to organisations, and the way in which organisations work is fundamental to the ability to manage. "Provided the recent misbehaviors in organizations that are all over the headlines, - - ImClone, Enron, WorldCom, and Tyco." (Aronwitz 13) The misbehaviour debate refuses to lie down or quietly fade into obscurity. It raises fundamental questions about the nature of social reality, the manner in which it is conceptualized and the theoretical means most appropriate in explaining the relationship between its constituent elements. In raising unavoidable, and difficult, questions about the nature of and link between "human activity and its social contexts" (Bacon & Story 2) , the misbehaviour debate forces students and members of organisation alike to confront a set of issues that defines irrevocably the constitution of the subject matter and the analytical and methodological terms. In general, this paper is rather optimistic about the nature of men and the possibilities to organize conforming and dutiful behaviour of employees. This undoubtedly is a reflection of our prosperous times and business successes, which marked the beginning of the new millennium. "Perhaps conforming to a certain political correctness" (Ball & Wilson 5), academics in organization studies, in addition, like to

Managing Technology Essay Example for Free

Managing Technology Essay Q1. a. Explain briefly about Managing technology. Answer Managing technology involves concepts like new venture, innovation, and research and RD infrastructure. We can say that technology is the useful tool which controls the environment and also acts as an instrument which converts the natural resources in to useful goods. This is the main factor which affects the growth of an organization. that’s why managing technology is essential for any organization. Some issues related to the Managing technologies described below * Technology and long-term cycles: There are some economists who argue that technology affects growth and recession in the world economy. The infrastructure is useful for maturation of the technologies. When the downturn starts to come up again then organizations has to invest the capital equipment that is based on the new technologies. * Technology and comparative advantage: At the national level, the firms will have more value when it has both the comparative advantage and also the technological lead. All the other companies from the world look for your organization. There are some of the emerging technologies that have to be dealt when you are discussing about managing technology. The emerging technologies are the new technologies that are sometime considered critical for humanity’s future. b. Explain any two alternatives for acquiring new technologies. We are presently living in the competitive world. The organizations have to use the advanced technologies to remain in competitive market of today, for long. The technology managers have less time, fewer resources and more problems for the implementation of the technology. There are many alternatives for acquiring the internal and external technologies. Some of these mentioned are the best * Develop technology in-house: This involves development of the technology within the house. In this, the company has to make an estimate of the financial costs that are associated with the Research and Development (RD) and the cost of the opportunities that are associated with RD. This also assesses the suitability of the employees for the new project * Enter into joint ventures: We know that many of the companies share the costs of the new technology; in the same way, the benefits are also shared. The membership of the research gets more attraction when the risks are high and the costs are heavy. There will be existence of very good relationship between the key supplier and the major customer. Q2. a. Explain in brief about the six phases in technology forecasting process. Answer- According to our working definitions, the main function of the technology is â€Å"to lead the decision making process towards profitable solutions with minimum uncertainties† Six phases of technology forecasting are * Identification of needs: After identifying the expected outputs and the objectives of the future, a thorough analysis is done in order to make sure the relevance of technology forecasting. * Prepare project: In this phase, the forecasting activities that are planned and resources are allocated. The roles of each human resource are carefully prepared and explained.. * Define objectives: This phase once again goes through the objectives that are defined in the first and second phases. This phase decides the dimensions of the forecast. * Perform analysis and develop Technology Forecast (TF): This is the central part of the present research. In this phase, we start with defining the boundaries of the technological system that has to be forecasted. * Validate results: in these steps forecasting process is to validate results. This includes the customer satisfaction with the results of TF. * Application of TF: The last phase in the technological forecast is the application of TF ·. This depends mainly on the needs and the formulated objectives. b. What are the benefits of technology absorption? The benefits that we get from technology absorption exercises, as evidenced by Government and industry experiences are * Repeated collaborations for the same product/ process are avoided. * Acquisition of further technologies becomes selective. * Ability is developed to unpackaged the technology * Savings can be affected in foreign exchange due to use of indigenous alternatives. * Effective utilization is made of available indigenous research expertise and facilities to achieve the desired results * Know-why and technology up gradation capabilities are built-up * Technically competent groups of scientists and engineers trained in technology absorption get matured and strengthened * The base for technological self-reliance is enhanced. We gain the benefits of technology diffusion, ranging from RD services to the larger sales. * Industry should attempt to obtain best available technology closest to international trends and provide RD at the stage of project planning. * Speedy indigenization of raw materials and components * Efforts for unpack aging and indigenization of tailor-made equipment in the acquired technology * Enhancing exports of products based on absorbed and upgraded technology. * use of national and international research facilities and expertise * Involving users, suppliers of components and materials, research organizations in undertaking absorption exercises. Q3. Explain in brief about the innovation management. Answer- We can define ‘innovation management’ as the systematic processes that help the organizations in developing new and improved products, services and business processes. This involves the use of creative ideas of an organization employee that brings new innovations to the market place, quickly and efficiently. In business, innovation should not be only limited to the big ground breaking ideas, creative workshops and product based companies. Innovation is often small, incremental changes to products, services and processes. The innovation involves all the managers from different departments. This needs to be planned and managed as a core business covering all parts of a business. This needs to be integrated at the strategic and operational levels. The activities of the innovation need to be driven by the strategy and current business imperatives. The successful innovation culture consists of all the aspects of a business, and these aspects have to be managed effectively and efficiently like any other core business. Innovation can be built into business, at three levels. The three levels are the annual business planning process, quarterly innovation and day-to-day activities. Innovation is managed through some sort of platform or application. There are two types of innovation tools that are, an electronic suggestion scheme, and a management system controlling the innovation process. The management of the innovation system needs to be given to the senior management to control the overall system of innovation. The best practices and tools are applied consistently and appropriately across the organization. Any platform should encourage for the learning activity as a core feature. Installing the innovation culture in any of the company has leaders and teams with ability and commitment. In order to create culture of continuous innovation, the organization requires leadership and commitment from the senior management team. The management team also sees that some staff members in the organization are rewarded for the innovative ideas they put in. The senior management needs to encourage the innovative ideas from the staff. Q4. Explain the implementation of new technology. Answer- Sound planning is essential for the success of any technology’s implementation. The failures that are likely to arise during the implementation process may be due to the poor planning or inadequate resources. Valuing the conflicts will facilitate the organization to keep away from these problems, and for the management, to anticipate the likely trouble spots and ease it accordingly. There are a number of less-substantial activities, which are critical and people those are involved must: 1.Have an understanding of the organization predominantly, in terms of its traditions and principles are essential. 2.The underlying principle of any new system implementation should be able to provide all the better services to all concerned through it. 3. This information has to be conversed to all concerned parties.4.A complete review of every business processes and, where required, academic practice, and developing and introducing new policies before tuning the system to meet the decided requirements should be undertaken. 5. The complete approval of the difficulty and flexibility of the system should be determined. 6. The inbuilt dangers of customization of any software should be understood. 7. A thorough system test procedures should be conducted, while accepting the likely need for software malfunction and improvements. 8. The training and development to be conducted for the internal staff should be planned in advance.9.The users must be trained, to use the system. Planning and implementation: A thorough plan with efficient management is necessary for success, and to work against the fear of high costs, extended time, losing key persons and common disappointment with the result Considerations for implementation  · Be aggressive: An important consideration when implementing a new technology is to be aggressive to set up a strong competitive edge  · Be cautious: If the new chosen technology provides revenue to your business, then it is necessary to be careful while making any major modifications in the new technology.  · Be quick: It is important for you to be quick enough to implement the small changes to your chosen technology and to supervise their impact.  · Be slow: If major changes affect your business, it is vital to make the implementation changes slowly.  · Be safe: During the implementation of a new technology, the better time to address the potential security needs is at the time of design and development. It is better to employ a security expert who will take care of the privacy of the organization. Q5. Briefly describe technological development options and strategies Answer- A country’s technology development strategy is determined by identifying the technological needs with potential technological developments in the world and a thorough assessment of available and emerging technologies. Then, the country determines a strategy to import technologies which can be produced locally. Now, there is a universal realization that unless a concerted attempt is made to build local technological capabilities for absorbing imported technologies, any attempt to develop indigenous technologies encounters enormous difficulties. Even with regard to imported technology, it is essential for a country to be able to select, digest, adapt and improve it for local consumption. All of these efforts justify greater priority and allocation of resources to RD. A requirement for efficient utilization of RD resources is the development of technological infrastructure within the country, including institution building, manpower development, and provision of support facilities and creation of a modern environment Whether or not an organization would generate or develop its own technology and with what intensity it would follow, the efforts in this respect would depend upon technology strategy it has planned or adopted. Though the term strategy is commonly used as an antonym of tactics it actually implies long-term, purposeful and interconnected efforts. Technology Strategy may accordingly be defined as a strategy to deal with the technology and related issues at macro and micro levels, with respect to set objectives. Let us have a quick overview of types of technology strategies Macro-level strategy- At macro level, each country outlines and adopts a technology strategy to achieve its political, economic and social objectives and translates the same into action through appropriate policies and mechanisms. Micro-level strategy-The extraordinary range and potential uses of contemporary technology have important consequences for industrial and commercial firms. The industrial and organizational disorder produced by technological change, and increased international competitive pressures provide threats and opportunities for firms. An effective strategic approach to technology allows firms to cope better with these changes, and reduces the threats and insecurities facing them and their employees. The basic role of technology strategy in business planning is to help ask the questions like: what business the corporation plans to be in and how it should be positioned? Effective planning identifies the present decisions required to create desirable and competitive corporate futures. In particular, technology strategy must anticipate the transient impact of technological innovation on the future competencies of the corporation. Q6. Explain Technology Development Answer- Though, broadly speaking, the D · of RD covers Technology Development the latter has much wider implication. Process- The various stages of technology development process or life cycle is starting from the generation of ideas in the RD department. We may observe that this process is tedious and requires top management commitment and support from outside. Risk factor is large and the success rate depends upon the quality of inputs provided to the RD department. Technology Development Approaches The approaches of technology development- * In-house RD: Technology development activities are generally carried out through setting up of separate in-house RD units within the business, managed and headed by a well-qualified and experienced chief, directly reporting to the top management. However, this unit has close interactions with other departments within the company and there could even be exchange of personnel among different departments. * Co-operative RD: A group of companies in a particular industrial sector promotes an RD centre as a society or a non-profit making company. The RD is funded by the participating companies and the government. This RD centre undertakes RD as per the requirements of the companies in their larger interest, and sets up expertise and facilities of common nature and which are usually expensive. * Contract research: A company may contract components of technology development to suitable RD organizations, academic institutions, or consultants or experts. The in-house RD unit may coordinate the progress of the activities, to develop the desired technologies. This approach usually requires considerable internal technological and managerial capabilities coupled with strong Science and Technology (ST) information base. * RD collaboration: A company may collaborate with another company in areas of common interest, if costs of development are high. Such inter-firm collaborative RD efforts are becoming common in developed countries mainly due to high costs and shorter technology life cycles. It is found in areas such as micro-electronics, materials, and information technologies. * Research societies: Large corporations or industrial houses may set up independent research societies, in addition to their in-house RD units. Such societies may undertake RD activities mostly relating to the broad interests of the promoting companies in line with the national interests. Research companies: Large firms of technology innovative industrialists may support research companies, specifically for conducting research and development of technologies for others on commercial basis. The development costs and reasonable profits are recovered from the sale and transfer of technologies.

Child Abuse and Neglect Essay -- Violence Against Children

Child abuse consists of any act or failure to act that endangers a child’s physical or emotional health and development. A person caring for a child is abusive if he or she fails to nurture the child, physically injures the child, or relates sexually to the child (Robins). Child abuse is broken down into four major categories: physical abuse, sexual abuse, emotional abuse, and neglect. Aside from the abuse itself, the cost of the tragic events costs the United States billions of dollars each year. Every day, approximately 4 children in the United States die resulting from child abuse and the majority are under 5-years-old (Fromm). There are many organizations that promote preventative measures in reducing child abuse. If nothing is done, child abuse will continue to rise with many consequences in the future.   Ã‚  Ã‚  Ã‚  Ã‚  Child abuse falls into four main classifications: physical abuse, sexual abuse, emotional abuse, and neglect. Physical abuse is defined as any non-accidental physical injury to a child (Robins). This can result from beating, whipping, paddling, punching, pushing, shaking, burning with cigarettes, scalding with hot water, or other hot objects. Unfortunately, sexual abuse is rising today. This is any sexual act between an adult and a child, which includes: fondling, touching, or kissing genitals, intercourse, incest, rape, penetration, or oral sex, exposing child to adult sexuality, and child pornography (Robins). Emotional abuse is the most common abuse due to how easily it can be hidden. Emotional abuse is any attitude, behavior, or failure to act on the part of the caregiver that interferes with a child’s mental health or social development (Robins). Many parents who continually yell or scream at his or her child in a way of threatening or showing no signs of affection turn to this so it will not be picked up on as quick as physical abuse. Unfortunately, this type can be the most harmful because it can cause serious emotional and mental problems later on in life. Lastly, neglect is a form of abuse and is defined as the failure to provide a child with basic needs (Robins). This is seen when parents fail to provide children with food, shelter and clothing. Also, caregivers who leave children unattended, fail to provide education, and fail to give children psychological needs are all types of emotional abuse.   Ã‚  Ã‚  Ã‚  Ã‚  It is estimated that child abuse co... ...ss to hotlines, family resources, self-help groups, publications on abuse prevention, an volunteer opportunities (Mulryan 54). National Clearinghouse on Child Abuse and Neglect Information gives information on prevention, identification, and treatment of child abuse and neglect (54). There are many other organizations that help children and families prevent and help cope with child abuse. With these specialized organizations there is hope that child abuse will decrease and more information will be delivered to the society.   Ã‚  Ã‚  Ã‚  Ã‚   Works Cited Adams, Caren, and Jennifer Fay. Helping Your Child Recover from Sexual Abuse. Seattle: Washington UP, 1992. Crosson-Tower, Cynthia. When Children are Abused. Boston: Pearson, 2012. Fromm, Suzette. â€Å"Total Estimated Cost of Child Abuse and Neglect in the United States.† Statistical Evidence. Web. 14 Feb. 2015. Mulryan, Kathleen., et al. â€Å"How to Recognize and Respond to Child Abuse.† Nursing 2014. Web. 13 Feb. 2015. Ramamoorthy, Saraswathy., et al. â€Å"Talking to a Child Who Has Been Abused.† Purdue University. Web. 12 Feb. 2015. Robins, P. â€Å"Recognizing Signs of Child Abuse.† KidsHealth. Web. 13 Feb. 2015.   Ã‚  Ã‚  Ã‚  Ã‚  

Reading and watching are totally different

Reading and watching are totally different: one describes things by words, while the other uses visual actions. To some people who enjoy reading, they can find interest in books with imagination. Personally, I like movies more than books, because I can understand more by visualization. When I read â€Å"A Rose for Emily,† I couldn’t understand the story at first.Then when I watched the movie, it helped me to understand more about what’s going on around Emily, with more details and chronological events. The story told in Faulkner’s order is not chronological which is harder for reader to understand. I found out some differences of the story in the book compared with the movie.In the book, the author mentions about the taxes more than in the movie. The mayors send to Emily a tax notice but there is no reply. They write her formal letter, and even come to her house to talk about it. The only sentence Emily can say to them is that â€Å"I have no taxes in Jef ferson.†The movie only shows a scene that Emily received a lot of tax notice letters which she has never replied once. After her father’s death, Emily becomes poor and has no income since she has been only depending on her farther. I guess in the movie, it focuses more on her relationship with Homer which the book doesn’t show much. I didn’t know Emily sleep with Homer until I saw the movie.As I read the title of the book, I expected something must be related to rose in the story, but I couldn’t find it after I finished the story. I were surprised by the end of the movie, when Emily died, people put a rose in her tomb which made more sense to me due to the title. One more different thing is the strand of gray hair is found in Homer’s hand but not on the pillow as it is in the book.At the end, the story remains a mystery about Emily and Homer. Why does Emily kill Homer? And when is it in the story? Does she sleep with him everyday or just the last day of her life? Does Tobe fall in love with Emily? These questions were neither answered in the movie nor in the book. The author left us something to think about, something to criticize on our own. In my opinion, I think that Emily kills Homer because she loves him and she wants him to be with her for the rest of her life.We all know that Emily falls in love with Homer, but what about Homer? Does he love her? All the people in town are saying that Homer is not a marrying man. So, even though they are dating and sleeping together, Emily knows that he will not marry her, and one day he will leave her just like her father. This makes her think about a way to keep Homer with her forever.I guess this is the reason she wants to kill him. There is a scene where they meet at the door of a drug store, in which Homer doesn’t show any respect or kindness to her. That makes Emily more determined about her plan of poison Homer.At the end, her cousins find Homer’s body on the bed and a strand of gray hair on his hand. This indicates that Emily does sleep with the death body but we don’t know when Emily has been doing that. So, I still wonder that how come she doesn’t kill herself after him since she has nothing left.

Company Delamere Pottery Limited Essay

Company Delamere Pottery Limited, which produces earthenware tableware, founded in 1997 after obtaining assets of T.G. Delamera & Co ltd. Company acquired a functional structure to better support the increase in turnover (Williamson et al., 2004, p. 53) in new markets areas that offer greater margins. To enhance the competitiveness, company launched a new strategies in business, marketing and finance mainly to increase gross margins by 10% and increase customer satisfaction together with a reduction of inventory (Williamson et al., 2004, p. 207). Business strategy is mainly based on the more efficient use of existing resources of the company. With implementation of the ERP system, the company promises to improve the planning, transparency and shortening process times and increasing the performance. ERP systems are often used by manufacturing companies to achieve a competitive advantage (Zhang et al, 2005, p. 69). ERP system helps companies create a strong information infrastructure, more accurate decision-making thanks to always actual data, enhance the overall quality and streamline the exchange of information between departments, suppliers and customers (Shatat & Udin, 2012, p. 577). Further costs reductions, the company tried to streamline production by reducing the overall waste. Basically to become  ´Ã‚ ´lean ´Ã‚ ´ and build an efficient, just-in-time manufacturing system to increase the overall quality. According to Lewis (2000, p. 962), company which is lean, is effective in transforming inputs resources into outputs, this reduces the costs and increase overall business financial performance. Becoming more  ´Ã‚ ´lean ´Ã‚ ´ (having lower costs) is one of the advantages over the competition (Lewis, 2000, p. 964). Source: Lewis (2000, p. 962) One of the main asset of the company are employers. To increase the overall success of the company can be achieved by: increase communications, increasing cooperation and following common goals, raising creativity and innovation, emphasizing on continuous development, empowering people (Kourdi, 2003, p. 84). Marketing strategy relies mainly on improving quality of products, service and so increase the overall brand reputation. Delamere Pottery Limited wanted to differentiate from competition through their products, supply chain and marketing (Williamson et al., 2004, p. 90) and so obtained higher saleability. The achievement of this strategic plan had five segments: Quality, Design, Service, Reliability, Brand awareness (Williamson et al., 2004, p. 210). Marketing strategy was closely linked to business strategy, with emphasis on the lean production. Improvement of manufacturing processes has a direct positive impact on the quality of the products and also thorough better controlling of the packaging, labeling and delivery of products can reduce costs. The company sought to be recognized as a progressive and innovative (Williamson et al., 2004, p. 210), therefore been given a lot of emphasis on design. Decisions in product design can have a large impact on cost, but also with design can be achieved the differentiation from the competition and getting higher profits (Desai et al, 2001, p. 37). Be credible among customers, the company tried to improve service, improve communication and improve the performance in the delivery of finished products to the customers on time. To support this plan has been introduced customer relationship management (CRM). Another tool how to increase turnover is to enhance the brand awareness. Greater brand awareness among customers increase the differentiation from competition and gives firm the possibility to increase the prices of products. Financial Strategies Delamere Pottery Limited was divided into two main parts: increasing gross margin and additional turnover (Williamson et al., 2004, p. 211). The results of gross margins depended on the success of the implementation of ERP system, lean manufacturing and improved distribution and getting the brand into public awareness. Additional turnover was possible made by sale of selected products for specially selected markets and the gradual-depth sales to particular markets. In company Delamere Pottery Limited the main emphasis has been taken on comprehensive manufacturing strategy. To support this strategy, in year 1999 was presented the system MPC (Manufacturing, Planning, Control). MPC should be associated with the other main functions such as finance, purchasing, sales and marketing (Williamson et al., 2004, p. 216). According to Williamson et al. (2004, 216-218), the implementation of MPC system, company received the following benefits: -With connection to ERP system is possible to have more efficiently planning and greater control of the production. -With connection to CRM system improve communication and service with customers. Significant improvement of delivering products on time. Increase of  £2M in turnover. -Better inventory management, increased stock turns. Reduction in working capital  £120.000. -Better recognition of loss-making and non-contribution products. Enhance in pre-tax profits of  £150.000.

International Financial Management Essays

International Financial Management Essays International Financial Management Essay International Financial Management Essay INTERNATIONAL FINANCIAL MANAGEMENT Undertaken at â€Å"TECNIA INSTITUTE OF ADVANCED STUDIES† Submitted in the partial fulfillment for the award of the degree of MASTER OF BUSINESS ADMINISTRATION Under the Supervision  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Submitted by and Guidance ofRAMAN KUMAR Ms. Sakshi Goel 05117003910 (Lecturer IFM)MBA- 3rd Sem SESSION: 2010 2012 TECNIA INSTITUTE OF ADVANCED STUDIES (Approved by AICTE, Ministry of HRD, Govt. of India) Affiliated To Guru Gobind Singh Indraprastha University, Delhi INSTITUTIONAL AREA, MADHUBAN CHOWK, ROHINI, DELHI- 110085 E-Mail:[emailprotected] rg, Website: www. tecniaindia. org Fax No: 27555120, Tel: 27555121-24 Ques 1) Bring out the similarities and dissimilarities in the financing facilities at IMF and World Bank. Discuss how the two institutions help in the development of developing countries? World Bank and IMF * The World Bank and the IMF are twin pillars supporting the worlds economic and financial struc ture. The World Bank is an investment bank owned by its member nations. The IMF functions more like a credit union whose members can draw from a common pool of funds to assist in emergencies. As of Aug. 1, 2010, its biggest borrowers were Romania, Ukraine and Hungary. 19441969 * From July 1 to 22, 1944, the IMF and World Bank Articles of Agreement were formulated at the International Monetary and Financial Conference in Bretton Woods, New Hampshire. On May 8, 1947, France became the first nation to borrow from the IMF. On Sept. 29, 1967, the IMF board approved a plan to establish special drawing rights (SDRs), which are international reserve assets used by member countries to supplement their foreign exchange reserves. 19701985 * On Aug. 15, 1971, the U. S. topped using the gold standard to settle international transactions. In 1974, the IMF adopted a new method of SDR valuation based on a basket of 16 currencies. This basket was simplified on Sept. 17, 1980, to hold five currencies , and today it holds four: the U. S. dollar, euro, Japanese yen and pound sterling. On Dec. 2, 1985, the two agencies expressed support for a U. S. initiative for comprehensive adjustment measures by debtors, increased and more effective structural lending by multilateral development banks, and expanded lending by commercial banks. 1986-Onward * On Dec. 9, 1987, the IMF established the Enhanced Structural Adjustment Facility (ESAF) to provide resources to developing nations undergoing fundamental debt restructuring and economic reform. Countries of the former Soviet Union joined the two agencies in 1992. The IMF, in conjunction with the G7, helped stabilize the 1995 Mexican peso crisis and the 1997 Asian currency crisis. On Jan. 8, 2001, the IMF and the Bank announced debt relief for 22 countries, 18 of them in Africa. On Apr. 13, 2003, a joint IMF-World Bank project was launched to monitor the policies and actions needed to achieve the United Nations Millennium Development Goals by 2015. On Sept. 25, 2005, agreement was reached on a G7/G8 proposal to provide 100 percent debt relief to the worlds heavily indebted poor countries (HIPCs). During their April 2006 meetings, the IMF and the Bank focused on ways to finance clean energy in developing countries, and the role of governance in meeting worldwide social, health and economic goals. Similarities Differences The overall structure of the  United Nations System  and  World Bank Group  has been described in previous posts. Both of those groups have expanded exponentially since their creation. Given that both the UN and World Bank were born from the same parents almost simultaneously, the extent of differences among organizations both within and between those two broad institutional systems is surprising: 1. Although membership in all entities within the UN System and World Bank Group is limited to sovereign- states, all members of the United Nations  General Assembly  are not necessarily members of  IBRD  (or other  World Bank  subsidiary bodies or specific UN  specialized agencies); 2. Although sovereign-state members are represented by their respective governments within  UN  System  and  World Bank Group  entities, different agencies within those governments represent them in those different international bodies (for example, [i] ministries of  foreign affairs  generally represent their governments  in the  General Assembly  and  Security Council, [II] bi-lateral development agencies, ministries of external affairs, or sector-specific  line ministries  normally represent them inspecialized agencies, and [iii] ministries of  finance  or  central banksnormally represent them in the  World Bank  and  International Monetary Fund  [IMF]); 3. Although informal agreements existed that the  Administrator  of the  United Nations Development Programme  (UNDP) and thePresident  of the  World Bank  should both be Americans,6  a wide range of other nationalities have always served in the highest leadership position of other UN specialized agencies; 4. Although senior leaders within both systems stressed the importance of â€Å"country-knowledge† among staff, the UN system began posting  Resident Representatives  to client countries very early-on while the World Bank continues to rely primarily on staff and consultants dispatched from its Washington headquarters; and 5. Although the UN system fairly rapidly expanded its interests in international development assistance and capacity to provide it, the attention of its overall leadership and Secretariat staff remains focused on, in the words of Craig Murphy, â€Å"matters of international high politics. † IMF and World Bank help in the development of developing countries The IMF and World Bank collaborate regularly and at many levels to assist member countries and work together on several initiatives. In 1989, the terms for their cooperation were set out in a  concordat  to ensure effective collaboration in areas of shared responsibility. High-level coordination: During the  Annual Meetings  of the  Boards of Governors of the IMF  and the World Bank, Governors consult and present their countries’ views on current issues in international economics and finance. The Boards of Governors decide how to address international economic and financial issues and set priorities for the organizations. A group of IMF and World Bank Governors also meet as part of the  Development Committee, whose meetings coincide with the Spring and Annual Meetings of the IMF and the World Bank. This committee was established in 1974 to advise the two institutions on critical development issues and on the financial resources required to promote economic development in low-income countries. Management consultation. The Managing Director of the IMF and the President of the World Bank meet regularly to consult on major issues. They also issue joint statements and occasionally write joint articles, and have visited several regions and countries together. Staff collaboration. The staffs of the IMF and the Bank collaborate closely on country assistance and policy issues that are relevant for both institutions. The two institutions also often conduct country missions in parallel and staff participate in each other’s missions. IMF assessments of a country’s general economic situation and policies provide input to the Bank’s assessments of potential development projects or reforms. Similarly, Bank advice on structural and sectoral reforms is taken into account by the IMF in its policy advice. The staffs of the two institutions also cooperate on the  conditionality  involved in their respective lending programs. The 2007 external review of Bank-Fund collaboration led to a  Joint Management Action Plan  on World Bank-IMF Collaboration (JMAP) to further enhance the way the two institutions work together. Under the plan, Fund and Bank country teams discuss their country-level work programs, which identify macro-critical sectoral issues, the division of labor, and the work needed from each institution in the coming year. A recent  review of JMAP implementation  underscored the importance of these   joint country team consultations in enhancing collaboration. Reducing debt burdens. The IMF and World Bank also work together to reduce the external debt burdens of the most heavily indebted poor countries under theHeavily Indebted Poor Countries (HIPC) Initiative  and the  Multilateral Debt Relief Initiative (MDRI). The objective is to help low-income countries achieve their development goals without creating future debt problems. IMF and Bank staff jointly prepare country debt sustainability analyses under the  Debt Sustainability Framework (DSF)  developed by the two institutions. Reducing poverty. In 1999, the IMF and the World Bank initiated the  Poverty Reduction Strategy Paper (PRSP)  approach- a country-led plan for linking national policies, donor support, and the development outcomes needed to reduce poverty in low-income countries. PRSPs underpin the HIPC Initiative and most  concessional lending by the IMF  (in particular, the  Extended Credit Facility (ECF)) and World Bank. Monitoring progress on the MDGs. Since 2004, the Fund and Bank have worked together on the  Global Monitoring Report  (GMR), which assesses progress needed to achieve the UN  Millennium Development Goals (MDGs). The report also considers how well developing countries, developed countries, and the international financial institutions are contributing to the development partnership and strategy to meet the MDGs. Assessing financial stability. The IMF and World Bank are also working together to make financial sectors in member countries resilient and well regulated. The  Financial Sector Assessment Program (FSAP)  was introduced in 1999 to identify the strengths and vulnerabilities of a countrys financial system and recommend appropriate policy responses. Ques 2) What to do understand by swap? What are the various types of swaps? An Introduction To Swaps Derivatives  contracts can be divided into two general families: 1. Contingent claims, i. e. , options 2. Forward claims, which include exchange-traded futures,  forward contracts  and  swaps   3. A swap is an agreement between two parties to exchange sequences of cash flows for a set period of time. Usually, at the time the contract is initiated, at least one of these series of cash flows is determined by a random or uncertain variable, such as an interest rate, foreign exchange rate, equity price or commodity price. Conceptually, one may view a swap as either a portfolio of forward contracts, or as a long position in one bond coupled with a short position in another bond. This article will discuss the two most common and most basic types of swaps: the  plain vanilla  interest rate and  currency swaps. The Swaps Market Unlike most standardized  options  and  futures  contracts, swaps are not exchange-traded instruments. Instead, swaps are customized contracts that are traded in the  over-the-counter  (OTC) market between private parties. Firms and financial institutions dominate the swaps market, with few (if any) individuals ever participating. Because swaps occur on the OTC market, there is always the risk of a counterparty defaulting on the swap. (For background reading, see  Futures Fundamentals  and  Options Basics. ) The first  interest rate swap  occurred between IBM and the World Bank in 1981. However, despite their relative youth, swaps have exploded in popularity. In 1987, the  International Swaps and Derivatives Association  reported that the swaps market had a total notional value of $865. 6 billion. By mid-2006, this figure exceeded $250  trillion, according to the Bank for International Settlements. Thats more than 15  times  the size of the  U. S. public equities market. Plain Vanilla Interest Rate Swap The most common and simplest swap is a plain vanilla interest rate swap. In this swap, Party A agrees to pay Party B a predetermined,  fixed rate of interest  on a  notional principal  on specific dates for a specified period of time. Concurrently, Party B agrees to make payments based on a  floating interest rate  to Party A on that same notional principal on the same specified dates for the same specified time period. In a plain vanilla swap, the two cash flows are paid in the same currency. The specified payment dates are called  settlement dates, and the time between are called settlement periods. Because swaps are customized contracts, interest payments may be made annually, quarterly, monthly, or at any other interval determined by the parties. (For related reading, see  How do companies benefit from interest rate and currency swaps? ) For example, on December 31, 2006, Company A and Company B enter into a five-year swap with the following terms: * Company A pays Company B an amount equal to 6% per annum on a notional principal of $20 million. Company B pays Company A an amount equal to one-year LIBOR + 1% per annum on a notional principal of $20 million. LIBOR, or  London Interbank Offer Rate, is the interest rate offered by  London  banks on deposits made by other banks in the  eurodollar  markets. The market for interest rate swaps frequently (but not always) uses LIBOR as the base for the floating rate. For simplicity, lets assume the two parties ex change payments annually on December 31, beginning in 2007 and concluding in 2011. At the end of 2007, Company A will pay Company B $20,000,000 * 6% = $1,200,000. On December 31, 2006, one-year LIBOR was 5. 33%; therefore, Company B will pay Company A $20,000,000 * (5. 33% + 1%) = $1,266,000. In a plain vanilla interest rate swap, the floating rate is usually determined at the beginning of the settlement period. Normally, swap contracts allow for payments to be netted against each other to avoid unnecessary payments. Here, Company B pays $66,000, and Company A pays nothing. At no point does the principal change hands, which is why it is referred to as a notional amount. Figure 1 shows the cash flows between the parties, which occur annually (in this example). (To learn more, read  Corporate Use Of Derivatives For Hedging. ) | Figure 1: Cash flows for a plain vanilla interest rate swap| Plain Vanilla Foreign Currency Swap The plain vanilla currency swap involves exchanging principal and fixed interest payments on a loan in one currency for principal and fixed interest payments on a similar loan in another currency. Unlike an interest rate swap, the parties to a currency swap will exchange principal amounts at the beginning and end of the swap. The two specified principal amounts are set so as to be approximately equal to one another, given the exchange rate at the time the swap is initiated. For example, Company C, a  U. S. firm, and Company D, a European firm, enter into a five-year currency swap for $50 million. Lets assume the exchange rate at the time is $1. 25 per euro (i. e. , the dollar is worth $0. 80 euro). First, the firms will exchange principals. So, Company C pays $50 million, and Company D pays  ¬40 million. This satisfies each companys need for funds denominated in another currency (which is the reason for the swap). | Figure 2: Cash flows for a plain vanilla currency swap, Step 1. | Then, at intervals specified in the swap agreement, the parties will exchange interest payments on their respective principal amounts. To keep things simple, lets say they make these payments annually, beginning one year from the exchange of principal. Because Company C has borrowed euros, it must pay interest in euros based on a euro interest rate. Likewise, Company D, which borrowed dollars, will pay interest in dollars, based on a dollar interest rate. For this example, lets say the agreed-upon dollar-denominated interest rate is 8. 5%, and the euro-denominated interest rate is 3. 5%. Thus, each year, Company C pays  ¬40,000,000 * 3. 50% =  ¬1,400,000 to Company D. Company D will pay Company C $50,000,000 * 8. 25% = $4,125,000. As with interest rate swaps, the parties will actually net the payments against each other at the then-prevailing exchange rate. If, at the one-year mark, the exchange rate is $1. 40 per euro, then Company Cs payment equals $1,960,000, and Company Ds  payment would be $4,125,000. In practice, Company  D would pay the net difference of $2,165,000 ($4,125,000 $1,960,000)  to Company C. | Figure 3: Cash flows for a plain vanilla currency swap, Step 2| Finally, at the end of the swap (usually also the date of the final interest payment), the parties re-exchange the original principal amounts. These principal payments are unaffected by exchange rates at the time. | Figure 4: Cash flows for a plain vanilla currency swap, Step 3| Who would use a swap? The motivations for using swap contracts fall into two basic categories: commercial needs and  comparative advantage. The normal business operations of some firms lead to certain types of interest rate or currency exposures that swaps can alleviate. For example, consider a bank, which pays a floating rate of interest on deposits (i. e. , liabilities) and earns a fixed rate of interest on loans (i. e. , assets). This mismatch between assets and liabilities can cause tremendous difficulties. The bank could use a fixed-pay swap (pay a fixed rate and receive a floating rate) to convert its fixed-rate assets into floating-rate assets, which would match up well with its floating-rate liabilities. Some companies have a comparative advantage in acquiring certain types of financing. However, this comparative advantage may not be for the type of financing desired. In this case, the company may acquire the financing for which it has a comparative advantage, then use a swap to convert it to the desired type of financing. For example, consider a well-known  U. S. firm that wants to expand its operations into  Europe, where it is less well known. It will likely receive more favorable financing terms in the  US. By then using a currency swap, the firm ends with the euros it needs to fund its expansion. Exiting a Swap Agreement Sometimes one of the swap parties needs to exit the swap prior to the agreed-upon termination date. This is similar to an investor selling an exchange-traded futures or option contract before expiration. There are four basic ways to do this. 1. Buy Out the Counterparty Just like an option or futures contract, a swap has a calculable market value, so one party may terminate the contract by paying the other this market value. However, this is not an automatic feature, so either it must be specified in the swaps contract in advance, or the party who wants out must secure the counterpartys consent. . Enter an Offsetting Swap For example, Company A from the interest rate swap example above could enter into a second swap, this time receiving a fixed rate and paying a floating rate. 3. Sell the Swap to Someone Else Because swaps have calculable value, one party may sell the contract to a third party. As with Strategy 1, this requires the permission of the counterparty. 4. Use a Swaption A  swaption  is an option on a swap. Purchasing a swaption would allow a party to set up, but not enter into, a potentially offsetting swap at the time they execute the original swap. This would reduce some of the market risks associated with Strategy 2.. Conclusion Swaps can be a very confusing topic at first, but this financial tool, if used properly, can provide many firms with a method of receiving a type of financing that would otherwise be unavailable. This introduction to the concept of plain vanilla swaps and currency swaps should be regarded as the groundwork needed for further study. You now know the basics of this growing area and how swaps are one available avenue that can give many firms the comparative advantage they are looking for.

1. What is Social Contract Theory and what are its strengths and Essay

1. What is Social Contract Theory and what are its strengths and weaknesses - Essay Example The social contract theory suggests that men being self interested can dominate his will in a civic society and hence a contract can avail justice. The social contract theory emphasis on the origin of the society. Social contract theory is a concept theory which is used in political science, sociology and philosophy. It is an implicit agreement between the state and citizens of the country to stay within the society without violating the contract. Social contract theory relies on an anthropological conception that man is either â€Å"good† or â€Å"evil†. The most famous philosophers of social contract theory are Thomas Hobbes, John Locke and Jean – Jacques Rousseau. It is a theory which has its ground on democracy. According to this theory, the people abide by law to live in peace and harmony in a society. Social contract theory is a philosophical idea which propagates maintenance of society and law. According to this theory people in a state abide by a contract to agree upon laws and rules to live in a society. Usually it is a government which will enforce these laws in a society or state. The theory suggests that if someone violates the rules then he will punish. This contract theory can be changed if the people believe that the law needs a change. Social contract theory implies that without it the society will be in chaos and people would act according to their wishes and desires. For example, in case of natural disaster like flood or hurricane people would do whatever they like as no one is there to enforce law in a confused situation. The society need a contractual obligation which makes the responsible towards their action in the society and the social contract theory advocates it. Social contract theory explains that for a secured society a contract is necessary between citizens and state. Since men are born free, he has a tendency to violate natural laws and create conflicts and brutalities in a

Student Stress - speech presentation (mainly based on the poster) Essay

Student Stress - speech presentation (mainly based on the poster) - Essay Example Stress works in cycles wherein we reach back at the point from where we started therefore stress is probably never ending phenomenon if it is not properly addressed. Stress is therefore for us like a never ending vicious circle which we encounter in everyday life and carry it also in our professional and daily routine life. Stress can have different effects on us and every one of us probably experience some of the effects of this on us. Most common physiological effects include headaches and loose motions, sleeplessness as well as increase in our anger levels. On the physiological side, we often experience loss of interest in our daily activities, aggression as well as showing irritability. On our social front, we find it difficult to socialize and communicate ourselves with our parents as well as our friends, poor performance in the shape of poor grades and a kind of social aloofness which continuously distance us from rest of the world. In order to overcome such situations, we, the students, therefore require support from our parents and teachers, exercise regularly so that our mood remain pleasant as well as increase our rapport with whom we can trust and express our deepest