Strategic management Essay Example | Topics and Well Written Essays - 500 words

Strategic management - Essay Example This paper shall analyze this article in terms of its structure, content accuracy and noteworthiness. Ty McMahan begins by highlighting the turning point towards the enhanced implementation of strategic management in the firm that came with the appointment of Michael Skarzynski as King Pin at Arbitron earlier this year. The content of the article finds its root in a rather vague introduction to the subject; one that can very easily be perceived differently by different readers. It proceeds to elaborate upon the numerous ventures that Arbitron chose to take a go at in light of the improved strategic management of its investment funds and the eventual outcomes to which they led. The article is quite accurate as Ty McMahan notes that not only is a higher degree of investment a part of this improved strategic management policy but also the acquisition of companies that could assist Arbitron in doing so. However, even though the author has highlighted how the redefinition of the implementation of strategic management in the firm has allowed it to bring about a higher and more accurate read out on the return on investment made towards marketing through television advertisements, there is a certain degree of noteworthiness that the article could do with since the author has spent most of the time merely f orwarding the opinions that have been expressed by other experts in the field rather than coming to a conclusion by himself in the end. However, the content of the article is a success in the fact that we can surmise from it that strategic management is an element that firm’s exercise in particular in matters where the firm’s center of stability is concerned. It is used as an instrument to ensure that no decision or measure is taken without keeping the long term consequences in perspective. McMahan, Ty. Arbitron, Looking To Make Strategic Investments, Takes Page

The Taming of the Shrew Essay Example for Free

The Taming of the Shrew Essay The servants in the play are mainly dopey and dim-witted. They fool around stage acting stupidly and behaving erratically. As the majority of the audiences would not have had a proper education, so they would rely on these exaggerated actions and visual antics. An example of this would be when Petruchio returns home after the wedding, only to find his servants gossiping. A frantic scene follows where the servants all end up falling over each other etc. This kind of foolish behaviour would have entertained un-educated Elizabethan audiences. All comedies by Shakespeare follow the same simple structure, similar to all other plays. The play starts with an exposition stage, which is when the story emerges and things start to go wrong and get out of hand. Next is the complication stage, which is when the play becomes even more complicated and everyone appears stuck. However, finally is the resolution stage where all the problems are solved. In tragedy plays, the play ends with the death of the hero or heroine, but in the majority of comedy plays, the play ends with a marriage. The tangled plot has been unwoven and problems solved. Petruchio immediately sets out to tame Katherina and her wild personality. Not only is he physically stronger than her, he is also wittier this is constantly apparent as he persistently winds Kate up: Pet. You lie, in faith for you are calld plain Kate, And bonny Kate, and sometimes Kate the curst; But Kate, the prettiest Kate in Christendom. Kate of Kate Hall, my super-dainty Kate, In this quotation, Petruchio is outlining his superiority over Katherina by winding her up by being patronising. After a direct order to not call her Kate, Petruchio goes on to persistently call her Kate to show his power. This not only annoys her, but weakens her and wears her down. He shows that he is not afraid to confront her making it clear from the outset that he is out to tame her. Petruchios methods of taming Katherina would appear disrespectful to modern audiences however they would have merely been humorous to Elizabethans. Throughout the play, the taming process continues, becoming more severe as the play progresses. At one point, Petruchio starves Kate, and deprives her of sleep to physically weaken her. Much of Petruchios speeches consist of cs and ks. This harsh phonology could suggest his dominance. Also, the majority of Kate repetitions are stressed using iambic pentameter. After a long taming period, Kate eventually caves in. She begins to realize that the only way she is going to get what she wants is to agree with what ever Petruchio says. Kat: Young budding virgin, fair and fresh and sweet Pet: Why, how now Kate. I hope thou are not mad. This is a man, old, wrinkled, witherd This is said directly after Petruchio comments there a beautiful young woman present. This also adds comedy to the play, as the person being addressed is in fact an old rather fat man, nothing like a beautiful young woman. This is a pivotal moment in the play as it is the turning point, where Katherina finally gives into Petruchios unrelenting taming process. After this, Petruchios taming of Kate is complete.

discipline Essay -- essays research papers

The Practice of Discipline   Ã‚  Ã‚  Ã‚  Ã‚  Certain challenges in life can be described as being inevitable. Nearly everyone must face such typical events throughout the course of their life where surpassing a particular challenge is a sign of growth and experience, and, having been dealt with, such a trial is not expected to arise again. Most individuals in our society are familiar with such periods in their lives where they were made to begin walking as infants, coached into learning how to ride a bicycle later on, encouraged to start driving a car during the teenage years, earned a high school and/or college degree, etc. Such challenges and ordeals are expected. They are perceived as being completely natural and acceptable. Society encourages the pursuit of them and rewards their conquering. Many of us, however, face challenges of a different sort in our lives. These challenges stem from decisions made by the individual, not by society or its norms. In fact, the very reason why such a decision quite ofte n sets challenges ahead for the individual who makes it is due to the fact that it goes completely against societal expectations. The initial conscious decision to go against the grain and not fall into line often sets the stage for a slue of hardships and tribulations, and, chances are it will result in a life-long battle to maintain devotion. I made such a decision.   Ã‚  Ã‚  Ã‚  Ã‚  Around the age of 17, I began to notice that my belief system was becoming increasingly opposed to that of my peers, my family, and even some good friends. For the first time, I began thinking about what I truly believed in and about the direction in which I was headed. One would be hard pressed to find an individual who has not experienced distress over such thoughts. At one time or another, pressure from these or similar thoughts will plague just about everyone during their lives, especially throughout the teen years. The differences in the individual will be shown and defined through the kind of choices that are made during such a period. At that point, when the questions concerning my identity first came into play, I was not much different from the average adolescent. However, when I began to ponder precisely how and what I felt about many pressing issues in my life, I noticed my opinions were quite contrary to those expressed by most people a... ...e I know where I stand is where others will fall. Unfortunately, standing up for one’s beliefs can, at times, bring about instances of very open physical aggression from those who are in opposition of that individual. I witnessed this first hand on a night when I was approached by a fellow student while exiting my dorm hall at school. He had noticed the X’s on my hands, a prominent symbol and show of expression in the Straightedge community. The interaction began when the young man—who, ironically enough, was intoxicated at the time—proceeded to pin me against a wall and scream in my face which was quickly followed by some hateful words expressing his contempt for the Straightedge lifestyle and an invitation to engage in a fight. During, and directly following, the event, I was in a total state of shock, for I was not used to opposition quite that extreme. Though seemingly ridiculous and unfair at the time, this experience was indeed a wake up call tha t helped to reiterate the fact that my decision to go against the norm is not, and never will be, an easy task.   Ã‚  Ã‚  Ã‚  Ã‚   The main purpose here is to educate. By using examples and sharing I hope to help others.

Chem 1301

Syallubus for CHEM 1301 General Chemistry I Fall 2011 SCIE 2. 106, M,W: 2:35-3:50 Instructor Name: Dr. J. G. Parsons Email: [email  protected] edu Office: Science room number: 3. 348 Phone: Office : 381-7462 Office Hours: M/W: 1:30-2:30 or by appointment CRN: 12626 REQUIRED MATERIALS: Text Book: Chemistry by Julia Burdge (ISBN 978-0-07-302554-4) Scientific calculator (ARIS software package Required) RECOMMENDED MATERIALS: Burdge study guide Blackboard web course and a UTPA email address. CREDIT: Lecture credit: 3 hours. laboratory is a separate one hour course ,1101 series). PREREQUISITES: One year of high school chemistry. College level algebra recommended. Grading: Grading will be based on a 100 point scale 90 – 100 points = A 80 – 89 = B 70 -79 = C 60 – 69 = D Below 60 = F Breakdown of points is as follows: 65% 4 unit exams (lowest is dropped) 10% Homework/Quiz grade 20% final exam. EXPECTIONS and OUTCOMES: 1. To understand and apply methods and appropriate technology to the study of natural sciences. 2.To recognize scientific and quantitative methods and the differences between these approches and other methods of inquiry and to communicate findings, analyses and interpretation both orally and in writing. 3. To identify and recognize the differences among competing scientific theories. 1 4. To demonstrate knowlegdge of the major issues and problems facing modern science, including issuses that touch upon ethics, values, and public policies. 5. To demonstrate knowledge of the interdependence of science and technology and their influence on, and contribution to, modern culture.CLASSROOM POLICIES: Only chemistry questions will be addressed in class. All other questions about the course or grading will be addressed individually during office hours. A schedule showing due dates for assignments and exams will be available on Blackboard. Attendence: Attendance may be taken periodically. Professors will have the option of dropping a student a fter three unexplained absences. Students arriving late to class should notify me that they are present. Class roles are periodically taken and attendence from groups work is also noted.Make-up exams will not be given. The lowest exam score will be dropped and in cases where students miss an exam for any reason, that exam will be the one dropped. Missing two exams usually results in a F for the course. Cheating: Students will be dropped from this course for cheating. Cheating consists of submitting someone else’s work under your name, obtaining information from someone other than the instructor during an exam. Cellular Phones: Cellular phones and/or beepers should be turned off or set to vibrate during the class period. ============================================================== Disability: If you have a documented disability which will make it difficult for you to carry out the work as outlined and/or if you need special accommodations or assistance due to the disability, please contact the Office of Services for Persons with Disabilities (OSPD), at Emilia Ramirez-Schunior Hall, Rm. 1. 101 immediately, or the Associate Director at [email  protected] edu,; 956/316-7005. Appropriate arrangements/ accommodations can be made. =============================================================== TENTETATIVE SCHEDULE: Weeks 1-4: Unit I Stoichiometry: Ratios of Combination: Reactions in Aqueous Solutions: First Exam Monday, Sept. 19th, 2010 Weeks 5-8: Unit II Gases: Thermochemistry Second Exam CHAPTER 3 CHAPTER 4 CHAPTER 11 CHAPTER 5 Monday Oct. 17th, 2001 Weeks 9-12 Unit III Quantum Theory and the Electronic Structure of Atom Electronic Configuration and the Perodic Table Third Exam Monday Nov 16th, 2010 Weeks 13-15 Unit IV Chemical Bonding I Basic Concepts Chemical Bonding II, Molecular Geometry and Bonding Theories Organic Chemistry: Fourth Exam Dec. th, 2010 Important Dates: Sept. 5th 2009 Sept 14th 2009 Sept 27th 2009 Nov. 14th, 2009 Nov 24th, 25th, 2009 Nov 27th, 2009 Dec 8th-9th CHAPTER 6 CHAPTER 7 CHAPTER 8 CHAPTER 9 CHAPTER 10 Labor Day (University Closed) Census day Last day to Change Courses Last day to drop Thanksgiving (University Closed) Classes Resume Study Days no classes Final Exam: Dec 10th -16th, 2011 Final Exams Week (Final Exam Monday Dec 12th, 2011, 1:15-3:00) This calendar is tentative and subject to slight Variation. Course Evaluation: Simply log in to UTPA Assist self service using your UTPA username & password.Click on Student Services> then click Student Records> click on Student Evaluations link> then click on Evaluation link next to the course you wish to evaluate> then click Submit. To see a tutorial, follow this link: http://cdl. utpa. edu/tutorials/surveydig/ 3 The chart below shows information that is required and optional topics that will be covered timepermitting in CHEM 1301. Sequence Chap 1-2 Required Parsons – CHEM 1301 Have Powerpoint presentations for Chaps 1&2, hand-out materials, pre-test and pretest answers available on Blackboard. Optional Parsons – CHEM 1301 Homework Set I (with answers) provided through Blackboard.Two optional review sessions (I on Dimensional Analysis and II on Nomenclature) scheduled on the Course Calendar (also available on Blackboard) Requirements for a chemical reaction to be balanced; charge balance and mass balance. Chap 3 The Mole Concept and Mole Mass/Stoichiometry Calculations, Balancing Chemical Equations, % Composition and Determining Simple/Emperical Formulas Oxidation –Reduction Reactions; Precipitation Reactions; Acid-Base Reactions Molarity and Dilutions Problems, Solution Stoichiometry Problems, Balancing Oxidation-Reduction Reactions.Concepts of Pressure, Volume, and Absolute Temperature; The Gas Laws; The Ideal Gas Equation; Molecular Speed; Real Gases and the van de Waals Equation, Gas-Stoichiometry Problems; the Kinetic Molecular Theory; Dalton’s Law of Partial Pressures and Raoult’s Law Introducti on to Thermodynamics, Pressure-Volume Work and Heat, Internal Energy, Enthalpy; Calorimetry, Hess’s Law, Heats of Formation and State Functions Quantum Theory, Quantum Numbers, Electron Configuration, Orbital Diagrams, Sets of Quantum Numbers, The Line Spectrum of Hydrogen; Chap 4 Chapt 11Use of the Solubility Rules to write precipitation reactions and net-ionic reactions. Use of the Activity Series to write reactions showing displacement of hydrogen by active metals. Meaning of terms electrolyte, strong electrolye, weak electrolyte and non-electrolyte. Properties of Gases, Reactions with Gaseous Reactants and Products, Degrees of Freedom for particles in the free state, the liquid state and the solid state; a comparison of gases, liquids and solids as to compressibility, density, and particles freedom of motion Units of Energy, Enthalpy, Standard Enthalpies of Formation, Constant Pressure processes vs.Constant Volume Processes Chap 5 Chap 6 Properties of Waves, The de Brogli e Hypothesis; The Uncertainty Principle, Atomic Orbitals, Electron Configurations and the Periodic Table; the Schrodinger Equation Chap 7 Periodic Trends in Properties of Elements; Ions of Main Group Elements, Ionization energy, electron affinity, Atomic Radius Lewis Dot Symbols, Electronegativity and Polarity; Drawing Lewis Structures; Formal Charge Molecular Geometry-VSEPR, Valence Bond Theory, The Modern Periodic Table; Effective Nuclear Charge, Nuclear Shielding, IonicRadius; Isoelectronic series, metallic character Ionic Bonding; Covalent Bonding, Exceptions to the Octet Rule; Bond Enthalpy, Resonance Molecular Geometry and Polarity, Hybridization of Atomic Orbitals, Molecular Orbital Theory Hybridization in Molecules Containing Multiple Bonds Molecules, Organic Reactions; Organic Polymers, Isomerism Chap 8 Chap 9 Chap 10 Why Carbon is Different, Representing Organic Molecules, Classes of Organic Compounds, Basic Organic Nomenclature 4

Pythagorean Quadratic

Reflection on Crib Bumpers Tracey Crawford ECE 214: Nutrition and Health of Children and Families Kelly Wells November 12, 2012 Kids in Danger website is value because it keeps parents as well as caregivers much needed information on recalls of certain things that are not safe for younger children. Kids in Danger website does have information on other website you can go to get more information about the product as well as numbers you can call.This website gave me a lot of information on crib bumpers pads and why they were recall. Due to an incident that happen in 2009 where 6-month-old Aiden died because of a crib bumper pad he rolled into and couldn’t get out. His grandmother who got kids in danger involved on the importance of crib safety and the danger of bumper pads told this story. We use this information by creating brochures or even books with activities that the parents as well as the caregivers to the safety on using products safe.We can even have seminars that would not cost too much for people to attend to give the importance on why certain toys and products have to be recall because more and more children are dying of things that can be prevented. We could also teach parents about how to use some of the product than just using what is read in the book because some of the products do come with instructions but people still could be putting it together wrong. If we educate more and more people on what is happening in the manufactures and why it happen than there would not be so much death.This information is essential to parents and caregivers on this information than there would not be so much deaths and serious injuries. I feel that parents need to know this information because if it were their own child or a family member they would want to know what they could do to prevent this from happening to them. I know we as people need to wake up and see what is going on in our neighborhoods as well as what is going in our home because the people wh o building this items are not paying close attention to how they are making stuff.Last year I had a cousin who was 9months old who almost choke to death on a piece of toy that felt out the box of a toy her dad was building for her brother. It really scares me to the point that I always make sure toys are very sturdy before I decide to let my kids play with them or kids in my care. I want my brochure to be of some help of the hazardously things that are been build today. I would like for my brochure to be somewhat use in the classroom or out in public. References Improving Children’s Product Safety. Kids in Danger. Retrieved on November 12,2012 from www. kidsindanger. org/product-hazard/crib-bumpers/ Pythagorean Quadratic Even though Ahmed’s half of the map doesn’t indicate which direction the 2x + 6 paces should go, we can assume that his and Vanessa’s paces should end up in the same place. I sketched this out on scratch paper I saw that it forms a right triangle with 2x + 6 being the length of the hypotenuse, and x and 2x + 4 being the legs of the triangle. Now I know how I can use the Pythagorean Theorem to solve for x. The Pythagorean Theorem states that in every right triangle with legs of length a and b and hypotenuse c, these lengths have the formula of a2 + b2 = c2. Let a = x, and b = 2x + 4, so that c = 2x + 6.Then, by putting these measurements into the Theorem equation we have x2 + (2x + 4)2 = (2x + 6)2 The binomials into the Phythagorean Therom x2 + 4Ãâ€"2 + 16x + 16 = 4Ãâ€"2 + 24x + 36 are the binomials squared. This a 4Ãâ€"2 on both sides of the equation which can be (-4Ãâ€"2 -4Ãâ€"2) subtracted out first leaving the equation to be x2 + 16x + 16 = 24x + 36. Next we should Subtract 16x from both sides of equation, which then leaves us with: x2 +16 = 8x + 36. The next step would then be to subtract 36 from both sides to get a result of. x2 -20= 8x. Finally we need to subtract 8x from both sides to get x2 – 8x – 20 =0.Now we have a quadratic equation to solve by factoring and using the zero factor. (x – ) (x + ) = 0 Since the coefficient of x2 is 1 we can start with a pair of parenthesis with an x in each. Since the 20 is negative we know there will be one + and one – in the binomials. I noticed that in order for a number to multiply to -20 and add up to -8 the numbers would then have to be -10 and 2. So when I put that into the pair I ended up with (x – 10)(x + 2) = 0 Use the zero factor property to solve each binomial. Then I set each equation up to zero which made, x– 10 = 0 or x + 2 = 0 creating a compound equation.When I did the math and solved for each problem, I got the answer of x = 10 or x = -2. These are the possible solutions to our equation. However, one of these solutions will not work because it doesn’t work with this scenario at all. You cannot have negative paces in this equation because it would simply not make sense, so the -2 solution does not work, leaving us with the answer of x = 10 as the key number of paces. The treasure lies 10 paces north and 2x + 4 = 2(10) + 4 = 24 paces east of Castle Rock, or 2x + 6= 2(10) + 6 = 26 paces straight from the rock. After solving this problem I went to howstuffworks. om to read the discussion on how GPS works. This article explained things about the GPS that I never knew before. I learned a great deal from this article and found a lot of parallels between the article and this assignment. I noticed in the article it discussed trilateration and I thought it seemed very similar to the Pythagorean Theorem, being that 3 points are identified between you, the satellite, and the location you are trying to get to which alm ost forms the shape of a triangle, although it is far more complex than that and is using circles instead of triangles.However the way I saw it is that my position and where I am trying to go would be the legs and the satellite that is directing me to my location from my current position, would have to be a 450 angle, making it the hypotenuse. If one was able to put that into numbers or do some calculate the distance of the satellite, themselves, one would easily be able to calculate your distance using the Pythagorean Theorem.Using this information a GPS is able to detect where you are, how far you are away from your location and the time it will take to get there, which can be incredibly handy, especially for those who do not have the greatest since of direction. After reading this article it should be that the Pythagorean Theorem is much more useful than I thought. It really simplifies the use of maps and a GPS system. It can be incredibly helpful in many aspects of everyday life .

Democracy in Russia (1900) essays

Democracy in Russia (1900) essays There were no prospects for democracy in Russian in 1914. Tsar Nicholas II believed he had the god-given right to rule over his country absolutely. His power to govern was reinforced by the strongest institutions in Russia, The Orthodox Church, The Army, and the peasant class. Even the Tsars opposition unwittingly aided him in quashing all hope for democracy. While there were some small democratic institutions, they only helped reinforce the Tsars belief that the people could never govern themselves. Embodied in Stolypins reforms, these polices helped sustain the Stars rule until its eventual collapse. That couplep with the Tsars policies of oppression, brutality, censorship, and class separation all helped him further in his goal to hold on to supreme power. The concessions he made to the people only served to further reinforce his right to rule. Nicholas II used repression, propaganda, the Orthodox Church, religion, migration, anti-Semitism, and war to help sustain what he believe d to be his divine rule. Nicholas was educated by private tutors and the reactionary Pobyedonostzev. Alexander III gave his son little training in affairs of state, and Nicholas proved to be a charming but ineffective and easily influenced ruler. Soon after his accession Nicholas stated that he intended to maintain the autocratic system. Nicholas was convinced that he had an absolute, God-given right to rule...as he saw fit...he refused to grant democratic right even to the Russian nobility. (Kronnenwetter, 43) The Tsars belief in his religious right to power was pushed on to the people both by himself and the Orthodox Church, which had been a creature of the Tsar since Peter the Great. (Moynahan, 30) The Russian Orthodox Church dates from the conversion of the Slavs by missionaries from Byzantium, led by Saint Cyril and Saint Methodius, in the ninth century A.D. In the tenth century Ch...

Life and Views of a Western Farmer essays

Life and Views of a Western Farmer essays After the Revolutionary War, the United States was in a state of economic chaos. Depression and inflation were prevalent as a result of the war. Established trading patterns were in disarray. The Congress had no power at this time under the Articles of Confederation. In the thirteen states, where power was centered, the separate currencies were in shambles. The United States was in need of a government with power and control because the Articles of Confederation were lacking many things and had left the government powerless. Life as a Western Farmer in the 1780s Life as a western Massachusetts farmer at this time was difficult to say the least. Farmers produced just enough from their land to support their families. If they were lucky and had a good year, there might be enough extra crops to sell or trade for goods. Farmers lived in the constant fear that they could lose their land and/or freedom to debt collectors. Unable to trade with foreign countries, the New England area merchants had to collect on loans made to farmers to make up for the lack of income from foreign trade. If the farmer could not pay the debt, his land could be taken to cover the debt (Szatmary 19). In many cases, farmers were imprisoned for failure to repay their debtors. To a farmer, owning land was a form of independence and freedom. Losing land meant losing freedom and independence to a farmer. This threat was leading to increased tension between the farming class and the commercial world. As more and more merchants began attempting to collect debts owed to them by farmers, tensions between the two were beginning to boil over. The merchants really had no choice but to try and collect debts for a source of income. The Articles of Confederation left the government without any power. Foreign trade could not be established without government power. Merchants could not trade with other countries on their own and, as a result, were losing ...

What the Many Worlds Theory Means in Physics

What the Many Worlds Theory Means in Physics The many worlds interpretation (MWI) is a theory within quantum physics intended to explain the fact that the universe contains some non-deterministic events, but the theory itself intends to be fully deterministic. In this interpretation, every time a random event takes place, the universe splits between the various options available. Each separate version of the universe contains a different outcome of that event. Instead of one continuous timeline, the universe under the many worlds interpretation looks more like a series of branches splitting off of a tree limb. For example, quantum theory indicates the probability that an individual atom of a radioactive element will decay, but there is no way to tell precisely when (within those ranges of probabilities) that decay will take place. If you had a bunch of atoms of radioactive elements that have a 50% chance of decaying within an hour, then in an hour 50% of those atoms would be decayed. But the theory tells nothing precisely about when a given atom will decay. According to traditional quantum theory (the Copenhagen interpretation), until the measurement is made for a given atom there is no way to tell whether it will have decayed or not. In fact, according to quantum physics, you have to treat the atomas if it is in a superposition of states - both decayed and not decayed. This culminates in the famous Schroedingers cat thought experiment, which shows the logical contradictions in trying to apply the Schroedinger wavefunction literally. The many worlds interpretation takes this result and applies it literally, the form of the Everett Postulate: Everett PostulateAll isolated systems evolve according to the Schroedinger equation If quantum theory indicates that the atom is both decayed and not decayed, then the many worlds interpretation concludes that there must exist two universes: one in which the particle decayed and one in which it did not. The universe therefore branches off each and every time that a quantum event takes place, creating an infinite number of quantum universes. In fact, the Everett postulate implies that the entire universe (being a single isolated system) continuously exists in a superposition of multiple states. There is no point where the wavefunction ever collapses within the universe, because that would imply that some portion of the universe doesnt follow the Schroedinger wavefunction. History of the Many Worlds Interpretation The many worlds interpretation was created by Hugh Everett III in 1956 in his doctoral thesis, The Theory of the Universal Wave Function. It was later popularized by the efforts of physicist Bryce DeWitt. In recent years, some of the most popular work has been by David Deutsch, who has applied the concepts from the many worlds interpretation as part of his theoretical in support of quantum computers. Though not all physicists agree with the many worlds interpretation, there have been informal, unscientific polls which have supported the idea that it is one of the dominant interpretations believed by physicists, likely ranking just behind the Copenhagen interpretation and decoherence. (See the introduction of this Max Tegmark paper for one example. Michael Nielsen wrote a 2004 blog post (at a website which no longer exists) which indicates - guardedly - that the many worlds interpretation is not only accepted by many physicists, but that it was also the most strongly disliked quantum physics interpretation. Opponents dont just disagree with it, they actively object to it on principle.) It is a very controversial approach, and most physicists who work in quantum physics seem to believe that spending time questioning the (essentially untestable) interpretations of quantum physics is a waste of time. Other Names for the Many Worlds Interpretation The many worlds interpretation has several other names, though work in the 1960s 1970s by Bryce DeWitt has made the many worlds name more popular. Some other names for the theory are relative state formulation or the theory of the universal wavefunction. Non-physicists will sometimes use the broader terms of multiverse, megaverse, or parallel universes when speaking of the many worlds interpretation. These theories usually include classes of physical concepts that cover more than just the types of parallel universes predicted by the many worlds interpretation. Many Worlds Interpretation Myths In science fiction, such parallel universes have provided the foundation for a number of great storylines, but the fact is that none of these have a strong basis in scientific fact for one very good reason: The many worlds interpretation does not, in any way, allow for communication between the parallel universes that it proposes. The universes, once split, are entirely distinct from each other. Again, science fiction authors have been very creative in coming up with ways around this, but I know of no solid scientific work that has shown how parallel universes could communicate with each other. Edited by Anne Marie Helmenstine

Pol 300 class discussions Assignment Example | Topics and Well Written Essays - 250 words - 1

Pol 300 class discussions - Assignment Example The next time speculations are such that the games could be held in South Africa and most of the countries that lost will rise up to be future winners. The United States will receive much publicity based on the wide coverage of the players and, marketing of their products to be used in the games. As a result, the per capita will rise. The course has broadened my outlook on international events. The subject introduces various issues that are addressed in world concept and promotes the idea of integration at the international concept. The course raises the perspective of unity, peace, problems, and events where different states come together for a common goal. Events at the international level lead to establishment of networks that promote development and growth (Thomas, 1988). The events also help in the identification of flaws in various states that require attention and amendments as well challenges in the nations that need to be solved. At the same time, international events help in solution of problems since ideas are provided and information is shared. Innovation is also enhanced and new ways of doing things are learnt during these events (Thomas,

E-learning Essay Example | Topics and Well Written Essays - 3000 words

E-learning - Essay Example The acquisition of learning techniques and styles by students depends on the personal characteristics of the student, the subject of study, and the student’s level of understanding of the subject. Research confirms that different people prefer different approaches to learning. No one approach or strategy of e-learning is optimal for all students. The methods and technologies used for e-learning in the United Arabs Emirates include the use of web-based education techniques, podcasting, internet video conferencing, social networking software, and computer-assisted instructions, among others. The styles of e-learning are especially gaining popularity in the higher education sector where most of the students are distant learners. This paper discusses how the learning preferences of an individual influence the extent to which e-learning can be an effective learning tool, especially in the United Arabs Emirates. E-learning allows the adoption of the education content to suit the learning styles of individual students. It may entail the incorporation of digital media, digitized materials, graphics, web-based interactions, interactive videos, among others. The adoption of different learning styles and methods impact on the effectiveness of e-learning in the higher education sector. Some researchers have supported the adoption of e-learning with the argument that it allows for the adjustment of educational content to suit the learning needs of the students. However, majority of studies in this field have been confined to the use of standard conventional learning styles in the e-learning systems (Brown, Zoghi, Williams, Jaberzadeh, Roller, Palermo, & Holt, 2009, p.4). This includes tutorial, lecture, problem-based learning, and written text. The relationship between the styles of e-learning and the effectiveness of the e-learning system, as well as the attitude of students towards e-learning, h as been discussed in

Banking Regulation and Risks Coursework Example | Topics and Well Written Essays - 1500 words

Banking Regulation and Risks - Coursework Example The banks are now on a constant quest to out-wind the effects of the global financial crisis and encounter a new business era. The change in the regulatory framework of banks has been observed globally. The practices of the banks of increased regulatory requirement have are hindered the banks from progressing (Ernst & Young, 2011). Hence, this report aims to highlight the effect of the global financial crisis on the regulatory framework of the banks. It will signify the need for the banks to alter the global banking landscape. This has become mandatory so that the system can run smoothly and performance can be optimized while developing capability to sustain any such economic shocks in future. SECURITIZATION The financial engineering based process of pooling certain types of assets so that they can be converted into interest bearing securities is called securitization. The asset in turn derives interest and principal payment for the individual who has purchased the securities (Jobst, 2006). This concept began in 1970’s in the US. The agencies which were backed by the US government pooled the home mortgages. By the 1980’s other assets which were primarily important for pooling were gathered and since then the market of securitization grew dramatically (Jobst, 2006). There was incremental growth in the residential mortgage funding through residential based mortgage securities (RMBS) in UK moved to ?257 billion from ?13billion (Wainwright, 2010). Following trend was observed across the years: (Wainwright, 2010) With the global financial crisis the stability of this concept was also widely impacted. This impact originated from the credibility of securitization conducted for the sub-prime mortgage loans. The poor credit origination, lack of regulatory efficiencies and inadequate methods of valuation proved to hurt the securitization severely. UK suffered as nearly 70% of the RMBS were given to foreigners who reverted to local markets (Wainwright, 2010) The concept of Securitization is also known as financial innovation. The need for securitization was realized to supply the customers with securitized bonds which were backed by sufficient assets. The surety that such bonds will never be subject to bankruptcy was a major factor which attracted the individuals towards it (Davis, 2011). USEFULNESS OF SECURITIZATION AND THE FINANCIAL CRISIS Businesses adopted securitization as source of funding for business on the basis of assets held by them. Banks also allured to the usefulness of securitization as it reduced the pressure of minimum capital requirement imposed as regulation (Jobst, 2006). Securitization was widely used in the US before the financial crisis. At the time of the global financial crisis it was observed that the asset based securities were primarily in the limelight of the investors’ portfolio. The securitization tool was asset backed and so it was widely used as collateral of the sale and repurchase agreements. T he asset based securities were also used for the issuance of the asset backed commercial paper. However, the benefits of securitization were enchased unduly that resulted in the crises. During the financial crisis banks were involved as financial intermediaries. When the banking system collapsed these instruments also collapsed as the banks couldn’t sustain the complex engineering introduced for excessive use of the process. This

The Financial Crisis and its effects on the world economy Essay

The Financial Crisis and its effects on the world economy - Essay Example Subprime Lending Subprime involves the credit status of the borrowers of subprime loans and does not correspond to the interest rates of such loans. Any type of loans offered to the subprime borrowers which do not satisfy the prime guidelines of a loan are termed as subprime loans. It is a process of lending money to a group of borrowers who are classified as subprime borrowers and they do not qualify for obtaining loans at market interest rates because of the fact that their credit ratings are too low (Duhigg â€Å"Pressured to Take More Risk, Fannie Reached Tipping Point.†). However, the underwriting standards were relaxed by the mortgage lenders because during the phase of strong competition, the availability of the creditworthy borrowers was limited. So the mortgage became risky because they were allowed to less creditworthy borrowers. A crisis situation created in the subprime mortgage market of United States intensified during 2007 and led to global recession (Labaton â €Å"Agency’s ’04 Rule Let Banks Pile up New Debt†). Housing Bubble It has been noticed that from 1997-2006, the housing price in USA has increased by 124 percent. In 2006 the housing prices in USA was very high, which started declining considerably in the year of 2006 and continued in 2007 too. In 2008, the Case-Shiller home price index revealed that the highest drop in the housing prices was seen in 2008 (Schmuecker). This resulted in the subprime crisis due to the obligation created by the Alt-A collateralized debt, Hedge funds, credit, and other mortgages. It heavily affected the new construction, as about 1,283,000 American families sold off their houses, in comparison to 609,000 during 1990-1995. Mortgage finance is one of the most important components in the property debt market. In the year 2008 the US government did offer special loans of about $900 million to rescue the country from housing bubble, but the amount of loss was already far beyond this amou nt (Barker 3). Weak Underwriting Practices The failure of the mortgage underwriting principles was prevalent in USA, as stated by Tichard M. Bowen III, the chief underwriter of Citigroup. He himself stated that among 1600 mortgages by Citi, about 60 percent of the mortgage loans were defective in nature (Morgenson â€Å"Raters Ignored Proof of Unsafe Loans, Panel is told†). This means that the underwriters did not perform their duties based on the policies. Apart from this, the Financial Crisis Enquiry Commission also scrutinized about 900,000 mortgages that were issued from 2006-2007. They found that barely 54 percent of the mortgage loans met the required underwriting standards. Among them about 28 percent mortgage loans even did not met the minimum standards of borrowing (Olin). Collapse and Boom of the Banking System There are various evidences that the risky mortgages were financed by the banking systems. The superfluous pressure from the showed banking system also led t he financial institutions lower their underwriting standards and support the initiation of risky loans. The CEO of the Federal Reserve Bank directly blamed the parallel banking or shadowed banking system for freezing the credit market. During 2007, the securitization market which was supported by the parallel banking system started to collapse and shut down by 2008. In this situation, the private credit market was not available to

The Role of the Judge in Integrity and Ethics Assignment

The Role of the Judge in Integrity and Ethics - Assignment Example One, the judge has to have an element of compliance with the law. As one of the most senior persons in the criminal justice system, the judge has to set an example of how the accused has to abide by the law by observing the law to the best extent possible. A judge who does not abide by the law in his responsibilities and other personal duties defeats the essence of his/her profession and has no merit being in the justice system to try those accused of breaking the law. Secondly, the judge has to avoid conflict of interest to the best extent possible as one of the best integrity principles. Some judges may have law firms with attorneys that represent accused persons in the court. In such circumstances, a judge would fail the integrity test by hearing a case with one of the attorneys as the partner in such law firms as the judge may be tempted to be biased towards the attorney with whom they have previously shared a law firm. Integrity tests require such a judge withdraw from such a ca se to be heard before a different neutral judge. The third element of integrity is personal responsibility. Every judge has to take it upon him/herself to ensure justice to all parties without compromise (Prenzler, 2009). This is an integrity test that a credible judge has to reflect in all his or her ruling. The public is entitled to have complete trust, respect for the integrity of criminal justice system as well as have confidence in their operations that are done professionally. As such, professions within the criminal justice system have to maintain and jealously guard such public confidence considering that justice is one of the major pillars of any constitution. All criminal justice professionals have to adhere to the highest standards possible without allowing any gaps that may lead the public to doubt such officials to guard such public confidence. Therefore, the role of integrity and ethics in the criminal justice profession is to ensure the public develops and maintains the highest degree of confidence in the institutions and to protect the rights and liberties as spelt out under the constitution to the best way possible.  Ã‚  

The Financial Crisis and its effects on the world economy Essay

The Financial Crisis and its effects on the world economy - Essay Example Subprime Lending Subprime involves the credit status of the borrowers of subprime loans and does not correspond to the interest rates of such loans. Any type of loans offered to the subprime borrowers which do not satisfy the prime guidelines of a loan are termed as subprime loans. It is a process of lending money to a group of borrowers who are classified as subprime borrowers and they do not qualify for obtaining loans at market interest rates because of the fact that their credit ratings are too low (Duhigg â€Å"Pressured to Take More Risk, Fannie Reached Tipping Point.†). However, the underwriting standards were relaxed by the mortgage lenders because during the phase of strong competition, the availability of the creditworthy borrowers was limited. So the mortgage became risky because they were allowed to less creditworthy borrowers. A crisis situation created in the subprime mortgage market of United States intensified during 2007 and led to global recession (Labaton â €Å"Agency’s ’04 Rule Let Banks Pile up New Debt†). Housing Bubble It has been noticed that from 1997-2006, the housing price in USA has increased by 124 percent. In 2006 the housing prices in USA was very high, which started declining considerably in the year of 2006 and continued in 2007 too. In 2008, the Case-Shiller home price index revealed that the highest drop in the housing prices was seen in 2008 (Schmuecker). This resulted in the subprime crisis due to the obligation created by the Alt-A collateralized debt, Hedge funds, credit, and other mortgages. It heavily affected the new construction, as about 1,283,000 American families sold off their houses, in comparison to 609,000 during 1990-1995. Mortgage finance is one of the most important components in the property debt market. In the year 2008 the US government did offer special loans of about $900 million to rescue the country from housing bubble, but the amount of loss was already far beyond this amou nt (Barker 3). Weak Underwriting Practices The failure of the mortgage underwriting principles was prevalent in USA, as stated by Tichard M. Bowen III, the chief underwriter of Citigroup. He himself stated that among 1600 mortgages by Citi, about 60 percent of the mortgage loans were defective in nature (Morgenson â€Å"Raters Ignored Proof of Unsafe Loans, Panel is told†). This means that the underwriters did not perform their duties based on the policies. Apart from this, the Financial Crisis Enquiry Commission also scrutinized about 900,000 mortgages that were issued from 2006-2007. They found that barely 54 percent of the mortgage loans met the required underwriting standards. Among them about 28 percent mortgage loans even did not met the minimum standards of borrowing (Olin). Collapse and Boom of the Banking System There are various evidences that the risky mortgages were financed by the banking systems. The superfluous pressure from the showed banking system also led t he financial institutions lower their underwriting standards and support the initiation of risky loans. The CEO of the Federal Reserve Bank directly blamed the parallel banking or shadowed banking system for freezing the credit market. During 2007, the securitization market which was supported by the parallel banking system started to collapse and shut down by 2008. In this situation, the private credit market was not available to

Compare the housing bubble in US and in China & how can Chinese Essay

Compare the housing bubble in US and in China & how can Chinese government learn from US - Essay Example My goal in this paper is to do a comparative study of the housing bubble in both U.S and China. China has experienced extraordinary growth in the housing market in the recent past; as a result, there has been a substantial increase in residential property. Nevertheless, while accelerating house prices in china may help indicate the presence of the bubble, its existence is still very controversial. Arguably, the current housing boom can be a rational bubble arising naturally from China’s economic transition. With the $580-billion stimulus package injected in 2008, just before the financial crises hit U.S, China’s economy has been able to withstand the global economic meltdown. The stimulus led to banks loosening their lending rate; hence there was excessive lending to home purchasers and thus rapidly raising the housing prices. Unfortunately, should the prices fall, there would be an increase in nonperforming loans and this would trigger china’s housing bubble. In U.S the housing bubble is believed to have been driven mainly by historically low interest rates. However, the low-interest rates, on their own, could not have caused the bubble and these have led to formulation of so many explanations and theories to try and explain what happened. According to (Holt) the correlation between housing price growth and subprime lending across market indicated that the lender took so much risk in booming markets thus increasing to even more the market demand. The meltdown in the housing market consequently, yielded to the devastating financial crisis. Evidently, the effects are still visible and the residential market In U.S is still on the road to recovery, with home prices yet to return to their historical high. Development of housing bubbles follows irrational exuberance for continuous rise of house prices. In the development of U.S Housing bubble, there was a rapid

Pet food recall Essay Example for Free

Pet food recall Essay A recent recall across the United States and Canada has pet owners in frenzy. More than 60 million cans and pouches of pet food have been recalled as they have been linked to 10 cat and 6 dog deaths recently. The manufacturer sells food under 95 different brands, including Wal-Mart, Iams, and Safeway. As of yet the specific ingredient linked to the pet deaths has not been determined. Speculation links the liver failure of the cats to a wheat gluten ingredient. The FDA said that wheat gluten itself would not cause liver failure, but if it was contaminated with metal or mold toxins it could cause liver damage. The chief executive of menu foods, Paul Henderson issued a statement saying, â€Å"Our hearts go out to all of the pet owners across Canada, the United States and Mexico for any losses they experience and certainly for the worry this incident may be causing† (â€Å"Company behind pet†, 2007). Pet owner’s expectations when buying pet food are to keep their pets happy, healthy, and well fed. Many of the products recalled were manufactured under the best pet food names in the industry. Pet owner Chris Wood says â€Å"We love our pets just like children. They are not careful enough with the ingredients they put in pet food. That’s scary† (Molina, 2007). Pet’s are companions that owner’s have a deep responsibility to care for. Implications caused by this recall include worry for one’s pet, having to find a new brand of food not manufactured by menu foods, and in the worse case scenario losing one’s pet to liver failure. The worry alone is taking time and energy from pet owners across the United States, Canada, and Mexico. Pet owners are not only returning the recalled food but are taken precautions that cost a lot of money to ensure the safety and well-being of their pets. A veterinarian at the Animal Medical Center on the East Side of Manhattan, Dr. Ann Hohenhaus, said one cat died there over the weekend of kidney failure linked to the recalled food. Hohenhaus said the Animal Medical Center has tested 143 animals for renal failure since worried pet owners started taking their cats and dogs in for blood and urine tests on Saturday (March 18th, 2007)†(Mathews , 2007). Retailers are taking all measures to reassure pet owners. After the recall â€Å"PetSmart general manager Gary Brown said, ‘Everything on our shelves is 100 percent safe for your pet’(Molina, 2007). Petsmart is offering a full refund on all food purchased between December 3-March 6. A Long Island family whose two year old bull mastiff, Princess, died as a result of the recall are suing Menu Foods. Princess ate nothing but Nutro Foods all of her life and passed away from liver failure. The family is absolutely devastated by their loss. The family filed a lawsuit â€Å"Wednesday against Nutro and manufacturer Menu Foods. The lawsuit, filed in state Supreme Court in Nassau County, seeks unspecified compensatory and punitive damages, said Bobbs attorney, Kenneth Mollins†(Mathews, 2007). Quite often consumers put much research and time into products they purchase. When a consumer makes a purchase they assumed the manufacturer is offering a product that will be satisfactory and meet standards. Menu foods did switch to a new supplier for wheat gluten. As of the March 6, 2007 issued recall Mend Foods has once again changed its wheat gluten supply and is once again stocking shelves with premium pet food. Menu Foods expects losses of 24-60 million dollars for this recall and lawsuits that will prevail as a result of the contaminated pet food.

Financial Performance Of Selected Commercial Banks In Uganda Finance Essay

Financial Performance Of Selected Commercial Banks In Uganda Finance Essay Persistent poor financial performance in commercial banks in Uganda yet stakeholders continuously alleged that corporate governance of these banks was doubtful, provoked the writing of this paper. Disclosure and trust, which constitute the integral parts of corporate governance, provide pressure for improved financial performance (Mark2000). This paper aims at establishing the relationship between the core principles of corporate governance and financial performance in commercial banks of Uganda. Findings indicate that Corporate Governance predicts 34.5 % of the variance in the general financial performance of Commercial banks in Uganda. However the significant contributors to financial performance include openness and reliability. Openness and Reliability are measures of trust. On the other hand credit risk as a measure of disclosure has a negative relationship with financial performance. It is obvious that trust has a significant impact on financial performance; given that transpar ency and disclosure boosts the trustworthiness of commercial banks. Banks both local and international should enforce full disclosure practices and transparency practices thereby enhancing trust in order to survive in the competitive financial landscape. Introduction The International financial landscape is changing rapidly; economies and financial systems are undergoing traumatic years. Globalization and technology have continuing speed, financial arenas are becoming more open, new products and services are being invented and marketed and regulators everywhere are scrambling to assess the changes and master the turbulence. An international wave of mergers and acquisitions has swept the banking industry as boundaries between financial sectors and products have blurred dramatically. In this brave new world, one fact remains unchanged. The need for countries to have sound resilient banking systems and strong banks with good Corporate Governance then will use competition to strengthen and upgrade their institutions that will survive in an increasingly open environment (Kaheeru, 2001). According to James Wolfensohn former World Bank Group President, Corporate governance is about promoting corporate fairness, transparency and accountability (Financial Times, 1999). Governance is a requisite for survival and a gauge of how predictable the system for doing business in any country is. In developing countries, the importance of governance is to strengthen the foundation of society and chip into the global economy. International standards and guidelines on corporate governance have been established by many multilateral organizations including the OECD and the Basle Committee in the effort to ensure improved legal; institutional and regulatory framework for enhancing corporate governance in institutions such as banks and financial markets (Kibirango, 2002). Specifically, the World Bank has proposed guidelines for good corporate governance in the financial sector, because of the critical role of the sector as the main vehicle for robust economic growth and effective transmission of monetary policy In Uganda, the factors responsible for poor corporate performance especially in banks emanate from lack of transparency, accountability and poor ethical conduct (Kibirango, 1999). Commercial banks failures have been linked to self-inflicted causes resulting from bank owners; ICB(International Credit Bank), GBL(Greenland Bank), and Coop Bank were afflicted with the one-man management syndrome of corporate governance exemplified by Thomas Kato (ICB), Sulaiman Kiggundu (GBL) and USAID (Co-op Bank). There was no separation between senior management and the board of directors in ICB or GBL and that management took little account of depositors interests. The board of ICB consisted of 4 members of the Kato family including a six -year- old child GBL had two boards of directors but neither had a say in the running of the bank for instance ICBs audit report cited connected or insider lending to a tune of UShs. 4 billion In the case of GBL the July 1998 Bank of Uganda (BOU) Audit Report stated that as per30th June 1998, Insider lending stood at Ushs.22, 722 million representing 47 percent of customer deposits and accounting for 5 5 percent of the total loan portfolio yet the maximum amount the bank could lend according to FIS 1993 was Ushs.975 million only. The report also cited that in most cases credit was extended on sole instructions of then Managing Director without any or minimal documentation (BOU, 1999). At the time of removing the Managing director in December 1998, the bank was more illiquid than what the financial statements were showing. Greenland Bank had tried to cover up the shortfall through kiting cheques between them selves and Uganda Commercial Bank and this involved instruments worth about Ushs. 4 billion. At the time of handing over, Kigundu admitted having made huge investments (UShs. 37bn off-Balance Sheet) mostly in related companies without disclosing these in books of the bank. In addition, he had secretly solicited for substantial deposits UShs. 20 billion which were kept off the financial Statements of the bank (BOU, 19, 1999). The B.O.U. closure of the above mentioned banks was intended to awaken the owners, directors and managers of the other commercial banks to institute sound corporate governance principles and foster better financial performance. It is worth highlighting that, insufficient financial disclosure evidenced by high level of off-balance sheet items, lack of transparency resulting from gross mismanagement and dubious accounting actions as observed in cases of ICB, GBL (Yunusu, 2001) and TransAfrica Bank Ltd (B.O.U., 2002) are detrimental to interests of banks stakeholders especially the depositors. The banks capital, asset and earnings values are affected and as a result the financial performance is questionable. This may be due to poor corporate governance. Amazingly, even after the intervention by Bank of Uganda through the closure of at least three commercial Banks in 1999, a number of Commercial Banks in Uganda have continued to register poor financial Performance, for instance, National Bank of Commerce in 2001/2002 reported a loss of 729,000,000/= and the banks liabilities swelled to 5bn/= in year 2002 from Ug. Shs 2.3bn in 2001.Citibanks profits fell from Ug. Shs. 4.1bn. in year 2001 to 2.3bn/= in year 2002 (Aggrey, 2003), Similarly, the Balance sheet position of Stanbic Bank (U) ltd. for year 2001 declined by 14.24 per cent compared with a growth of 19.19 per cent in 2000. Loans and advances, which comprised 32.95 percent of total assets declined by 24.42 percent, and the efficiency ratio deteriorated from 31.65 percent to 35.07 percent (Stanbic Bank Uganda, 2001). The overall aim of this paper is to investigate the link between, financial performance and the Core pillars of corporate governance; transparency, disclosure and trust in commercial banks in Uganda, within International and local Commercial Banks with headquarters in Kampala District, Stanbic Bank, Cairo Bank, Orient Bank and CERUDE Bank were the key focus in this paper. In order to achieve this aim bank annual reports formed a major source of financial data used to gauge financial performance. Financial performance was measured using CAEL Model which was later correlated with corporate governance variable. An Overview of the Key Variables To understand corporate governance and financial performance variables in relation to commercial banks, the major corporate governance pillars i.e. financial transparency, disclosure and trust are dissected. Financial performance especially relating to commercial banks is also reviewed based on the performance dimensions comprising capital adequacy, asset quality, earnings and liquidity. The significance of stakeholders in commercial banks is also highlighted. These are compressed in a conceptual framework Revenue Authority and Bank of Uganda, the expectation of government is that, information from these enterprises should not be biased and misleading. Management has to take into account the stakeholders expectations when they set a strategic direction but this can only be attained through sound corporate governance. Corporate Governance Corporate governance is about building credibility, ensuring transparency and accountability as well as maintaining an effective channel of information disclosure that would foster good corporate performance. It is also about how to build trust and sustain confidence among the various interest groups that make up an organisation. Indeed the outcome of a survey by Mckinsey in collaboration with the World Bank in June 2000 attested to the strong link between corporate governance and stakeholder confidence(Mark, 2000). Given that a study has already been carried out on the extent to which board composition affects team processes (orientation communication feedbacks, coordination, leadership and monitoring), board effectiveness and performance of the selected financial institutions in Uganda (Rosette, 2002), the researcher picked three basic tenets of Corporate Governance; Transparency, Disclosure and Trust in relation to commercial bank financial performance in Uganda, these tenets fall under the accounting field. The constructs/tenets are reviewed in the following sections. Transparency Transparency is integral to corporate governance, higher transparency reduces the information asymmetry between a and bondholders), mitigating the agency problem in corporate governance (Sandeep et al, firms management and financial stakeholders (equity2002). In Uganda lack of transparency is attributed to the closures of commercial banks (Yunusu, 2001). Bank Transparency The concept of Bank transparency is broad in scope it refers to the quality and quantity of public information on a banks risk profile and to the timing of its disclosure, including the banks past and current decisions and actions as well as its plans for the future. The transparency of the banking sector as a whole also includes public information on bank regulations and on safety net operations of the central bank (Enoch et al, 1997 and Rosengren, 1998). Weak transparency makes banks asset risks opaque. Stock market participants including professional analysists such as Moodys encounter difficulties in measuring banks credit worthiness and risk exposures (Poon, Firth, and Fung, 1999, Morgan 1999, and Jordan, Peek, Rosengren, (2000)). Ball (2001) argues that timely incorporation of economic losses in the published financial statements (that is, conservatism) increases the effectiveness of corporate governance, compensation systems, and debt agreements in motivating and monitoring managers. For instance, improved governance can manifest in a reduction of the private benefits that managers can extract from the company or in a reduction of the legal and auditing costs that shareholders must bear to prevent managerial opportunism Governance research in accounting exploits the role of accounting information as a source of credible information variables that support the existence of enforceable contracts, such as compensation contracts with payoffs to managers contingent on realized measures of performance, the monitoring of managers by boards of directors and outside investors and regulators, and the exercise of investor rights granted by existing securities laws. There are a number of issues to consider in this regard. First, the existence of a strong financial accounting regime is likely a precondition for the existence of a vibrant stock market and in its absence the notions of equity-based pay and diffuse ownership of firms become moot (Ball (2001) and Black (2000)) Institutional Variables Used to Measure Corporate transparency comprises. Financial accounting disclosures of major stakeholders, Timeliness of disclosures, Information dissemination and completeness of information. Robert Abbie (2001) concur with BPS especially on institutional transparency, they outline the transparency dimensions as; Completeness of financial information, Release of information, Timeliness, and Means of dissemination. Disclosure Given the recent corporate scandals (US Based; Enron, WorldComà ¢Ã¢â€š ¬Ã‚ ¦ (Heidi and Marleen (2003) and Uganda Based; Greenland Bank Ltd, ICB(Japheth (2001)) restoring public trust is at the top of the agenda of todays business leaders. Greater information provision (disclosure) on the companys capital and control structures can be an important means to achieve this goal. High quality and relevant information is crucial for exercise of governance powers. Full Disclosure seeks to avoid financial statements fraud(Beasley, 1996; Beasley et al, 2000). Prior studies have concentrated on disclosure of items such as management earnings forecasts (Johnson et al, 2001; Lev and Penman1990) or interim earnings (Leftwich and Zimmerman 1981), or have examined a very general disclosure index of financial and/or non financial items (Chow and Wong Borren, 1987). The CIFAR Index (i.e. a disclosure index created by the Center for Intentional Financial Analysis and Research (CIFAR) rates annual reports on the inclusion or omission of about 90 (rather traditional and mandatory financial) items from the following categories; general information, income statements, balance sheet, funds flow statement, accounting standards, stock data and special items (Laporta et al, 1998). Dangers of Voluntary Disclosure The most common arguments against voluntary disclosure from a managerial perspective are fear of giving away sensitive information to competitors and procurement of extra costs for collecting and disclosing the information (Eccles and Mavrinac (1995), Healy and Palepu (1993), Reich and Cylinder (1997).However, it is worth noting that as competition continues to bite, the basket of secret information tends to reduce. Financial Disclosure Financial disclosure, which is a key component of the newly proposed Basel Capital Accord, is reviewed in the following paragraphs. In April 2003, the Basel Committee on Banking Supervision (BCBS, 2003a), headquartered at the Bank for International Settlements in Switzerland, released the new Basel Capital Accord, which replaced the1988 Capital Accord with an attempt to set regulatory capital requirements that are comparable across countries. The purpose of pillar three is to complement the other pillars by presenting an enhanced set of public disclosure requirements focusing on capital adequacy. This pillar is examined in more detail than the first 2 pillars given that disclosure represents one of the key variables in the scope of this study. Details of Pillar Three Pillar Three addresses the issue of improving market discipline through effective public disclosure. Specifically, it presents a set of disclosure requirements that should improve market participants ability to assess banks capital structures, exposures, management processes, and, hence, their overall capital adequacy. The proposed disclosure requirements consist of qualitative and quantitative information in three general areas: corporate structure, capital structure and adequacy, and management. Corporate structure refers to how a banking group is organized; for example, what is the top corporate entity of the group and how are its subsidiaries consolidated for accounting and regulatory purposes. Capital structure corresponds to how much capital is held and in what forms, such as common stock. The disclosure requirements for capital adequacy focus on a summary discussion of the banks approach to assessing its current and future capital adequacy. The Concept of Trust Trust means many things. Everyone knows intuitively what it is to trust; yet articulating a precise definition is not a simple matter (Wayne Megan 2002). Trust is difficult to define because it is so complex, in fact, Hosmer (1995) has observed. There appears to be widespread agreement on the importance of trust in human conduct, but unfortunately there also appears to be an equally widespread lack of agreement on a suitable definition of the construct. Trust is a multifaceted construct, which may have different bases and phases depending on the context; it is also a dynamic construct that can change over the course of a relationship (Wayne and Megan, 2002). Facets of trust There are at least five facets of trust that can be gleaned from the literature on trust (Hoy Tschannen-Moran, 1998; Tschannen-Moran Hoy 2001). Benevolence, reliability competence, honesty and openness are all elements of trust (Wayne Megan 2002). Benevolence perhaps the most common facet of trust is a sense of benevolence confidence that ones well being or something one cares about will be protected and not harmed by the trusted party (Baier, 1986; Butter Cantecell, 1984; Cummings Bramily, 1996; Deutch, 1958 Frost, Stimpson Maughan, 1978; Ganbetta, 1988; Hosner, 1995; Hoy Kupersmith 1985; Mishra 1996). Reliability at its most basic level trust has to do with predictability that is, consistency of behaviour and knowing what to expect from others (Butter Cantrell, 1984; Hosmer1995). In and of itself, however, predictability is insufficient for trust. We can expect a person to be invariably late, consistently malicious, inauthentic, or dishonest when our well-being is diminished or damaged in a predictable way, expectations may be met, but the sense in which we trust the other person or group is weak. Competence: Good intentions are not always enough when a person is dependent on another but some level of skill is involved in fulfilling an expectation an individual who means well may nonetheless not be trusted (Baier 1986; Butter Cantrell, 1984; Mishra, 1996). Competence is the ability to perform as expected and according to standards appropriate to task at hand, many organisational tasks rely on competence. Honesty: Honesty is the persons character, integrity and authenticity Rotte r (1967) defined trust as the expectancy that the word, promise, verbal or written statement of another individual or group can be relied upon. Statements are truthful when they confirm to what really happened from that perspective and when commitments made about future actions are kept. A correspondence between a persons statements and deeds demonstrates integrity. Openness: Openness is the extent to which relevant information is shared; it is process by which individuals make themselves vulnerable to others. The information shared may be strictly about organisational matters or it may be personal information, but it is a giving of oneself (Butter Cantrell, 1984, Mishra, 1996) such openness signals reciprocal trust a confidence that neither the information nor the individual will be exploited and recipients can feel the same confidence in return. Individuals who are unwilling to extend trust through openness end up isolated (Kramer, Brewer Hanna, 1996). In Uganda, as in many oth er countries, there is a rooted distrust in most of the public sector Shleifer, and Vishny, (1993) this may also be the case for the private sector in which the commercial banks fall. Macro-Economic Variable Macro-economic variables through factors such as inflation and changes in interest rates may either enhance or distress commercial banks financial performance. Cordella levy Yeyati (1998a) point out that if the shocks of the economy are wide and banks cannot control their asset portfolio risks, then full transparency of banks risk positions may destabilize the banking system. A countrys macro economic environment may also affect transparency levels therefore it becomes difficult to relate to financial performance of commercial Banks. Consider Uganda where the economy is shaped by a number of straining factors like unemployment, 38% of entire population under the poverty line. Such factors have a serious impact on the behaviour of potential account holders or even those who operate accounts. This means that even if there is proper transparency, full disclosure and trust in the banking industry, the above challenges may negatively affect financial performance in Uganda. In this paper, these together with other social, political and technological factors are assumed invariable. Relationship of Transparency, Disclosure, Trust and Financial Performance Transparency, disclosure and trust, which constitute the integral part of corporate governance, can provide pressure for improved financial performance. Financial performance, present and prospective is a benchmark for investment. The Mckinsey Quarterly surveys suggest that institutional investors will pay as much as 28% more for the shares of well governed companies in emerging markets (Mark, 2000). According to the corporate governance survey 2002, carried out by the Kuala Lumpur stock exchange and accounting firm Price Water House Coopers (PWC), the majority of investors in Malaysia are prepared to pay 20% premium for companies with superior corporate governance practices. Financial Performance and financial institutions Financial soundness is a situation where depositors funds are safe in a stable banking system. The financial soundness of a financial institution may be strong or unsatisfactory varying from one bank to another (BOU, 2002). External factors such as deregulation; lack of information among bank customers; homogeneity of the bank business, connections among banks do cause bank failure. Some useful measures of financial performance which is the alternative term as financial soundness are coined into what is referred to as CAMEL. The acronym CAMEL refers to the five components of a banks condition that are assessed: Capital adequacy, Asset quality, Management, Earnings, and Liquidity. A sixth component, a banks Sensitivity to market risk, was added in 1997; hence the acronym was changed to CAMELS. (Note that the bulk of the academic literature is based on pre -1997 data and is thus based on CAMEL ratings.) Ratings are assigned for each component in addition to the overall rating of a bank s financial condition (Jose, 1999). The ratings are assigned on a scale from 1 to 5. Capital Adequacy: This ultimately determines how well financial institutions can cope with shocks to their balance sheets. The bank monitors the adequacy of its capital using ratios established by The Bank for International Settlements. Capital adequacy in commercial banks is measured in relation to the relative risk weights assigned to the different category of assets held both on and off the balance sheet items (Bank of Uganda, 2002). Asset Quality: The solvency of financial institutions typically is at risk when their assets become impaired, so it is important to monitor indicators of the quality of their assets in terms of overexposure to specific risks trends in non- performing loans, and the health and profitability of bank borrowers especially the corporate sector. Credit risk is inherent in lending, which is the major banking business. It arises when a borrower defaults on the loan repayment agreement. A financial institution whose borrowers default on their repayments may face cash flow problems, which eventually affect its liquidity position. Ultimately, this negatively impacts on the profitability and capital through extra specific provisions for bad debts (Bank of Uganda, 2002). Earnings: The continued viability of a bank depends on its ability to earn an adequate return on its assets and capital. Good earnings performance enables a bank to fund its expansion, remain competitive in the market and replenish and /or increase its capital(Bank of Uganda, 2002). A number of authors have agued that, banks that must survive need: Higher Return on Assets (ROA)., better return on net worth/Equity (ROE), sound capital base i.e. the Capital Adequacy Ratio (CAR), adoption of corporate governance ensuring transparency to stakeholders that is equity holders, regulators and the public. Liquidity: Initially solvent financial institutions may be driven toward closure by poor manage ment of short-term liquidity. Indicators should cover funding sources and capture large maturity mismatches. An unmatched position potentially enhances profitability but also increases the risk of losses (The Ugandan Banker, June 2001). The M represents Management, given that this paper is hinged on financial performance, the management component in not considered in the measure. Generally, literature on corporate governance comprises attributes such as financial transparency, disclosure and trust among others and it is revealed that financial transparency and disclosure enhance trust between the stakeholders and organisations like commercial banks. Capital Adequacy, Earnings and Liquidity are the key dimensions of measuring financial performance in Commercial Banks. In summary, this literature forms an underpinning for the establishment of the association between corporate governance and financial performance. Methodology This study was conducted as a cross sectional and correlational investigation. Given that the key focus was to investigate the relationship between Corporate governance and financial performance. The managers of commercial banks in Uganda may be ensuing the arguments of Eccles Mavrinac (1995), Healy Palepu (1995), and Reich Cylinder (1997) whose studies make a note that voluntary disclosure of information for instance on Total capital bases Tier 1 2 capital, and preference shares may directly give away sensitive information to competitors and the disclosure process itself may lead to extra bank operating costs. Analysis Level of Trust in Commercial Banks On average the Commercial banks are not open to their clients on matters concerning the banks the majority indicated that manages do not tell them what is really going on in the bank; over 62 % were not sure and affirmed this statement. The lack of openness in these commercial banks may raise distrust as noted by Beatty Cantrell (1984), and Mishra (1996) who note that openness signals reciprocal trust a confidence that neither the information nor the individual will be exploited and recipients can feel the same confidence. Many authors conclude that reliability implies a sense of confidence. From URA, it was shown that the commercial banks are open to URA officials about what is going on in the bank (62.5%), it was also found out indicated that the commercial banks are competent in doing their work. The majority of URA officials also indicated that commercial banks are honest to URA and it is also indicated that commercial banks are reliable to URA , Overall analysis from the findings institutes a piece of evidence that URA trusts commercial banks activities. Level of Financial Performance in Commercial Banks As noted earlier, financial performance was considered the dependent variable in this paper, before correlating it with governance variables its magnitude within the commercial banks was ascertained. Secondary data especially from respective commercial banks annual-reports (from 2000 to 2003) were used to extract the summary of the banks financial performance Based on Capital Adequacy, Asset Quality, Earnings and Liquidity as recommended by BOU for measuring Financial Performance (BOU 2002). Capital adequacy, which is measured by CK/RWAs ratio(Core Capital / Risk Weighted Assets), in most banks was above the central banks, required level of 12%. Asset Quality, which was measured by NPA/ Total advances and Specific Provisions, also indicated that most banks were above the FIS (1993) requirement of 25%. Earnings, which are measured by ROE and ROA ratios, indicated that some banks earnings performance was below zero for instance Bank R. Some other banks indicated a steady movement upwards especially on their ROA Ratios. Liquidity which is measured by Liquidity Assets/Total Deposits and Total Advances/Total Deposits ratios, indicated that in the overall commercial banks were highly liquid over the trend 2000 to 2003,for instance for bank Z the Liquidity Assets/Total Deposits ratios were 119%, 140%, 112 % and 129% respectively, this implied a weakness in the financial performance of commercial banks. Relationship between Corporate Governance and Financial Performance in Commercial Banks. It was disclosed that all the dimensions of financial transparency, Disclosure and trust had positive relationships with most of the financial performance dimensions in commercial banks in Uganda. For instance capital adequacy, earnings, assets quality highly showed positive correlations with openness competence honestly and kindness. This is also in agreement with the McKinsey quarterly Survey Mark (2000) and the Corporate Governance Survey (2000) by the Kuala Lumpar Stock Exchange and accounting firm PWC that noted that there is a link between corporate governance and financial Performance due to the investors willingness to inject more funds in a wellgoverned firm. The extent to which corporate governance influences Financial Performance Regression analysis was used to find the influence of the independent variable Corporate Governance (financial transparency, disclosure and trust) on the dependent variables financial performance (capital adequacy, asset quality, earnings and li quidity). An analysis of Variance was produced reflecting the variables corporate Governance and financial performance. Results indicated that Corporate Governance (Transparency, Trust and Disclosure) predicts 34.5 % of the variance in the general financial performance of Commercial banks in Uganda. The significant contributors to financial performance were openness and reliability. Openness and Reliability all these are measures of trust. On the other hand, credit risk as a measure of disclosure had negative relationship with financial performance, this is in harmony with extant finance literature which highlights that, it is probable that when risky lending increases the payback declines. This in turn negatively affects commercial banks earnings. Conclusion and Recommendations Disclosure whose strongest dimension was ascertained as Credit Risk in this paper is in agreement with the New Basel Capital Accord (2003) and Lopez (2001). On the side of Trust; reliability, openness and honesty came out to be the strongest dimensions to gauge trust in commercial Banks this is in conformity with the study undertaken by Butter Cantrell (1984); and Wayne Megan (2002).Whereas completeness came out as the significant dimension when measuring financial transparency. Recommendations based on the above finds include: Given that the corporate governance can influence over 34% of the financial performance of banks, commercial banks need to adopt and strengthen the corporate governance principles especially on dimensions of timeliness in delivering the financial reports to Bank of Uganda and presenting the details of Loan Advances This means that issues regarding transparency where timeliness and completeness fall should not be underestimated by such banks. After the Commer cial Banks have established mechanisms to enforce proper governance practices such as financial disclosure and transparency. They will automatically build a bond of trust with their numerous stakeholders including customers, society, and government among others. Some of these stakeholders especially customers will in turn invest their funds in these banks. For instance, they buy shares when the respective commercial bank is listed both on the local capital market like Uganda Stock Exchange (USE) or on international Capital Markets like The New York Stock Exchange (NYSE) or any other capital market. Commercial Banks operating in Uganda, like any form of business organisation, in todays dynamic financial landscape should focus on proper Governance Practices and Principles not only to boost and enhance their financial performances but as path to gaining a better publ

My Antonia :: Free Essay Writer

My Antonia 1. Jim Burden, a successful New York City lawyer, leaves an acquaintance a memoir of his Nebraska childhood in the form of a recollection of their mutual friend, Antonia Shimerda. Jim had first arrived in Nebraska at the age of ten, when he was made the trip west to live with his grandparents after finding himself as an orphan in Virginia. On this same train, Jim has his first glimpse of the Shimerdas, a Bohemian immigrant family traveling in the same direction. As fate would have it, the Shimerdas have taken up residence in a neighboring farm to the Burdens'. Jim makes fast friends with the Shimerda children, especially Antonia, who is nearest to him in age, and eager to learn English. At her father's request, Jim begins to tutor Antonia, and the two of them spend much of the autumn exploring their new landscape together. Shortly after Christmas, tragedy strikes with the suicide of Mr. Shimerda. After an emotional funeral, the Shimerdas retreat into despair, and the Burdens struggle to be as accommodating as possible. As a result of the hardships that the Shimerdas suffer, a wedge is driven between Antonia and Jim. A couple of years later, the Burdens decide to move into town, and shortly thereafter Antonia takes a job as a housekeeper with a neighboring family, the Harlings. Jim begins to see more of Antonia once again, especially when a dancing pavilion comes to town and enlivens the social situation. Jim's high school years quickly come to a close, and he is offered a spot at the university in Lincoln. He makes a great success of his commencement speech, and spends the summer hard at work in preparation for his course of study. Before leaving, he takes one last trip out to the countryside with Antonia and her friends, where they gather to reminisce about old times together. In Lincoln, Jim throws himself into his studies, which take up the majority of his time in the first year and a half of his course. In the spring of his second year, he begins to see a good deal of Lena Lingard; a mutal friend of his and Antonia's who has always intrigued Jim. After several months of theater going and dalliances about town, Jim decides he needs to make a fresh start of things and prepares to transfer to Harvard for his final two years of college.

Ethics in public ad Essay

Since the 1970s there has been a great deal of change associated with the implementation of administrative ethics. These changes have been promoted and motivated by the concept of public administration in the new era. An important position is given to the concept of ethical issues in today’s civil governance. There has been a great deal of research associated with this concept which has been supported by translation of evidences and theories into practice across different continents. Frederickson and Ghere (2005) address both the managerial and individual/moral dimensions of ethical behavior as well as new challenges to administrative ethics posed by globalization. As promoted by Cooper (2001) ethics in public administration is not a transient concept but has proven to be an approach which has shown a great deal of sustainability which is fundamental to the area of public administration. Public administration has certain issues with regard to ethics implementation and finds it troublesome to come to terms with them. One reason for this is because ethics is embedded in an intellectual framework. This framework is based on stable institutional as well as role relationship levels, among both public employees as well as the organization. According to the views of a number of researchers (Bang and Sorensen, 1999; Keast et al., 2004; Rhodes, 1996; Sorensen, 2002, 2006; Sorensen and Torfing, 2004; Stoker, 1998), current government perspectives believe that clarity and stability at these levels would be problematic. Despite the increasing number of studies that have focused on the importance of administrative ethics, there has been very little effort spent on identifying what is exactly the crux of ethics in administration (Cooper, 2004). This lack of directed research in the dynamics of operations with regards to ethics in public administration along with constant changes in the principles and policies associated with administrative ethics need to be examined. These developments have raised new topics for concern in this field. One example which can be cited at this juncture is the emergence of the concept of egovernance which would require the identification of a whole new paradigm of ethics in public administration.

Liquidity Ratio Essay

In this case study, our main purpose is to analyze the company financial statements and investigate the effects of financial analysis announcements on the stock price from 2000 to 2004. Besides that, we concerned about the financial management or strategy in the company and how are they sustaining their company growth and expected earnings in the stock market. We also discuss about the company financial analysis and competition in the industry. 2. 0Case Study Summary Krispy Kreme Doughnut operation was started in 1937 when the founder of Kripsy Kreme, Vernon Rudolph began making doughnuts from a special recipe he bought from a French chef. Then, Krispy Kreme was so well-known and it expanded from a wholesale enterprise to an addition of Krispy Kreme’s retail operations and franchising. Rudolph focused on excellent quality of doughnuts and customer service. The result was always good when it was under the control of Rudolph. After Rudolph’s death, Krispy Kreme was acquired by Beatrice Foods and its priority was to earn profit. Beatrice encouraged additions to the menu and changed the original recipe and logo of Krispy Kreme to cut cost. Unfortunately, the business went down Beatrice decided to sell it. In 1982, the new owner of Krispy Kreme, Joseph McAleer bought Krispy Kreme by using leverage. Joseph maintained back the original logo and recipe of Krispy Kreme. One of the priorities of Joseph and Krispy Kreme focused on hot and fresh doughnut. In 1989, Kripsy Kreme was free from debt and began to expand. In 1996, doughnuts and added branded coffee were their main focus. In year 2000, Kripsy Kreme went public and the initial share price reached $40. 63. After going public, the corporation was planning aggressively to increase the number of stores and enter international markets. The revenues of Krispy Kreme Doughnuts were generated from n-premises sales, off-premises sales, manufacturing and distribution of product mix and machinery and franchise royalties and fees. In May 2004, Krispy Kreme announced three major adverse results for the first time as a public company. Firstly, the company suffered loss due to the trend of low-carbohydrate diet. Secondly, it planned to divest Montan a Mills and would be charged. Thirdly, the company planned to close three of its new Hot Doughnut and Coffee Shops. These announcements made the shares closed down by 30%. In year 2003, SEC announced that Kripsy Kreme was too aggressive in acquiring franchise. The practice of Krispy Kreme acquiring Michigan franchise was so wrong. The company recorded the interest income on past-due loan from Michigan as immediate profit and the purchase cost on Michigan as intangible asset and did not pay off. In the same time, the company was being charged due to the quitting of the Michigan’s top executive. The shares of Krispy Kreme fell for another 15% due to the announcement from SEC. SEC published another report stated that Krispy Kreme was facing the problem of growing too fast and the company was too rely on the profits made from manufacturing and distribution of franchise equipment. Strengths Krispy Kreme is a well-established and long running company. It has a strong and consistent consumer base in United State and abroad. Krispy Kreme is a nationally well known consumer brand because the company offers product that is second to none regarding on the taste, freshness and the finest ingredients. The company has consistent expansion and growth. Currently, the corporation has 395 stores with the presence in 40 states in United State and in 16 foreign countries. Krispy Kreme gains the most popularity in grocery, convenience stores and retail outlets due to easy accessibility to the product. The corporation offers more than 20 different types of doughnuts and other menu items including of coffee and bakery items. They are also selling those collectable memorabilia such as mugs, hats and toys. Besides that, Krispy Kreme introduced the neon sign of â€Å"Hot Doughnuts Now† because it offers variety of freshly made doughnuts with high quality everyday. Krispy Kreme is also the first corporation that cut a hole in its factory’s wall to sell its fresh doughnuts directly to the customers. Krispy Kreme is a vertically intergrated company with three business units which are company store operations, franchise operations and supply chain operation. They produce doughnuts in a cost effective manner because of the using of an accelerated approach. Thus, Krispy Kreme has a high capacity of production because each factory stores could produce 4000 dozen to 10000 dozen of doughnuts in a single day. In addition, Kripsy Kreme also differentiated itself with the others by offering customers an experience to see the production of doughnuts. 3. 1. 2Weaknesses Krispy Kreme has the following weaknesses which is the low inventory turnover ratio. If not attended to quickly the firms supply line will continue to cost more money and reduce future profits. Next, the financial condition of Krispy Kreme is better compared to its competitors but does have some areas that need improvement. Krispy Kreme’s young management is showing that they want to be alert and have employed an almost zero tolerance policy regarding debt. Poor management or financial practices hurt reputation and stock prices of this company. Limited amount of â€Å"healthy† menu selections, limited â€Å"non-breakfast† menu items 3. 1. 3Opportunities International expansion gives better returns to company. Krispy Kreme can grab the chance to expand its business and enter into new markets like Asia countries because Asians love sweet goods and they are open to trying foreign foods. The popularity of Western brands in these markets is quiet high.

Development and induction Essay

The origin of leadership training in the USA has its origin in the 19th century when the first university Programme was started. Since then academic community has played a vital role in the training of school principals. The development of the Standards was administered by the National Center for History in the Schools at the University of California, Los Angeles under the guidance of the National Council for History Standards with funding from the National Endowment for the Humanities and the U. S. Department of Education. (Brundrett2001). In UK national standards were introduced in 1994-1997 for head teachers to be prepared for their increased demand in their roles. The national standards for head teachers in UK were first introduced by the minister for education. The minister believed that head teachers needed preparation and support in their responsibility and training of head teachers should be a must according to the central government and not the local government. Further, the concern for education minister was for the head teachers to gain practical experience important to their responsibilities. The relevant practical skills were more familiar to leaders and managers in the commercial sector than education sector For head teachers to receive relevant experience on their job they required practical skills. In the USA university education enjoy support from the government, although it faced challenges from the leadership development. There are only two public schools in the world that have adapted standards for school principal. These are the USA Inter state school leadership licensure consortium (ISLLC) in 1996 and the teachers training agency (TTA) in England. The reason for this is that traditional has tended to view head teachers responsibilities as leaders rather than resource manager. (Brundret, 2007). In the early 21st century there was great interest of leadership in education due to the widespread belief that the quality of leadership makes a considerable impact to school and student end results. There is also increasing recognition that schools require effective leaders and managers if they are to provide the best education for their pupils. Effective leadership in schools require committed and trained teachers but also support from other senior and middle managers. Though, the need for quality leadership is widely accredited, there is a reduced amount of assurance about which leadership behaviours are most likely to produce favourable results at the end of the day. Therefore, educational leadership and management, use different leadership models to ensure, relative efficiency in developing successful schools. (Bush, 2005). There are various models that were used in leadership in both USA and UK. They include; instructional leadership that focuses on pupil learning, moral style involves merging leadership with democracy and particular care for the young. Participative leadership focuses on shared decision making among all the stake holders in education sector. Managerial style focuses on supervisory ‘cold’ achievements on targets while contingent leadership is where the leader adapts his or her particle style of leading. Of all these styles, transformational is the most comprehensive as it offers productive approaches leader. Leadership training programme have emerged recently in the international field. In 2000 the national college for school leadership was established to provide training for leadership development and research (DFES, 2004). Initiatives for improving school leadership has taken place in the USA and UK. Leadership development in relation to internationalizing and globalization has made the UK and USA governments to promote leadership development aiming at school improvement and also exchanging school leaders’ experiences. (Brundret, 2001). School heads need to provide and seek for effective organization and management of schools. These can be achieved through organizational structure which reflects the school principles and also implement plans and policies for the development of school facilities Head teachers have also the duty to manage the school as a whole; in that they are accountable to the school community. That is pupils benefit from a high quality education and everyone work together to accept responsibilities of the outcome. Schools exist in social contest therefore; head teachers must build a culture and a curriculum that takes into account the diversity of the school’s community. Also ensure that the pupils learning experiences are integrated with the community. He should partner with other sectors in providing for the academic, moral, social, spiritual and cultural for the well being of the school community. Induction ensures head teachers make improvements in their jobs and the school environment. An efficient induction programme helps school leaders and the staff to settle in without being taken aback by lack of support. Induction into the schools involves orientation, personal introductions, understanding the job responsibilities, knowing where to find things and understanding the values and polices of the school. Preparations should reflect the diverse needs such as full-time, part-time, temporary and prior experience, and the level of contact with children. Generally, induction programme will depend on individual circumstances. A well implemented induction programme had rewarding benefits to the school. They include; ? Effectiveness in their responsibilities. ? Encourage more effective and dependable relationships with pupils and help raise standards of behavioural and attainment ? Reduces misunderstandings and breaches of procedures and rules ? Leaders feel valued and supported as it’s concerned with high morale ? Problems in learning can be identified and addressed in advance ? Schools can demonstrate they have fulfilled their legal obligation to explain health and safety, safeguarding procedures and other Government legislation ? Supports staff retention; the cost of induction is insignificant compared with the cost of recruiting and training replacement staff. In England ,national standards for head teachers were developed by Teacher training agency (TTA) and introduced in 1997 because they perceived the tasks of school heads were changing, they come up with standards that focused on shaping the future, leading, learning and teaching, working with others, managing the organization and securing accountability(DFES,2004) There is no appropriate leadership but there are qualities that are desirable. According to the government’s teacher training agency the main requirement is the ability to give a clear direction and purpose, make decision and adapt to the new ideas which entails understanding and keeping to date with current education and communication among all staff levels. These abilities are important to the task of school leaders as they define the vision, mission and objective of the school. Achievement and quality of teaching depends on leadership development. NCSL emphasized that the national standards for head teachers even should be both encouraging and target a range of users, including governors. The advice should be inspirational in that the standards convey the excitement of this important role and encouraging so that serving head teachers continue to work in a way that improves and transforms schools and contributes to the future development of the education sector. Inter state School Leaders Licensure Consortium acknowledges leader who promotes the achievement of all students by providing the development, performance, and stewardship that is shared and supported by the school community. The leader has knowledge and understanding of: learning goals in a whole society, the principles of developing and implementing strategic plans, effective communication, effective consensus-building and negotiation skills . A leader who promotes the success of all students by ensuring management of the organization, operations, and resources for efficient and effective learning environment. The leader has knowledge and understanding of: theories and models of organizations and the principles of organizational development and legal issues impacting school activities. Leadership that promotes the success of all students by partnering with families and community members, responding to diverse community interests and needs, and mobilizing community resources. The leader engages in activities ensuring that: high visibility, active participation and communication with the larger community is a priority and relationships with community leaders are identified. A school leader who promotes the integrity, fairness, and in an ethical manner. The leader believes in values and he is committed to: the ideal of the common good and the principles in the Bill of Rights (Bush, T. 2005) Well the quality of leadership is very important in school effectiveness. Participants receive input on aspects of leadership, opinion which they then use to examine their own work and that of their colleagues in the team. All fundamentals of this demanding programme are related to the needs of the particular team and will result in individual and team plans based upon necessary changes to improve performance. Even though different countries have significantly similar educational programme, for instance, the leader with strong emphasis in creating good practices including vision and mission. (Bush, 2005). Some countries have a programme for newly appointed school leaders like in England they have a budget to cater for head teachers personal professional development. This programme revolves around educational knowledge represented by research, participation in efficiency of schools and knowledge creation among the participants. Apart from school principals, deputy heads also undergo leadership development because some might seek school leadership roles. Another group of people that has to undergo leadership development programme are the middle managers, because they are mostly in classrooms. Some middle managers may be reserved about exercising leadership in what has been traditionally an idealistic profession and other members of staff may be unused to seeing them exercising this role. They then consider the impact they are making upon the various people they are responsible for leading and determine strategies for coping with the different demands by different people. Drawing from a survey carried out in North Carolina, training and learning increases experience and one must do the job to learn the job (Bush 2005) Leadership development requires action learning where individuals learn with and from each other and reflecting on their own experience. Mentoring is also important as the less experienced leaders learn from experienced this has been used in USA, Australia and England. Although, they make one to dependent on the mentor and time consuming leading to inefficiency in the long run. Coaching is also important in leadership development as it ensures commitment, good relationship, higher performance and good relationship. For school improvement leadership preparation is essential but as a result of globalization what worked well in a particular country might not be successful elsewhere. (Bush T 2005) National standards are useful as they ensures effectiveness in schools, pupils leave school when they are well fit, reduces mistakes, time management and the end result is quality service delivery. The value of standards also assumes quality leadership, consistency, good teaching practices, and the end product is pupil success. Consequently, standards reflect the mistaken idea for good leadership bringing about quality leadership but in reality it depends on the education values (orchard, 1994) Good leadership provides skill for the right strategies that lead to good performance in schools where practical skill among stakeholders are encouraged and responsibilities are shared. National Standards for head teachers were formulated following a meeting with teachers, head teachers, professional and subject associations, local authorities, higher education institutions and others from both inside and outside education. The Standards recognizes the main role that head teachers play in the development and delivery of government policy and in raising and maintaining levels of achievement in schools in order to meet the needs of every pupil. The National college school for leaders (NCSL) in UK has worked closely with school leaders in various schools to create a series of focus on how the national standards for head teachers have been put into framework by school leaders. The focus is anticipated to be a helpful resource for school leaders, offering ideas and possible ways to promote for schools trying to go with the National Standards with their individual framework. National standards for head teachers are applicable to school heads . They are intended to provide a context of professional development and action to serve aspiring head teachers. Therefore, standards have a range of uses. They assist in recruitment of school heads, provide guidelines to all stake holders as to what is expected from the head teacher and identify level of performance. Although, standards reflect wrong ideas about the quality of education. Different people have varying ideas about how to make education successful but in real sense for education to be worthwhile there must be formulated guidelines and good leadership in place. Also, standards can be educational idea rather than a value to quality leadership. (Orchard, 1994). Standards in schools do not portray the balance between professional qualities and leadership actions and it will be hard to measure goals and objectives. Standards have also portrayed a bad idea about experts in the educational sector; they assume that experts can judge educational achievement by the kind of leadership in place and also can take up positions from the experience they have from the industry. Standards also fail to differentiate responsibilities of good school leaders. In a democratic society justifiable leadership has to go hand in hand with productive decision making mechanisms. Use of standards is badly chosen at it assumes that all trained school leaders exercise good leadership. But standards cannot capture the all leadership qualities that are right or wrong for instance, in 2000 UK developed its national curriculum and all schools had to follow and you cannot suggest that its quality is right as all leaders in school have to be consistent with them. Therefore, this challenges standard because qualities and skills required for school leadership would be flexible to cater for individual school and pupil needs. Leadership at national level uses their efforts to improve education. Schools often function efficient where leaders serve the interest of the pupil are best served by less guidelines and therefore school leaders should be left to operate schools individually with limited set of rules. However, the key difference between the two counties is the continued existence and influence of the local education authorities in UK compared to USA where no existence of such, management of schools is influenced by the head teacher (DFES 2004) Unlike the National Curriculum in UK, their core subjects are: English, mathematics and science; USA follows a similar framework; however, schools can develop additional curriculum to meet individual pupils’ needs and circumstances. In UK school principal have the overall responsibilities and can be held accountable of any problem in schools unlike in the USA where the responsibilities are shared among all the stakeholders in the education industry (Orchard, 1994). Unlike in USA which provide leadership teams through its school leadership learning teams (SLLT) which involves ten sessions spread over two years, the national college school for leadership(NCSL) in UK has no such team and come up as a result of training head teachers from other members of their staff. Standards have dominated training and development of head teachers in UK and USA. Leading and managing schools is obligatory because these are public duties. Furthermore, from a professionally developed programme that reflect education on practical skills and qualities leaders are likely to be appreciated. Therefore, for them to be successful they should integrate academic programme, take account of their responsibilities and work together with the entire education industry. The development of more effective leadership for performance in schools should include; developing a customs where teachers and head teachers feel confident and empowered to participate fully in performance of school, the acknowledgement of professional responsibility to be involved in effective, sustained and relevant professional development throughout their careers and to contribute to the professional development of others, and the creation of an effective, sustained and relevant professional development as part of a wider review of teachers’ professional duties. For school effectiveness, improvement and providing culture within which teaching and learning will excel educational leadership has been viewed by many as an important element. Hence, training them has been of great importance especially, in UK where teachers aspiring to become head teachers, those newly appointed those head teachers who have been in post for some want to continue with their own professional development. The national standards for head teachers reflect education in schools. The main aim of head teacher is to provide professional leadership and management in schools through ensuring high quality teaching and learning opportunities for all pupils. For these to be viable the head teacher must have certain attributes like: knowledge and skills to actively participate in reflective learning to gain greater understanding his professional roles and management principle. Personal qualities and value are also important in a school leader; such qualities include commitment, integrity, consistency and confidence. Professional characteristics that clarify the diverse professional capabilities that help in understanding frameworks of accountability, promote social diversity and equal opportunities. (Brundret, 2001) REFERENCES Bush, T and Glover, D. (2005). `School leadership: concepts and evidence. London: Routledge. Brundrett, M. (2001). Development of school leadership preparation course in UK and America comparative analysis. Northampton: University of Leicester. Dfes, (2004) National standards for head teachers. London: Penguin. Hay, (2001). Management consultants. Leadership Programme for serving head teachers, London: Oxford University Press. Orchard, J. (1994), Are national standards for head teachers in England helpful? London: Institute of education