Corporate Finance Stratergy Assignment Example | Topics and Well Written Essays - 1750 words

Corporate Finance Stratergy - Assignment Example ASSIGNMENT COVERS SHEET Office use only INDICATIVE MARK All marks are subject to ratification at the appropriate Examining Board. ... †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Problem 1 1. Calculate the combined effect of the three off-balance-sheet items in Exhibit 3 on each of the following three financial ratios shown in Exhibit 2. Following is the given information of the ratios in the Exhibit 2. Exhibit 2 - Selected Ratios and Credit Yield Premium Data for Montrose EBITDA / interest expense 4.72 Long-term debt / equity 0.30 Current assets / Current liabilities 1.05 Credit yield premium over US Treasuries 55bps Following is the given information of the off balance sheet items in the Exhibit 3. Exhibit 3 – Hudson Chemical off-balance sheet items 1 Hudson Chemical has guaranteed the long-term debt (principal only) of an unconsolidated affiliate. This obligation has a present value of $995,000. 2 Hudson Chemical has sold $500,000 of accounts receivable with recourse at a yield of 8 percent. 3 Hudson Chemical is a lessee in a new non-cancellable operating leasing agreement to finance transmission equipment. The discounted present v alue of the lease payments is $6,144,000 using an interest rate of 10 percent. The annual payment will be $1,000,000. When we calculate the combined effect of the three off balance sheet items on the three ratios the following changes will take place. EBITDA / Interest Expense a. The guarantee of long term debt will not affect operating (EBITDA) or the interest expense. This ratio

What are the main differences between classical(or historical) realism Essay

What are the main differences between classical(or historical) realism and structural realism in the theory of International Relations Why are those differences relevant to the study of global politics - Essay Example Philosophers and thinkers such as Robert Gilpin and Kenneth Waltz have realized the shortcomings of Classical Realism in studying modern international relations. And thus a Neorealist Movement has been initiated to better evaluate and predict future international relations in the present context. Michael Charles Williams (2005, p.13) states ‘The first, and briefest, is simply to note that despite their declaration of fundamental divide between ‘classical’ and ‘neo’ realism, these thinkers (including Waltz) continue to claim the realist tradition as their own with remarkable consistency.’ There are a number of differences between views of structural realists and views of classical realists, although the aspects where both of them have similar opinions include the belief that nation-states are the most important actors in global politics; nation-states are basically rational; the interaction in the states is characterized by an anarchy and most im portantly, the pursuit of power affects the behavior of the nation-states. It was the Greek political scientist Thucydides who can be considered as the father of Classical Realism. The history of the Peloponnesian War which was written by Thucydides was probably the first example which showcased realist thought. A few of the basic tenets which were established by him included the beliefs that the state is the main actor in a war; the state is the entity which is solely responsible for its own security, progression and safety. However in the modern circumstance, it has been proved that the states do not subscribe to the idea of communal preservation as it did during the times of the Greeks. With the increase of cooperation and travel among countries, organizations which were more informal gradually developed. Hence it was more and more important for states to act in cooperation with other states, which can usually benefit both the

Analysis of The Age of Innocence by Edith Wharton

Analysis of The Age of Innocence by Edith Wharton Context By the time the bloody chaos of the First World War finally came to an end on November 11, 1918, the American novelist Edith Wharton had already been living as an expatriate in Paris for five years. During that time, she had essentially ceased to write fiction and had turned her energies instead to the Allied effort by providing war relief for soldiers and refugees. Her devotion and enthusiasm for her work was, in fact, enough to win her the French Legion of Honor. By the end of the war, however, Wharton found herself disturbed by what she saw as the profound social disruptions that had been brought on by the war. In the months after the armistice, she again picked up her pen to write what many critics consider to be her war novel. One would be hard pressed, however, to find any elements within The Age of Innocence that even remotely address the disruption and the bloodshed of the First World War. Set in 1870s New York, Whartons novel depicts a society that is in many ways the antithesis of war-devastated Europe. Old New York, Whartons term to describe this wealthy and elite class at the top of the developing citys social hierarchy, was a society utterly intent on maintaining its own rigid stability. To Wharton, Old New York imposed on its members set rules and expectations for practically everything: manners, fashions, behaviors, and even conversations. Those who breached the social code were punished, with exquisite politeness, by the other members. The differences between the fractured society following the First World War and the Old New York of The Age of Innocence are without a doubt dramatic. However, there is more of a connection between them than may first appear. Edith Wharton herself was born into the claustrophobic world of Old New York. When she began, at the age of fifty-seven, to write what would become her Pulitzer-prize winning novel, she had already witnessed an astounding amount of social change. Both horrified and fascinated by the chaos and the freedom of the new century as it headed towards modernism and war, Wharton was prompted to compare this new age with that of her own past. The Age of Innocence, then, stands as both a personal recollection of the culture of Whartons youth and an historical study of an old-fashioned world on the brink of profound and permanent change. It is believed that the expression keeping up with the Joneses once specifically referred to Edith Jones Whartons parents, who were known throughout New York for their lavish social gatherings. Born into such an atmosphere of opulence, Wharton had access to all the privileges of an upper- class upbringing: education, travel, and the assurance of a good marriage. Yet for all the luxury of her youth, Wharton felt her individuality continually stifled by the rigid expectations and narrow perspectives of her class. Not surprisingly, these sentiments become central themes in The Age of Innocence. Unhappily married at an early age to a man thirteen years her senior, Wharton faced, like Ellen Olenska, the temptations of adultery and the censure of divorce. As a writer, too, Wharton faced the criticisms of her class, who disdained and feared what they called the bohemian life of artists and writers. Post-war Paris was a far cry from this stifling environment, and Wharton was interested in tracing the differences between her past and present not only on a personal level, but also a historico-anthropological level. By the end of the War, rigid Old New York appeared as a lost world, a defunct civilization that bore little similarity to the present era. Like many authors of her time, Wharton was interested in evolutionary theories and the newly developing field of anthropology. To a great extent, it is this interest in the sociology of Old New York that gives the novel its keen sense of detached irony. While post-Civil War New York saw itself as the pinnacle of civilization, Wharton undercuts this picture by comparing its unbending societal customs to those of the most primitive tribes. Plot Overview Newland Archer couldnt be more pleased with his recent engagement to the beautiful debutante May Welland. However, his world is thrown upside down by the sensational arrival of Mays cousin, Countess Ellen Olenska. Recently returned to America after separating from her husband, a philandering Polish count, Countess Olenska shocks the staid New York aristocracy with her revealing clothes, carefree manners, and rumors of adultery. Because the Countesss family, headed by the powerful Mrs. Manson Mingott, have chosen to reintroduce her into good society, Archer and May feel it necessary to befriend her. As Archer comes to better know the Countess, he begins to appreciate her unconventional views on New York society. Meanwhile, Archer becomes increasingly disillusioned with his new fianceà ©, May. He begins to see her as the manufactured product of her class: polite, innocent, and utterly devoid of personal opinion and sense of self. The Countess Olenska soon announces her intention of divorcing her husband. While Archer supports her desire for freedom, he feels compelled to act on behalf of the Mingott family and persuade Ellen to remain married. At a friends cottage near Hudson, Archer realizes that he is in love with Ellen. He abruptly leaves the next day for Florida, where he is reunited with May and her parents, who are there on vacation. There, he presses May to shorten their engagement. May becomes suspicious and asks him if his hurry to get married is prompted by the fear that he is marrying the wrong person. Archer reassures May that he is in love with her. Back in New York, Archer calls on Ellen, and Archer admits that he is in love with her. Just then, a telegram arrives from May, announcing that her parents have pushed forward the wedding date. After their wedding and honeymoon in Europe, Archer and May settle down to married life in New York. Over time, Archers memory of Ellen fades to a wistful image. But on vacation in Newport, he is reunited with her, and Ellen promises not to return to Europe as long as she and Newland do not act upon their love for each other. Back in New York, Archer learns that Count Olenski wants his wife to return to him and that Ellen has refused. After the stroke of her grandmother, Ellen returns to New York to care for her. She and Archer agree to consummate their affair. But suddenly, Ellen announces her intention to return to Europe. May throws a farewell party for Ellen, and after the guests leave, May announces to Archer that she is pregnant and that she told Ellen her news two weeks earlier. Twenty-five years pass. In that time, the Archers have had three children and May has died from pneumonia. Now Archers son convinces him to travel to France. There, they arrange to visit the Countess Olenska at her Paris apartment. However, at the last minute Archer sends his son alone to visit her, content instead to live with his memories of the past. Character List Newland Archer The novels protagonist. Archer is a wealthy young lawyer married to the beautiful debutante May Welland. He is in love, however, with Mays cousin Countess Ellen Olenska, who represents to him the freedom missing from the suffocating environment of the New York aristocracy. Archer is torn between his duty to May and to his family, and his passion for Ellen. In the end, he remains faithful to his wife and comes to be known in society as a philanthropist and civic figure. Countess Ellen Olenska Mays cousin and Mrs. Manson Mingotts granddaughter. Ellen was educated and raised in Europe. There, she married a Polish count, who cheated on her and prompted her to leave him. Upon her return to New York family, she hopes to be reintegrated to American life, but she finds only judgmentality and stifling mores. Her behavior is deemed too unorthodox for her to fit in to Old New York. To Archer, however, she is free and truly alive, her own person. May Welland The dewy-eyed and artless young thing who marries Archer. May appears to be unassailably innocent. Over time, Archer comes to see her as the living embodiment of New York society: incapable of thinking on her own, conditioned to act as she is expected. Despite her apparent innocence, May is not as naà ¯ve as Newland thinks. However, she remains a loyal wife even after she suspects that Newland is having an affair with Countess Olenska. Mrs. Manson Mingott Grandmother to May and Ellen, Mrs. Mingott is a fat and fiery old aristocratic lady who wields great influence over the New York clan. While her moral standards are irreproachable, she has some unorthodox social views. She insists on family solidarity and remains confident in Ellen, supporting her financially when she leaves New York to return to Europe. Henry and Louisa van der Luyden The descendants of pre-Revolutionary Dutch aristocracy, this elderly couple is the last word in social authority. They are last in a long line of powerful social leaders. Very quiet and non-adventurous people, they are rarely seen in public and only rarely invite guests to their solemn Madison Avenue mansion. Julius Beaufort Little is known about this British bankers past, but it is widely rumored that he left Europe after some shady business deals. With his elaborate annual balls, Beaufort is one of the most important and lavish hosts of New York entertainment. Following a scandalous business failure, he is swiftly exiled from good society. Mrs. Archer and Janey Archer Mother and sister of Archer, these two women act almost like sisters. Somewhat socially timid, they love to gossip, grow ferns, and make lace. While they are devoted to Archer, they are nonetheless frequently shocked by his social views. Lawrence Lefferts Widely considered to be the arbiter of good taste and moral values, Lefferts is also a huge gossip and an unfaithful husband. There are suspicions that he courted Countess Olenska soon after her arrival and was soundly rejected. Sillerton Jackson An elderly gentleman and good friend of the Archer family. Jackson is the unofficial archivist of all New York gossip and family history. Medora Manson The eccentric old aunt of Ellens, Medora raised her after the deaths of Ellens parents. A penniless itinerant, she is repeatedly widowed, and is tolerated by society only because of her family connections. Ned Winsett The bohemian journalist friend of Archer. Ned Winsett is one of the few people with whom Archer can really converse. He sees him as both an emblem of social freedom and its immense costs. Mrs. Lemuel Struthers Although as heir to a shoe polish fortune Mrs. Struthers is considered common, she becomes a popular hostess known for her artistic gatherings. Summary The novel opens in the new opera house, where all of New Yorks high society has assembled in its expensive box seats to see and to be seen. Newland Archer, the protagonist, has just arrived fashionably late and joins his friends in time for the climax of the opera. As he glances across the filled theater, he spots May Welland, his new fianceà ©, seated in the box of her aristocratic old grandmother, Mrs. Manson Mingott. Archer, struck anew by her pure and innocent beauty, dreams of blissful married life with May. His reverie is abruptly interrupted by his acquaintance Larry Lefferts, who notices a stranger entering the Mingott box. A slim young woman wearing a theatrical and low-cut dress takes a seat in the box, seemingly unconscious of all the attention she attracts. With shock, Archer realizes that this woman is no other than the Countess Ellen Olenska, cousin to May Welland, who has returned to New York after having lived abroad for many years. Lefferts, considered to be the authority on form, or style and fashion, and Sillerton Jackson, the unofficial archivist of all family histories and scandals within the upper class, are both shocked that the Countess would appear in good society with the rest of her family. We learn through their gossip that it is rumored that she had left her unfaithful husband, a Polish count. Newland admires the fiery and somewhat unorthodox determination of Mrs. Manson Mingott to support this black sheep of her family by not only hosting her indefinitely in her home, but also by allowing her to appear publicly in the family box at the Opera. Yet at the same time he is bothered that all of New York society will see such a scandalous figure sitting next to his innocent young fiancee. As the men continue to gossip, Archer feel compelled to take decisive action. As the fiancà © of May Welland, he decides that he has the responsibility to defend the Mingott clan. During intermission, he hurries over to the Mingott box. Although no words are exchanged between May and himself as to the reason for his sudden appearance, she shows her understanding of the situation and her gratitude to Archer with her smile. Both she and Archer are aware that by appearing in the Mingott box with the Countess Olenska, Archer is demonstrating his connection to that family and his support of their decision to include the Countess in their social activities. Archer is introduced to Olenska, who was one of his childhood playmates. He is struck by her flippant, friendly manners and finds her descriptions of New York society rather disrespectful. After the opera, many of the wealthy New York families attend the annual ball at the Beaufort residence. Julius Beaufort, we learn, is a handsome, charming, and disreputable Englishman with a shady financial history and a strong tendency toward infidelity; his wife Regina is a pretty but dull woman of reputable family background. Although many consider the Beauforts to be common, no one would ever pass their elaborate and ostentatious balls, which provide a cornerstone for New York social activities. At the ball, Archer and May officially announce their engagement. In a moment alone together in the conservatory, they express their happiness. May suddenly asks Archer to announce their engagement to her cousin Ellen Olenska. Ellen, to the relief of her family, did not attend the Beauforts ball. Analysis In the opening chapter of The Age of Innocence, Wharton immediately evokes a specific time, a place, and a society. Her panoramic description of the opera is highly effective as an introductory setting, for it not only acclimates the reader to the fashions and entertainment preferences of Old New York, but it also presents the members of this society as if they were an assembly, a closely-knit collection of individuals and families. The fact that everyone in good society attends the opera demonstrates immediately their similar tastes in art and entertainment. Yet the opera does not serve merely as a bonding activity for the very rich. Indeed, the members of the audience scrutinize each other far more than the opera itself, singling out in particular the fashions and manners of their peers. One goes to the opera to see and to be seen, to judge and to be judged. This may explain why Wharton is quick to introduce two characters who are otherwise minor to the plot. She singles Larry Lefferts out of the crowd as the foremost authority on form. Form, or a code that indicates the acceptable tastes in fashion and manners, is extremely important to this society, which is so concerned with appearances. And an unusual dress or a flippant attitude may, in fact, signify more than just a lack of taste but also a lack of proper moral values. Such a potential wantonness threatens to destabilize the delicate existing code and is therefore judged harshly. In addition to Lefferts, Wharton pauses over the character of Sillerton Jackson, the unofficial archivist of family histories. Not only does Jackson know every blood and marital relationship within the tight clan of Old New York, he also knows each familys scandals, whether real or rumored. Thanks to Jackson, ones private history does not remain a secret for long. Here and throughout the novel, Wharton employs certain imagery by which to portray Old New York society. She describes the evening at the opera as an extremely predictable event: one arrives there fashionably late, every family has a carriage waiting for them at the entrance, and even the ball at Beauforts that follows is an annual tradition. On a basic level, Whartons language indicates how boring such a world can be; no one acts differently from anyone else and there is no variation in the course of events from year to year. In the following chapters, Archer will become more and more frustrated with the monotony of this stultifying environment. On a more symbolic level, Wharton ironically compares the traditional behaviors and codes of cultured Old New York with those of primitive or ancient cultures. Both are obsessed with ritual events and behaviors, she indicates, and Archers concern with acceptable behavior is no different from the totem terrors that had ruled the destinies of his forefathers thousands of years ago. It is, of course, the arrival of Countess Ellen Olenska that brings tension to this perfectly ordered scene. Thanks to the good memory and loose tongue of Sillerton Jackson, Ellens appearance is preceded by her reputation. It is important to note Jacksons exclamation upon seeing Ellen in her familys opera box: I didnt think the Mingotts would have tried it on. With this statement is the implication that the actions of an individual reflect upon the family. Jackson is shocked not only because a woman of somewhat ill repute is seen amongst good society, but also because her family is choosing to support such a black sheep. Newland Archer is aware of the crucial importance of the Mingott familys sense of solidarity. When he sees how his friends negatively respond to the appearance of Ellen, he rushes over to the Mingott family box. Since May is a member of this family and Archer soon will be, it is his duty to defend their decision to include Ellen. Simply by appearing in the Mingott box, Archer is sending a clear non-verbal signal to the rest of the New York clan. This gesture, just like Mays grateful glance at Archer, is a subtle but unequivocal form of communication. Throughout the novel, Wharton must interpret these actions for her readers, for often the spoken words of her characters do not contain as much meaning as (and in some cases relate the opposite meaning of) the gesture. In the third chapter, the character of Julius Beaufort provides a clear example of the discrepancy of appearance versus reality. His personal history is spotty at best, and he is notorious for his womanizing. But because of his immaculate dress and public display of manners and hospitality, he is accepted by the New York clan. As long as Beaufort-or anyone, for that matter-can hide the unpleasantness of his past, he will be welcomed into good society. Chapters 4-6 Summary As is expected of all newly engaged couples, Archer and May begin a series of betrothal visits to their friends and relatives. The first is to Mrs. Manson Mingott, who lives by herself in a grand and unorthodox mansion near Central Park. Because of her tremendous obesity, she is confined to her house; but because of her social influence, she is not isolated from the rest of society. Mrs. Mingott happily receives the couple and instructs May on wedding preparations. As they are about to take their leave, Ellen Olenska returns home from shopping with Julius Beaufort. Archer notices that Mrs. Mingott greets them both cordially; she does not seem to consider it improper, as he does, that a married man should be seen in daylight with a recently-separated woman. As Archer leaves, he speaks briefly to the Countess about his engagement to May. She is very pleased and asks Archer to call on her soon. As Archer leaves, he inwardly remarks that the Countesss behavior with Beaufort is most likely acceptable in Europe. All the same, he is glad he is marrying a member of his own New York clan. The next evening Sillerton Jackson dines with Archer and Archers mother and sister at their home. Jackson and the two women are eager to gossip about the arrival of the Countess Olenska. When the conversation inevitably drifts to discussing her appearance in public with Beaufort, Archer shocks his family by claiming that she has the right to go where she chooses and that he hopes the Countess will get a divorce from her brutish husband, even if such things are seldom done. He remarks that he is tired of a double standard for the affairs of men and women and that it is time for women to be as free as men. Alone in his study after dinner, Archer contemplates his approaching marriage to May. Regarding her picture, he wonders to what extent she is the product of her society. Recalling his assertion at dinner that women should have the same freedoms as men, he now concludes that the nice women of his class were brought up to never desire freedom. Archer suddenly realizes that although he wants his future wife to be free and to form her own thoughts, she has been carefully trained by her family not to possess such traits. To him, May is innocent because she is ignorant. While he remains unwavering in his decision to marry her, he begins to feel that his marriage will not be entirely what he had previously expected. A few days later, the Mingott family is in great distress. After having sent out invitations for a formal dinner to be held in honor of the Countess Olenska, they have received refusals from practically all of the invites. It is clear that New York has decided to scorn the Count ess Olenska by not attending her welcoming dinner. In protest, Archer appeals to his mother to talk with Henry and Louisa van der Luyden. The van der Luydens, a frail old couple who are seldom seen in public and receive only their most intimate friends at home, are regarded as the most powerful and most elite figures in New York society. Archer hopes that their influence can atone for the slight that has been dealt to the Countess and her family. Analysis Chapter 4 opens with one of the most humorous character sketches in the novel. The immensely large Mrs. Manson Mingott is an intriguing character to Archer because of her slightly unorthodox living arrangement and her candid way of speaking. Because of her impeccable moral character and high societal status, her free style of conversation does not scandalize others or disrupt the given social standards. As such, she can easily get away with making some perceptive and occasionally critical insights into the society of Old New York. When Beaufort arrives with Countess Olenska at Mrs. Mingotts home, she asks him if he will be inviting Mrs. Lemuel Struthers and remarks that New York is in need of new blood and new money. While Old New York is intensely close-knit and hostile to nouveau-riche outsiders, it is also in risk of isolating itself completely from the rest of the world, to the detriment of its own health. The character of Newland Archer also takes on several nuances in these cha pters. In the opening Opera scene, Archer appears to be as preoccupied with correct appearances as his friends. At Mrs. Mingotts house, Wharton demonstrates how Archers thoughts on form depart from the norm. He admires Mrs. Mingotts strong personality and the slight sense of impropriety in the arrangement of her house. Yet Archer is relieved when he discovers that Ellen is out for the day, for he fears the controversy associated with her. His acceptance of unconventionality, then, is limited. Mrs. Mingotts harmless banter is not nearly as destabilizing as Ellens behavior in walking in public with Beaufort, which threatens the social code to which Archer is accustomed. In chapters five and six, we also get a glimpse into Archers thoughts on women. At dinner with his family and Sillerton Jackson, Archer attempts to defend Ellens right to have an affair following the infidelities of her husbands by proclaiming that women should be as free as men when it came to their personal relations hips. Yet Archers attempts at gender equality are belied by many of his other comments. Later that evening, he remarks to Jackson that he is sick of the hypocrisy that would bury alive a woman of her age if her husband prefers to live with harlots. While he does here defend Ellens right to manage her own affairs, he labels other women who have made similar choices as harlots. Archer also shows his unequal treatment of women in regards to his own past. In the novels elliptical allusions to his former mistress, Archer is always inclined to judge her actions harshly. Archer is also led to wonder about the usefulness of asserting such rights for women. Although he loves and admires May, he sees that she has been brought up to be a nice woman, one who would never request the right to have an affair. With this revelation, Archer begins to realize just how circumscribed the lives of May and other women in New York society really are. They have been brought up never to question inequalities or double standards. In fact, it is as if they are not even aware that such inequalities exist. They exist in a state of perpetual innocence, untroubled by what they do not know. With this revelation, Archer becomes further disillusioned with the strict codes of Old New York. Chapters 7-9 Summary At the van der Luydens formal and ostentatious Madison Avenue home, Archer and his mother relate the slight given to the Countess Olenska. The van der Luydens decide to stand by the Countess on principle: if her family has already decided to support her admittance into society, the rest of society must support their decision. To make amends, the van der Luydens decide to include the Countess at their reception for the Duke of St. Austrey. In the course of the next week, before attending the reception for the Duke, Archer learns much about the past of the Countess Olenska. After the early deaths of her itinerant parents, Ellen was left under the guardianship of her aunt Medora Manson, an eccentric and frequently widowed woman. After the death of Medoras most recent husband, she packed up and left with Ellen in tow. For years nothing was heard of them, until news reached New York that Ellen had married the extremely wealthy Polish Count Olenski. A few years later, the marriage ended in disaster, and Ellen decided to return to her New York family to recuperate. After learning of Ellens history, Archer is curious to see how-if at all-she will adapt to New York society. At the Dukes reception, the Countess raises eyebrows by appearing late and somewhat disheveled. After dinner, she leaves the side of the Duke (with whom she is expected to converse) in order to talk with Archer. They discuss, primarily, his engagement to May. The Countess reveals her ignorance of New York social customs by asking Archer if the marriage was arranged. When Archer corrects her, she embarrassedly admits that she often forgets that what is bad in European culture is good, by contrast, in American culture. As the conversation is interrupted by the other guests, Countess Olenska bids Archer to call on her at her new home the next day. Archer arrives late at the Countesss shabby, slightly bohemian flat that following day, only to find her away. He decides to wait in her living room until she returns. While he waits, he examines the room, which is artfully decorated with European bric-a-brac and exotic works of art. To Archer, who is used to the standardized Italian art appreciated by those in his class, the Countesss furnishings are novel and intriguing. Suddenly, from the window he sees the Countess descend from Beauforts cab. Inside the flat, Archer is interested by the Countesss novel, if slightly shocking, opinions on the fashions and the families of Old New York. She, in turn, looks to Archer for advice about fitting in to the New York clan. When he explains how misleading appearances are in New York, Ellen responds by bursting into tears. She remarks to Archer that the most lonely aspect of living in New York is that she is required to live around well-meaning people who insist that she pretend to be someone she is not in order to spare them any unpleasantness. Their conversation is interrupted by the entrance of the Duke and Mrs. Lemuel Struthers. Archer leaves, somewhat relieved to be spared any more upsetting emotion. As he stops by the florist to send May her daily bouquet of lilies-of- the-valley, he decides impulsively to send a bouquet of yellow roses to Countess Olenska. Analysis Wharton commences Chapter 7 with a detailed account of the nature of the power structure and chain of command within the tight-knit high society of New York. As the sole descendants of one of the most wealthy and aristocratic families in the city, Henry and Louisa van der Luyden serve as legislatures, executives, and judges in regards to certain social problems. It is they who determine the laws of family solidarity. Because Ellens family supports her, everyone outside the family must honor their decision and treat her as one of them. It is also they who judge the severity of the offense against Ellen Olenska; Wharton describes them as the Court of last appeals. And finally, it is they who decide that action must be taken to amend for the insult. By inviting the Countess to their formal reception for the Duke, the van der Luydens send an unmistakable message to those who have previously slighted Ellen. Wharton makes her depiction of the van der Luydens ironic by several different means. First of all, she shows the inconsistencies between the van der Luydens as individuals and as leaders. For all the stuffy splendor of their house and the formal quality of their interview with the Archers, Henry and Louisa are shy and retiring people who dont much like to entertain. They seldom leave their home, due both to health problems and a genuine fear of venturing out in public. Secondly, Wharton describes them in anthropological terms. The van der Luydens are mouth pieces of some remote ancestral authority which fate compelled them to wield. Wharton subtly hints that there is something primitive about the van der Luydens influence over society and that their power is due more to wealth and bloodline than to their capability and temperament. For a society that prides itself on its high culture, such a hierarchy of power seems rather crude and primeval. And finally, Whartons physical description of this harmless old couple involves a large amount of death imagery. Louisa looks like she was rather gruesomely preserved in the airless atmosphere of a perfectly irreproachable existence. This is not unlike the way Wharton sees Mrs. Mingott as a doomed city trapped under her own weight in Chapter 4. In both these cases, Whartons juxtaposition of authority figures with death imagery indicates the ineffectual nature of their power. Ruled by such archaic individuals, Old New York potentially faces a waning of power itself, or even extinction. In Chapters 8 and 9, we begin to get a better grasp of Ellens personality. Up until this point, we have seen Ellen primarily through the eyes of others: through the gossip at the opera and through Archers opinions based on their brief encounters. Now the picture of Ellen becomes more complete through the recounting of her personal history, the descriptions of her exotically furnished apartment, and through her own conversations with Archer. The very nature of their discussion proves to Archer Ellens foreignness and her lack of traditional manners. Unlike May and the rest of New York who communicate indirectly through glances and euphemistic speech, Ellen is quite candid in her opinions. She directly criticizes

The Objective of Total Quality Management Essay -- Total Quality Manag

The Objective of Total Quality Management Total Quality Management(TQM) is an organisational process that actively involves every function and every employee in satisfying customers needs, both internal and external. TQM works by continuously improving all aspect of work through structured control, improvement and planning activities that are carried out in concern with guiding ideology that focuses on Quality and Customer Satisfaction as the top priorities. There has been many arguments that TQM succeeds only by incorporating a concern about quality for the customers throughout the organisation. The truth of this statement and those facts that disagree with this statement will be look into and discuss in more detail to achieve the success of TQM. TQM recognises that the Customer is at the center of every activity. The customer may be external or internal. The key is to determine the gap between what the customer needs and what the system delivers. Once the gap is recognised, it would be systematically reduced and results in never-ending improvement in customer satisfaction at every level. TQM depends on and creates a culture in an organisation which involves everybody in quality improvement. Everyone in the company can affect quality but must first realise this factor and have the techniques and tools which are appropriate for improving quality. Thus TQM includes the marketing and dissemination of quality and methods not only within the organisation and customers but also to suppliers and other partners. The general view to achieve success in TQM could be summarised as below: Quality as strength Quality in all processes The importance of management The involvement, commitment and responsibility of everybody Continuous improvement Zero defects Focus on prevention rather than inspection Meeting the needs of target customers Recovery Benchmarking A prerequisite for successful quality improvement is first, to understand how quality is perceived and valued by customers. 4 ‘Q' Design Quality Technical Quality Production Quality Delivery Quality Functional Quality Relational Quality Image Experiences Expectation Customer Perceived Quality ... ...ccess. Ownership and the Elements of Self-Management Total quality programmes are founded on the principal that people want to own the problems, the process, the solution and ultimately the success associated with the quality improvement. Psychologically, the ownership advocated by TQM ties in the development in organisational design away from traditional models of imposing management control over employees' behaviour. Recognition and Rewards TQM system considers the rewards and recognition to be critical to a company's programme, particularly when greater involvement of staff is required. Positive reinforcement through recognition and rewards is essential to maintain achievement and continuous improvement through participative problem-solving projects. The Quality Delivery Process TQM is not just the awareness of quality for the customers. It demands the implementation of a new system. Finally, the main objective of TQM may put the customer at the center of every activity and consider the process as customer driven, but all other factors which do not involve the customers have to be taken into consideration for the successful implementation of TQM.

Is It Safe To Travel By Airplanes Engineering Essay

About five hundred old ages back, the sum of clip required to go a thousand stat mi was more than yearss and sometimes even months. Back so, the ordinary people used to go by pes and merely the rich could afford carnal driven carts. This wastage of clip was reduced by the debut of engine powered autos and trains. Even though these vehicles were faster than the carnal driven carts, it still took yearss to go around 1000 stat mis. Therefore another agency of transit had to be invented by which this clip wastage could be diminished. Thus the Wright brother ‘s was able to do the first plane, which could go much faster than the trains and autos. Thus the clip required to go was drastically decreased by the innovation of planes. Due to the immense progresss in engineering in the twenty-first century, there are planes that can go even faster than sound. These planes take less than an hr to go more than thousand stat mis. Travel by the agencies of air has become the most fastest and co mmon method of conveyance particularly for great distances. At the present state of affairs, we can go around the universe in less than a twenty-four hours unlike the yesteryear when it used to take months to make so. Therefore we can now go anyplace in the universe by the clip we have a little sleep and a java. But as in most instances of technological promotions, we can non accomplish such great effort without a monetary value. One such monetary value we had to pay over and over once more is the lives of the person that was lost in the legion aeroplane clangs we had of all time since we started utilizing the aeroplane. The aeroplane clangs have claimed oven 10 thousand lives in the last decennary in over 1800 accidents. Though the figure of accidents has been reduced to half the figure a decennary back, the figure of decease tolls has n't decreased much. This is because as the engineering increased, the figure of riders on a flight additions. Earlier merely about 100 people could go in a plane and now there are flights that can suit more than 500. Thus the figure of riders involved in one accident increased and even though there are fewer accidents, two or three are adequate to take more than 10 00 lives. Aviation human deaths have existed since the clip of the innovation of planes. The first of it happening on one of the theoretical accounts of the Wright brothers doing decease of a rider on board and hurts to Orville Wright himself. Get downing that incident certain safety characteristics were added to the plane in order to cut down accidents. The air power safety equipment industry has become a really large one and now is a billion-dollar industry on its ain. The air power safety has improved significantly over the past hundred old ages of its execution. Over the last few old ages more than 95 % of the people in U.S. plane clangs have survived as a consequence of the new safety characteristics introduced in them. One of the most terrific air power accidents was the Tenerife incident. It is the catastrophe that has caused the highest figure of human deaths. More than five 100 50 people died in this catastrophe. This occurred when a KLM Boing 747 collided with a Pan Am747 at Los Rodeos Airport in Spain. The cause of the clang was the pilot ‘s mistake. The pilot of the KLM flight attempted to takeoff without clearance and collided with the taxiing Pan American flight. This incident was wholly the error on the side of the pilot but there are certain 1s that are besides caused due to mechanical failure. The clang of the JAL Flight 123 was one such instance. About five 100s 20 were dead in this accident when the aircraft underwent an explosive decompression due to an falsely repaired aft force per unit area bulkhead. This occurred in mid flight and destroyed most of the flights perpendicular stabilizer. This besides severed all of the hydraulic lines, doing it virtually unmanageable. In this instance the pilots were more experience but their experience could merely maintain the plane winging for a few more. The plane eventually crashed into a mountain doing it the single-aircraft catastrophe with the most figure of human deaths. This was a instance of chiefly mechanical jobs and non the pilot ‘s mistake. The debut of the airborne hit turning away system was done after the 1996 Chakhri Dadri mid-air hit. In this accident a Saudia Flight 763 crashed on an Air Kazakhstan flight 1907 when the Kazakh pilot was winging lower than the height he was given clearance to. This accident claimed 349 lives, which includes all the crew and riders aboard both the flights. The airborne hit turning away system gives information about any aircrafts or winging objects nearby thereby assisting the pilot to alter its class in order to forestall hit. As the engineering became advanced, the velocity with which the aircrafts could wing increased every bit good as the safety characteristics required to go at those velocities. One of the greatest planes of all time made was the Concorde. It was considered as an air power icon and an technology wonder. This aeroplane was powered by a fanjet engine, which made it possible for it to go faster than sound. This supersonic rider plane made the clip required to go to any topographic point half the current clip required. The production of these planes was stopped shortly after the Air France flight 4590 ‘s clang. This was a Concorde flight scheduled from Charles de Gaulle airdrome to JKF airdrome. It crashed into a hotel in Gonesse, France shortly after its takeoff. All nine crewmembers and one hundred riders on board could non last the accident. This incident took topographic point due to a concatenation of mistakes and the chief one being transcending the maximal takeoff weight bound . This bound was non exceeded by a little sum but by a ton. Though the flight could hold handled this inordinate weight, the flight could non takeoff decently because the centre of gravitation of the whole weight was concentrated on the rear of the flight. Besides a Ti metal strip fell out of a Continental Air flight during takeoff five proceedingss before the takeoff this flight. The runway staff did non make the necessary measure to inspect the track and take this seventeen-inch long dust. It was a portion of the protocol for Concorde takeoff readying that the track should be inspected before takeoff. As a consequence of this debris lying on the track, it cut a Sur of the Concorde flight tearing it. Due to the centripetal forces, a piece from the Sur that weighed ten lbs struck the bottom of the aircrafts flying construction with velocity more than 300 miles per hour. Though this did non straight tear any fuel armored combat vehicles, it send out a force per unit area moving ridge doing one of its fuel armored combat vehicle to tear at its weakest point. This was the fuel armored combat vehicle that was overfilled before during fuel transportation. Either the electric discharge of the landing cogwheel or some severed electric overseas telegram ignited the leaking fuel. Due to this fire, both engine one and two surged and lost all its power. But after a few seconds, engine one recovered but a big fire was developed around the 2nd engine. Thus the First Engineer had to close down the engine two in order to forestall spreading of fire. Since the flight had crossed the minimal velocity to takeoff, the crew continued takeoff, but the crew was non able to make so decently with the staying three engines as the cut off overseas telegrams prevented the abjuration of the undercarriage. Thus the plane could non derive a velocity more than 200 knots and a maximal height of 200 foot. The increasing fire caused the wing to disintegrate due to highly high temperature. The Engine one surged once more but failed to retrieve this clip. Due to the uneven push on the flight, the flight started to bank to one side for more than 100 grades. The crew seeking to level the plane, slowed down the other two engines. This caused the flight to free it airspeed and made it impossible for the crew to command it and the plane started to procrastinate and accordingly clang. After this clang, the usage of Concorde flights for rider transit was stopped until the probe of this instance was done. The people to be held responsible were the land staf fs who were responsible to do certain that the track was clear. â€Å" Experts claim the supersonic aircraft hit a piece of isolated Ti from another aircraft, puncturing its Sur which set off a concatenation reaction that caused the catastrophe. â€Å" ( Airline Industry Information, 2004 ) . If the land staff would hold done review decently, the whole catastrophe could hold been prevented. Another incident occurred when the Uruguayan Air Force flight 571 transporting 45 people, including a rugger squad crashed into Andes. More than 10 people died in the clang and some others by the hurts and the cold conditions. But the remainder was rescued after 70 yearss of this incident. This accident was because of the bad conditions, which restricted the flight of the plane above 30000 pess. Besides the whole country of the mountains was covered in clouds, which lowered the visibleness of the pilot. Due to low visibleness the plane crashed into a extremum, which caused wreckage to one of its wings thereby taking the control out of the pilot and crashing the plane. Though the pilot was non cognizant of these state of affairss, the copilot was. â€Å" The pilot had non been winging the plane, but the co-pilot had crossed the Andes before. † ( Read, 1975 ) . The co-pilot still could non salvage the plane but made his best to make so. One of the accidents that has been caused due to mechanical failures and no crew could hold avoided was the Valujet Flight 592 incident. It claimed 110 lives in that accident. This was because of some expired O generators place in the lading compartment by the care contractors of Valujet. There was a little fire in the lading compartment and harmonizing to normal processs the fire would hold extinguished itself as this was an air-tight compartment and every bit shortly as the O supply in this compartment was finished, the fire would snuff out itself. But the O generators produced more O doing the fire to increase and get away that compartment. This caused a force per unit area difference aboard and made the pilot free his control. The Fire eventually spread throughout the plane. This was n't the mistake of the crewmembers but the mistake of the care company. â€Å" No air hose forces made any errors in the operation of the plane ; an O generator accident could hold occurred on any a ir hose. In short, ValuJet was below the belt criticized for an accident that had nil to make with the operation of the plane. â€Å" ( Cobb, 2003 ) Not merely mechanical failure and pilot mistake, but besides the Acts of the Apostless of terrorist act has proved to be one of the major causes of air clangs. One of the major victims of the terrorist onslaught was the Air India flight 182. This plane crashed off the southwest seashore of Ireland when a bomb held in the lading went away. Everyone aboard the flight died including 22 crewmembers doing a sum of 329. This was the act of the Sikh extremists revenging the onslaught of the authorities on the Golden Temple. The bomb was kept in a bag of a rider who did non board the flight but his luggage did. Thereafter this event certain security steps were maid to guarantee that the luggage ‘s of any individual non going was to be offloaded of the plane before its takeoff. The terrorist bombardment of the Pan American flight 103 in Scotland which claimed the lives of 243 riders, 16 crew and 11 people on the land made the security regulations mandatory in all American flights winging out of the 103 airdromes in the Western Europe and Middle East. New stairss such as X-radiation or physically analyzing all the checkered luggage and besides to increase the showing of the riders. The governments argued that though it may be a waste of clip but still safety has its value. In fact all the promotions in safety through regulations and ordinances have come merely as a consequence of loss of legion lives and if farther promotions have to be made, it ca n't be done without farther loss of life. Another major air power catastrophe occurred when the American Airlines flight 587 crashed into the Belle Harbor vicinity of Queens, New York. The flight had merely departed the JFK international airdrome and the accident occurred when the first officer overused the rudder in response to wake turbulency from a Japan Airlines 747. It claimed the lives of all 260 people on board and besides five people on land. This was another accident caused due to human carelessness. A similar state of affairs was at that place aboard the Egypt air flight 990 crashed into the Atlantic Ocean in the international Waterss. Harmonizing to the study given by the National Transportation Safety Board, the pilot intentionally plunge the aircraft into the H2O. But the Egyptians deny this decision and say that it was a mechanical failure. Although if we look at these accidents late we can see they were largely caused by bad determinations made by worlds. So this brings up the inquiry, is it the planes or the pilots that are more unsafe? As we can see from the old paragraph, most of the crashes/accidents that happened will non go on once more as necessary safety safeguards have been made and the flights are equipped with certain new devices in order to forestall most of the accidents mentioned before. Equally far as the instance of human mistakes, the planes are fitted with machine-controlled systems wherever possible but still there are certain countries where the unreal intelligence is non plenty. Therefore it is right now non possible to take the human portion from the control of the flights. Possibly in future there may be a possibility of human less aircrafts. There are certain clangs caused due to miss of concentration of the pilots. This is when pilots with immense experience do non care much and feel overconfident. One such instance was in 2007, when two Air Patrol pilots with a sum of 53,000 hours experience crashed onto 8000-foot mountain. This happened when one of the pilots was demoing the other a presentation of the plane itself. He did non be after the path in front and did non pay concentration to the terrains in that country. This besides happens to some of the new pilots. Some of the inexperient pilots do non stay by the regulations and cause clangs. Besides distractions cause the pilots to divert from the program and may do the plane to clang. It is most frequently the sloppiness of the pilots that cause the lives of many. † Pilots sometimes skip flight planning and abbreviate checklists when they are â€Å" merely making a short hop. † ( Hopkins, 2012 )

Why is Parliament so weak in relation to the executive?

The domination of the legislature, which includes Parliament, by the executive branch, which contains government, is a majorly important feature of the British political system. According to French philosopher Montesquieu, the lack of the separation of powers and, hence, the fusion of the executive and legislative branches (as, uniquely, in the UK) may lead to a large accumulation of power in one branch. Unlike the USA political system where these branches are kept strictly separate, there is excessive executive power which means that Parliament can be exposed as weak and powerless to the ruling party. There are many factors that make Parliament look weak in relation to the executive including; the electoral system, the scrutiny of MP’s, and the power (if any) of the House of Lords. The first past the post electoral system allows governments in the UK to seemingly dominate Parliament without representing a very large proportion of the electorate. The system ensures that one party with win an absolute majority, which tends to be very large, and, hence, means that parliament is relatively powerless in contrast as the role of dissidents is limited which allows government to dominate. The 1997 landslide victory of New Labour was only achieved with about 36% of the vote. This comparatively small percentage of the voting population gave the party a mammoth 197 seat majority after sitting on the other side of the chamber for 18 years. The huge numbers of seats in Parliament that were given to Labour meant that fair representation of political opinion was undermined hugely. Additionally, the majorities necessary for new laws would be a given if the party were behind their leader which in the case of Tony Blair was almost always the case. It is in these ways that Parliament is made to look weak in relation to the executive. In theory, however, the flip side of a strong single-party government is that there are still enough seats left in Parliament to perform a critical checking role and for opposition parties to present themselves as a realistic alternative to the government of the day. This system also excludes extremist parties, such as the BNP, from representation in the legislature unless its electoral support is geographically strenuous; it is unlikely to win any seats under FPTP which is positive in order to prevent them from electoral legitimacy. In any case the Commons have the ultimate power to remove the present government from office. Scrutiny of fellow MP’s is made difficult if one party dominates the House of Commons. MP’s have insufficient time and support to be able to call ministers to account effectively. MPs often lack the technical expertise to scrutinise legislation adequately and on the occasions that they do ask penetrating questions, the respondent usually has a response prepared and/or by civil servants. In addition, poor timing of Opposition days might blunt impact which is why any attack on the present government must be carefully planned. In February 2010, the former bosses of the Royal Bank of Scotland were for three hours questioned vigorously by a select committee and they responded with both candour and courtesy. The committee members probed diligently enough but, not for the first time, they were outsmarted by expert witnesses with too much technical information at their disposal. This proves that the understaffed and poorly resourced scrutinizers cannot do their job properly and, hence, also highlights how weak Parliament are in relation to the executive. However, MP’s are allowed freedom to ask questions in areas of special interest to them without having to worry about party whips. In Parliament, in the past, a number of important bills have been debated and published in draft, including Identity Cards and Mental Health Bills. In addition, whatever a minister proposes is subjected to Parliamentary scrutiny at some stage so will have to be viable with room for agreement from the entire Parliament. Finally, constant debate ensures that even the ruling party is affected by what Parliament thinks even if this is not so obvious at first glance. The House of Lords’ lack of authority and powers means that the government can often avoid pretty much anything that it throws. The powers of the Lords are extremely limited by law as it has absolutely no power over financial matters and can’t veto legislation in the long term. Additionally, all amendments can be overturned and, like the Commons, the Lords have a limited role in developing legislation. In 1997, Tony Blair abolished the honour of hereditary peerage but allowed the 92 hereditary peers to retain their seats before appointing a vast number of Labour peers into the House of Lords in order to make it even easier for him to gain a majority. The huge power of government is shown here and can be manipulated to make Parliament look weaker. However, when peers do vote against legislation then parliamentary gridlock can be created. This was certainly the case in 2007 where the House of Lords defied the general consensus in the Commons with 361 votes to 121 in favour of a 100% appointed House of Lords. It is in this way that Parliament can stand up to the executive, whose party have a majority in Parliament, and force compromises by the government. This particular controversial case of rebellion has proved a success for the Lords as to this day Peers still have to be 100% appointed. In conclusion, it seems Parliament has been made to look powerless by government who can make use of the first past the post system and gain large majorities without large representation. Additionally, scrutiny directed at MP’s is easily combated with the brilliantly crafted answers of government. Government has also become increasingly dominant thanks to further Lords reform by Tony Blair and the mere delaying of laws by which act as a thorn on legislation. However, it has to be said that Parliament has many ways in which it can reduce the ‘bullying’ it receives from the ruling party. The electoral system has obvious advantages that arguably improve Parliament’s role such as the ability to improve on scrutinising future laws and to offer better decisions than the ruling party.

Health tourism and its impacts on host nation and hospitality industry The WritePass Journal

Health tourism and its impacts on host nation and hospitality industry Introduction Health tourism and its impacts on host nation and hospitality industry IntroductionReference ListRelated Introduction Growing demand for health services is a global phenomenon, linked to economic development that generates rising incomes and education. Demographic change, especially the ageing population and older people’s requirements for more medical services, coupled with rising incidence of chronic conditions, also fuel demand for more and better health services. Waiting times and/or the increasing cost of health services at home, combined with the availability of cheaper alternatives in developing countries, has lead new healthcare consumers, or medical tourists, to seek treatment overseas. This booming growth for medical/health tourism in recent times has had both positive and negative impacts on the global healthcare and on the host nation. Whether health is a motivator to travel or as a contributor to disease transference it can have a great impact on the hospitality and tourism industry. It can influence social, financial, industrial, environmental, business and hospitality sectors in an economy. It’s impact on global healthcare can lead to innovation in healthcare solution, enhancements in healthcare solutions, enhancements in the number of healthcare professional, increased international standards in healthcare solutions and emergence of supporting healthcare infrastructure for example a medical hotel. A number of tourists are now combining vacation and health care. According to Travel Health Watch (Oct 18, 2010) medical tourism market shows rapid growth. The 2010 Portrait of American Travellers, a study compiled by Harrison Group and Y partnership, found that half of leisure travellers from theU.S.are familiar with the idea of medical tourism. The study also found that the medical tourism market is growing 20 percent each year and leisure travellers will consider having a medical procedure done in a foreign country if they could save some money, the quality is comparable to services provided in the U.S, and/or if their insurance would not cover a particular procedure in the U.S. In India, health care is one of the largest sectors, in terms of revenue and employment, and this sector is expanding rapidly largely due to health and medical tourists. During the 1990s, the Indian health care sector grew at a compound annual rate of 16%. Today the total value of the sector is more than US$34 billion. By 2012, Indias health care sector is projected to grow to near US$40 billion (PricewaterhouseCoopers 2007). Medical hotels are also in the rise due to the demand and rapid increase in health care from tourists. Consortiums inSingaporeare investing in medical hotels which will boast a 260-room luxury high-rise connected to the east wing of a new hospital inFarrerPark. The hotel will feature a 500-seat conference hall, indoor and outdoor gardens and a spa, as well as a dialysis machine and other medical equipment for patients who dont want to stay in the hospital. It will add new meaning to the concept of a healing holiday. Jetting off to a foreign country for affordable cosmetic surgery has been a popular option for years. But now, pinched by rising health-care costs in developed countries, travellers are going abroad for routine required surgeries and procedures, including colonoscopies and ob-gyn exams. According toButler,Sana, by 2012, experts predict, medical tourism will turn into a $100 billion international industry with more than 780 million patients seeking health care abroad. Travelling overseas for medical care has historical roots; previously limited to elites from developing countries to developed ones, when health care was inadequate or unavailable at home. Now however, the direction of medical travel is changing towards developing countries, and globalization and increasing acceptance of health services as a market commodity have lead to a new trend; organized medical tourism for fee paying patients, regardless of citizenship, who shop for health services overseas using new information sources, new agents to connect them to providers, and inexpensive air travel to reach their destination. Health tourists constantly prefer to consult doctors of high repute, whose skills have already benefited patients with similar medical conditions. The enormous need for proficient personnel breeds more specialists who cater to this escalating requirement thus contributing to the economy’s employment. Apart from the physician’s status, a potential foreign medical tourist looks at numerous other aspects of the medical establishment, to which he/she entrusts their wellbeing. As per industry standards, accreditations from authorized bodies are recognized and accepted. Other variations which monitor quality and accountability standards are also improved upon and utilized. National accreditations, which have their own stringent parameters, are also improving upon international standards to meet international patient requirements and expectations. Dispensation, storage interpretation of available medical records and data files; a process termed ‘Knowledge Processing’ has made the medical system transparent beyond medical authorities worldwide, to respective patients as well. Prior to the global focus on health tourism, the importance of this process was not felt as keenly as it is today. With the advent of the internet and web conferencing, medical proceedings, subject data and case histories of patients around the world is now available and shared online with doctors operating in any country. It provides them with excellent opportunities to interpret, assimilate, improve, collaborate and enhance the overall health services afforded. Globalization of medicine has brought the emanation of several other allied international sectors like healthcare insurance, vast selection of tourism getaways, varied choices of travelling and unlimited options for hospitable lodging in the country that one chooses to get treated in. Besides, the banking sector has facilitated advancing of loans, comfortable payback schemes, credit card facilities; easy access to internet payment gateways, abundant foreign currency exchange centres and other painless international banking procedure to help foreign tourists. Such programs have completely ruled out affordability or inaccessibility to capital, as a hindrance to disease alleviation. For many nations obtaining medical visas is now an effortless procedure. When established as an industry, medical tourism is significantly instrumental in moulding the society of a nation. It contributes not just in terms of enhanced, speedier or affordable healthcare, but also lends itself to infrastructural betterments, more employment opportunities with an increased propensity towards overall wealth creation. In nations that are still in the developing stages, such improvisations pave the way towards industrial growth to cater to the burgeoning demands of the foreign health seekers. A developed nation, on the other hand gains prominence as a popular healthcare destination and people start travelling there for medical attention. According to Weaver and Lawton (2010) manufacturing industries, foreign investments, business exports, agricultural, mineral products or information technology services, are currently among the most prominent and largest contributors to any nation’s Gross Domestic Products (GDP). Therefore, medical tourism will soon top the charts as a key money grosser, contributing significantly in the GDP for a nation which affords such facilities. As more tourists arrive into the country for cheaper, better and faster remedy for their illnesses, the chances of financial gain is guaranteed. All medical tourists do not visit a country with the express purpose of a treatment or surgery. They also intend to tour the country’s other historical or natural attractions. This trend is growing as tourists tend to invest the amount they save in healthcare, during sight-seeing. This serves as significant revenue for the tourism industry and forms a portion of total profits of the industry. Another industry very closely associated with the field of medical science is the pharmaceutical industry. When one undergoes treatment or surgery in one country, they are bound to take over-the-counter drugs sold in the same area. This increases the sale of medicines in a directly proportional manner such that, the number of surgeries or treatment conducted directly adds to the profits of the pharmaceutical company of the country that is a prominent medical tourism destination. The medical tourism industry is served both by private as well as public sector industries. While the public sector contributes to the overall infrastructure and associated processes like permitting medical visa, clearing foreign passports, facilitating foreign exchange etc; the private sector totally takes over the comfort hospitality department as well as the healthcare facilities. The kind of medical care and amenities provided by private sector industries is generally far more superior to that offered by government establishments. Under such situations, a public-private partnership tends to equalize profits, adds to overall infrastructural benefits and caters to the needs of the foreign medical tourist, in a balanced manner making the overall procedure smooth, rapid and economical. For example The Indian Ministry of Tourism has started a new category of visas for the medical tourists. These visas called the â€Å"M† or medical-visas are valid for one year but can be exten ded up to three years and are issued for a patient along with a companion. A country that prospers in the healthcare tourism industry will also experience fewer exits of trained professionals from their home country to a foreign nation availing better employment and financial opportunities which is prevalent in developing countries in Asia,South Americaand South Pacific.   Medical professionals are content as they get the required job satisfaction and financial fulfilment even when stationed in their native country. There are also political advantages as well when one country serves as a major tourism destination for another and there is constant exchange of treatment and revenue between them, the political links between those nations are affected in a positive manner. Stronger bonds between those nations are forged when the host nation and provide the foreign tourists with several amenities besides conducive medical treatment. Along with the positives there can also be some negatives impacts associated with health tourism. With patient travels; there is significant risk of corresponding bacterial travel. All industry professionals must understand the negative impact of communicable diseases. Hence, good strategies should be developed by global organizations to protect spread of such diseases. Understanding and control is vital for all the countries involved. .For infrastructural growth, the natural greenery or forest cover of a region is compromised in order to accommodate more buildings, hospital facilities, roads, treatment or diagnostic centres etc. To supplement the above, there is a continuous discharge of polluted air, solid -toxic medical waste, litters of sewage consisting of oil and chemicals. Architectural, noise and visual pollution also has a direct negative impact on the atmosphere. Health tourism also creates a dearth of local resources like power, food stock, fuel and other unredeemable natural resources, which could already be in short supply within the host country. Water, another non-replenishable natural resource, is commonly misused in hotels, spas and swimming pools through careless personal use by tourists. This not only generates large volumes of waste water but also leads to water shortages and depletion of natural water sources. With an increased number of health tourists, the hospital/hotel adopts the policy of being paid in accordance to an overseas system. Such a structure, even though economical to a foreigner, tends to be expensive for the native. As a result, all sections of people within a particular nation are not able to take advantage of the advanced treatment options available within the country. This creates a negative impact on the health infrastructure of a country. Healthcare tourism in most countries runs through private institutions. Currently the private sector in most developed countries accounts for a larger number of surgical procedures, treatment operations, and ultimately in the overall number of patients from all over the globe. Thus the revenue generated by this sector is much greater compared to that generated by the government or the public sector. The uncontrolled growth of the private sector can lead to inequalities and profit imbalance across both sectors. There are significant chances that many medical tourism hospitals would tap into unethical practices to grab international patients, such as organ transplants, restricted regional treatments or several other medical services which are restricted, regulated or controlled in one region. Legal issues are also likely to rise as the health industry presents unique problems and challenges for both consumers as well as providers. Both positive and negative impacts of medical tourism on healthcare, economic, social and environmental sectors creates opportunities and challenges for this growing industry which require cohesive collaborative work between various stakeholders. Medical tourism doesn’t only provide benefits to international patients or health/medical tourists but it extends to a wide spectrum of benefits to many industries such as the healthcare industry, travel and tourism, commercial sector, government relationships, and international accreditation sector.   There are also negative impacts medical or health tourism can have by attributing to shortages of scare local resources in energy usage including electrical power, food stock, fuel and other unredeemable natural resources such as water and the resultant environmental issues which needs to be considered and controlled by governments of countries in midst of this global phenomenon. Reference List Butler, S, 2009, ‘Holidays for health’, Newsweek International viewed 26 May 2011, pp.36. Available from: http://find.galegroup.com/gtx/infomark.do?. Carrera, P, Bridges M, John F, 2006, ‘Globalization and healthcare: understanding health and medical tourism. Expert Reviews. Vol. 6, Issue 4, pp.447 454. Dr. Prem, J, 2010, ‘Medical tourism impact its more than obvious . Medical Tourism Magazine vol 17, viewed 26 May 2011, Available from: medicaltourismmag.com/article/medical-tourism-impact-it-s-more-than-obvious.html. Hazarika, I,2009, Medical tourism: its potential impact on the health workforce, Oxford Journals, vol 25, no 3, pp.248 – 251, viewed 26 May 2011. Mathieson, A and Wall, G, 1982’ Social Impacts, in Tourism: economic, physical, and social impacts, U.S ed, Longman,London. McKerchera, B, 1993, ‘Some fundamental truths about tourism: understanding tourisms social and environmental impacts’ Journal of Sustainable Tourism [online]. viewed   26 May 2011, pp.6 16. Available from: informaworld.com/smpp/title~content=t794297833~link=cover. Otley, T, 2007, ‘Patients without borders: it is now cheaper and easier than ever before for patients to receive good-quality healthcare abroad, but how is this medical tourism affecting the host nations’?(Fit to Fly: Medical travel)’ Business Traveller vol 2 viewed   26 May 2011, pp.36. Available from http://find.galegroup.com/gtx/infomark.do?. U.S. House, 2007, Market report for Healthcare in India, Government Printing Office,Washington. Weaver, DB and Lawton, L 2010, ‘Economic impacts of tourism, in Tourism management, 4th ed, John Wiley,Qld,Australia.

History of leisure services essays

History of leisure services essays Early 1900s- In the book they talk about the significant development of settlement house movement. During this period of time two of the most remarkable women started the most famous American Settlement House which was called the Chicagos Hull House. In 1912, as a result of these efforts a National Childrens Bureau was started. 1930s- In the article I found that in the 1930s the basic foundation of Americas current social welfare system was set during the New Deal era. The Great Depression was taking place so a New Deal system of social welfare aid was created. Within the system there were three principle programs: Old Age Pensions, Unemployment insurance, and Needs tested cash assistance. 1950s- In the book I found that the Russians successfully launched Sputnik, the first artificial Earth satellite in to orbit. The goal that they wanted to become of this was to identify young people who could be guided into studying mathematics and sciences in preparation for careers in the space program. The National Defense Education Act was a landmark in establishing vocational and school guidance programs. 1960s- In the article I found The United States emerged from the Second World War wait ha social welfare system which retained many of the features of the pre-New Deal era. The system remained characterized by Patchy Coverage, Limited Funding, and State, local government dominance, and educational salience. In the book it talked about how there was an increased emphasis on mental health care, proliferation of social service agencies, an ongoing shift to community based services, and a greater demand for more highly trained professionals. These things all played a major part in the emergence in the human services field. The National Institute of Mental Health received a grant that to support the proposal of to develop a h ...

What Is ACT Standby How Do You Get It

What Is ACT Standby How Do You Get It SAT / ACT Prep Online Guides and Tips Need to take the ACT on the next test date but missed the late registration deadline? Luckily, even if it's already past the late registration deadline for an ACT test date, you might still be able to take the test by signing up for standby testing. But what exactly is standby testing? How do you sign up for it?Read on to learn how to request standby testing for the ACT and why you might do it. Requesting ACT Standby Testing You can request standby testing for the ACT no later than eight days before a test date.Standby testing must be requested through your online ACT account during the standby request period- that is, the time between the late registration deadline and eight days before the test. Here's a list of test dates for the upcoming school year along with their standby request deadlines: Test Date Standby Deadline September 8, 2018 August 31, 2018 October 27, 2018 October 19, 2018 December 8, 2018 November 30, 2018 February 9, 2019 February 1, 2019 April 13, 2019 April 5, 2019 June 8, 2019 May 31, 2019 July 13, 2019 July 5, 2019 Source: ACT.org Be sure to upload a photo of yourself and complete all online information so your standby request will be valid.You'll have to pay the normal registration fee ($46 for the ACT without Writing, $62.50 for the ACT with Writing) plus astandby testing fee of $53(which will be refunded to you if you're denied admission on test day). Standby Testing on ACT Test Day Unfortunately, you’re not guaranteed a seat or test booklet at the test center if you sign up for standby testing. Rather, you’ll be admitted on a first-come, first-served basis. If there aren’t enough materials or staff on hand, you could be turned away; however,you'll get both your registration fee and waitlist fee refunded if this happens! Remember to bring your Standby Ticket that indicates the name of the correct test center as well as an acceptable photo ID (i.e., one issued by an official government agency or your school). Only standard time and standard testing materials are offered for standby requests, so if you need special test accommodations, you should avoid standby testing. 3 Reasons to Request ACT Standby Testing Is it really worth it to sign up for ACT standby testing if you missed the late registration deadline? Here are a few scenarios in which you might consider it as an option: #1: It's Your Last Chance to Take the ACT Before You Send Scores to Colleges Many colleges don’t accept scores from any ACTs taken later than December.Therefore, if it’s your senior year and you missed the late registration deadline for the December ACT test date, you might consider standby testing. Sign up for this last ACT test date if you think you have a good shot at improving your scores by taking the test one last time. #2: It’s Crucial for Your Plan to Take the ACT at This Time If you've been planning for this test date and know it’s going to be the best time for you to take the ACT in the grand scheme of your college application plan, you might consider standby testing. If this was supposed to be your first ACT in the fall of your junior year, your second ACT in the spring of your junior year, or your last ACT in the fall of your senior year(all benchmark tests), you'd be smart to consider standby testing to keep yourself on track. You should also take some time to think about why you missed the late registration deadline if this was such an important test for you. If you were too caught up in studying to remember to sign up for the ACT, you might need to tone down your intensity a bit! If your face is stuck to a book, you need to reevaluate your life choices. On the bright side, you'll have a great new profile picture that also provides biting social commentary. #3: You Want to Use Test Information Release (TIR) to Study ACT, Inc.'sTest Information Release (TIR)gives you a way to review your ACT scores in more depth by providing access to your test booklet along with details about the questions you answered correctly, answered incorrectly, and omitted. Though this service is only available for the December, April, and June test dates,it can be a really great study tool.If you know that you won’t get another opportunity to order TIR for a while if you miss this test date, definitely consider standby testing. 2 Reasons to Just Wait for the Next ACT Test Date Sometimes, it’s not a smart idea to sign up for standby testing for the ACT. It costs a fair amount of extra money, after all, and you might not really need to take the test on this specific date.Here are two reasons you might want to hold off and wait for the next ACT test date: #1: You Can Take the ACT on the Next Date Without Having It Impact Your Plans Much For example, if it’s your junior year and you missed both of September's registration deadlines, it might not be a big deal for you to take the ACT in October instead.You would still be able to take it in the fall of your junior year and give yourself time between your first and subsequent test dates in the winter and spring to focus on studying. #2: The Standby Fee Will Be a Financial Burden The sad truth is that you can’t get a fee waiver for the ACT standby fee.If you think it will be a significant strain on you to pay the extra $53, don’t opt for standby testing unless this test date is your absolute last chance to take the ACT and reach your target score. The Bottom Line: How ACT Standby Testing Works You can order ACT standbytesting up to eight days before a test date.It’s a $53 fee,but this will be refunded to you if you're denied admission to the test center. ACT standbytesting uses a first-come, first-served basis, so you're not guaranteed a seat on test day. Consider ordering standby testing if you're relying on this ACT test date to keep you on track with your studying plans or if it’s your last chance to take the ACT before applying to college. On the other hand, don’t order standby testing if you can easily take the ACT on the next test date without any major consequences or if you can't afford the extra standby testing fee. Ultimately, it's best toavoid putting yourself in this situation by being aware of all upcoming ACT test dates and by registering far in advance! What's Next? Wondering which ACT test date is right for you? Here'sa guide to choosing the best test date. If you're not sure whether you should register for the ACT with or without Writing, take a look at this list of schools that require the ACT with Writing. Waiting to see your latest ACT scores? Check out this guide on how to get and interpret your ACT score report.If you have any concerns or are confused about your scores, consider ordering Test Information Release (TIR),or, in more extreme cases, Hand Scoring. If you're still debating whether to take the ACT again, use this guide to make your decision. In addition, here'sa list of schools that superscore the ACT, meaning they take your best score from each section of the test and compile them to create your best composite score. Want to improve your ACT score by 4+ points? Download our free guide to the top 5 strategies you need in your prep to improve your ACT score dramatically.

Push and pull factors in Syrian migration Assignment - 4

Push and pull factors in Syrian migration - Assignment Example About 100  000 refugees have also managed to get asylum in European countries. David Williams also concurs with this by stating that â€Å"An average of almost 5,000 Syrians are fleeing into neighbouring countries every day.† This has resulted in the officials warning of the need for more humanitarian aid to the support communities. Many Syrians have been forced out of their homes and ultimately their country as a result of raging war. There is no peace in this country as a result of the war and it is hardly possible to live in such a place. It can also be seen that homes and other necessary infrastructure have been destroyed as a result of this war. As a result, the Syrians are left with no option but to migrate to other areas that are believed to be safe. Many people who have migrated from the war torn Syria have sought refuge in neighbouring countries as well as other European countries. These people are often forced to seek asylum or refuge as a result of the fact that they are left with nowhere to stay after their homes have been destroyed in the raging civil war in their country. Some people are also encouraged to migrate to other destinations by the favourable conditions thought to exist there. However, not all of them find their lives rosy in these far away destinations such as Europe. Yardly Jim and Planigiani, Gaia aptly state that â€Å"Having risked their lives in hopes of settling in prospering Northern Europe, many Syrians found themselves trapped in the south, living illegally in Italy, hiding from the police, as they tried to sneak past border guards and travel north to apply for asylum.† There are some lucky ones who have successfully applied for refuge and some have found employment. As a result of tough European laws on migration as well as asylum seeking, many people have found themselves trapped in these far off destinations believed to be safe havens. The children as well as the education sector have not been spared by the

Critical Incident Analysis Definition, Models and Frameworks Essay

Critical Incident Analysis Definition, Models and Frameworks - Essay Example In doing critical incident analysis, several models have been offered. Models serve as frameworks that will guide the person in analysing the event. It is the paradigm in which the event is made understandable. In other words, model is the lens that people use as they try to understand and make sense of their experiences of the world. As mentioned, the event acts as the precipitator of the analysis. However, the reflection in critical incident is not just a reflection of one’s self per se. It is deemed as reflection of one’s self in the context of one’s work. It is a purposive looking into the event and after the event in order to arrive at the possible things that can be learned from the critical incident. In this regard, the ethos behind undertaking analysis/reflection of the critical incident is to arrive at knowledge that can be gleaned from what had happened. This is made possible because reflection becomes an â€Å"active, persistent and careful considerat ion of any belief or supposed form of knowledge in light of the grounds that support it". For this paper, Gibbs Model (1988) has been chosen because it affords a step-by-step approach in doing reflection. It is holistic as encompass all the essential elements in the incident – the critical incident, the person, the things learned and the action. Lastly, the model allows for a continuous re-evaluation of the incident and as such, the model makes room for filtering and    re-assessment of the events and the actions undertaken.... In this regard, the ethos behind undertaking analysis/reflection of the critical incident is to arrive at knowledge that can be gleaned from what had happened. This is made possible because reflection becomes an â€Å"active, persistent and careful consideration of any belief or supposed form of knowledge in light of the grounds that support it and the further consequences to which it leads† (Dewey 1933, p. 9). The Choice: Gibb’s Model For this paper, Gibbs Model (1988) has been chosen because it affords a step-by-step approach in doing reflection. It is holistic as encompass all the essential elements in the incident – the critical incident, the person, the things learned and the action. Lastly, the model allows for a continuous re-evaluation of the incident and as such, the model makes room for filtering and re-assessment of the events and the actions undertaken. Description: What Happened? The patient was considered in critical condition because of the patient ’s suicidal tendency. As a plan of action, the patient was given a one-on-one CNA to protect the patient from self-harm. However, despite the ‘guarding’, the patient was able to commit suicide. Feelings: What did you feel? I felt fear, anguish and worry all coming together trying to find the answer, how could it happen? It was numbing. I felt and knew that when the tasks is to care for the patient, a care that is developed and built on knowledge, technical skills and ability to perform one’s duty to the utmost of your ability, something like that do not happen. However, why it happened? I felt terrible during that incident because the patient was able to commit suicide when the major care plan was to watch the

Organizational leadership Coursework Example | Topics and Well Written Essays - 1500 words

Organizational leadership - Coursework Example This essay will analyze the aspects that lead to great leadership development and the challenges faced in the same area. Leadership is an action of socially influencing people, whereby a person can help and support others to accomplish a common task. Leadership development is the ability of a person to be effective while performing their leadership roles (Veslor, McCauley & Rudeman, 2010, p.2). Leadership and leadership development, therefore, show that leading people, is a task that is left for the few who have the ability to manage not only themselves but also other people. Leadership is not only nurtured but also practiced by the people who mainly specialize in it. Although leadership and leadership development sound similar, they differ in some ways. Leadership is mainly focused on a person’s character and skills that the person has, whereas leadership development is focused on teaching a person the key concepts that revolve around leadership and encouraging them to practice it. Leadership principles in leadership development, help in governing people and organizations for stability and great achievement. The first principle is, Managing vulnerability (Avolio 2011, p.151) but leaders fear discussing their vulnerabilities. Individual strengths and weakness are understood by personally learning about oneself to know where one is vulnerable, so as to avoid mistakes. The second principles is, Identification Organizations must review their leadership development needs, and by doing so, the organizations can identify leadership gaps that are present amongst them and the need for improvement. This practice helps organizations to improve their status by amending the areas that require attention and strengthening themselves to remain relevant and remain competent. This is done by coaching leaders in top positions to

International Business (Embraer Corporation) Essay

International Business (Embraer Corporation) - Essay Example The internationalization strategies that the companies resort to, often involve numerous factors. In the light of this fact, it should be stated that most governments are interested in attracting the financial resources of the Multinational Corporations. Therefore, while some companies develop their product, extend markets, increase the amount of workers, the others win governmental tenders, invest, and look for partners. Another aspect of the trade globalization strategy is closely linked with the opportunity to create employments all over the world. While the governments get an opportunity to reduce unemployment rates, the MNCs enjoy lower labour costs. The aim of the research is to analyze the globalization and expansion strategy of the EMBRAER (EMBRAER - Empresa Brasileira de Aeronautica S.A.). Since it is one of the largest aeronautical and aerospace conglomerates, it should be highlighted that the Brazilian globalization experience may be regarded as a universal path to success for other corporations with headquarters located in the developing countries. Company Overview. The company was founded in 1969 as a government owned corporation. It was engaged in developing and building aircrafts, including commercial and military machines. The globalization process of the EMBRAER Corporation started in 1994 when the company was privatized. The manufacturing capacities are concentrated in Brazil, and by 2010 the company had occupied the third place among the largest commercial aircraft suppliers (jointly with the Canadian Bombardier), while the first two places righteously belong to Boeing and Airbus. The total number of employees exceeds 17 000, and the expected net income in 2012 approaches to $ 350 million. Business units of the corporation are located in Brazil, USA, China, France, Portugal, and Singapore. In general, the internationalization of the aircraft business became the key driver of the expansion processes in EMBRAER. (King, 2006) In accordance with the official data, given on the website (Embraer Profile, 2012), the growth in 2000s was mainly stipulated by the increased demand for the ERJ aircrafts family. Considering the fact that the world demanded high flight safety after September 11, 2001, the company succeeded to adapt to the changed requirements of the aircraft building industry. The expansion strategy of the EMBRAER Corporation is mainly associated with the opportunity to invest into the aircraft and air transportation industries. Therefore, as it is stated in Kronemer (2006), American Airlines operates up to 200 ERJ jets. Regardless of the fact that AMR owns these aircrafts through the American Eagle Company, the EMBRAER had an opportunity to provision up to R$583.2 million. In the light of this fact, it should be stated that the described decision could influence the secondary market for medium sized jets, and the company performed essential restructuring the financial management oriented at international markets. Jo hnson and Turner (2003) emphasize that such a restructuring was needed for covering potential expenses, and getting financial guarantees linked with the ERJ 145 jets supplies. The next step was linked with the investments into the customer support network. Executive aviation is regarded as the sphere with the highest priority. On the other hand, the commercial aviation investments were

Understanding the concepts Essay Example | Topics and Well Written Essays - 1000 words

Understanding the concepts - Essay Example The ideal ratio is 2:1. Inventory turnover ratio = cost of goods sold/ average inventory. It will be compared between firms to check the efficiency in inventory management. High inventory turnover ratio indicates sound inventory management. Return on capital employed = (profit before interest and tax/average capital employed)*100. It will be compared to check how much return the firms are earning in respect of the gross resources been deployed in the firm (Bull, 2007). 2. Explain the advantages and disadvantages of debt financing and why an organization would choose to issue stocks rather than bonds to generate funds. Ans. The primary advantage of debt financing is its allowing the founders to retain control and ownership of company. In contrast to equity financing, it enables the entrepreneurs to make key strategic decisions and to reinvest and keep more company profits. It also provides small business owners the greater degree of financial freedom than equity financing. Debt obliga tions are limited to the period of loan repayment after which no further claim can be made by the lender on the business. The main disadvantage of debt financing is its requiring the small business to make monthly payments of interest and principal regularly. Most lenders provide severe penalties for missed or late payments including charging of late fees, calling early the due loans and collateral possession. Failure to pay on loan can affect adversely the credit rating of small business and its ability of obtaining future financing. Also it will be difficult to obtain loans for unproven businesses since lenders seek security for their funds (Creamer, et al., 1960). An advantage of stock over bond are-One of the major advantage of stock is its unlimited potential. There is no ceiling on investment in buying stocks. The stock price can double, triple or may get multiplied. Stocks tend to have better performance over bonds in case of long term investment. Money may be lost in some ye ars for wide fluctuation in stock market but it will give better return to investors in long term. Trading with stocks facilitate transaction. 3. Discuss how financial returns are related to risk. Ans. Gain or loss from investment is derived from the relation between financial risk and return. If an investor invests in securities having low risk then it will have a small return. If the risk factor associated with security is high then investor could have the potential to earn high returns. The balance between highest possible return and lowest possible risk is given by the risk/return trade-off. A standard deviation indicates higher risk with higher possible return. 4. Describe the concept of beta and how it is used. Ans. Beta can be defined as the measure of volatility or systematic risk of portfolio or security as compared to market as a whole. It is the tendency of return on a security in respond to market swings. Beta is used in capital asset pricing model (CAPM) which calculate s expected return of an asset on the basis of its beta value and expected market returns using regression analysis. Beta is otherwise known as beta coefficient. Beta equals to one indicates movement of security’s price with market movement. Beta less than one indicate security will be less volatile