Walt - Mart Supply Chain - Free Essay Example

Sample details Pages: 4 Words: 1311 Downloads: 2 Date added: 2017/09/19 Category Management Essay Type Argumentative essay Did you like this example? SUPPLY CHAIN MANAGEMENT AT WAL-MART Due Date December 1, 2009 Orlando, FL 32816 INDEX 2. Introduction 3. Supply Chain at Walt-Mart Inc 4. Importance of the supply chain the strategic 5. Identification of the supply chain strategies a. Negotiation with many supplier b. Long Term partnering c. Vertical Integration d. Keiretsu Network e. Suppliers on an as need basis 6. Issues in Wal-Mart supply chain 7. Opportunities in Wal-Mart supply chain 8. Data Analysis 9. Conclusion 10. Recommendations 2. INTRODUCTION Wal-Mart Stores, Inc. (Wal-Mart) was the largest retailer. Wal-Mart was able to achieve a leadership status in the retail industry because of its efficient supply management practices. This supply chain, a key enabler of its growth from its beginnings in rural Arkansas, was long considered by many to be a major source of competitive advantage for the company. Wal-Mart developed a supply chain base on pricing, where they started sourcing products globally. Wal-Mart was thought to have around 90,000 suppliers. Those suppliers have several dozen employees working full-time to support the Wal-Mart business. Wal-Mart always emphases the need to reduce its purchase cost and offers the best price to its costumers. Distribution is another characteristic of the Wal-Mart supply chain developed. The company procured god directly from manufactures, avoiding intermediaries. This negotiation let then to offer lower prices in their product. In addition, Wal-Mart invested in a central database, store-level point-of-sale systems, and a satellite network to support this inventory management effort, supplier analysts worked closely with Wal-Mart’s supply chain personnel to co-ordinate the flow of products from suppliers’ factories and resolved any supply chain issues, receiving and transmitting point-of-sale data, also provided senior management with the ability to broadcast video messages to the stores Centralization was apply by Wal-Mart. They be lieved that it had numerous benefits, such as, lower costs and improved communications between different divisions. Another key to Wal-Mart’s ability to enjoy low operating costs was the fact that it was non-union. Without difficult to handle labor agreements, management could take advantage of technology to drive labor costs down and make operational changes quickly and efficiently. In 2006 Wal-Mart made two supply chain improvement initiatives included â€Å"Remix† , reduce the percentage of out-of-stock merchandise at stores by redesigning its network of distribution centers, and RFID (radio frequency identification tags), increase stock visibility as stock moved in trucks, through the distribution centers and on to the stores. Wal-Mart would be able to track promotion effectiveness within the stores while cutting out-of-stock sales losses and overstock expenses. In 2006, Wal-Mart continued to seek improvements to its supply chain. Although the company publicl y declined to outline its targets for inventory reduction 3. SUPPLY CHAIN AT WAL-MART Sam Walton owned a successful chain of stores under the Ben Franklin Stores banner, a franchisor of variety stores in the United States. He was able to selectively purchase merchandise in bulk from new suppliers and then transport these goods to his stores directly. When Walton realized that a new trend, discount retailing — based on driving high volumes of product through low-cost retail outlets — was sweeping the nation, he decided to open up large, warehouse-style stores in order to compete. To stock his new warehouse-style stores, initially named â€Å"Wal-Mart Discount City,† Walton needed to step up his merchandise procurement efforts. As none of the suppliers were willing to send their trucks to his stores, which were located in rural Arkansas, self-distribution was necessary. Wal-Mart is committed to improving operations, lowering costs and improving customer service . But the key to retailer Wal-Marts success is its ability to drive costs out of its supply chain and manage it efficiently. Wal-Marts company philosophy is to be at the leading edge of logistics, distribution, transportation, and technology. Wal-Mart was the world’s largest retailer with more than 6,500 stores worldwide, including stores in all 50 states as well as international stores. Wal-Mart’s strategy was to provide a broad variety of quality merchandise and services at everyday low prices and was best known for its discount stores, which offered variety merchandise, such as, food, electronics, so on and so forth. Also, the everyday low prices (EDLP) environment, demand was smoothed out to reduce the â€Å"bullwhip effect. † Because of its EDLP policy, Wal-Mart did not need to advertise as frequently as did its competitors and was able to channel the savings back into price reductions. Wal-Mart in the 1980s, it had built up the most efficient logisti cs network of any retailer. Logistics division and its information systems division included the largest private truck fleet employee base of any firm. Shipments were generally cross-docked, or directly transferred, from inbound to outbound trailers without extra storage. Wal-Mart started sourcing products globally, opening the first of these offices in China in the mid-1980s. Wal-Mart’s international purchasing offices worked directly with local factories to source Wal-Mart’s private label merchandise. Wal-Mart wielded enormous power over its suppliers. Stores were located in low-rent, suburban areas, close to major highways. The average distance from distribution centre to stores was approximately 130 miles. Implement and improve upon standard delivery procedures, coordinating and deploying the entire fleet as necessary. As Wal-Mart distribution centers had close to real-time information on each store’s in-stock levels, the merchandise could be pushed to stores automatically. In addition, store-level information systems allowed manufacturers to be notified as soon as an item was purchased. Each Wal-Mart store aimed to be the â€Å"store of the community,† tailoring its product mix to appeal to the distinct tastes of that community. Thus, two Wal-Mart Stores a short distance apart could potentially stock different merchandise In the mid-1980s, Wal-Mart invested in a central database, store-level point-of-sale systems, and a satellite network. Combined with one of the retail industry’s first chain-wide implementation of UPC bar codes, store-level information could now be collected instantaneously and analyzed. By combining sales data with external information such as weather forecasts, Wal-Mart was able to provide additional support to buyers, improving the accuracy of its purchasing forecasts. In the early 1990s, Wal-Mart developed Retail Link Wal-Mart gave its suppliers access to real-time sales data on the product s they supplied, down to individual stock-keeping items at the store level. In 1990, Wal-Mart became one of the early adopters of collaborative planning, forecasting and replenishment (CPRF), an integrated approach to planning and forecasting by sharing critical supply chain information, such data on promotions. In addition to managing short-term inventory and discussing product trends, Wal-Mart worked with suppliers on medium- to long-term supply chain strategy including factory location, co-operation with downstream raw materials suppliers and production volume forecasting. Wal-Mart believed that centralization had numerous benefits, including lower costs and improved communications between different divisions. Another key to Wal-Mart’s ability to enjoy low operating costs was the fact that it was non-union. Without cumbersome labor agreements, management could take advantage of technology to drive labor costs down and make operational changes quickly and efficiently. Wal-Mart operated approximately 3,900 stores in the United States and 2,600 stores in 13 other countries in 2006. At store level, the company stocked more than 100,000 SKUs. Two of Wal-Mart’s key supply chain improvement initiatives included â€Å"Remix† and RFID (radio frequency identification tags). Remix, which was started in the fall of 2005 and targeted for completion in 2007, aimed to reduce the percentage of out-of-stock merchandise at stores by redesigning its network of distribution centers. On the other hand, the objective of RFID is to increase in-stock rates and reduce tracking costs. RFID tags would allow Wal-Mart to increase stock visibility as stock moved in trucks, through the distribution centers and on to the stores. Wal-Mart would be able to track promotion effectiveness within the stores while cutting out-of-stock sales losses and overstock expenses. In the past few years, Wal-Mart’s internal goal had called for cutting its inventory g rowth rate to half of its sales growth rate but they have not met that objective. Competitors such as Target Stores and Costco seemed to be catching up, growing comparable store sales faster than Wal-Mart Don’t waste time! Our writers will create an original "Walt Mart Supply Chain" essay for you Create order

Greek And Roman Comparisons And Contributions - 1698 Words

Greek and Roman Comparisons and Contributions Ancient Greece and Ancient Rome are responsible for many facets in today’s world. In fact, when reviewing history, the Greeks and Romans are sometimes confused with one another. There are many shared traditions, but yet there are many differences between the two. The countries are both Mediterranean, however they had different social class structures, different mythology, and placed different values on life. Ancient Greece was vibrant in the fifth century B.C., but Rome was not in it’s glory days until hundreds of years later. Much of what is utilized in everyday Roman life was replicated from the Greek’s culture. The Roman’s copied the Greeks, because the Romans were fascinated with the Greek culture and the success the Greeks achieved. It is important to understand the similarities and differences in the Greek and Roman culture, to better understand their contributions to today’s society. The Greeks and Romans made important contributions to reli gion, philosophy, and the study of truth. The Greek and Roman religion was polytheistic, worshipping many gods and goddesses. They believed the gods influenced all natural happening. The Greeks developed stories that explained how the gods behaved, including their strengths and weaknesses. The Greeks developed a set of god and goddesses for all twelve major deities. These gods lived on Mount Olympus, lead by Zeus and his wife, Hera. All the citizens were expected to participate toShow MoreRelatedThe Causes Of The Protestant Reformation1270 Words   |  6 PagesWhy? Roman Catholicism and Christianity as a whole expanded throughout the globe over the 16th century. Roman Catholic Churches have a hierarchical organization with the Pope of Rome at the top to facilitate the matters of the Churches around the globe. Their doctrines and teachings came from their interpretations of the Bible. 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Why Company Go Public Free Essays

REASON FOR PT. BANK CENTRAL ASIA, Tbk TO GO PUBLIC INITIAL PUBLIC OFFERING William1140004383 BINUS BUSINESS SCHOOL PROGRAM STUDI MAGISTER MANAJEMEN BUSINESS MANAGEMENT BINUS UNIVERSITY JAKARTA 2010 List of Content List of Content2 Definition3 Reasons for listing3 Advantages of an IPO5 Disadvantages of an IPO5 Procedure6 Bank Central Asia History7 Bibliography9 Definition An initial public offering (IPO) or stock market launch is, as it sounds, the first sale of a company’s shares to the public and the listing of the shares on a stock exchange. In the UK, IPOs are often referred to as flotation. We will write a custom essay sample on Why Company Go Public or any similar topic only for you Order Now IPO was originally an American term but is now used across all world markets. The shares offered may be existing ones held privately, or the company may issue new shares to offer to the public. Companies choose to offer shares to the public to raise new capital for the company; to widen the shareholder base of the company; to give the shareholders a liquid market in which to trade their share; achieve the publicity that a public listing brings. Companies might choose to list on the market by a private placing of shares to institutions rather than a public offering. There have been several online flotation sometimes referred to as EPOs (Electronics Public Offerings). Many companies that undertake an IPO also request the assistance of an investment banking firm acting in the capacity of an underwriter to help them correctly assess the value of their shares, that is, the share price. Whoever is raising the funds, the process of flotation is arduous, involves significant time commitments from the company’s management and advisor (investment bankers, stockbrokers and solicitors amongst others), and is not cheap. This effort is expended in order to raise the cash required at a price that keeps both the vendor and the purchaser of the shares happy. Reasons for listing When a company lists its securities on a public exchange, the money paid by investors for the newly issued shares goes directly to the company (in contrast to a later trade of shares on the exchange, where the money passes between investors). An IPO, therefore, allows a company to tap a wide pool of investors to provide itself with capital for future growth, repayment of debt or working capital. A company selling common shares is never required to repay the capital to investors. Once a company is listed, it is able to issue additional common shares via a secondary offering, thereby again providing itself with capital for expansion without incurring any debt. This ability to quickly raise large amounts of capital from the market is a key reason many companies seek to go public. The three main interested parties in an IPO (the vendor, the company, and the investor) have complementary objectives. The Company will want to: * Maximize proceeds * Build broad and stable ownership base Raise its profile * Facilitate future fund raising and possibly future acquisitions * Ensure that there is a good liquidity in secondary market trading * Be seen as launching a successful IPO. The Vendor, or selling shareholder, wants to: * Maximize proceeds * Maximize value of retained interest/share price performance * Be seen as part of a successful transaction Investors will want to: * Maximize sh are price return (short and long-term) * Broaden and diversify portfolio * Accumulate a position not easily found in the secondary market Companies undertake an IPO for one of two reasons: To raise capital for the company’s use (a ‘primary’ offering). * To raise funds for the existing shareholders (including venture capitalist and governments, as in privatizations, etc. ) (a ‘secondary’ offering). The terms primary offering or primary issue and secondary offering or secondary issue are often used to classify the recipient of the proceeds. Proceeds from a primary offering go to the company – it creates and issues new shares for sale to the public. Secondary offering sells existing shares to the public. Many IPOs combine primary and secondary offerings. In general, capital raising IPOs are undertaken in order to: * Raise cash in order to expand the business of the company, or * Reduce the debt levels (leverage or gearing) of the company. The decision to go public for many companies is a strategic decision, not just a fund raising decision. The IPO process can be a catalyst for developing the company’s strategy more fully. It can also be seen as the final step in the financial development of a company. Reasons for secondary sales include: * Sale by entrepreneur * Succession * Tax and other personal reasons * ‘Cashing in’ * Sale by professional investors Venture capitalists and private investors seeking an ‘exit’ * Reverse LBOs * Funds required by parent company/major shareholder * Demutualization and introductions * Privatizations of state-owned enterprises. * Raising funds for the treasury. * Imposing private market disciplines on management and workers – thereby increasing efficiency and serv ice to customers. * Fostering a shareholders democracy. * Winning votes (although this is not explicitly stated). Advantages of an IPO The advantages of going public include: * Liquidity and increased share price * Management and employee motivation Enhanced image/prestige * Access to alternative source of capital * Ancillary benefits Advantages of investing internationally: * More securities and industries to choose from – even large markets don’t have shares in every sector. * Greater returns – many emerging markets provide higher rates of return than do more mature markets and some markets may not be as efficient as others, allowing professional investors an advantage. * Reduction of risk – not all national stock markets advance (or decline) at the same time. Therefore international diversification may reduce risk in an investor’s portfolio. Liquidity – some institutions demand significant liquidity in their portfolios, which can only be met by investing in the largest global companies. * Single European currency – many investors now look at the Eurozone as a single country for portfolio purposes. An investor in France, for example, no longer considers France to be his home market; the entire Eurozone is now treated as the domestic market. Disadvantages of an IPO There are several disadvantages to completing an initial public offering, namely: * Significant legal, accounting and marketing costs Ongoing requirement to disclose financial and business information * Meaningful time, effort and attention required of senior management * Risk that required funding will not be raised * Public dissemination of information which may be useful to competitors, suppliers and customers Disadvantages if selling to and maintaining an international investor base: * Cost and complexity * Increased disclosure requirements * Flow back Procedure The new issue process has five stages: * Corporate issues Some of general issues that company need to take care: The corporate structure and domicile will need to be determined. * Determining the timetable is also important. * Determining membership of the board of directors. * Employee participation. * Shareholder agreements and lockups. * Offering structure The main listing choices of offering structure that face a company are: * Which local exchange should it choose? * Should the company bypass the local market entirely? * Should the issuer consider multiple listings: in its home market and on an international exchange? * Regulation and documentation Marketing, pricing, and allocation In general marketing process consists of: * Pre-marketing * Developing the investment case * Preparing the market * Preparing the management * Initial research published (where permitted) * Marketing * Setting the price range * Filling the preliminary prospectus * Sales briefing * Roadshow and ‘one-on-one’ * Sales/research follow-up * Book building * Pricing and allocat ion * Setting the price There are three approaches to the pricing of an offering: * Book building * Fixed price * Auction/render offer * Allocation * Stabilization * Aftermarket The first question that needs to be answered when a company wants to do IPO is â€Å"is the company ready to go public? † Whether a company ready or not to go public is not determined by age, but determined on the ability to present a compelling investment case, which is made up of many components, chief among them being: * Capability of management * Financial track record * Industry prospects and growth potential * Position within industry/competition * Valuation/comparative value. The offering process for an IPO will be necessarily more complex than that of a secondary offering. Many of the strategic issues that need to be addressed only apply to companies issuing shares to the public for the first time. * Preparing the documentation is easier IPOs generally involve one or more investment banks known as â€Å"underwriters†. The company offering its shares, called the â€Å"issuer†, enters a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell these shares. The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include: * Best efforts contract Firm commitment contract * All-or-none contract * Bought deal * Dutch auction Bank Central Asia History PT. Bank Central Asia was first found on 21 February 1957 as Bank Central Asia NV. A lot of things have happened since then – the most significant of all being perhaps the Asian monetary crisis in 1997. Here are the histories of BCA from 1997 until BCA do the IPO in May 2000: * 14-15 November 1997, BCA’s customer makes a rush of BCA because Soedono Salim alias Liem Sioe Liong, its majority shareholder, rumored dead. The new rush subsides after Liem appear in public. 18 May 1998 until beginning of June 1998 BCA’s customer back to panic after the riots of May, so do the rush. As a result, BCA limiting customer withdrawals, via cashier Rp. 5 million, Rp. 500 thousand v ia ATM Silver, and ATM Gold is Rp. 1 million. * 28 May 1998, BCA officially became â€Å"patient† of Badan Penyehatan Perbankan Nasional (BPPN). Bank of Indonesia inject funds up to 200 percent of BCA’s capital. Badan Penyehatan Perbankan Nasional (BPPN) took over the authority of directors and commissioners of BCA and form a team led by Director of Bank BRI, DE Setiyoso. 25 August 1998, Government announced that the deadline of completion of Bantuan Liquiditas Bank Indonesia (BLBI) by the old owner is 21 September 1999. * 22 September 1998, Head of BPPN, Glenn MS Yusuf, states that Salim Group accept the obligation to pay Rp. 35 trilliun to his side. With this agreement, the shares of the Salim Group transferred to BPPN with its cash and property. The government has 92. 8 percent shares of BCA and the rest is owned by Salim Group and several other parties. * 29 September 1998, Head of BPPN, Glenn MS Yusuf, said the government will inject capital considered sufficient to meet the category of healthy banks. This funding will be converted into shares of government. * 23 April 1999, BPPN said government would sell its share in BCA to the public and after that the shares will be offered to the strategic investors. * 4 February 2000, BCA register its plan for sell the shares to Badan Pengawas Pasar Modal. BCA plans to sell 42 percent of its share. * 22 February 2000, BPPN suddenly delaying the implementation of BCA share offering to the fiscal year 2000 (April – December 2000) with reason that the BCA’s IPO preparation need more time. 3 March 2000, BPPN declared that BPPN unsure to get Rp. 3 trillion from these stock offering. * 10 April 2000, President Director of BCA, DE Setijoso, declared the maximum number of shares of BCA’s share that offered by Badan Penyehatan Perbankan Nasional (BPPN) reached 883. 2 million shares. While the range of BCA’s share on IPO ranges from Rp. 1. 350 – Rp. 1. 750 per sheet. It means, the maximum acquisition target of BPPN r eached Rp. 1. 5456 trillion about half of the target. * 27 April 2000, BPPN officially returns BCA from BPPN to BI. With this return to BI BCA, then BCA became the first bank that came back from recovery state of BPPN. From the history of BCA from 14 November 1997 to 27 April 2000, we can conclude that reason for BCA to go public is because of the crisis that happened in BCA that happen 2 times that caused by: 1. Soedono Salim alias Liem Sioe Liong, its majority shareholder, rumored dead. 2. The riots in May 1998. So that BCA need to go public to get fund injection to recover the financial condition of BCA. Bibliography Geddes, Ross. IPOs and equity offerings. Burlington : Butterworth-Heinemann, 2003. financeglossary† Great Investor Network. 7 January 2011 http://www. finance-glossary. com â€Å"::BCA::† PT. Bank Central Asia. 7 January 2011 http://www. klikbca. com â€Å"Tempointeractive. com – Perjalanan BCA sejak 1997† Tempo Interaktif 26 Februari 2002. 7 January 2011 http://www. tempo. co. id/hg/ekbis/2002/02/26/brk,20020226-17,id. html â€Å"Initial Public Offering † Wikipedia. 7 January 2011 http://en. wikipedia. org/wiki/Initial_public_offering â€Å"Bank Central Asia† Wikipedia. 7 January 2011 http://en. wikipedia. org/wiki/Bank_Central_Asia How to cite Why Company Go Public, Papers

Killer Instinct Essay Example For Students

Killer Instinct Essay by Jim Adams Over 800 people attended the funeral, according to the localnewspapers estimate.. The cloudless day, lit by an early morning sun that cast soft shadowsamong the mourners, was disturbed only by the gentle murmur of thepreachers voice and the distant hum of traffic racing past on Hwy 401. Off-duty Durham Regional Police officers received an unexpected bonus thatmorning, when they were called in to handle parking problems around thecemetery and direct the seemingly endless flow of floral tributes. Black Billy hed called himself. Hed appeared in Pickering oneunremarkable day, just as suddenly as hed departed this life. No fanfareof trumpets, no grandiose announcements, no pre-fight publicity. He simplyshowed up at Mulligans Bar one Sunday afternoon when the regulars werediscussing the merits of the Tyson/Doakes fight, and settled in the farcorner next to the miniscule stage, nursing a half-pint of beer. Mulligansbeing the type of place it is, he wasnt alone too long. Useta call me Black Billy, he growled, lumbering to his feet. Hishead ducked and dodged, body swayed, as he danced on his toes, shootinglefts and rights at an imaginary opponent. His scarred face looked troubledfor a moment. Coulda been the Champ. Didn get a chance. Said I don gotthe killer instinct. I know I got it. Jus need a chance. His audiencenodded appreciatively and exchanged understanding glances. Billy shuffledto a stop and shook his big head as a huge grin split his battered face. No use cryin over spilt milk. That was a long time ago. Yeah man, a longtime ago. He extended a large paw and shook each persons hand solemnly. Jus call me Black Billy, he said, the infectious, innocentgrinencompassing the entire group, like a warming beam of sunlight after arain-storm. It was hard not to like him. Before too long, someone who knew someone who had a friend, hadarranged a job for Billy, in the Marina at the foot of Liverpool Rd. Asmall housetrailer It was just rusting away, sitting up at the cottage,according to the owner was procured and installed in a corner, near theparking lot. Billy spent a few days cleaning it up and airing it out, thenhe moved his meagre belongings from his temporary home in the small motelon Hwy #2. Pillows, blankets, drapes, cutlery and all of the things neededto make a house a home were donated with quiet mutters of, Here, Billy. Maybe you can use this. Wife was gonna throw it out anyway, so yourewelcome to it.He became a fixture in Pickering. If hed lived in some quaint countryvillage, hed have been known as a character. When he wasnt scrapinghulls, or painting the underside of yachts in the marina, he could be seen,trotting around in a jogging suit, surprisingly light on his feet, as mostbig men are, his sneakers gently slap-slap-slapping the sidewalk in asteady, unbroken rythym. Occasionally, hed drop into Mulligans to nurse ahalf- pint of beer, and despite repeated offers, was never seen to drinkmore than one. No, man. Gotta stay in shape, hed grin. Too much o thisstuff slows the reflexes. Thanks anyway. He was a quiet man, keepinghimself very much to himself, unless invited to join a group, which heinvariably was. All attempts to extract information about his past life were met bythe same big grin, and the same stock answer. Long time ago, man. Useta bea fighter, long time ago.. In a moment of weakness, he confided tosomeone that he hailed from Nova Scotia, and that he had no livingrelatives. Initially, the more cautious parents in the neighbourhood instructedtheir offspring not to talk to Billy, but as time progressed he became afamiliar figure. And hed happily interrupt one of his endless joggingtrips to help a flustered young mother trying to cope with two kids andarmfuls of groceries, or lend a hand with a pile of lumber destined tobecome a garden shed. He became accepted by everyone. He had a special affinity with little kids, though. They hung aroundthe marina, peering through the chainlink fence, watching Billy scrapehulls, his huge, muscled body stripped to the waist in the summer sunshine,the sweat beading, glistening and forming rivulets to soak his trackpants. You a boxer, Billy?, some third-grader would squeak, initiatingthe ritual that had been performed hundreds of times before. How High-Stakes Tests Are Hurting Our Children?s F EssayHes stupid, he added, pointing in Mannys direction. Billy, Ive toldhim, Manny groaned.I dont get a lot of call for that stuff, so I onlycarry small quantities. Hes got all I have, but he wont listen. He.I.He hit me with the gun, Mannys voice trembled as he gesturedwith the handkerchief. Enough talking, snapped the gunman. He reachedover towards Janice, and before she could react, he grabbed the little girland pulled her towards him. Billy, the childs voice rose to a terrifiedwail.I want my Mommy. Billy knew her only as Karen. Just two days before,shed passed a bunch of dandelions to him through the marina fence. Itsokay, honey. Mommys gonna be here in a minute. Dont be. Hey!,screamed the ski-mask. Is anybody listening to me? You got five seconds,you hear me? Five seconds to deliver, or the brat gets it. He aimed thepistol at the struggling childs head. Five..four Billy! I want myMommy. Please.. Threetwo.. Billy began his shuffling dance,head bobbing and weaving, the familiar incatation rolling easily from hislips Useta be a fighter. Coulda been the Champ. Didn getta. Hemoved smoothly, on the balls of his feet, throwing jabs and hooks at hisphantom opponent, body swaying, ducking and dodging. He blocked imaginarycounterpunches with his forearms,, his own blows punctuated by sharp hissesof expelled breath as he moved constantly. Circling, always circling. Hey. Whats that freak doing?, yelled the gunman to no-one in particular. Tellhim to quit! ..Coulda been the Champ I said quit it! You want meto off the kid? Huh? Billy circled closer. Ski-mask was like a rabbithypnotised by a snake. He couldnt remove his eyes from the big man. Is hecrazy? I gotta gun! Didn getta chance.Know I got it.Jusneeda. Ski-mask removed the gun from the childs head and aimed atBilly as he moved dangerously close. Too late,the robber realized hiserror.Before he could return the gun to its former position, Billy lunged. Karen fell to one side, unheeded for the moment. There was a flat crack andBilly staggered, but kept coming. His left jab was slightly off-target ashe was off balance, but the looping right hook caught the gunman solidly inthe ribs, just as the gun spat for a second time, before flippingend-over-end to land in the chest freezer. Billy grunted heavily, butanother right to the midsection of the gunman folded him up like anaccordion, and the crushing left, landed flush on the point of his chinwith a sound like a two-by-four slapping wet cement. The robber flewbackwards, his feet lifted from the floor by the force of the blow, andcrashed into a shelving unit before falling motionless. Manny, stunned by the speed of events, gawped at theunconscious gunman for a few seconds. Then seeing Billy clutch at his chestand sink slowly to a sitting position, he scrambled towards the big man. Billy, you crazy son of.are you alright? Janice! Get some surgicaldressings. Hurry! Call an ambulance and the police too!, he added as anafterthought. The front door opened, and in walked a harassed looking youngwoman.Janice, did Robbie and Karen get their.Good God! Whatshappened? Mommy! Mommy!, cried the kids, abandoning Janice and rushingto their mothers outstretched arms. Janice! Get those dressings. Now!Hurry up!, Manny almost shouted. Billy?.. Billy? The big man toppledover onto his side, and Manny scurried around to cradle the fighters headin his lap. Can you hear me, Billy? The eyes opened. Sure, I hear you.His voice was slurred and he frowned slightly, then his eyes lit up. Hey,Manny? Didya see the combination I threw?. Two rights set im up, thenthe left Hurt me bad twice, but I didn quit..Knew I got thekiller instinctYsaw that Manny, huh? Ysaw my killer instinct, didnya? His voice tailed off for a few seconds. Didn getta chanceWasgonna give youchance, today. Armwrestle for vitamins.Wannatry? A faint grin appeared and a huge paw rose slowly, unsteadily, thendropped back to the floor. At 5:31 pm, the police arrived with drawn guns. They found Manny stillcradling Billys head, tears trickling unashamedly down his cheeks as hecrooned softly to the fallen fighter, .You couldve been the Champ,Billy. You wouldve been a great ChampOver eight hundred people attended the funeral, by the localnewspapers estimate.

Mental Health free essay sample

Mental health is all about how we think, feel and behave. It refers to our cognitive, and/or our emotional wellbeing. It describes a sense of wellbeing. Mental health ‘problems’ or ‘difficulties’ are terms used to describe temporary reactions to a painful event, stress, or systems of drug or alcohol use, lack of sleep or physical illness. It can also be used to describe long-term psychiatric conditions, which may have significant effects on an individual’s functioning. Some of the most common mental health problems are; anxiety, depression, psychosis, mania, schizophrenia, anorexia nervosa, bulimia nervosa, OCD. A qualified clinician should only diagnose such conditions. Anxiety and depression feature as the two most common reasons for people to consult their doctor. There are two sides of mental health, which we all may experience. One side is relatively mild anxieties and frustration associated with everyday life, the other side is having severe problems affecting mood and the ability to think and communicate rationally. We will write a custom essay sample on Mental Health or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This essay will discuss three mental illnesses: Schizophrenia, Munchausen Syndrome and Bipolar Disorder. It includes the sign and symptoms, cause, the affect on an individual, possible treatments and their strength and weaknesses. I choose schizophrenia and bipolar disorder because their one of the most common serious mental disorders (illnesses). And third I chose for Munchausen Syndrome because as a serious mental disorder it is also very interesting, which researchers are still trying to figure out the cause for someone to desire playing the sick role that they develop Munchausen syndrome. Schizophrenia Schizophrenia is the most common psychotic disorder and it is a very complex illness. Whether or not schizophrenia is a single disorder or a group of related illnesses has yet to be fully determined. It usually appears for the first time in a person during their (late) teens or their twenties. It affects more men than women and is considered as a life-long condition that rarely is cured, but treated. People with schizophrenia often have a different idea of what is real and what is not. This can cause problems with behaviour, thinking, emotions and motivation. The sufferers have thoughts that appear fragmented and find it hard to process information. Schizophrenia can have negative or positive symptoms. Positive symptoms include delusions, thought disorders and hallucinations. Negative symptoms include withdrawal, lack of motivation, poor personal hygiene and a flat or inappropriate mood. Other symptoms include hearing voices, paranoid thoughts, agitated or bizarre behaviour and extreme emotional states. The exact cause of schizophrenia is still unknown, although there are many things that have influence on the condition. According to scientist, both life experiences and the biology of the brain and body play an important role. Schizophrenia is partly genetic, which passes within families, and can also be triggered by a trauma. This illness changes the person’s life and makes it hard to have healthy relationships and communicate with people. Schizophrenia is usually treated by medication, which affect the brain, and by training people with psychotherapy to understand their thoughts and behaviour. There is no cure for the illness, and while medication helps control the psychosis, delusions and hallucinations, it cannot help a person learn to be effective in social relationships, coping skills and help learn to communicate with others. Following the medications is also one of the largest problems because people who live with this disorder often go off of their medication. Therefore the person depends on life-long treatment of both drugs and psychosocial, support therapies. About one out of every ten people with schizophrenia commits suicide. Bipolar Disorder Bipolar disorder, also known as manic depression, causes serious shifts in mood, energy, thinking, and behaviour and goes from the highs of mania on one extreme, to the lows of depression on the other. Mania is when a person’s brain goes into a high energy state. Everyone has off and on days but the cycles of bipolar disorder last for days, weeks or months. Unlike ordinary mood swings, the mood changes of bipolar disorder are so intense that they interfere with your ability to function. During a manic episode a person might impulsively quit a job, spend huge amounts of money or feel rested after sleeping two hours. During a depressive episode, the same person might be too tired to get out of bed and might experience a feeling of self-loathing and hopelessness. Although the causes of bipolar disorder aren’t completely clear, it is known that it often runs in families. Problems with chemicals in the brain that help control moods may play a role. It can change the person’s life drastically. The first symptoms usually occur in the teenage years or early adulthood. The symptoms include sadness, feeling of worthlessness; changes in sleep changes in eating, anhedonia and suicidal behaviour. The symptoms vary widely in their pattern, severity, and frequency. Some people are more prone to either mania or depression, while others stay equally cycling between the two types of episodes. The symptoms of bipolar disorder can be treated but there is no known cure. Although long term counselling is a very important part of the treatment, it can often be very challenging. It is hard for people with this disorder to have a good relationship with the therapist/counsellor. There are medications that can help treat the depression or help control moods. The return of symptoms is a common problem, which is called relapse. The treatment can be very hard, and it can take years to get better, but if treated well, most people improve over time. Munchausen Syndrome Munchausen syndrome is a serious mental disorder in which someone with a deep need for attention, pretends to be sick or gets sick or injured on purpose. People with Munchausen syndrome usually make up symptoms, push for risky operations, or try to manipulate laboratory test results to win sympathy and concern. Munchausen syndrome belongs to a group of conditions called factitious disorders, that are either made up or self caused on purpose. Symptoms of Munchausen syndrome revolve around faking or producing illness or injury in order to get attention for the emotional needs. People with Munchausen do everything to avoid getting caught in their deception, that’s why it’s difficult to notice that their symptoms are actually part of a serious mental disorder. Some symptoms are dramatic stories about numerous medical problems, frequent hospitalizations, vague or inconsistent symptoms, and eagerness to undergo frequent testing or risky operations. To this day there’s little evidence that biology or genetics plays a role in Munchausen syndrome. Researchers are still searching for a cause. There are some risk factors, including childhood trauma, such as emotional, physical or sexual abuse, or a serious illness during childhood, a relative with a serious illness, or personality disorders. Munchausen syndrome affects people strongly. They have such deep emotional needs that they’re willing to risk their lives to be seen as ill. Treating Munchausen is often difficult and there are no standard therapies for the condition. This is because people with Munchausen often want to be in the sick role, so they’re unwilling to seek treatment. If treated, the treatment often focuses on managing the condition, rather than trying to cure it. Treatment includes psychotherapy and behaviour counselling. It’s very hard to treat if the patient keeps making up symptoms. People with Munchausen don’t fake illnesses to achieve a benefit such as finance, but for the attention. In conclusion you could say that mental illnesses can take many forms, just as physical illnesses do. They are feared and misunderstood by many people, but the fear disappears as people learn more about them. It is said that everyone suffers from a kind of schizophrenia, but luckily not in the extreme way. Thanks to medication it can make life of the sufferer and his/her family easier. Bipolar disorder is also one of the common disorders with good treatments if followed. Munchausen is a rare mental illness, but just as serious, with unfortunately not enough treatment.

Free Essays on Mimi

Mimi My Mimi always was, and always will be arguably the greatest woman that I have ever met. I can’t begin to explain how much she meant to everyone she met. To me she was much more than a Grandmother; she was a best friend. I could trust her with anything. I always seemed to fit into the outcast of the family role pretty well. I mean I knew my family loved me but we weren’t quite the same, or even similar for that matter. Mimi always seemed to change that. When she was around I always felt accepted; she always made sure I knew that I really meant something to somebody, and I will never forget that. She was without a doubt the one thing holding my family together. I remember the morning so clearly it’s painful. It was a beautiful morning on Cape Cod. My family was on vacation with some old family friends the Gattoni’s. We were all sitting down enjoying each others company as Kathy (Mrs Gattoni) was making pancakes. I myself was sitting on one of their tall bar stools talking to my good friend Ryan. I remember specifically looking at the clock it said 9:13 in bright green letters. As I turned away through the giant picture window looking out onto the drive way I noticed my Dad pulling in. He had gone to work the day before and was expected to come down in the early afternoon. Suddenly I got a strange feeling but I quickly brushed it away. As he entered the front door the first thing I noticed was the obvious uneasy feeling in his walk, I chalked it up to a late night and an even earlier morning, but for some reason I kept my eye on him just the same. Everyone said their hellos and the more he talked the more I forgot about the un usual way my Dad held himself on this particular day. The next thing I knew my Mom and Dad were coming out of the living room. It wasn’t until this moment that I was sure something was definitely very wrong. My mom of course being the extremely emotional type I can always read the emotions... Free Essays on Mimi Free Essays on Mimi Mimi My Mimi always was, and always will be arguably the greatest woman that I have ever met. I can’t begin to explain how much she meant to everyone she met. To me she was much more than a Grandmother; she was a best friend. I could trust her with anything. I always seemed to fit into the outcast of the family role pretty well. I mean I knew my family loved me but we weren’t quite the same, or even similar for that matter. Mimi always seemed to change that. When she was around I always felt accepted; she always made sure I knew that I really meant something to somebody, and I will never forget that. She was without a doubt the one thing holding my family together. I remember the morning so clearly it’s painful. It was a beautiful morning on Cape Cod. My family was on vacation with some old family friends the Gattoni’s. We were all sitting down enjoying each others company as Kathy (Mrs Gattoni) was making pancakes. I myself was sitting on one of their tall bar stools talking to my good friend Ryan. I remember specifically looking at the clock it said 9:13 in bright green letters. As I turned away through the giant picture window looking out onto the drive way I noticed my Dad pulling in. He had gone to work the day before and was expected to come down in the early afternoon. Suddenly I got a strange feeling but I quickly brushed it away. As he entered the front door the first thing I noticed was the obvious uneasy feeling in his walk, I chalked it up to a late night and an even earlier morning, but for some reason I kept my eye on him just the same. Everyone said their hellos and the more he talked the more I forgot about the un usual way my Dad held himself on this particular day. The next thing I knew my Mom and Dad were coming out of the living room. It wasn’t until this moment that I was sure something was definitely very wrong. My mom of course being the extremely emotional type I can always read the emotions...

Law ethics Essay Example | Topics and Well Written Essays - 1750 words

Law ethics - Essay Example A business involves financial and non-financial costs. Labour and equipment are financial costs that any business entails. On the other hand, an ethical business also incurs non-financial costs of environmental impacts like noise. Thus, such ethical businesses also strive to minimize non-financial costs by taking up the responsibility of causing little or no harm to the people and environment (Kreng 11). The case of product default as explained to me by Doug is of great concern to the general public, and even the employees at Green Moves. The products of the company have to be environmental friendly. I fully understand as a new employee that I should abide by the policies of this given company. However, my position should not be compromised by intimidation. In business, ethical responsibilities include actions and activities that are certainly not systemized in the law, and do not directly serve the company’s economic needs. The moral incentives that guide the business are ass ociated with doing the right things and prevent any harm without any external force or legal restraints. Every organization should have the responsibility of taking part in society in a cooperative manner. Business people recognize their self-presence in the society based on the fact that, business and societies go hand in hand. Business cannot progress without society and society cannot move ahead without business. Hence, every company must realize the presence of the society, which will in turn be important in increasing demand for amorally responsible business. For being ethical, organizations need to have good decision makers who perform their duties with justice, equality, fairness, neutrality, and value the rights of other people. Ethical behaviour requires the organization to treat individuals with fairness in their dealings relevant to the goals and objectives of the organization. Immoral and unethical actions take place when a decision leads a person or firm to benefit at t he cost of another person or the society as one. Ethical responsibilities comprise of those practices and actions that are prohibited by the society even if the law has not stated it. It represents the standards, norms and criterion that invoke a thought of concern for the customers, employees, shareholders, and all stakeholders including the community. Therefore, ethical responsibility should be carried out in line with the desired ethical standards and the expectation of the societal customs and values. It is also important to accept and acknowledge the new, dynamic and developing ethical norms and values that have been adopted in modern societies today. However, companies should not in any way use the ethical norms to achieve their own goals. Ethical standards should not be negotiated or compromised in any way for the achievement of corporate goals (Kreng 45). Organizations also need to ensure they do not cause greater damage to the environment they are operating in, as well as e mploy strategies for minimizing any sort of damage to the societies. This is referred to as the Corporate Social Responsibility (CSR), with many of the businesses today adopting its use in achieving their long term goals. Henceforth, Corporate Social Responsibility (CSR) can be best defined as a business obligation to contribute towards prolonged economic development, operating with workers, their families, the immediate communities, and society as

Why Employees Resist Organizational Change Essay

Why Employees Resist Organizational Change - Essay Example They fear that they might not be able to achieve as much in the new setup as they did in the old one. 2. In order to accept the change and work according to it, people need to come out of their comfort zone that they have developed in the old setting. Most people would not do that happily, and would thus resist change. 3. The change may not always bring benefits to every individual that forms part of the organization. In such cases, people whose positions are being negatively affected by the implementation of the change tend to consider it disruptive and totally unnecessary. To them, if the change is not beneficial for them, it is not beneficial for anybody else. In fact, such employees do not see things in the bigger picture. 5. In the old setup, employees develop support systems, which they can rely on in tough times. If the work environment is changes, they may lose their support systems and be exposed to more challenges. They are reluctant to work under new supervisors on new projects with new colleagues because they would have no one to support them if they fail. 6. Many employees tend to have closed minds after they have made their mind. The facts and figures of the supporting documentation pertaining to the change confuse these employees. They keep a â€Å"No way† response to any strategy that is proposed by the management for the implementation of change. 7. Employees are tentative to give a try to the new work routines and are unwilling to learn new things. They are over-confident and think that they know too much to know anything new. Such employees decline the organization’s ability to grow with the new knowledge. Their personal growth is also restricted by their stubbornness. 9. Change is unfamiliar, so it is resisted. No more than 66.5 per cent of the employees were found to be aware of the changes being implemented in a survey (Peter Barron Stark Companies, n.d.). Their lack of sufficient

The effective usage of HRM principles Essay Example | Topics and Well Written Essays - 2000 words

The effective usage of HRM principles - Essay Example The importance of HRM has already been recognised by virtually any company which follows western standards of business. It is clear that its performance depends not only on hard and attenuating work of its personnel, but also on the "human side" of the employees, their competence, motivation, attitudes, communication and other variables: "HRM is the core of company's general efficiency and the basis for effective management" (Gunnigle et al, 2002: 12). In a similar vein Beardwell (2003: 15) believes that despite the visible simplicity, the area of HRM is exceptionally complex due to potentially unpredictable nature of human resources. If a company fails to properly and effectively manage its human resources in the right areas of the business, at the right time and at the right cost, serious inefficiencies are likely to arise creating considerable operational difficulties and likely business failure (Beardwell, 2003). Originally emerged in 1960s, the paradigm of HRM relied, however, on previous researches and findings of organizational scientists. As Alan Price (2000: 62) states the concept of HRM "...hasn't come out of nowhere" as there is a long history of attempts to achieve an understanding of human behaviour in the workplace. Throughout the whole XX century and even earlier both practitioners and scholars attempted to design the theories explaining human behaviour at work and the ways to raise its effectiveness. A number of organizational theories brought to life the principles of HRM in 1960s-1970s. Though many of modern HRM principles have been already developed by this time, the year of HRM "official birth" is 1981 when Harvard Business School introduced a course that served a blueprint for global spread of human resource planning and management (Price, 2000: 64). A good insight into the value of HR related programs is provided by Schuler (1990: 52-54). He emphasizes that the HR function had an opportunity to shift from being an "employee advocate" (associated with personnel management) to a "member of the management team". Schuler's (1990) view was that this required HR professionals to be concerned with the bottom line, profits, organizational effectiveness and business survival. In other words, human resource issues should be addressed as business issues. It is noteworthy that emergence of HRM chimed with decay of heavy industry and development of sophisticated IT business. Storey (2001: 18-34) believes that emergence of HRM contributed greatly to an ever-greatest since industrial revolution shift in the principles of management. HRM encouraged both managers and employees to get rid of traditional patterns of interaction, outdated ideas of motivation, stereotypes, assessment and appraisal. Managers as well stop being the mentors and executioners and turned to be the members of business teams. Introduction of HRM principle has made modern companies more competitive, dynamic and people-friendly that consequently influenced their efficiency and marketability. Storey (2001: 18) argues that HRM caused what was later called "a new managerialism" - a new look on organization, the ways it functions and succeeds and the way its employees work. Regardless of global recognition of HRM, many managers are still

Research Paradigms and Concepts of Ontology and Epistemology

Research Paradigms and Concepts of Ontology and Epistemology Chapter 2: Research Methodology This chapter of our thesis will illustrate the methodology that was undertaken in order to conduct our research. This chapter is further divided into two sections. In 1st section of the chapter we will discuss theoretical methodology. It includes research philosophy, research approach and research strategy. In 2nd section of the chapter we will discuss practical methodology. It includes choice of the subject, preconception, perspective, literature, data collection and sampling of methods. Here we will not only describe the methods that are opted during our research process but also try to explain and justify why they are preferred over the alternatives methods that are available. 2.1: Theoretical methodology 2.1.1 Research philosophy During a business research it is imperative to think about different research paradigms and theme of ontology and epistemology. These research paradigms represent a parameter that controls the research carry out from research design to the conclusion and recommendations of the research. Thats why it is of great significance to understand these features in order to move in harmonious manner and actions leading towards unambiguous investigation and making sure that researcher biasnesses are minimized (Flower, 2009, p 1). 2.1.1.1 Epistemological Choice â€Å"Epistemological issue concerns with the question of what or should be regarded as acceptable knowledge in a discipline†.(Bryman Bell, 2007, p. 16). Eriksson and Kovalainen describe epistemology as â€Å"what knowledge is and what are the sources and limits of knowledge† (Eriksson and Kovalainen, 2008). It is important that the given piece of knowledge is studied in the relative manner. Epistemology is further divided into positivism, interpretivism and realism. Positivism: Positivism is the resultant of research in natural science where a hypothesis is tested that is derived from a prevailing theory. Positivism emphasizes that true and reliable knowledge is that which stands upon logic, practical experience and affirmative authentication. â€Å"The purpose of theory is to generate hypotheses that can be tested and that will be thereby allow explanations of laws to be assessed†(Bryman Bell, 2007, p. 16). Positivism is generally linked with quantitative research where one selects a theory and piece of knowledge, then collects data and interprets it and hence proves the hypothesis to be true or not. â€Å"The researcher seeking to adopt a decided positivist stance exercises choice of the study, the research objective to pursue and the data to be collected† (Saunders et al., 2009, p. 114). It is believed that the positivist researcher will use structured methodology with the aim of producing replicability. Interpretivism Interpretivism is a stance contrary to positivism and is also known as anti-positivism. Philosophers of social science believe that subject matter of a research in a social science that is undertaken upon some individuals and personals or institutions are different from that of the natural science (Bryman Bell, 2007, p. 17). According to Saunders et al., (2009) phenomenology and symbolic interactionism are the two intellectual traditions that interpretivism comes from. â€Å"Phenomenology refers to way in which we as humans make sense of the world around us. In symbolic interactionism we are in continual process of interpreting the social world around us in that we interpret the actions of others with whom we interact and this interpretation leads adjustment of our own meaning and actions† (Saunders et al., 2009, p. 116). Realism: Realism is another branch of epistemology that is similar in nature to positivism. According to this philosophic position reality does exist independently of the human realization. There are two main types of realism. Bryman Bell, 2007 named them empirical realism and critical realism. Whereas Saunders et al., 2009 name them as direct realism and critical realism. Main difference among critical and direct realism is that critical realism claims that our knowledge is developed in two phases. Firts there is an object and substance we see and experience trough our senses and in second phase process goes on after the senses receive the sensations. Whereas direct realism claims first phase is enough and what we see is what we get (Saunders et al., 2009, p. 117). In epistemological consideration of our research we take the positivist position. The reason behind selection of positivist stance is what we studied in the literature we develop a hypothesis on the basis of prevailing theories and in our empirical findings we will test this hypothesis for acceptation or rejection. What we are going to study is the usefulness of banks internal evaluation model (CAMELS) with respect to external credit rating models such as PACRA and Moodys. Another reason behind selection of this stance is the use of secondary data and positivism is usually linked with researches that are quantitative in nature such as statistical tools and figures. 2.1.1.2 Ontology: This pillar of the research paradigm deals with the nature of social entities and realities. This raises the question of â€Å"whether social entities can and should be considered objective entities that have reality external to the social factors, or whether they can and should be considered social construction build up from the perception and actions of the social actors† (Bryman Bell, 2007, p. 17). Above we discussed two aspects of ontology, are known as objectivism and constructivism respectively. In ontological consideration, our research thesis is objectivist in nature. For empirical finding of our thesis we will use statistical tools such as financial ratios. The result provided by these ratios will be rated on the scale of 1 to 5 based on the issued ranking system of CAMELS rating model. Then we will compare the result provided by CAMELS rating model with the issued ratings of PACRA rating agency of the same period of time. So it is obvious from our choice of ontological consideration that the research will be free from every sort of biasness of the authors. 2.1.2 Research Approach: At this stage of a research one has to decide on the basis of chosen theory thats is either learnt or contained in the literature that he/she will follow a deductive approach or inductive approach. In deductive approach one develops a hypothesis from the theory and devises research strategy to test the hypothesis to accept or reject it. Whereas in inductive approach one has to collect data, analyze it and develop theory based on the result of analyzed data (Saunders et al., 2009, p. 124). 2.1.2.1 Deductive approach: This approach represents characteristics of the correlation among theory and research. On the basis of gained knowledge that may be inferred from the theoretical reflection about the research field, one assumes a hypothesis that will be observed in empirical analysis (Bryman Bell, 2007, p. 14). According to Robson (2002, cited in Saunders et al., 2009, p. 124) deductive research goes through 5 steps. First develop a hypothesis from a theory, second express the hypothesis in operational terms, third is hypothesis testing, fourth analyzes the particular result of the inquiry and in the fifth and final stage verifies or modifies the theory on base of your findings. Collection of quantitative data is an important characteristic of deductive approach although it may use qualitative data some times. In deductive approach highly structured methodology is implemented to assist replication to guarantee reliability. Generalization is another important characteristic of deductive approach (Saunders et al., 2009, p. 124-125). 2.1.2.1 Inductive approach: In inductive approach theory is developed on the basis of research observations. Researchers in inductive approach are predominantly concerned with the events that are actually taking place and deal with the small sample as against the large number in deductive approach. Researchers most likely use qualitative data in this approach. Structure of the research in inductive approach is more flexible as less generalized as compared to highly structured methodology and generalized characteristics of deductive approach (Saunders et al., 2009, p. 126-127). In our research we will use deductive approach and not the inductive approach. The primary reason behind selection of this approach is correlation among the theory and hypothesis. On the basis of studied literature and constructed theoretical frame work we have derived a hypothesis. Our thesis findings will lead us towards the acceptation or rejection of hypothesis which is superiority of banks internal evaluation models with respect to external rating agencies models. As we know that deductive approach is highly structured methodology so our thesis will follow the predefined structure.. 2.1.3 Research strategy: According to Bryman Bell, 2007 â€Å"by research strategy, we simply mean a general orientation to the conduct of business research†. Two separate clusters of research strategy are qualitative and quantitative research. Both quantitative and qualitative researches are different from each other not only on the basis of quantification and measurement of the result but also on the basis of epistemological and ontological foundations (Bryman Bell, 2007, p. 28). 2.1.3.1 Quantitative research: Quantitative research is mostly used in deductive approach where the aim of the study is to test a hypothesis for proving a theory. In quantitative research analysis of the result is mostly in numbers and quantify. Another characteristic of quantitative research is size of the sample is very large. Quantitative research is subject to a very low level of biasness in the interpretation from the researchers as statistical tools are used for analysis of the results. Quantitative research is more generalizable. Quantitative research is more positivist in nature when it comes to epistemological orientation. While in ontological orientation quantitative research is objectivist in nature (Bryman Bell, 2007, p. 28). According to Bryman Bell, 2007 quantitative research have 11 steps. Steps mentioned by them in their book Business research methodsare as follow 1st Theory, 2nd Hypothesis, 3rd Research design, 4th Devise measures of concepts, 5th select research site, 6th select research subjec t / respondent, 7th administer research instruments / collect data, 8th Process data, 9th Analyze data, 10th finding and conclusion and 11th is write up findings and conclusions. Fig 2.2 Based on the idea from Bryman Bell, 2007 the process of quantitative research. 2.1.3.2 Qualitative research Qualitative research is the contrast of the quantitative research in almost every aspect. Qualitative method is mostly used in inductive research where emphasis is on the generation of a theory that is based upon research observation. Analysis of the qualitative research is based upon the words and statements and mostly in textual form. Qualitative research is more interpretivist in nature when it comes to epistemological orientation. While in ontological orientation qualitative research is constructivist in nature. Size of the sample in qualitative research is small. Researcher in the qualitative research requires special skills for the interpretations of the results. Contrary to quantitative research, qualitative research is less generalizable and very low level of replicability. (Bryman Bell, 2007, p. 28). Below is differentiation chart of quantitative and qualitative research based on different research aspects. Research Aspect Quantitative Research Qualitative Research Scientific Method Deductive Inductive Nature of reality Objectivist Constructivist Research objective Description, explanation and prediction Description, exploratory and discovery Nature of observation Narrow angle focus lens Wide angle focus lens Form of data Quantitative data Qualitative data Sample Size Large sample Small sample Data analysis Statistical tools Search for patterns, themes and holistic features Results General findings Particular findings Conclusion Statistical report Narrative report Self made chart based on the studied books and articles. In our research thesis we will use quantitative research strategy instead of qualitative research. Selection of quantitative research strategy is based upon number of arguments other than presentation of result in numerics and figures. As in epistemology consideration our research is positivist in nature and in ontological consideration we has opted the stance of objectivist, this is another reason for our selection of quantitative research. Our research is basically concerned with numbers and use of statistical tools to measure and analyze these numbers and figures. We have selected deductive approach which is usually related with quantitative research strategy and we argued about its selection in previous section. So keeping in mind our research question and objective we selected this strategy that will be appropriate and will guide us though out our research process. 2.1.4 Nature of Research The relationship between events or factors is often described, examine, and explain by the researchers. The research can either be descriptive, explanatory, exploratory or predictive nature. Nature of the research totally depends on research question. In descriptive research the researcher tries to identify or describe the events. For example in descriptive research if the question is â€Å"What is the present or past state of events?† for this the researcher selects the representative sampling of the people. Whereas explanatory research is for events to be explain by the researcher and look for fundamental reasons. Explanatory research is also referred to interpretive research. For example the researcher conducts explanatory research if they ask â€Å"Why have these events happened in the manner they did?†Ãƒâ€šÃ‚   Or â€Å"What are the implications of these events occurring as they have? (Rubin et al, 2010, 198)†. Exploratory research is a type of research when researcher is unable to find any or very few prior studies about the research question. Exploratory study aspire researcher to look for the ideas, Patterns, or hypothesis, instead of testing or verifying a theory. In exploratory research typical techniques are used here researcher comprises observation, case studies, and previous studies. In this type of research the researcher uses both qualitative and quantitative data. Exploratory research totally focuses on achieving the imminent and acquaintance with the subject area to examine at later stage (Collis Hussey, 2009, p. 6). Predictive research advances one step further than explanatory research. Aim of the study is to create justification for what is happening in particular circumstances. Predictive researchis concerned with the anticipation of a possibility of some occurrence. Aim of predictive research is to generalize the investigation by forecasting some phenomena on the foundation of hypothesized, general relationships. Henc e we can say that solution provided by a predictive research in a particular situation can be applicable to some other problems of similar nature, provided that the solution is valid (Collis Hussey, 2009, p. 6). Nature of our research is exploratory in nature as we didnt find any previous research work on the same research problem. There are some articles and thesis that reflects the usage of camels rating model framework on any particular or limited number of banks. As in our research we will try to investigate the superiority of banks internal rating models with respect to external credit rating agencies, we found no research work in this particular field. Our research will open a new window of research in the field of banking rating systems. 2.1.5 Time horizon of research: Time horizon of research plays a very significant role for both authors of the research and readers of the research. From researchers point of view it is important to understand that what type and quality of data they are collecting for the research and how easily it can be collected. Some time it is very difficult and time consuming to collect the data spread over long period of time. From readers point of view time horizon of the research is of great importance as it shows credibility and quality of the research observations. According to Sunders et al. 2009 time horizon of the research can be divided into two types; cross-sectional research and longitudinal research (Saunders et al.2009, p. 155). 2.1.5.1 Longitudinal study Longitudinal study is such type of a research in which same sample of population is observed over a longer period of time. Longitudinal research is a type of observational research in which the subjects are observed without manipulations and hence can be argued that it has less potential to detect cause and effects relationships of variables as do by the experimental studies. In longitudinal research, researchers have the opportunity to observe changes and improvement that took place over the period of time (Lindborg Ohlsson, 2009, p. 15). 2.1.5.2 Cross-sectional study Cross-sectional research is a study of sample observations or of a population in which a researcher makes her/his study and get result for a short period of time or on a single occasion. From the population researcher takes sample and within that sample he/she distribute the variables, and sometime the variables which are predict and designated on the bases of reasonable information which he/she gets from other sources. Descriptive and exploratory studies are frequently cross-sectional. For example a single survey of a country to describe the population of the specific country at a given time. Cross-sectional study is also very close to explanatory studies. A researcher conducts a survey on national base to examine the nation problem at a given time (Hulley et al, 2007, p.109).   Keeping in mind above arguments about longitudinal and cross-sectional studies, we can easily say that our research is a cross-sectional study. As in our thesis we will manipulate one year annual financial reports for the year ended on 31st Dec 2010, and all 17 banks belongs from Pakistan. It would be of great significance to use annual reports of more than only year but the problem is at the same time we need to collect published credit ratings of banks for the same year and that was very difficult to collets as most banks do not keep their old records of ratings. As we discussed above that cross-sectional studies are mostly exploratory or descriptive in nature and our research is also exploratory in nature. 2.2 Practical Methodology: Selection of the research topic: Both authors of the thesis come from Islamic Republic of Pakistan where banking industry is on the boom despite of the general economic turmoil. As far as our educational background is concerned, one of the authors has done of BBA (Hons) with major in Finance and second author has done MBA with major in Finance, in which we studied several courses about banking and finance. This was the point where our interest was developed in the field of banking. Now being the students of Master in Finance, keeping in view our future professional careers in the field of banking and finance, we choose this research topic. As our research is focusing on CAMELS rating model that takes into account 6 important component of banking industry, it will give us better understanding and knowledge about performance of banking industry particularly in Pakistan. Another reason behind selection of this research topic is our personal curiosity about the ratings of the banks particularly in Pakistan. Preconception: Preconception about the research topic is quite important as it develops interest of the researcher and involves him neutrally in the topic. Both authors of the thesis worked as an internee in conventional bank in Pakistan after completion of their studies and have gained some practical experience of banking. In our practical experiences we observed that not all of above but some of these factors that are addressed in ratings models are of great importance for better performance of the banks. Perspective: Perspective provides point of view about the chosen field of study from several angles with different aspects, providing a pool of options from which the most suitable one is to be selected while keeping in mind your research question and purpose. Our thesis is based upon the superiority of CAMELS rating model results with respect to external rating agencies; we will be looking at it from internal point of view of the banks and their regulatory authorities. But it readers can also be external users such as rating agencies and will be useful for them as well. Data Collection Method: For any type of research study data collection is an important aspect. Data is the source from where researchers can get relevant information to answer the research questions. To gather applicable information researchers use primary and secondary data as a sources. Primary data is collected or perceived straight from the first time experience. Or we can say that data collected for the first time particularly for this research problem. The sources contained in primary data are questionnaires, observations, social surveys, experiments and interviews. On the other hand secondary data is published and the data collected by someone else in the past. We use the published and collected data by someone else to solve our problems but the problem might be different from others. The sources from which we can collect secondary data are articles, books, journals, and web-based data (Ghauri Gronhaug, 2005, p. 91-102). Theoretical framework of our study that is based upon secondary data, we read all relevant literature to our study that gave us full knowledge and beneficial understanding of our research questions. On the basis of this further study should be conducted. Findings of our research are totally dependent upon secondary. Findings of our research are complex in nature but our secondary data will help us to achieve this objective. The electronic search engine is the main source in our study we used Umeà ¥ University electronic library, Google search, electronic books; we also use printed materials like books. Literature studied: Access to the relevant and authentic literature for a researcher is of great importance. It provides basis for the researcher to build upon the theoretical frame work of a chosen field of study and research design (Brayman Bell, 2007, p. 94). In the beginning of our research we studied some articles regarding the financial crises caused by the collapse of leading financial institutions of that time and banking industry of Pakistan afterwards we collected some articles and books through university archives database and internet search about research methods to construct research methodology chapter of our thesis and to guide us throughout our thesis. Articles are mostly collected from journals of Banking and Finance, journal of international banking regulation and the review of financial studies accessed through university provided logins on its database. It is a difficult task to gather relevant articles as one comes across so many articles that look relevant but they are not in rea l. We also studied some online books that are available via different websites such as www.book.google.com. We also gathered some material such as brochures and working papers about the procedures and methods used for ratings of financial institutions form rating agencies websites including SPs, PACRA, and regulatory authorities such as Basel and SBoP. The collected materials provide us better understanding and capabilities to work in the field rating systems.   Sampling: Sample is a subset of whole population that is selected to represent the population in any specific research to perform statistical inferences and to make judgments about the whole population on the basis of selected sample. For researchers it is very important to select appropriate sample from population to make inferences. There are two primary reasons why researchers select a sample for their research instead of studying the whole population, 1st it is very costly and 2nd is the time limitation for a research. According to Bryman Bell, sample is a fragment of population chosen for examination or research. Talking in a broader sense there are basically two types of sampling approaches: Probability and non probability approach (Bryman Bell, 2007, p. 182). Probability sampling is an approach in which each and every unit of population has equal chance of being selected in the sample and their probability of selection is greater than â€Å"0†. This is the most suitable approach that eliminates bias in sample selection and reduces sampling error. Simple random sampling, systematic or interval random sampling, stratified sampling and cluster sampling are some types of probability sampling (Brayman Bell, 2007, p. 182). Whereas on the other side non probability sampling is an approach in which probability of selection of elements is not known or some elements of the population have no chance to be selected as a sample. Referral (Snow ball) sample, quota sample, criteria sample, homogeneous sample, critical sample and matched sample are the types of non-probability sampling. Referral sampling method is also knows as snow ball sampling. This type of sampling procedure is used when it is difficult to find subjects or samples for the research. In this type of a research sample we cannot identify our sample in advance and important consideration is to find initial subjects and informants. From initial subjects we can ask to identify further subjects for our research sample and the process continues to go on like a snow ball (Swisher, 2010, p.1). In Quota samplingpopulation is first divided into subgroups based on some criteria and then subjects are selected as a sample from each group. Quota sampling can be further divided in two sub groups known as proportional and non proportional quota sampling. In proportional quota sampling, sample of every sub group of population is represented by its proportional weight age of the population. Where as in non proportional quota sampling a limit of minimum numbers of sample subjects are set as a standard and are not nec essary to represent its proportion in the population. It only has to justify that the chosen sample is able enough to represent a small group in a population. Heterogeneity sampling is a procedure when we select sample for our research that will represent every group of thought or variables of the population, on the other hand Homogeneous sampling is a procedure of sampling when we want to study about some specific factors or variables and their effect on the outcome that represent the population (Trochin, William, 2006).   Criteria sampling is a procedure to select sample from the population that is based upon some specified and thoughtful criteria. Criteria set by the researchers fulfilled by any subject that represents the population should be included in the sample and any subject fail to meet the criteria is not included in sample that will represent the population (Swisher, 2010, p.4). To make a sample for our research we have selected criteria sampling method. As we are working on the CAMELS rating model and its replicability to the results of the external credit rating agencies published ratings, so for that we have to work upon banks annual financial reports. Our criteria for the banks to be included as a sample is the availability of their audited annual financial reports for the year ended 31st Dec 2010. Total population of number of banks operating in Pakistan is 38. Out of 38 banks 5 banks are Islamic commercial banks and operating on Sharia standards that is to great extent different from commercial banks system. CAMELS rating model is designed for conventional banks and its applicability on Islamic banks is argued by several authors but contradicted by others. So for this particular reason we did not include Islamic banks in our sample. There are 6 foreign banks operating with in Pakistan as subsidiaries of other multinational banks, and these banks prepar e their annual financial reports and submit it in their Head offices that further add up in their consolidate annul reports. So there were some complications in collection of their annual reports and its interpretation. Because of this reason we did not include these foreign banks as our sample for our thesis. Further on searching for the annual audited financial reports of the banks, we find out that till date 10 banks did not published or announced their annual financial reports. As these banks did not meet with the predefined criteria of availability of their annual financial reports, they are also excluded and are not part of our sample. At the end we are left behind with 17 banks and their audited annual financial reports, so our sample includes 17 commercial banks from Pakistan.

The Ontological Argument Essay -- social issues

The Ontological Argument The Ontological argument is a group of different philosophers arguments for the existence of God. "Ontological" literally means talking about being and so in this case, that being is the existence or being of God. The main component of the Ontological argument can be found in the Anselm’s "Proslogion" which is a short work that tries to demonstrate both the existence and the nature of God. His main aim in writing the Proslogion is not to directly prove the existence of God but to moreover, to show the relationship between faith and reason. Anselm wanted to understand the object of the belief. He is also not trying to defend his belief against the atheist and neither is he trying to convince the atheist that God exists. The ontological argument differs from other arguments in favour of God as it is an ‘a priori’ deductive argument, a priori meaning that can come to a conclusion by the use of reason and not proof. A deductive argument means that if the premises that are put into the argument are true, then the conclusion must be true. Thus, Anselm tends to base his argument on the definitions and terminology used. Anselm’s first form of the argument is that God is "that than which none greater can be conceived". Firstly, it must be emphasised that Anselm’s definition does not limit God to being the "greatest" but makes it known that nothing greater can be thought than God himself. Therefore, God should not in any way be linked to terms such as ‘omnipotent’ as terminology such as this limit him to what he really is. With this definition, he attempts to prove that not only does God exist in the mind but also in reality. Anselm uses the example of "the fool" to prove his point on God’s existence. He says that when "the fool" says that "There is no God" in Psalms, he must therefore understand what he hears , and what he understands in his intellect by the term "God". Therefore, if he knows what God is, God must exist as it is impossible to know what something is if it does not exist. In chapter three in the ‘Proslogion’, Anselm contributes his second form to the argument. This form of the argument is that of ‘necessary existence’. He says that "that than which can be thought not to exist is not as great as that which cannot be thought not to exist." Therefore, to say that God can be thought not to exist if the definition of God... ...elm’s first form of the argument and indirectly also demolishes the argument on the ‘necessary existence’ though his criticism. He criticises and successfully attacks the Cartesian version that in order for there to be a ‘supreme being’, existence must be predicate of God (the supreme being). Norman Malcolm then tried to save this argument by coming up with an argument which Davis seems to have demolished successfully. Although the argument does not seem to remain too strong in the light of these responses, we can say that although Anselm failed to show ‘the fool’ that God existed, he by acquiring more knowledge and understanding about the Christian beliefs seems to fortify his faith as a believer. Anselm’s second form of the argument seems has kept philosophers interested and fascinated with it throughout time. The very fact that philosophers such as Descartes, Kant, Malcolm have been intrigued by the ontological argument strongly shows that it is a very important and complex argument which is in favour of the existence of God. Although a final and ultimate answer to the question of God’s existence has yet to be attained, it is still considered to be a remarkable argument.

Is There Too Much Sex on T.V?

Is there too much explicit sex on T. V? Over the past century, television has changed quite alot. Contents that was once seen as being inappropriate and outrageous, is now on everyday television. Recently, sex has become the main focus on our television screens. Many people think it is bad for young people’s health but others may say it is an appropriate way of advertising and attracting viewers and readers. Sexual scenes and images can lead people to a very wrong conclusion of how they should look and act. Television producers claim that what they are broadcasting is appropriate but many young people do end up watching women and men who all have perfect bodies. Body image is a major issue in the UK and according to a survey from 2008, 44% of women express negative feelings about both individual body parts and their bodies as a whole. If this is an adult’s view of their body, then the images in the media are affecting girls and even boys from our own generation on a much higher level, leaving many young people with very low self-esteem and lack of confidence. Reasons to support the views that there is too much explicit sex on TV is that some people feel that sex on television has become acceptable and is being broadcasted in ‘soaps' and other programs during the day. Carolyn Teasley, a journalist said, â€Å"Soap operas have bored me recently, it was becoming harder to tell who had slept with whom anyway. † This quote shows that some people have became bored and lost interest in programs because they no longer care about an interesting story, or plot, only the advertisement of sex. Sex on TV can also influence children in a huge way, many teenagers have admitted to having underage sex because they have felt pressured from the television and the programmess that they watch. However, in the programmes, the teenagers do not see the dangers and consequences of sex. They only see a directors perception of an interesting scene. This can cause underage people to get sexually transmitted diseases and also underage pregnancy. Some people find sex or even the implementation of sex quite boring and not very interesting, they also don't see it as it being an important part of relationship between two people who truly love each other. Some choose to change the channel when there is a scene of a male and female undressing. Most people say that they would rather read an interesting story than see sex displayed on television. Most couples have admitted to feeling insecure when watching sex on television because the actors have perfect bodies and look a certain way and they do not. Adding to this most people, especially elderly people can feel uncomfortable watching sex scenes on television. On the other hand, some people feel that sex on television isn't as bad as some people make it out to be. For example some people feel that sex on TV can benefit children. The UK has one of the worst teenage pregnancy rates in the developed world, simply because children are not being taught enough at school about sex. A channel 4 programme called â€Å"the sex education show† teaches children about sex in an appropriate manor, also the show is shown at later hours so no young children can see. Another point that can be made is that most parents complain and say there is too much sex on TV and their young child is exposed to the sexual behavior on the TV. However, sky and some freeview boxes have a parental control with a pin code to view only certain channels and it is up to the parent which programmes their child can watch, if they chose to let their child watch a programme of a sexual nature, then they have no right to comment and say it is not appropriate because the child has been given its parents discretion. Another advantage is the income that is made from these programmes and movies. Most programmes that have high ratings are of a sexual nature. Statistics show that more people watch shows with sexual content such as ‘Friends', ‘two and a half men' and ‘scrubs'. A leading journalist for the guardian said â€Å"As time goes by television broadens its horizons and opens up new doors. Television draws in audiences by portraying what's on people's minds and what's going on around them. People will continue to be attracted to money and sex on television,† Although many people think sex on TV is bad, the majority of people agree that is it also a good thing. To conclude, my opinion on the amount of sex on TV is acceptable. I feel that programmes of a sexual nature are shown at an appropriate time. I also feel that sex on TV does help educate young children, because young children can make up insane rumours about things involving sex and seeing the truth on TV can reasure the child of what is right and wrong. In addition I think it is the responsibility of the parent to decide what they are allowing their children to be exposed to, they shouldnt let their child watch the programme if they do not think it is suitable or appropriate for their age.