Kindergarten Essay

Kindergartens were begun in the mid nineteenth century in the faith in children’s intrinsic goodness. The organizer underlined on the significance of stories, nature study, music and play notwithstanding images. He pushed for the utilization of occupations and endowments among small kids. In America, they began in the late nineteenth century and were for the most part found in private establishments. They took half day and were generally free. The instructive objective at that point was not to give kids with perusing and composing aptitudes yet it expected to teach the youngsters overall. This objective included a wide scope of exercises comprehensive of cleaning the kids, taking care of and apparel them (Saracho and Spodek, 2002). Changes in the educational program objectives and targets The educational plan objectives and destinations of kindergarten have changed altogether after some time. At first, kindergarten was portrayed by fun, workmanship, recess, music, break, story time, circle time and naptime. In any case, the current objectives of kindergarten are learning and kids are constantly relegated work to do. It is focusing on learning more than having a ton of fun. In today’s educational program, kids are relied upon to learn science, social investigations, composing, perusing, math and even a subsequent language. An entire school day is centered around guidance and the kid is assisted with learning in anticipation of first grade. Youngsters are likewise required to learn quicker and spread more substance. When the children are going to initially review, they are relied upon to have begun procuring understanding aptitudes (Saracho and Spodek, 2002). Current scholastic acceleration in Kindergarten as a vital transformative change School partners have blended emotions with respect to the current scholarly heightening in kindergarten. Some vibe that the kids have not grown completely to see all the substance they are made to cover. Then again, some are obstinate that the current world has numerous requests and along these lines it is essential to bestow the important abilities in kids sufficiently early. In any case, I feel that youngsters ought to be let to develop and learn abilities when their intellectual advancement can permit them to. This implies the progressions are not extremely fundamental since they are more scholarly arranged instead of fun coordinated and youngsters are not prepared for this. Reference: Saracho, Olivia N. and Spodek, Bernard, (2002), Contemporary viewpoints on youth educational plan, ISBN 1930608276, 9781930608276, IAP.

The Movie “Cast Away.” Free Essays

The film â€Å"Cast Away† was one of 2000’s best motion pictures. IT was about a â€Å"FedEx† laborer, whose plane he was ready to convey universal bundles had smashed over the sea. All travelers on that plane had passed on in the accident, disregarding him on an island to endure. We will compose a custom article test on The Movie â€Å"Cast Away.† or on the other hand any comparative point just for you Request Now He had to live on that island for a long time with just an electric lamp, an image of his fiancee and some arbitrary bundles that ought to been conveyed and could have not been any increasingly unusable. The film demonstrated how he was so proficient at his particular employment that despite the fact that he was disregarded all on that island, it set aside him calm some effort to open the bundles he shouldn't open. He needed to check what the substance of those bundles were and whether there was anything he could utilize. Between all the bundles he needed to disregard by opening, was a volley ball which a grandma had needed it to be conveyed to her grandson. I was so contacted when I perceived how he had cut the ball from the top and stuck in some dead leaves, just to make it appear as though human-like so he would keep his psychological status adjusted. Obviously, he had thought constantly about his fiancee while he was on that island. He had drawn a representation of her with a chock to keep him went with in the cavern he had dwelled in. 4 years after he returned home, when he was found by a close by individuals on a vessel, he had discovered his fiancee wedded to his primary care physician companion. Before long, his ex-fiancee couldn’t help it yet have blended sentiments concerning whether keep things the manner in which they are with her significant other, or to get into an issue with him since they had been enamored for such a long time before his vanishing. The film was so thought of, and activated numerous feelings for the watchers. The way that the primary character needed to do many long scenes just without anyone else required a significant level of ability. The narrative of the film just as the plot were new and passed on numerous feelings, that for me, would put the film on my best 10 best motion pictures ever. Step by step instructions to refer to The Movie â€Å"Cast Away.†, Papers

Life of a Black Person

Life of a Black Person I would like to preface this by saying if you havent read Vincents amazing post Black Lives Matter (https://mitadmissions.org/blogs/entry/black-lives-matter), read that first, then come back and read this post. As many of you are aware, the racial tensions in America are currently at an all-time high. From the murder of Alton Sterling and Philando Castile, to the tragic deaths of four hardworking police officers in Dallas, it feels like America is barely holding together. As events unfolded a number of questions presented themselves to both black minds and not: I am not black, can I still support Black Lives Matter? Is there even really a race issue? Are you okay? What is the point? Nothing is going to change. You go to MIT, isnt that enough proof to say that racism isnt alive? Isnt Black Lives Matter just a hate group? Shouldnt we be working to shut them down? What about black-on-black crime? Do you hate the police? Arent the police the real victims? Dont all lives matter? I am sure these are a question everyone has seen at least once, if not a million times. Vincents post showed some of the worst of what people like us have to deal with. I would like to say that I haven’t had to live through stories like his, but that would be lying to every one of you. Here, I want to try my best to share a few moments in my life that might help those with these questions understand why I believe a movement such as Black Lives Matter is one of the most important developments of my life time. These moments in my life are not extreme in the sense that I had to fear for my life, which was already beautifully covered by Vincent. These are the small subtleties that no one but a black person can understand. These are not huge events, just moments in my life. These are moments where I realized that unlike some of my friends, I am still not equal. Summer before Freshman Year, Maryland: I believe that he should start with regular classes, The summer counselor looked over my middle school resume, nearly all A’s with a single B from Spanish 1 in eighth grade. I had just moved from Texas to Maryland, and I was going through a very familiar process. “Why? He has nearly perfect scores. He ran extremely well on his cross country team, and has demonstrated above average ability in every subject and hasn’t missed a single day of school.” My mom spoke with an icy frustration. My parents were not new to this process. At my first elementary school, they had to ask the school to not put me in remedial math, despite my perfect scores. At my second elementary school, they had to ask to put me in the gifted program, despite me scoring 50 points above the program’s requirements. And again in middle school, they had to ask for the school to not put me in the lowest classes. Their patience had long frozen over. “Well, yes. He has done well, but don’t you think it would be better for him to start at the bottom and work his way up? We wouldn’t want him to be overwhelmed by a new environment.” She tilted her head slightly to the side, and smiled. I could feel my mother’s hand squeeze tighter around mine. I could see the frosty frustration melt, and reveal behind it sat a fiery anger. My parents had left their homes and families in order to get a better education, so that my siblings and I wouldn’t have to “start at the bottom.” Yet here was summer counselor offering it to us like a present. “I think it would be better if you put him in honors classes.” We got up and left. Fast food restaurant, GA: “Whoa, you guys would make a fantastic football team!” The older white man looked at my family as we ate our hot wings. My four siblings and I looked at him. I was the biggest of us at only 5’4” 110lbs (163cm 50kg) as a sophomore in high school. We were seven people short of an offensive line five people short if you included my parents. My dad raised his left eyebrow, slightly annoyed. “What about an amazing team of doctors?” My dad spoke with a sense of urgency, looking the man in the eyes. My dad didn’t blink. He just looked at him. The man laughed. “Maybe a basketball team.” Outside Walmart, TX: “NIGGERRRR!” Senior Year Math Competition, GA: “You are a menace to this competition. I cannot believe your behavior. Where is your president?! WHERE IS YOUR PRESIDENT?!” The proctor of the competition was red in the face. Sweat slid down his forehead down from the thin strands of hair that remained on his head. My girlfriend and I, the only African Americans at the competition of almost 300 students, both stood at the receiving end of his sweat, spit, and steam. Apparently, someone from our school had disturbed the competition. Of course neither of us were in the same room as the event, but yet here we were. “Sir we are two of the team’s presidents.” Over the last two years I had spent night after night studying the Art of Problem Solving, laboring over past exams, and helping lead our school to a hopeful math team victory. It was only this past year that I had been given the position as president. To me, someone that had never really been great at sports, music, or anything else of the sort, being recognized for my work in academics had meant the world to me. However….. That meant nothing right now. “NO! WHERE IS YOUR PRESIDENT? SHOW ME YOUR PRESIDENT!” He didn’t believe me. “WHERE IS YOUR PRESIDENT! MOVE! I WILL FIND HIM MYSELF!” He walked between the two of us, and straight to my school’s math team coach. After a short conversation, my coach looked at us, then the proctor, then waved us over. “These are two of the school’s most hardworking presidents. If you have any problems, feel free to take it up with them.” The man looked at the two of us, and it seemed he had lost all of his previous steam. He didn’t apologize, and apparently he was no longer angry about whoever might have really been a problem. He just left. Time after time I have to come to face the fact that I am still not on equal ground to those that are around me. Time after time I have to face the fact that even after I leave MIT, I will be black first and whatever else second , if at all. Time after time I have to be aware of the fact that very few of my peers will ever understand a day in my life. Yet time after time I will do everything I can to fight for equality for my race. So next time a comment comes up saying “Racism is dead, they are angry over perceived slights.”, remember this post. Remember a little bit of what it is like in the life of a black person.

Stress in the Workplace is a Health Issue - 1246 Words

THE WORKPLACE In a point in our lives we all experience stress and many questions arrive to what initiates stress? what harm does it do? and how to deal with it? But, whether is at home, college or most commonly at work it’s normal to end up mentally and physically burnt-out at any job and experience stress, especially if the person is at an entry-level. Work overload, spending long hours with little result, pressure when meeting deadlines, problems getting along with co-workers, difficult tasks with no breaks in between and being responsible for others can eventually have a negative effect on people and cause them to experience different levels of stress. Typically, stress at the workplace relates to also having a problematic boss. But fortunately, there are many solutions to deal with stress. Do the the scientific improvements and advancements, institutions and people have been able to come up with programs which helps manage and prevent. Some of these ways are by providing therapy, adjus ting a flexible work schedule, and communication programs. In times when stress level is high and it becomes a health issue, its best that people change their habits or work environment and reach out to a doctor for best medical assistance. But frequently, these relieving programs are efficient, it helps employees develop better relationship with the managers or employers, and eventually creating and enjoyable work environment by eliminating insignificant arguments that provokesShow MoreRelatedManagement and Common Health Issues Essay707 Words   |  3 Pagesï » ¿ Assessment Description Research and identify three common health issues in the business workplace that can affect productivity. For each issue, outline some standard approaches, select a preferred option from each and present a report to senior management for approval. Three common health issues that can affect productivity in the workplace 1. Depression Depression in the workplace affects productivity as one in 5 employees is affected by depression at any one time leading to higher ratesRead MoreStress Management in the Workplace1100 Words   |  5 PagesORG 5270: Mental Health amp; Psychopathology in the Workplace 1 Week 2 Online Writing Assignment Consultant For Methodist Hospital: Stress Management Module Tomeka Flowers ORG 5270 University of the Rockies ORG 5270: Mental Health amp; Psychopathology in the Workplace 2 Week 2 Online Writing Assignment Abstract In recent months Methodist Hospital have developed a stress management program. The organization is struggling in their ability consistently manage the programRead MoreHealth And Safety Of The Workplace902 Words   |  4 PagesHealth and safety in the workplace are both important topics that need to be incorporated in the workplace environment so that all parties involved in a company are protected and secure. There are many objectives that have been discussed in this class that are essential to an employee’s general health and overall safety while performing job tasks and responsibilities. The following objectives have been chosen from one particular week of discussion, and they will be discussed in more detail. TheseRead MoreEssay on Coping with Stress at Work1593 Words   |  7 PagesStress at Work There are many jobs in the world and many professionals carrying them out. Every worker has a task to complete and it isn’t always easy. Jobs can demand a lot and specific deadlines of when things need to be done. Some jobs require workers to have more than just one responsibility. Meeting deadlines and being responsible of other tasks can be a bit stressing at times. Stress is not only at home but it is also suffered in jobs, some more than others. Many workers experience job stressRead MoreThe Effects Of Mental Health On The Workplace987 Words   |  4 Pageswork is where we spend most of our waking hours. Because we devote so much time to our work environment, certain needs must be met from our employers so that business can run efficiently and productively. I have chosen the topic of mental health in the workplace, as it is an area where I believe employers should focus more attention to in order to have a better understanding of the challenges their employees may face . A productive employee who is able to meet their scheduling requirements and performRead MoreWorkplace Violence And Health Care1641 Words   |  7 Pages Workplace Violence in Health Care Morgan L. Hofmeister Baker University School of Nursing Abstract This research paper discusses workplace violence, specifically the nursing population. Using results from previous research conducted, negative factors impacting a nurse and solutions to this issue are explored. There is a lack of reporting causing this issue of workplace violence to be difficult to determine interventions and bring about public awareness. Looking at the historicalRead MoreEssay on Stress In The Workplace532 Words   |  3 Pagesaffects that stress can have on an employees performance and are offering different programs to help employees manage stress in their lives. This approach is proving to increase workplace performance, as well as improve employee loyalty and retention in the long run. What Causes Stress? Causes and Concerns Stress has been defined as a physiologic reaction to uncomfortable or unaccustomed physical or psychological stimuli. The biological variations that can result from stress of the sympatheticRead MoreMental Health : An Individual s Psychological And Emotional Wellbeing1411 Words   |  6 PagesMental health refers to an individual’s psychological and emotional wellbeing (World Health Organisation, 2014). With over 25 million UK residents (Mental Health Foundation, 1999) spending a large majority of their time at work, it is important that concerns for a person’s welfare extend to the workplace. Every year mental health problems, including stress, anxiety and depression affect 1 in 6 British employees (Mental Health Foundation, 1999). Despite this, a Confederation of British IndustryRead MoreThe Effects Of Toxic Leadership On Toxic Leaders1392 Words   |  6 Pagesstudies have shown that job stress is associated with back pain, coronary heart disease, immune disorder s, and personal and family problems (Sharma, V. P., PHD. n.d.). Toxic leadership can result in chaos in the workplace. The negative feelings associated with a toxic work environment can cause issues such as attendance issues, low morale, and low productivity. Although a toxic workplace can have serious effects of an individual, there are ways to survive a toxic workplace. The Physical EffectsRead MoreOccupational Health And Safety Legislation1430 Words   |  6 PagesOccupational health and safety legislation Provinces, territories and the federal jurisdiction have occupational health and safety legislation which is based on the theory of combined responsibility which workers and employees share in order to maintain a hazard-free work environment and to improve the safety and health of workers in an organization (Dessler et al., 2011). The occupational health and safety regulation is one of the regulations under workers compensation act which comprises of legal

Ath Technologies Inc. Making the Numbers - 616 Words

ATH Technologies Inc.: making the Numbers The case of ATH is centered on management taking particular strategic paths in order to achieve the desired organization objective(s). Beginning with the strategy of acquiring market share, Scepter implemented very attractive (personal) incentives in order to achieve this goal. These â€Å"earn out† incentives did indeed push for innovation, growth and market segment but it didn’t put any controls on the amount of spending, thus ultimately leading to major losses. The incentives focused more on personal gain i.e.: â€Å"Make the company look good at what ever cost so I can get the pay out† sort of notion. It is a good scheme in terms of promoting for continuous developments and to share know-how and make†¦show more content†¦It would have been good if this fundamental vision was in place right at the very beginning of the company’s formation. In the end it is the customers that make the company, so it makes sense to work towards satisfying this customer relationship. To become profitable and achieve market share are secondary objective that can be measured on a annual basis and o verall company well being targets can be rewarded with incentives that link into the company’s performance as opposed to individual contribution to the company’s success. Instead of jumping to different achievement goals as problems arise, the visions and beliefs should have been determined first and that would help shape the overall goal of the company. While working towards goals such as profitability and growth, the visions and beliefs help keep employees in line and to some extent control the minimum expectations of the development of products, thus possibly lessen or avoid problems that did arise. The incentive scheme were not properly designed to take into account effects of employee actions and the impact it would have on the company as a whole and other stakeholders. It should some what reflect and reiterate these visions instead of promoting and motivating employees to be self interested in their own affairs and achieving the targets at â€Å"all costs†. All in all, there were minimal controls and checks in place, it was more of a one way push towards the goals and not looking backShow MoreRelatedAth Technology Essay1314 Words   |  6 PagesCase1: ATH Technologies, Inc.:Making the Numbers PartA: Questions: 1. The performance goals of a business set by managers and determined by business strategy, which is refer to how a company creates value for customers and differentiate itself from competitors in the marketplace. Here, the earn-out structure focus on development of a new product, product superior to existing technologies these two are obviously the business strategy foe setting goals, and the last point is directly relate toRead MoreSms Based Home Appliance Control System8967 Words   |  36 PagesDegree Bachelor of Technology in Computer Science SUBMITTED BY DIGANTA MUDAI KALYAN BANERJEE JAHNU BORAH (Final Year B. E. Computer Science Engineering) Under Guidance of Mrs. UMA THAKUR DEPARTMENT OF COMPUTER SCIENCE AND ENGINEERING [pic] PRIYADARSHINI INSTITUTE OF ENGINEERING TECHNOLOGY, NAGPUR RASHTRASANT TUKADJI MAHARAJ NAGPUR UNIVERSITY Priyadarshini Institute Of Engineering And Technology Nagpur-440016 DepartmentRead MoreProject Mgmt296381 Words   |  1186 PagesManagement, Second Edition Finch, Interactive Models for Operations and Supply Chain Management, First Edition Fitzsimmons and Fitzsimmons, Service Management: Operations, Strategy, Information Technology, Seventh Edition Gehrlein, Operations Management Cases, First Edition Harrison and Samson, Technology Management, First Edition Hayen, SAP R/3 Enterprise Software: An Introduction, First Edition Hill, Manufacturing Strategy: Text Cases, Third Edition Hopp, Supply Chain Science, First EditionRead MoreManagement Challenges for the 21st Century.Pdf60639 Words   |  243 PagesAuthor Books By Peter F. Drucker Credits Front Cover Copyright About the Publisher iii Introduction: Tomorrow’s â€Å"Hot† Issues Where, readers may ask, is the discussion of COMPETITIVE STRATEGY, of LEADERSHIP, of CREATIVITY, of TEAMWORK, of TECHNOLOGY in a book on MANAGEMENT CHALLENGES? Where are the â€Å"HOT† ISSUES OF TODAY? But this is the very reason why they are not in this book. It deals exclusively with TOMORROW’S â€Å"Hot† Issues—the crucial, central, life-and-death issues that are certain to

Operational Risk Management in Banking Sector an Overview Free Essays

string(115) " in which losses are categorized according to the type of event and the business line in which the event occurred\." ReseaRch PaPeR Commerce Volume : 3 | Issue : 1 | January 2013 | ISSN – 2249-555X Operational Risk Management in Banking Sector: An overview Keywords Rakesh Chutia Assistant, State Bank of India Margheita-786181 Dist. -Tinsukia Assam ABSTRACT Operational risk is inherent in all banking products, activities and processes and systems and the effective management of operational risk is of paramount importance for every bank’s board and senior management. With globalization and deregulation of financial markets, increased competition combined with the advent of high-end, innovative, sophisticated technology tremendous changes have taken place in the products distribution channels and service delivery mechanism of the banking sector. We will write a custom essay sample on Operational Risk Management in Banking Sector: an Overview or any similar topic only for you Order Now These have introduced more complexities into the banking operations and consequently the risk patterns and profiles of the industry have also become complex, diverse and catastrophic. The New Capital Adequacy Framework of the Reserve Bank of India requires bank to maintain capital explicitly towards operational risk. This paper tries to study the various methodologies used by the banks in their operational risk management activity and to study the regulatory framework related to operational risk management. Introduction Since the late 1990s, globalization, deregulation, consolidation, outsourcing, breaking of geographical barriers by use of sophisticated technology, growth of e-commerce etc. have significantly changed the business, economic and regulatory climate of the banking sector. These developments introduced more complexities into the activities of banks and their risk profiles. Consequently a series of high profile operational loss events at Societe Generale, UBS, AIB, and National Australia Bank etc. have led banks and their managements world over to increasingly view operational risk management as an integral part of their risk management activity like the management of market risk and credit risk. The identification and measurement of operational risk is a significant issue for modern-day banks, particularly since the decision by the  Basel Committee on Banking Supervision  (BCBS) to introduce a capital charge for this risk as part of the new capital adequacy framework (Basel II). Operational risk has been defined by the Basel Committee on Banking Supervision as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This definition is based on the underlying causes of operational risk. It seeks to identify the causes of a loss event and at the broadest level includes the breakdown by four causes: people, processes, systems and external factors. Operational risk may materialise directly, e. g. , in electronic fund transfer (transfer of funds to the wrong person) or could result indirectly as a credit or market loss. Since there is a close linkage of operational risk with other types of risks, it is very important for banks to first have a clear understanding of the concept of operational risk before designing the appropriate operational risk measurement and management framework. Different types of operational risk in Banking Sector The Basel Committee has identified the following types of operational risk events as having the potential to result in substantial losses for banks: †¢ Internal fraud. For example, intentional misreporting of positions, employee theft, and insider trading on an employee’s own account. Externalfraud. Forexample,robbery,forgery,chequekiting, and damage from computer hacking. †¢ Employment practices and workplace safety. For example, workers compensation claims, violation of employee health and safety rules, organised labour activities, discrimination claims, and general liability. †¢ Clients, products and business practices. For example, fiduciary breaches, misuse of confidential customer information, improper trading activities on the bank’s account, money laundering, and sale of unauthorized products. Damagetophysicalassets. Forexample,terrorism,vandalism, earthquakes, fires and floods. †¢ Business disruption and system failures. For example, hardware and software failures, telecommunication problems, and utility outages. †¢ Execution,deliveryandprocessmanagement. Forexample: data entry errors, collateral management failures, incomplete legal documentation, and unauthorized access given to client accounts, non-client counterparty misperformance, and vendor disputes. OPERATIONAL RISK MANAGEMENT PROCESS: Operational Risk management generally encompasses the process of identifying risks to the bank, measuring exposures to those risks), ensuring that an effective capital planning and monitoring programme is in place, monitoring risk exposures and corresponding capital needs on an ongoing basis, taking steps to control or mitigate risk exposures. †¢ Identification of operational risk. Banks should identify and assess the operational risk inherent in all products, services,activities,processesandsystems. You can read also Portfolio Management Quizzes Effectiverisk identification should consider both internal factors (such as the bank’s structure, the nature of the bank’s activities, the quality of the bank’s human resources, organizational changes and employee turnover) and external factors (such as changes in the industry and technological advances) that could adversely affect the achievement of the bank’s objectives. †¢ AssessmentofOperationalRisk. Inadditiontoidentifying the risk events, banks should assess their vulnerability to these risk events. Effective risk assessment allows a bank to better understand its risk profile and most effectively target risk management resources. Amongst the possible tools that may be used by banks for assessing operational risk are: ? Self Risk Assessment: A bank assesses its operations and activities against a menu of potential operational risk vulnerabilities. This process is internally driven and often incorporates checklists and/or workshops to identify the strengths and weaknesses of the operational risk environment. 6 X INDIAN JOURNAL OF APPLIED RESEARCH ReseaRch PaPeR Risk Mapping: In this process, various business units, organizational functions or process flows are mapped by risk type. This exercise can reveal areas of weakness and help prioritise subsequent management action. ? Key Risk Indicators: Key risk indicators are statistics and/ or metrics, often financial, which can provide insight into a bank’s risk position. Such indicators may include the number of failed trades, s taff turnover rates and the frequency and/or severity of errors and omissions. †¢ Measurement. A key element of risk management is measuring the size and scope of the bank’s risk exposures. However, there is no clearly established, single method to measure operational risk on a bank-wide basis. Banks may develop risk assessment techniques that are appropriate to the size and complexities of their portfolio, their resources and data availability. A good assessment model must cover certain standard features. An example is the â€Å"matrix† approach in which losses are categorized according to the type of event and the business line in which the event occurred. You read "Operational Risk Management in Banking Sector: an Overview" in category "Papers" Banks may quantify their exposure to operational risk using a variety of approaches. Forexample,dataonabank’shistoricallossexperience could provide meaningful information for assessing the bank’s exposure to operational risk and developing a policy to mitigate/control the risk. †¢ MonitoringofOperationalRisk. Aneffectivemonitoring process is essential for adequately managing operational risk. Banks should implement a process to regularly monitor operational risk profiles and material exposures to losses. In addition to monitoring operational loss events, banks should identify appropriate indicators that provide early warning of an increased risk of futurelosses. Such indicators should be forward-looking and could reflect potential sources of operational risk such as rapid growth, the introduction of new products, employee turnover, transaction breaks, system downtime, and so on. There should be regular reporting of pertinent informationtoseniormanagementandtheBoardofDirectors that supports the proactive management of operational risk †¢ Controls/MitigationofOperationalRisk. Withregardto operational risk, several methods may be adopted for mitigatingtherisk. Forexample,lossesthatmightarise on account of natural disasters can be insured against. Losses that might arise from business disruptions due to telecommunication or electrical failures can be mitigated by establishing redundant backup facilities. Loss due to internal factors, like employee fraud or product flaws, which may be difficult to identify and insure against, can be mitigated through strong internal auditing procedures. The Board of Directors and senior management must make efforts for establishing a strong internal control culture in which control activities are an integral part of the regular activities of a bank. Banks should periodically review their risk limitation and control strategies and should adjust their operational risk profile accordingly using appropriate strategies, in light of their overall risk appetite and profile. Investment in appropriate processing technology and information technology security are also important for risk mitigation. Banks should also have in place contingency and business continuity plans to ensure their ability to operate on an ongoing basis and limit losses in the event of severe business disruption. OPERATIONAL RISK MANAGEMENT APPROACHES IN BASEL II The Basel framework (2004) proposes a range of approaches for setting aside regulatory capital for operational risk under Pillar 1: The Basic Indicator Approach (BIA), The Standardised Approach(TSA)andtheAdvancedMeasurementApproach (AMA). Allthethreeapproachesdifferintheircomplexityand the banks are encouraged to move along the spectrum of approaches as they obtain more sophistication in their risk management practices. The Basic Indicator Approach is the simplest approach for estimating regulatory capital, wherein Volume : 3 | Issue : 1 | January 2013 | ISSN – 2249-555X banks are required to set apart an amount equal to the average over the previous three years of 15% of positive annual gross income. In The Standardised Approach, banks’ activities are divided into eight business lines: Corporate finance, Trading Sales, Retail Banking, Commercial Banking, Payment Settlement, Agency Services, Asset Management and Retail Brokerage. While gross income continues to be the main indicator of operational risk as under the Basic Indicator Approach, the specific amount to be set apart as a percentage of the gross income varies between business lines, ranging from 12 to 18% , as compared to the 15% overall under the Basic Indicator Approach. This approach is more refined than the Basic Indicator Approach as it takes into the account the fact that some business lines are riskier than others and therefore a higher proportion of capital has to be set apart for those business lines. The Advanced MeasurementApproach(AMA)isbasedonthebanks’internalmodels to quantify operational risk. The framework gives flexibility to the banks in the characteristics of the choice of internal models, though it requires banks to demonstrate that the operational risk measures meet a soundness standard comparable to a one-year holding period and a 99. 9% confidence level, which means that a bank’s capital charge should be equal to at least 99. 9% quantile of their annual aggregate loss distribution. Banks are required to factor in four key elementsindesigningtheirAdvancedMeasurementApproach framework: internal loss data, external loss data, scenario analysis and bank specific business environmental and internal control factors. The methodologies under the advanced approach are evolving and there are a range of methods in practice in banks internationally. OPERATIONAL RISK MANAGEMENT IN THE CONTEXT OF INDIAN BANKING SECTOR: The Reserve Bank of India is the regulator and supervisor of the banking system in India and is entrusted with the task of framing the capital adequacy guidelines for banks in India under Basel II. Public sector banks, where the Government of India is the major shareholder, dominate the Indian banking system, accounting for nearly three-fourths of total assets and income. These banks are large and very old banks, operating through thousands of branches spread all over the country. The new private sector banks are fully automated from day-one and operate like other high-tech foreign banks. The private sector banks have grown rapidly since the onset of reforms and have increased their share in total assets of the banking industry, whereas the public sector banks have witnessed shrinkage in their market share. The public sector banks have only recently started automating their processes and operations. This transition has posed significant challenges in the management of operational risk to the banks as introduction of new technology and complete overhauling of the existing systems requires a re-engineering of business processes, training of manpower, audit in a computerized environment and other related operational risk challenges. The new generation private sector banks on the other hand have to deal with the risks arising from growth at a scorchingpace. WiththereformsintheIndianbankingsectorand banks being allowed to access new markets and sophisticated products, the Reserve Bank of India has also been repeatedly advising the banks to have in place an effective and resilient control framework in place to manage operational risks. Specific guidance on management of operational risk has also been issued as per which some banks; especially the larger and internationally active banks are expected to move along the range towards more sophisticated pproaches as they develop more sophisticated operational risk management systems and practices which meet the prescribed qualifying criteria. Conclusion: ManagingOperationalRiskisemergingasanimportantelement of sound risk management practice in modern day banks in the wake of phenomenal increase in volume of transactions, high degree of structural changes and complex technological support systems. RBI expects all Indian banks to strengthen their operation risk management system and to INDIAN JO URNAL OF APPLIED RESEARCH X 7 ReseaRch PaPeR e in readiness to graduate to more sophisticated approaches of operational risk management under Basel norms. In order to derive maximum gains banks need to gear up efforts for speedy and effective implementation of comprehensive Volume : 3 | Issue : 1 | January 2013 | ISSN – 2249-555X operational risk management frameworks and thereby bring more efficiency, transparency, profitability and sustainability into their operations. REFERENCE Reserve Bank of India, Department of Banking Operations and Development, Central Office, Mumbai, (2005), â€Å"Draft guidance note on management of operational risk†, 2. Basel Committee on Banking Supervision (August, 2003) â€Å"The Joint Forum Operational risk transfer across financial sectors†, 3. Usha, Janaki, Raman, (2008) â€Å"Operational Risk Management in Indian Banks in the Context of Basel II: A Survey of the State of Preparedness and Challenges in Developing the Framework†, 4. Rao, D, Tripati and Ghosh, Prodipta, (2008) â€Å"Preparedness of Indian Banks in Managing Operational Risk†, 5. Kale, Ketan and Agarwal, Mohit, Marsh India, (2011) â€Å"Operational Risk Mitigation Basel II Accord – Challenges Opportunities†. 8 X INDIAN JOURNAL OF APPLIED RESEARCH How to cite Operational Risk Management in Banking Sector: an Overview, Papers

Mass Media Power-Free-Samples for Students-Myassignmenthelp.com

Question: Discuss about the Mass Media Powers. Answer: Mass Media Powers Mass Media refers to the technologies used by one party to communicate to large audience at the same time. It is the best way through which a company can contact to many people at the same time. Reaching to mass with the use of technology is called mass media. Types of mass media are; radio, television, print media, social media, digital media etc. Nowadays mass media is the best and most efficient way to communicate to mass public and leave imprint on them (Cliffs Notes, 2017). The essay will further study about the influence of persuasive and communicative powers on the audience. Along with which the role of media and effects of media content consumption is explained with certain theories defined. Also the essay suggests the role of media practitioners in supplying information and its ethical implications are discussed. Further the role and influences of Mass Media on Audience are discussed below: The major role which mass media plays in todays world is that it provides information to the people living at different geographical boundaries. Also the role of mass media is creating social awareness among people for any product/ Services or any law/ rule create by the government. Above all the three basic roles which the mass media hold are; information, entertainment and education. The media is the advocate of the public who questions the community and government on behalf of them. Also it is the responsibility of the media to supply accurate information along with make its audience aware regarding the issue (Bryant, Thompson, Finklea 2012). In connection with the role of mass media, the power which this industry receives is that it has the power to influence the society with its effective display of information. The greatest power which mass media hold is social persuasion. Persuasion refers to the power of media to make effect on the behavior, action and action of the public on a whole. People usually tend to agree on what media approaches to say and on the basis of that, they make their judgment and buy the product and services. Value judgment is a long gone process and forgotten and the audiences totally rely on what the media says. Also media is now the supreme source to gather the information which is accurate and reliable most of the times (Burton 2010). In order to look after the societal control which media enjoys totally depends upon the degree of influence the media has on its audience. Media can receive the power to construct reality in the society only when the audience believes in what media conveys is true. Starting from the politics to the way one person carry on their life, all the activities and action of a person can molded and reality can be changed only on the basis of medias information. Beliefs, behaviors, perceptions and opinions of audiences can be constructed again by the media; reality can be changed but for that the media needs to have influence on the actions of the audience (CommGAP 2017). The influence of mass media content consumption evolved as a solid drug or a sharp weapon which creates a powerful impact on the helpless audience, this assumption was based on the hypodermic theory. Further it was noted that the effect of media creates a huge impact on a persons thoughts, emotions, communication, and behavior in direct or indirect ways. Also the researcher says that it is impossible for them to create changes in such mediating effects. The effect of media content on any person depends upon the passive and active use of media by them (Couldry 2012). There is presence of negative as well as positive aspects in the media environment which totally depends upon the discretion of the audience to use the information provided to them. The gratification and uses theory explains that, to analyze the media effect, it shall be investigated that what uses the audience do make with the media information, along with that, with what motive or intention they perform activities on th e media (Edge 2017). Furthermore, effects created on the audience through media are judged by their attitudes. Referring to which the tri-component theory explains the change in behavior or attitude while responding the media information. The theory contains three components that are, cognitive under which the audience behaves on the basis of the observation which they make while obtaining the particular information; they do not share their views with anybody else. Another effect is affective component which comprises of what people think about the information while interacting with other people. This component relates to the emotional thinking of the audience. Under the third component conative, the audience usually imitates to the information which is spread to the audience (Duncan-Daston, Hunter-Sloan, Fullmer 2013). The attitude of the audience is created on the basis of such theories. Also the audience behaves to what they observe in the environment; this behavior is called the observational theory. According to this theory whatever information a person observes in the environment, whether negative or positive, they react on the basis of that observation also imitate the observation which they make. Another effect created on the attitude of audience is Disinhibitory effect which shows that the effect of media on the audience is that they become socially inactive and numb. As most of the time of people is spent gathering news and listening or watching entertainment series due to which they boycott themselves from all the social activities (Ejupi, Siljanovska, Iseni 2014). Due to this, their attitudes also become same as the characters to whom they listen or see like, if somebody watches TV shows which involve aggressive characters then the personality of those characters will surely influence t heirs due to which they will also adapt aggressive characters in their personality. One such syndrome found in people is Mean World Syndrome is that the audiences of media get so much affected by the negative news spread in the society that they start assuming that the whole world is a mean and cruel place to live in (Esolz Technologis 2017). The attitude and behavioral changes depends upon the kind of information conveyed to the public and the audiences. The media practitioners play a major role in assessing the information and delivering it to the target audience. The role of the media practitioners is to find out the accurate information which not negatively influences the public. Along with which such information shall be communicated to the audience whom they targeted in order to show its effectiveness (Lee, Ma 2012). Further the aspects considered by the media practitioners while issuing the information to the audiences are: Priming: it shows that messages spread in the environment through media may connect to other older news of the society which might affect the audience and initiate them to make changes in their decisions. For instance, any information aired on television about US presidential election, might raise the older issues which were suppressed by the government. This effect can lead major changes on the government with the change in the mindset of people (Burton, 2010). Agenda-Setting: the topic on which the audience thinks is not affected by the media activities, it is purely their decision. But what the audiences think about and on that topic is affected by the media activities. So under this gatekeeping the activity, this regulates the flow of information and controls it. This is not majorly controlled by the professional but is also barred with time limitation. Propaganda of the information refers to the activity of spreading the resourcefully information to the general public on a whole. There should be flow of ideas to a wider class of people in order to reach the mass (McCombs 2014). Framing: frames refer to the process of flowing information after the agenda is prepared that what to share and what not to, after this process frames decides that how to flow this information. And in what way and through what measures such information is directed to the public considering the response of audience. The identification theory works under this process and helps the companies in analyzing the target audience for the particular information which they want to convey to the right audience. The theory states that, particular information shall not be distributed among people on the basis of their age group; instead there are many factors which affect the decision of issuers while communicating the information. Like, gender, region, class, social status etc. are some of the factor which affects the framing process. The need of framing is that the media wants to make effect to the audience with the communication of news, because spreading the right information to the wrong peop le will not make a positive effect (Murshed 2014). Cultivation: it is believed by many people that the real world is same as the reel world (basically digital world). For instance, as per the television character it is noted that most of people hold a position of CEO in their own company but this is not accurate as per the real life analysis. The cultivation gives a huge impact on the mindset of people as they start believing on what they see on these series and assume it to happen in their life as well (OLeary 2017). It is said that the persuasion and propaganda plays a lead role in the process of interaction between culture and media. The media helps in spreading the cultural values in the environment through effective means. Due to this people nowadays are aware about their legal rights and duties. Also with the implementation convergence culture (which means both old and new media working together to fulfill the objective), more people are getting connected with the media using it for the betterment of society (Open Library 2017). As per my views, media plays a crucial role in communicating the information to its audiences with fulfilling various obligations and responsibilities. The basic role of media is to spread authentic information to its audience and make positive changes with the information. But many times, if the information is spread to adequate target audience, or at the right time then the problem may arise due to misconceptions. The response which the audience gives by observing the information is based on their individual discretion; as the greater degree of affection with media, the greater the response of that information. Thus, it shall be noted that the issuer of media news shall spread the information by covering all the possible aspect to target audience. The aim shall be to maintain integrity in the culture and society. Media also has a negative impact on the society and environment like it sometimes intent to change the culture, behavioral values, stereotyping roles in the society. The best quality of media can also show to most negative effect on the society as mass communication is the best feature of mass media which can show negative effect as any such information which is not fit for the society on a whole and is displayed on social media or through any other means of media can impact the whole society together. This issue can lead to major changes in the thinking of society. Therefore the companies should deliver the information the audience after passing the censorships and critique review, after that also the information shall find a correct audience group itself to deliver then only the information shall be passed on to the general public on a whole (Stephen 2017). It shall be taken into context that the mass media does not only causes negative influences on the society and the audience, in fact there are a numerous positive impacts of mass media on the audience and the community on a whole. The mass media is criticized on showing the negative impact on the society irrespective of the fact that through the mass media many people learn and get to know about new and changing aspects about their society and other factors as well. Also the social and mental ability of a persons mind to think explores and they become capable of expanding their areas of expertise and become a diverse person (Street 2010). Also mass media is a tool for many companies to expand their business and let it reach to people out of their geographical boundaries. So it can be said that mass media is tool to increase the economical earning of the company because with the aid of mass media expansion and innovation is possible which initiates growth in country (Wimmer, Dominick 2013). The companies spreading media news shall fulfill the objective of spreading ethical media content. It shall be taken in mind that, as the mass media gives effect to major changes in the society both positively and negatively, therefore the ethical procedural code shall be followed while creating of displaying such information. The social media site are the vehicle nowadays which drive such information to the public therefore such information and companies displaying such information shall have copyright to make people understand that the information provided is credible (Romero 2011). No information of any persons personal life shall be communicated without their initial permission. Along with which, no content which effects the society negatively or has age restriction shall be publically pronounced. As per the code of ethics, no false information shall be presented to public or such information presented shall be not be window-dressed. Also no information shall be created and sprea d in order to defame any person. Such actions shall hold penalties due to their wrongful actions. The producers shall use common good approach while trading the information to audience; that is serve the correct information to the community not just a group of members (Cliffs Notes 2017). To conclude with, it can be said that the media holds distinctive powers in the society. It has the power to make changes and influence people mind and perceptions, thus such resource shall be used to create positive impact on the society and initiate awareness among them. The distributors of information shall take care of ethical conduct while creating and spreading the information whereas the audience shall not totally rely on such information and change their behaviors according to the news (Edge 2017). The effects of media content consumption shall grow the society in a positive way. Also yes it can said that media influence in the changing the attitude of the audience, along with which the practitioners needs to follow h ethical implications in order to create a positive effect of media on the society. References Baran, S. J. (2010). Introduction to mass communication: Media literacy and culture. Bird, S. E. (2011). Are we all produsers now? Convergence and media audience practices. Cultural Studies, 25(4-5), 502-516. Bryant, J., Thompson, S. Finklea, B.W., (2012). Fundamentals of media effects. Waveland Press. Burton, G., (2010). Media and society: Critical perspectives. McGraw-Hill Education (UK). Cliffs Notes.( 2017). The Role and Influence of Mass Media. Viewed on July 24, 2017 from https://www.cliffsnotes.com/study-guides/sociology/contemporary-mass-media/the-role-and-influence-of-mass-media CommGAP. (2017). Media Effects. Viewed on July 24, 2017 from https://siteresources.worldbank.org/EXTGOVACC/Resources/MediaEffectsweb.pdf Couldry, N. (2012). Media, society, world: Social theory and digital media practice. Polity. Duncan-Daston, R., Hunter-Sloan, M. Fullmer, E., (2013). Considering the ethical implications of social media in social work education. Ethics and Information Technology, 15(1), pp.35-43. Edge, (2017), Media's Use of Propaganda to Persuade People's Attitude, Beliefs and Behaviors, viewed on July 30, 2017 from https://web.stanford.edu/class/e297c/war_peace/media/hpropaganda.html Ejupi, V., Siljanovska, L., Iseni, A., (2014), THE MASS MEDIA AND PERSUASION, European Scientific Journal, Vol. 10, no. 14 Esolz Technologis. (2017). Mass Media Plays A Crucial Role In Influencing Peoples Mind. Viewed on July 24, 2017 from https://esolz.net/mass-media-plays-a-crucial-role-in-influencing-peoples-mind/ Lee, C.S. Ma, L. (2012). News sharing in social media: The effect of gratifications and prior experience. Computers in Human Behavior, 28(2), pp.331-339. McCombs, M. (2014)., Setting the agenda: Mass media and public opinion. John Wiley Sons. Murshed, M. (2014), Mass Media and Its Influence, viewed on July 30, 2017 from https://northsouth.academia.edu/M%C3%BC%C3%B1t%C3%A4sirMurshed OLeary, P.N., Miller, M.M., Olive, M.L. Kelly, A.N., (2017)., Blurred lines: Ethical implications of social media for behavior analysts. Behavior analysis in practice, 10(1), pp.45-51. Open Library, (2017)., Mass Media and Its Messages, viewed on July 30, 2017 from https://open.lib.umn.edu/mediaandculture/chapter/2-1-mass-media-and-its-messages/ Romero, D.M., Galuba, W., Asur, S. Huberman, B.A., (2011), March. Influence and passivity in social media. In Proceedings of the 20th international conference companion on World wide web (pp. 113-114). ACM. Stephen, (2017)., Social Construction of Reality, viewed on july 30, 2017 from https://stephen.pollock.name/writings/res/socialconstruction.html Street, J. (2010). Mass media, politics and democracy. Palgrave Macmillan. Wimmer, R. D., Dominick, J. R. (2013). Mass media research. Cengage learning.

What a Rush essays

What a Rush essays The movie starts off in Alaska with a shot of a trail expanding beyond a vast amount of snow. This shows the ruffness of these adventurers. Then it cuts to show the Little Fellow(Charlie Chaplin) walking casually along, and being followed by a bear. Big Jim is then shown to set his setting. He just found some gold. Both come together in the shack of Black Larsen. They spend a couple of nights in the shack through a horrible storm. Later Big Jim loses his memory thanks to a blow from Black Larsen. Big Jim finds the little fellow to lead him back to the cabin to find his mountain of gold. After a humorous scene in the cabin on the ledge they find the gold and become multi-millionaires. The go on a cruise and he finds Gorgia. There they fall in love. The Characters in the movie, the Gold Rush, were very well casted. The tramp(Charlie Chaplin) is a clever fellow that is head over heels for Gorgia. Then is broken hearted when she does not show up for the New Years eve dinner. Big Jim lives for adventure, excitement, gold, pain, suffering, and looks forward to the life of luxury. Gorgia is very shallow and is just having a bit of The technical portion of the movie was also interesting. This movie used what is known as mat. very cleverly done the tipping cabin especially. Sound played an important part in this film every character had their own theme, every place. Charlie Chaplin used sound to dramatize the audience to pity the tramp, from the cabin to the party. The cabin was very dreary, the party was Lighting helped also to set the mood to a dark and damp cabin and a bright Saloon. The cold winter storm was lighted to show the solitude of The Special effects, old but great, helped to see the broader shots. The tipping cabin, the tramp almost falls to his death. He is shown from ...

Effects of Cultural Lag

Effects of Cultural Lag Cultural lag - also called culture lag - describes what happens in a social system when the ideals that regulate life do not keep pace with other changes which are often  - but not always  - technological. Advances in technology and in other areas effectively render old ideals and social norms obsolete, leading to ethical conflicts and crises.   The Cultural Lag Concept   The cultural lag concept was first theorized and the term was coined by William F. Ogburn, an American sociologist, in his book Social Change  With Respect to Culture and Original Nature, published in 1922. Ogden felt that materiality - and by extension, the technology that promotes  it  - advances at a rapid pace, whereas societal norms tend to resist change and advance much more slowly. Innovation surpasses adaptation and this creates conflict.   Some Examples of Cultural Lag   Medical technology has advanced at such a pace as to put it in conflict with several moral and ethical beliefs. Here are a few examples:   Life Support:  Medical technology is now being used to keep people’s bodies functioning long after they would otherwise have been declared dead. This raises cultural and ethical questions about when life ends and who has the right to end artificial life support or to prolong existence. The development of new cultural beliefs, values, and norms lags behind the dilemmas posed by the technological change.  Stem cell research and therapies:  Stem cells have been proven to defeat a host of diseases, yet they must come from unborn fetuses. Some types of abortion remain illegal on several state and federal levels, creating a conflict between medical advancement, the law, and ethical and religious beliefs.  Cancer vaccines:  A vaccine against cervical cancer became available in the 21st century, but some oppose it because it is given to preteens. This is seen in some quarters as encouraging youngsters to engage in sexual activity. Again, medical advancement has outpaced cult ural and moral considerations.   Other Cultural Lags in the 20th Century   History  - and particularly recent history  - is rife with other, less traumatic examples of cultural lag that nonetheless support Ogburns position. Technology and society are fast-paced, and human nature and inclination are slow to catch up. Despite their many advantages over the handwritten word, typewriters werent routinely used in offices until 50 years after their invention. A similar situation exists with the computers and word processors that are commonplace in businesses today. They were at first met with objections from labor  unions that they would undermine the workforce, ultimately replacing people and ultimately costing jobs.   Is There a Cure?   Human nature being what it is, its unlikely that any solution exists for cultural lag. The human intellect will always strive to find ways to do things faster and more easily. It has always attempted to fix problems thought to be insurmountable. But people are wary by nature, wanting proof that something is good and worthwhile before accepting and embracing it. Cultural lag has been around since man first invented the wheel, and woman worried that traveling so fast would surely cause grievous injury.

Course assignment, question 3-5-8, need assisance Coursework

Course assignment, question 3-5-8, need assisance - Coursework Example By use of sentence structures, they should be able to explain their hobbies that include: Comment: Target language refers only to the new things you are going to teach in the lesson (individual names of hobbies). Your students already know adverbs of frequency, question formation, tenses and sentence structure, so it is assumed knowledge. Here you need to list vocabulary of hobbies, e.g. swimming, horseriding, collecting coins, playing chess or whatever else you are going to teach in your lesson. You need between 10-12 hobbies. Comment: Yes. The present simple, present continuous and the adverbs of frequency are assumed knowledge. Without prior knowledge of these structures this lesson would be too difficult for elementary students. However, a quick review of the adverbs of frequency is a good idea near the beginning of the lesson just to refresh students memories. 5. Thou at this level sentence and question structure may not be perfect; there could be chances where some students might struggle with making meaningful structures while incorporating the vocabularies of hobbies. Comment: Ok but here you need to think more about language problems when teaching the target language of hobbies. . The students may revert to L1 collocations, e.g. â€Å"I make photos/ I bike ride† as in the French and Spanish. Please think of other problems. Comment: Yes and as there is such a possible range of hobbies in this topic, I would restrict the number of words taught to between 10 - 12 using visuals to help students understand meaning. If you try to teach more vocabulary than this you are likely to overwhelm your students with too much information that they cannot assimilate. Now write a lesson plan for a 45-minute-long lesson on the chosen topic in the space provided below. Click here to remind yourself of the model structure for a lesson plan. To pass this task, make sure each stage of your plan includes an activity

Review of the Literature Essay Example | Topics and Well Written Essays - 1250 words

Review of the Literature - Essay Example Some of the roots of this omission are the West-centric approaches of IR and rise of modernist theorists that highlight the practicality and plurality of the secular versus the religious. This paper reviews the concepts and theories on the resurgence of religion as a legitimate institution in shaping the public sphere and IR. Realist, liberal, and constructivist IR theories neglect the role that religion plays in the formation of nation-states and the development of international relations, and new theories on the religious should be produced to integrate religion into IR discourse. In â€Å"Religious Resurgence,† Elizabeth Shakman Hurd suggests a new approach to religion and international relations that confronts the realist, liberal, and constructivist assumptions that eliminated religion in Western politics. She argues that the religious has political authority, since it impacts local, national, and international politics. She suggests religious resurgence that has core con cepts, which would invite diverse theological politics. The chapter â€Å"The Overlooked Dimension† shows that Fox and Sandler agree with Hurd that religion should be brought into IR studies. Fox and Sandler stress that religion may not be the driving force in world politics, but IR would not be completely examined without considering the nation-state’s religious dimension. Religious legitimacy, they assert, affects policy makers and civil societies, as well as local religious conflicts that cross borders. They ask for western social scientists to insert religion into their social researches, not as a peripheral or incidental subject, but as an additional basis for organizing human society and governance. Religious resurgence underscores the pivotal role of religion in IR, since it is a fundamental component in most cultures and civilizations, and so religion should be viewed as a crucial driving force in international relationships. Hurd calls religious resurgence as the attempt of the religious to shape the secular in domestic and international levels. It is an attempt that found expression in various religious movements and activities, both traditional and fundamentalist. These expressions underline the power of religion in renewing traditional values and relationships. Kubalkova develops the concept of International Political Theology (IPT) in â€Å"Towards an International Political Theology.† IPT does not only focus on power and wealth, as traditional IR does, but includes the values and meaning that people place in human existence. She confirms the resurgence of the religious in IR discourse, because religion gives meaning to human existence and direction. She speaks from the perspective of constructivism, which is unlike positivism that sees religion as a direct opposite of reason. Kubalkova argues that the community of states adopts and changes rules and standards that also coincide or oppose religious beliefs and practices. She p roposes to use constructivism as the theoretical viewpoint to include religion, because it is more practical than positivism, as the former uses social construction in analyzing diverse interacting agencies and their effects on national and IR realities. Richard Falk, in â€Å"A Worldwide Religious Resurgence in an Era of Globalization and Apocalyptic Terrorism,†

Price elasticity income elasticity and cross elasticity

Price elasticity income elasticity and cross elasticity Explain the concept of elasticity of demand and discuss the factors that determine elasticity of demand. Distinguish between price elasticity, income elasticity and cross elasticity of demand and evaluate on their importance especially to businessmen. Solutions to Question 2 2.1: Concept of Elasticity of Demand Elasticity is a term that was initially developed by known economic scholar called Alfred Marshall, and has been since used in measuring the relationship that exists between product price and its quantity demanded. It typically followed the law of demand that states that the lower the price of goods and services, the higher the quantity that will be demanded of such goods and services i.e. it primarily explains only the actual directions of changes in the demand for the commodity, but not really explaining the extent of that change. A further development on these lapses led to the concept of elasticity of demands. In practical term, elasticity means the act of responsiveness. Meanwhile, elasticity of demand has been theoretically defined as the responsiveness of the actual quantity demanded of a product to the change in its actual price. E.K. Estham argued further that elasticity of demand could be defined as the measure of the degree of responsiveness of the quantity demanded to any small change in its price. This measure of the degree of responsiveness of the actual quantity demanded of a product to any changes in its price can be calculated with the use of the formula below: A good diagram to represent the established downward sloping curve of elasticity of demand could be seen as the incremental changes that are caused in the quantity that is demanded along the x axis, notably going in the opposite directions that are relative to these changes in the commodity price along the y axis. Below is figure 1 that aptly depicts the degree of responsiveness of demand due to changes in prices of the commodity: Thus, vivid observations of the above elasticity of demand complement the simple mathematical presentations of the elasticity of demand as presented above. Notably, the elasticity of demand is commonly expressed as Ed. Diagram 1 above indicates that depending on the actual responsiveness to any changes in prices of commodity, elasticity of demand could be either elastic or inelastic as seen described through the angles of the above demand curves. Importantly, economist have argued that the flatter these curves, the more elastic is the price of the commodity, meanwhile steeper curves will mean the more the price is inelastic. 2.2: Factors that determine elasticity of demand Below are the important factors that directly or indirectly influence the degree of demand to any small change in price: 1. Nature of the commodity Elasticity has been argued has primarily depending on if the actual commodity to be demanded is a basic necessity, a comfort or a luxury. This is because goods that fall under the basic necessities of life have been categorized as having inelastic demand, while those comforts and luxuries goods are categorized under the elastic demand. 2. Availability of the substitutes of goods or services Goods or services with available substitutes have been theoretically and practically argued and established as having elastic demand and those goods and services that are without available substitutes normally have inelastic demand. Good examples of these goods are coffee and tea that serve as substitutes to each other. They are substitutes because a change in the price of tea might make people to switch over to buying coffee. Alternatively, an increase in the price of coffee may also make people shift to buying tea. But a good example of inelastic good is salt because it has no substitute. 3. Uses and/or applications of the goods or services The usage of goods or services may affect its elasticity either elastic or inelastic. Good example is electricity, any decrease in its price will eventually led to consumers ability to make more use and further establishing electricity as having elastic demand curve. 4. Consumers proportion of the income that is spent on the commodity Practically we have noticed that the consumers can spend only a very small percentage of its income in buying such goods. Good example is salt and matches that normally take a very small percentage of consumers income, making them having inelastic demand curve. 5. The prices of goods Generally speaking, cheap goods and services normally have inelastic demand curve, while the expensive goods normally have elastic demand curve. 6. Income of the consumers Scholarly arguments have shown that the rich or high income earners normally have inelastic demand curves for their goods and services, while the poor or lower income earners normally have elastic demand curve. This is because he rich and high income earners will buy the goods and services at every levels of its prices, whereas the poor or lower income earners tends to change along the quantity of their consumptions due to changes in price. 7. Time period Evidence has shown that elasticity of demand would better occur in the long run production of the goods or services than at the short run. This is primarily because in the long run production and supply processes, the consumers could adjust to their individual demands by switching or trying cheaper substitutes. Industry evidence has shown that productions of the cheaper substitutes are only possible only at the long run operational processes. 8. Income and Wealth Distribution in the society The presence of unequal distributions of the national income would the demand for the goods and services to be relatively inelastic. Most advance countries that allow even distributions of their income and wealth will make possible elastic demand for its commodity. 2.3: Differences between price elasticity, income elasticity and cross elasticity of demand Below are the three types of elasticity:- Price elasticity Income elasticity is further divided into 3 i.e. Zero income elasticity of demand, Negative income elasticity of demand and Positive income elasticity of demand. Cross elasticity 1. Price Elasticity of demand Price elasticity of demand has been defined as the actual degree of responsiveness of the quantity that is demanded of a good or services in response to the changes in its actual price i.e. price elasticity of demand primarily measures how much of a change in actual price of any good that affects the demand for these goods or services, leaving all other factors to be constant. To calculate price elasticity, there is need to divide the proportionate of change in the quantity that is demanded by the proportion of change in the price. EP= Percentage change in the quantity demanded Percentage change in the price 2. Income elasticity Income elasticity of demand has been argued as measuring how much of a change in consumers income that affects the demand for such goods or services if its price and all other factors remained constant. Below is the formula for calculating income elasticity of demand: EY= Percentage change in the quantity demanded Percentage change in the income As divided into three, Zero income elasticity shows that a change in the consumers income will have no significant effect on the quantity that is demanded of such goods. Good examples are salts, matches and cigarettes. Next is negative income elasticity that shows that an increase in the incomes of consumers will lead to the decrease in the quantity that is demanded of such goods. This situation mostly occurs in inferior goods. Last is positive income elasticity that means an increase in the incomes of consumers will lead to the increase in quantity that is demanded of such goods. 3. Cross elasticity Cross elasticity of demand measures the actual change in the demand for commodity A due to the change in the price of commodity B. ED= Percentage change in the quantity that is demanded of commodity A Percentage change in the price of commodity B The above formula indicates that if the goods or services that have substitutes and cross elasticity are positive i.e. as above any increase in price of commodity X will finally result in the increase in sales of commodity Y. 2.4: Importance Elasticity of Demand to businessmen. As evident above, the concept of elasticity of demand has been playing a vital role in the decision making processes of the business world, especially as it relate to fixing commodity prices with the aim of making larger profits. Good example is if the cost of production tends to be increasing the company will want to pass this rising cost to the consumers through raising the price of the commodity. Practical examples have also shown that some companies do change their commodity price even without any visible change in the actual cost of their productions. But practically, whether the raising price is following any rise in the cost of production or otherwise has proved to be beneficial depends on the following situations: The actual price elasticity of the demand for such goods or ser product, i.e. the percentage change is subject to how high or low the proportionate changes in its actual demand relate to the percentage change in commodity price. The price elasticity of the demand is also very relevant for business in determining the value of their substitute, this is because when the commodity price increases the actual demand for the product substitutes also increases automatically even if the products prices generally remained unchanged. Businessmen are also able to know that increasing the price of their goods would only be beneficial if: The demand for their products is less elastic The demand for their products substitutes is also much less elastic. Finally, the usefulness of elasticity of demand also stands in its ability established the required quantitative relationships that exist between the quantity demanded of a product and its price or any other determinants of demand. Question 4: Discuss some of the characteristics of the Malaysian economy. Discuss some of its weaknesses and suggest some appropriate policy proposals to strengthen the economy in order to enable it to become a developed economy by 2020. Solution to Question 4: 4.1: Characteristics of the Malaysian economy. Malaysia is one of the countries located in the Southeastern Asia. The capital is called Kuala Lumpur. Malaysia comprised of two parts, one part is the Peninsular Malaysia and while the other is the East Malaysia which is called Malaysian Borneo. The Peninsular part has 11 states while the East Malaysia comprises of 2 states. Malaysian economy system is an open economy system; the economic involves domestic community and the international community. More so the economy is a state oriented market economy. The country has a fast growing economy. The economy was ranked 3rd largest among the south East Asian countries in 2007. Where Malaysia suited is a great advantage for its foreign trade. Malaysia GDP The Gross Domestic Product of Malaysia depends solely on its agricultural, manufacturing industries and the service sectors.  The agricultural sector contributed 9.7 % to the country GDP in 2007.   Also in the area of manufacturing industries it contributed 44.6% to the country and t of service sector contributed 45.7 % as well to the GDP. For the PPP (Purchasing Power Parity), the country is ranked 29th in the world. They have GDP growth rate of 20 % and it was realized towards the end of 20th century. In 2009 GDP of Malaysia was estimated US$ 207,400 billion PPP was calculated to be $ 3.9 billion. Malaysia Natural Resources Malaysia is rich natural resource, like agriculture, minerals and forestry. Most agricultural plant resources of Malaysia are rubber, pine apple, palm oil tobacco etc. The countrys economy In the area of Forestry, the loggings contributed a larger amount to the countrys economy. More so, in the plantation area is timber, rubber plant and palm tree. When we talk of minerals resources, Malaysia is a rich deposit of minerals like tin and petroleum. Sectors of Malaysia Economy Malaysian Industries Mining Industry: Malaysian Economy Malaysia mining industry has contributed a lot to the economy through the export of mine products. The most important ones are oil, gas and tin. Malaysia was ranked has the worlds largest producer of tin in 1980. The sea transportation was easy because the mine is located in location of the mines in the peninsular Malaysia. Crude oil production and natural gas has increased to a higher level over the last few years. In 1999, the overall production of petroleum reached 693,000 barrels. Production of liquefied natural gas was estimated to be 3.8 billion cubic feet. There are major oil refiners in Malaysia Manufacturing Industry : Malaysian Economy In Malaysia there are many developed manufacturing industries. The manufacturing industries of Malaysia are, electronics manufacturing industries, furniture manufacturing industries and Food processing industries etc. In the sector of manufacturing, the country is ranked in the 23rd position in the world countries. Malaysian Services Malaysian Tourism: Malaysian Economy Malaysia in the sector of tourism was ranking the 9th position in the world. The common tourism locations in Malaysia are Kuala Lumpur, Sabah, Perlis, Malacca, Terengganu etc Banking and Finance: The bank Negara Malaysia is in charge of finance sector. Master Plan was introduced in 2001 after the 1999 financial crisis and this gave more room for to Islamic banking. May Bank is said to be the largest bank in Asia Pacific that practice Islamic Banking. However Malaysian government plan to give licensure to more sectors by the end of 2010 to improve the opportunities of Islamic Banking. 4.2: Some Weaknesses in Malaysian economy. 4.2.1: Political Weakness In Malaysia Malay half of the population holds the constitutionally position in society, and this a kind of discrimination among the three race, this is not only in jobs but in wealth as well. Controversial Internal Security Act (ISA), give room for detention without trial, has been abuse by the government on many occasions with intention of quelling unrest. More so, some of the detentions government used it to oppress the government opposition. BMI Political Risk Ratings The Malaysias short-term political risk rating (STPR) of 80.2 shows higher compared to other regional country like Indonesia, Philippines and Thailand. As the opposition to Pakatan Rakyat always challenges the BN coalition being witnessed in the defeat of the 2010 budget bill in parliament in 2009, the people thought that general political stability will be maintained. However, it is encourage that Malaysia was able to maintain a peaceful political environment, but this all depend on Prime Minister Najib Razaks his straight to encourage unity in the nation with diverse ethnicity and faiths. 4.2.2: Economic Weakness Malaysias is becoming importer of oil in the next few years, Malaysia Economic openness will be as much of a burden as a benefit, because of it confirmations of a high level of vulnerability to global growth and capital flows. The taxes collected on oil contribute over 40% of the states revenues despite the fact that it was expected to become a net oil importer by the beginning of 2011. Because the government had difficult in having alternative income, this will make hard for the governments function perfectly and maintain economic development, which is potentially leading to stagnate economy. BMI Economic Risk Ratings In the previous quarterly report Malaysias STER rating has being declining to be 73.5. And still Malaysia is still in the respectable V-shaped recovery of 4.1% now the 2009.The actual GDP growth is1.7%), never the less Malaysia is exposed to a Chinese double-dip slowdown, most especially if Beijing was unable to diffuse the satisfactorily recent property bubble in the near future. Malaysia in addition, has a huge fiscal deficit that is over 7% of GDP in the year 2009 and this has bring the LTER rating down to 72.6. 4.2.3: Business Environment Weakness The country will keep price subsidization will a peripheral and it has become part of the economy system or economy life of Malaysia. Some of the big construction project and contract for foreign firm are all under the domain of formal Prime Minister Mahathir Mohamed so they are not directly connected to the government. In order words engaging in businesses in the country will always mean doing businesses with the politically connected people. BMI Business Environment Risk Ratings Furthermore, in (BER) Business Environment Rating Malaysia scores over average which is 63.4 but the score was dragged down because of the comparatively low score of 55.3 for the Infrastructure subcomponent like public transportation, mean while, in 2009 a reduction in the amount of red tape boosted the Institutions subcomponent to a score of 66.9 from 59.4. 4.3: Some policy proposals to strengthen Malaysian economy. There is a recommendation policy which must be followed accompanied with this, is other improvements in the economy. Firstly there should be huge notification should be on diversification. Most of the Malaysias export markets focused on technology sector and electronics which are vulnerable to global slumps in demand, mostly the US, the US are major exporter of Malaysian goods. Opening trade of a country economy is an important factor to decide a kind of exchange rate system that is desirable. If any country relies on trade, the fixed exchange rates provide stability in the market economy. Anyway, when having the exchange rate fixed does not mean the economy will remain competitive in foreign trade when some other countries are faced with inflation. Never the less it resulted to the second element, the inflation rates. The inflation rate of the trade partner is relevant factor so as the inflation of domestic inflation with the fixed rate; in order words the approach is not straightforward. So it is better for the country to remain with the fixed rate to avoid inflation tendency in the economy. Another recommendation is labor market flexibility which is used to determine which exchange is better in a given period of time. In this respect if there is flexibility in the labor market, the fixed exchange system work better. There must be flexible labor market and flexible exchange rate in order to avoid unemployment because of the output shock. Further more, the degree of financial development of the country is important. So when a country seems to be financially underdeveloped, fixed exchange rate is better to avoid urge effects of foreign speculation. Lastly is how to decide on which exchange rate system is better, and the mobility of capital. Mean while, it is better for exchange rate to be flexible when the capital mobility is high. Observation, Malaysias decision in pegging its currency to the dollar seems adequate. With solid financial institutions and credible policymakers, it would be adequate, as well transforming to a flexible exchange rate system. Concludsivly, easing the changings Malaysia will have to persistently implement consistent macroeconomic policies so as to maintain financial stability and sustainable fiscal and external positions. Question 7: Elaborate what you understand by deficit financing. What are its limitation as an instrument of economic development. Assuming that you are the economic advisor to the prime minister and he/she ask for your recommendations to eliminate a federal deficit, what would you recommend? Solution to Question 7: 7.1: Elaborate what you understand by deficit financing. What do we mean by deficit financing this is a strategy or ways to management of money which when spending is more than collected at the same period of time. In order words this is referred to budget deficit, this approach is used in business that is small, household budgets, in corporations and also in, governments sector mostly in all the level. If deficit financing is used in the right way it will help to launch a chain of the event and this will help in financing situation instead of any debt may cause problem or difficult to pay. Mostly common or know example of government deficit financing is how the government stimulate the economy of that country or nation to put a stop to any recession that country is facing. The government has a set aside a plan which will involved using borrow resources to purchase, the government can use different strategy like increasing demand output for product in all business sector of that nation. It also helps in the motivation of many business in o rder for them to hire more employees and it will reduced the level of unemployment in the country during the period of recession. Further more, the consumer confidence and trust will be restored in the market place because of the safe transformation, and these make it safe for the buyer to buy more goods and services. If the economy of a country in closely looked into and the deficit financing is carefully monitored, it will bring back economy stability in the country over short period of time like few month or few years. Deficit spending in economic does not only occurred in the government sector only but also in all business as well A company may plan to spend a certain amount of money as a kind of upfront thinking that they will be able to generate the fund back for investment .An investor or company owner may decide to buy a new machine for the company production with the hope that a new machine will hasten and make the production of goods in a less period of time with larger unit of goods, and with less cost. This kind of idea or strategy in business help the business to flourish and the manufacturer will be able to pay off his debt and have budget surplus instead of deficit, the owner of the business will be debt free and enjoy the surplus. 7.2: The limitations of Deficit financing being an instrument of economic development. In any given economy, the government normally embarked many projects that assisted it in generating the desired economy outputs both in investment and other capital projects. If the government prints more money out it will cause inflation in that economy and this situation usually affected the poor people in that society. The rich will be richer and the poor will be poorer. The buyer straight will be reducing to greater level and the businessmen profit margin will increase. In any society there is always the people that have and those who do not have so any increase made in price domestics goods leads to importation of cheap goods and the domestic goods high price will reduced the export. This in turn leads to adverse in balance of payments. Never the less this will affect the cost of the production because the raw material used in process of production has being increased, so the goods will be increased as well, perhaps it will definitely reflect on foreign investment, it will be le ss attracted by other country. Good example is figure 3 below that aptly depict government spending in OECD countries: Source: OECD (2010). Listed below are the disadvantages of deficit financing and some other cogent reasons to be alert about a National debt. The interest Payment In a society people do not lend to the government with the charity. Government must pay interest on every debt they are involved in just like any one in the society, it was recorded that last year government spent the sum of  £31 billon on interest payments alone. Looking at this in a perspective manner it will equate to 15 p on income tax. This amount is more than what UK spends on National Defense. The government borrowing for the year 2007/08 going to be  £42 billion same amount the government pays in interest. The Crowding Out effects The government debt always affect the private sector because they sell bond to the private sector in order for the government to borrow money and this in turn lead to less private investment because the government has bombard them with the bonds. Also the private spending is more efficient than the government level of spending because the government result to inefficient spending .this is what we called crowing out, the private investor is crowded out with government bonds because the government needs to borrow The financial crowding out The financial crowding out is when the government want to borrow large sum of money and they tried to increase the interest rate on bonds in order to attract many lender. The bonds rate is increased this will definitely put pressure on the interest rate generally, in order words this increase in the interest rate will affect the economy of that country because people will reduced their way of spending, investment level will be low and later run the economy growth will be low. The tax rises for the future. The tax rises for the future look into how the public sector debt is being paid. Any increasing public sector debts indicated that the future taxpayer will be the one to bear the burden by paying the bill. No matter the situation of the public sector debt reduced or not, the future taxpayer will be the one to pay the interest on the debts. Further this will a problem because, has it was mentioned above, changing of demographics show that government finances is usually placed under pressure, though without borrowing from at that moment of time. Limits Fiscal Policy In a normal situation the government should be able expand the fiscal policy in a situation where the economy is facing problem or recession. When a government has urge public debt they tried to reduced the scope by lowering tax in order to enhance demand. Then government must increase taxes and cut their spending in order to meet up with the budget .this is advisable because of the existing problems in the market economy. 7.3: Suggested recommendations to eliminate a federal deficit   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In summary, I like to recommend these three-step formulas for prosperity: 1) Elimination of federal taxes. It will good to cancel government taxes because when the citizen gives money to the government is just like throwing coals to Newcastle. Government is the maker of money, they are the producer that has no limitation to their production. . When the citizen sends taxes to the government, they just used it to pay debt. When you send your tax money to the government, the government simply uses it to pay down debt. When paying down debt it destroys the economy money in a given society. In order words taxes damaged money in the society.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   More so, the federal tax system is a waste of resources, it will be good if the government can spend the billions of dollars spent on compliance on production of useful goods for citizen and this will ease the problem of the economy and the people.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first suggested tax that should be eliminated is; the Medicare taxes and Social Security taxes. These will be politically popular; also regressive taxes directly impact businesses on low and the middle income people. That politician that ends FICA will becomes a hero.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  This will give federal government the opportunity to create money to support retirement and health care sector. 2) Elimination of federal borrowing. Government being a producer of money, an established government will not need to borrow money. These are inefficient; they are harmful, the exercise which provides no economic benefit. The Federal government borrowing provides semantic impression that government is in debt, and people it find repugnant.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  If there no borrowing; there would not be debt. 3) Establishing a national, money-supply goal. It is good to organize a congress, a congress that will look into the checking account called money created, They will add money to this account when needed. They will write checks and make a kind of transfers from the Money Created account in payment for all goods and services.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  This will be the suggested system for federal money creation in our economy. The congress will be the one to determine on how much money to be added to the Money Created account, however giving Congress power over money creation. Thus, the Federal will continue to control the interest rates and inflation.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The congress will spend what is necessary on retirement, the military health care, crime prevention, education, the infrastructure, and other national needs.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The country will be free the tyranny of semantics and the problem of federal debt. This society prosper has rapid growth in their economy. Question 8: What are the constraints normally countries face in achieving a sustainable economic growth. What are the merits and demerits of attempting to achieve a faster growth rate in this country. Solution to Question 8: 8.1: Constraints facing the achievement of a sustainable economic growth. As evident in existing literatures that sustainable literally means ability of a system to endure and last long. So, sustainable economic growth means an economic development that is able to last longer! According to late David Pearce who happen to be one of the best environmental economists in his generation, states that sustainable economic growth primarily indicates that each of the generation should be able to pass on much of its capital as inheritance to its coming generations, under this Pearce approach he defined capital as including physical capital like machineries and infrastructures, also intellectual capitals like knowledge and technology and lastly environmental capitals like environmental qualities and stocks of the natural resources. This sustainable growth is what the world is witnessing from the groups of emerging economies have been trying all within them to continue to excel, particularly China and India that have remained as major drivers of the recent global expansions. But, evidence has shown that while the recent global growth outlook seems more positive, I will like to use this opportunity to mention that there are major four constraints which could threaten the sustainable growth of any country, i.e.:  Ã‚  Ã‚   The prices of Oil   the unpredictable increase in the prices of oil by producing countries have always been tried to remedy by both the OECD and its other sister organizations such as International Energy Agency all working very add to help many countries in addressing their short and long-term growth challenges as a result of sudden increase in energy prices, problems or fluctuations in security of supply and other alternative sources.   If not properly curtailed globally, fluctuations in oil prices could significantly impede economic growth of countries. External imbalances in trades The imbalances in current accounts of trading partners across the globe has reached an unprecedented levels especially between countries like the US, Japan, China, and some other Asian coun