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Free Will Causal Determinism, Fatalism, And...

On Free Will: Causal Determinism, Fatalism, and Compatibilism. The philosophical questioning of free will is really a matter of the volition of man. That is, free will is a central dogma that many subscribe to that empowers them to be accountable for their own lives and that provides meaning to something that is largely unknown. Free will proves to be a profound and highly debated topic in the philosophical realm. Whether free will truly exists or not is largely implicating in how one perceives the world and, even, other more life-defining topics. Though there is great debate on free will, the following argues that the philosophical belief of compatibilism rationalizes the most logically sound stance upon free will. If one takes in to account the four main positions on agency and volition: free will, causal determinism, fatalism, and compatibilism then it can be seen readily that the debate on the matter is rather impassioned by the variance of perspectives. The first stance upon volition is that man has free will. That is to say, man is entirely in full control of his abilities to choose whether it be in their actions, behaviors, thoughts, and their opposing lack of action, behavior, or thought. In other words, this one of the most common stances as it promotes self-agency and responsibility. Free will argues, at its most absolute form, that even hunger is a choice that a person is making to feel that. On the opposite spectrum lay determinism and fatalism. Although, thisShow MoreRelatedThe Controversy Over Free Will And Determinism1354 Words   |  6 Pagesbetween free will and determinism has been argued about for years. If we look into a dictionary, free will is define as the power given to human beings to be able to make free choices that is unconstrained by external circumstances or a force such as fate or divine intervention. Determinism is defined as a philosophical doctrine that every event, act, and decision is the inescapable consequence of antecedents that are independent of the human will. Determinism states that humans have no free willRead MoreSophocles Oedipus The King1387 Words   |  6 Pageshe had no control over his own destiny; The free will he thought he had was merely an illusion (Sophocles 59). Since the day he was born, his fate had already been determined. The theme of â€Å"free will vs determinism† can be seen throughout the play, and it raises some very important questions. Questions that are very difficult to answer and have troubled even the most famous of philosophers for many millennia. Is there such a thing as free will? Is free will an illusion? Does destiny exist? Has everythingRead MoreFree Will Compatible With Determinism Essay1634 Words   |  7 PagesElizabeth Donis Professor Ryan Hay Phil. 190 11 December, 2015 Free Will Compatible With Determinism Free will – a concept that always brings forth the question, â€Å"Does free will exist?† There are various arguments that come from both sides of the discussion, those in favor of free will based on religious text, and those that can argue that free will is a concept and ideal created to give humans the illusion that they have the ability to choose what they can do in life.The questionRead MoreThe Controversy Over Free Will And Determinism2367 Words   |  10 Pagesbetween free will and determinism has been argued about for years. If we look into a dictionary, free will is define as the power given to human beings to be able to make free choices that is unconstrained by external circumstances or a force such as fate or divine intervention. Determinism is defined as a philosophical doctrine that every event, act, and decision is the inescapable consequence of antecedents that are independent of the human will. Determinism states that humans have no free willRead More The View That Determinism Is Not Incompatible With Free Will3559 Words   |  15 PagesIntroduction to Philosophy I 11/01/2014 Compatibilism: Discussion and concerns Compatibilism is defined as â€Å"the view that determinism is not incompatible with free will.† In this holding, if determinism were valid, a person still has free will. One of the initial forms of compatibilism is the holding that to be imbued with free will â€Å"is simply for one’s choice to cause one’s actions. Free will is basically doing what one wants; in the example of Hume, free will is basically defined as â€Å"a power ofRead MoreI Shall Use Blackburn s `` Think ``1578 Words   |  7 Pagesanswer: My initial answer to the question of whether or not we have free will is yes, we do indeed have free will. Philosophical Context: I shall use Blackburn’s â€Å"Think† to discuss my question and initial answer. In Think, Blackburn has a chapter dedicated to discussing the presence of free will and both arguments for and against its presence. Objection 1: In the beginning of chapter 4 of Think, Blackburn brings up the idea of determinism, or the idea that â€Å"every event is the upshot of previous antecedent

Philadelphia Museum Of Art Essay Example For Students

Philadelphia Museum Of Art Essay For the art project in this class, I visited The Philadelphia Museum of Art. It is located at the west end of the Benjamin Franklin Parkway in Philadelphias Fairmount Park. It is one of the most outstanding and largest museums of Art in United States. It was founded in 1876 in conjunction with the Centennial Exposition. This museum is basically formed and grew out of the Great Exhibition of 1851 in London. Originally, this museum was a collection of the Pennsylvania Museum and School of Industrial Art. Collectively, this is now known as the The Art Museum. The museum is about 121 years old, and it first opened its doors to the public of the United States back in 1877. For the most part of the century, it is known that the McIlhenny family held very special and important relationship with the museum. The head of the family, Henry P. McIhenny was the first curator from 1939 ? - 1964 and then he sat as the chairman of the board in 1976 until his deal in 1986. Upon his death, he left most of his real estate to the museum. Each year the museum has plans of putting on close to 20 special exhibitions and is on a average visited by 800,000 people world wide. When I went there this past weekend to visit my boyfriend, the museum was exhibiting Tesoros/Treasures, the Arts in Lain America between 1492-1820. It is drawn from the public and private collections throughout the Americas and the Europe. Some of the other larger, yet more famous special exhibitions that have attracted hundreds of thousands of people from every state and around the world include shows featuring Paul Cezanne and Salvador Dali. The Museum is particularly and world wide known for its well known collection of the Pennsylvania German art of the 18th century and the 19th century furniture and silver created by the Philadelphia craftsmen.

Marketing Management Essay Example

Marketing Management Essay | You are here: * Home * Business * Small Business Information * Marketing * Marketing management Marketing/Marketing management Advertisement Expert:  Leo Lingham   10/7/2009 Question Sir could you please answer the following two questions for me? I need your help in answering these. PLease reply me as soon as possible. 1. Marketing management an artistic exercise and therefore highly subjective versus marketing management is largely a scientific excercise with well established guidelines and criteria 2. How does cause or corporate societal marketing affect consumers personal behavior? Clarify in context to the products and services you are using or planning to purchase. Answer SARA, HERE IS   SOME USEFUL   MATERIAL. REGARDS LEO LINGHAM ========================================= 1. Marketing management an artistic exercise and therefore highly subjective versus marketing management is largely a scientific excercise with well established guidelines and criteria MARKETING   MANAGEMENT   IS   A   SCIENTIFIC EXERCISE   WITH   ESTABLISHED GUIDELINES/ OBJECTIVES. SCOPE   Ã‚  OF   MARKETING   MANAGEMENT Establish   , direct, administer   and   coordinate the   overall product marketing programs   Ã‚  for   all   Ã‚  Products.. Strategically   plan for, develop   and profitably penetrate   the   markets to which   the   products, services   and   capabilities   of   the   company   can be directed. These   activities   include -studying economic indicators -tracking   changes in   supply   and   demand -identifying customers   and   their   current   and   future needs -monitoring the competition. ========================================================= THIS SCOPE   IS   Ã‚  THE RESULT   OF THE   FOLLOWING: * Analysis * Discussion * judgement Illustration * Decision ON   THESE   Ã‚  ELEMENTS. External Analysis 1. Customer Analysis Segments Motivations Unmet Needs 2. Competitor Analysis Identify Performance Image Objectives Strategies Strengths Weaknesses 3. Market Analysis Size Projected Growth Entry Barriers D istribution System Trends Key Success factors 4. Environmental Analysis Technology Government Regulations Economic Trend I A. Opportunities B. Threats C. Trends D. Others Customer/Market Segment Analysis SEGMENTATION Biggest Customers/Market Segments Profitable ones/Attractive Potential We will write a custom essay sample on Marketing Management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Needs Buying Characteristics CONSIDER THE VARIABLES 1) Benefits sought 2) Usagelevel 3) Application 4) Organisational type 5) Geographic location 6) Customer loyalty 7) Price sensitivity 8) Competition MOTIVATION What elements of the product/service do the Customers/segments value most? What are their objectives? What are they really buying? What are their priorities? What changes are taking place? UNMET NEEDS Why are some customers/segments dissatisfied? Why are some changing brands or suppliers? What are some unmet needs they can identify? What are some unmet needs they are unaware of? Competition Analysis WHO ARE THE COMPETITORS? †¢ Against whom do we usually compete? †¢ Who are our most intense competitors? †¢ Who are our less intense but still serious competitors? †¢ What are the substitute products? †¢ Can these competitors be grouped on the basis of their products or strategies? †¢ Are there any potential competitive entrants? EVALUATING THE COMPETITORS †¢ What are their strategies? Their level of commitment? Do they have a significant advantage or disadvantage? †¢ What is their image/positioning strategy? †¢ Which are the most successful/unsuccessful competitors? Why? What are their strengths/weaknesses? †¢ What are their leverage points? Structure of the Segment/Customer 1. SIZE AND GROWTH †¢ What are their size and growth characteristics? †¢ What are the driving forces behind their sales trends? 2. POTENTIAL AND PROFITABILITY †¢ How intense is the competition among existing suppliers? †¢ What is the threat from potential entrants? †¢ What is the bargaining power of suppliers? †¢ What is the bargaining power of buyers? †¢ How difficult is selling into these accounts or segments? 3. PRICE †¢ What are the value added components for various types of competitors? . DISTRIBUTION †¢ What are the alternative ways of servicing this segment or account? 5. TRENDS †¢ What are the trends in this segment/customer? 6. KEY SUCCESS FACTORS †¢ What are the key success factors needed to compete successfully? Environmental Analysis 1. TECHNOLOGY †¢What technological development or trends are affecting or could affect the segment/customer? †¢To what extent are existing technologies maturing? 2. GOVERNMENT †¢What changes in regulations are possible? †¢What will their impact be? 3. ECONOMICS †¢What are economic prospects and inflation in which the segment/customer operates? How will they affect strategy? 4. GENERAL TRENDS †¢ What are the significant trends/future events? †¢What threats and opportunities do you see? †¢What are the areas of uncertainty? †¢What is the impact of these on your strategy? Internal Analysis 1. Performance Analysis †¢ Sales †¢ Profitability †¢ Product Quality †¢ Customer Satisfaction †¢ Cost †¢ Product Performance 2. Determinants of Strategic Options †¢ Past Strategy †¢ Current Strategy †¢ Strategic Problems †¢ Organisational capabilities and Constraints †¢ Strengths †¢ Weaknesses A. Strengths B. Weaknesses C. Problems D. Constraints E. Others OPPORTUNITIES What to look for New Market Segments New Customer More sales in the current customers New end uses New / modified products New geographical locations Displacing competition Others: THREATS What to look f or Competition Declining Market Reduction in the No. s of customers Others UNCERTAINTIES What to look for Demand Legislation Availability †¢ Technical Development (Product) †¢ Financial Resource †¢ Pricing / G. P. †¢ Customer Satisfaction / Buying Policies †¢ Others OBSTACLES What to look for Sales Representation Production /Raw Materials Sourcing Distribution Inadequate Promotion Support †¢ Inventory Customer Service †¢ Others Sustainable Competitive Advantage, What are they? 1 . Reputation 2. Quality 3. Customer Service 4. Product Support 5. Productline depth? 6. Productline breadth? 7. Technical superiority 8. Customer base 9. Market share 10. Size 11. Distribution 12. Adaptable operation 13. Sales force network 14. Powerful wellknown parent comp any 15. Good engineering 16. Distributor support 17. Customer oriented 18. Continued product innovation 19. Product convenience 20. Financial package THE OUTCOME   OF   THESE ANALYSES AND   DECISIONS : . Corporate   VISION 2. Corporate   Mission 3. Corporate   Objective 4. Corporate   Strategy 5. Corporate   Organization   Policy/ Budget   Guidelines. 6. Corporate   MARKETING   Ã‚  objective/ strategy 7. Corporate   Sales   forecasts USING   THE   ABOVE   FOUNDATION, THE   MARKETING DEPARTMENT DEVELOPS MARKETING OBJECTIVES. MARKETING   Ã‚  MANAGEMENT   Ã‚  Ã‚  HAVE OBJECTIVES. THE   MARKETING   OBJECTIVES   ARE   SCIENTIFICALLY   DERIVED. FIRST PRIME   OBJECTIVE   Ã‚  OF   MARKETING -is   to   support   and   help the   organization   to   achieve   the   CORPORATE   OBJECTIVES. - SECOND   OBJECTIVE -THE   SECOND   IMPORTANT   OBJECTIVE   OF   MARKETING   is   to   enable   the   Ã‚     organization   survive and   prosper   through meeting   needs   and   wants   of   customers   by matching   a   companys capabilities   with customer   needs / wants. THIRD   OBJECTIVE -to   provide   an agreed. consistent   and   well   directed   target   range   of volume for   all   departmental   functions,   which will   help   them   to   streamline their   activities for   the   period. *finance *manufacturing/ production *human   resource tc etc - FOURTH   OBJECTIVE -to provide   the   marketing department   a   tool to   Ã‚  plan and   manage   its   activities,   THROUGH   Ã‚  MARKETING   PLAN. FIFTH   OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   Ã‚  MARKETING   Ã‚  DEPARTMENT. *market   share   target. *competitive   standing   target. *customer   awareness   target.. *cu stomer   retention   target *new   products   target SIXTH   OBJECTIVE -to   provide   a   method devised   to achieve   the   objectives in   the   promotion MIX. SEVENTH   Ã‚  Ã‚  Ã‚  OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   SALES   MANAGEMENT *product   coverage. *customer coverage. *geographical   Ã‚  area   coverage. etc - EIGHTH   OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   Ã‚  Ã‚  DISTRIBUTION   MANAGEMENT *distribution   penetration   target. NINTH   Ã‚  OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   CUSTOMER   Ã‚  SERVICE   Ã‚  MANAGEMENT *customer   satisfaction   level. TENTH   Ã‚  OBJECTIVE -TO   provide   a   stretch   points   Ã‚  for   setting   sub-objectives /planning/   strategies for   OVER ALL   Ã‚  CONTROL   Ã‚  THROUGH   Ã‚  RESEARCH. *consumer   research. *customer   satisfaction surveys. *internal   operation   research. *distribution   study *marketing research etc etc ============================================== THE   MARKETING OBJECTIVES   ARE BASED ON   THE SCIENTIFIC   DATA   PROVIDED   BY -consumer   research   data -market   research   data -market   surveys -market   analysis -competitors   analysis -product   analysis -product   test   analysis -product   plans -test   market   results -market strategy   Ã‚  analysis -sales   analysis -distribution   analysis -media   analysis -promotion analysis -customer satisfaction   Ã‚  survey -retail audit   data -marketing   auditing   data -market   forecast -sales   forecast -sales   planning   data -distribution   planning -customer   analysis -market   segment   analysis consumer [   socio/economic /demographic/psychograph ic]   data ETC   ETC. ================================================== FROM THE   CORPORATE   MARKETING OBJECTIVES AND GUIDELINES,   WE   DEVELOP   THE MARKETING   PLAN. 1. EXECUTIVE   SUMMARY 2. SITUATION   ANALYSISMARKET   ANALYSIS -market   needs -market trends -market   potential and   growth -market characteristics -market   segments etc 3. SITUATION ANALYSISCOMPANY   ANALYSIS -strengths -weaknesses 4. BUSINESS   ENVIRONMENT -political -economic -social -technology -opportunities -threats -competition -services -keys to success -critical   issues -channels 5. MARKETING   STRATEGIES marketing   objectives -financial   objectives -target   marketing -positioning -marketing strategy 6. MARKETING   MIX -products -pricing -promotion -distribution -channels -marketing   research 7. SALES   PLANS 8. FINANCE -sales forecast -expense   forecast -contribution   margin. 9. IMPLEMENTATION   Ã‚  PLANS -milestones -time   schedule 1 0. MARKETING   /   SALES   ORGANIZATION 11. CONTROL   SYSTEM -time   schedule -action   plan. 12. CONTINGENCY   Ã‚  PLANNING. ======================================= NOW   WE   CAN SEE   THAT, Marketing management is   not an artistic exercise and   highly subjective, BUT   IT IS AN EXERCISE   OF scientific   analysis   of   data. -scientifically   tested objectives, which   are achieveable with   a   well planned   programs. ############################################## 2. How does cause or corporate societal marketing affect consumers personal behavior? Clarify in context to the products and services you are using or planning to purchase. The societal marketing concept is an enlightened marketing that holds that a company should make good marketing decisions by considering consumers wants, the companys requirements and societys long run interests. It is closely linked with the principles of Corporate Social Responsibility and of Sustainable Development. The concept has an emphasis on social responsibility and suggests that it is not sufficient for a company to only focus on exchange relationship with customers might not be in order to sustain long term success. Marketing strategy rather should deliver value to customers in a way that maintains or improves both the consumers and the societys well-being. Most companies recognize that socially responsible activities improve their image among customers, stockholders, the financial community, and other relevant publics. Ethical and socially responsible practices are simply good business, resulting not only in favorable image, but ultimately in increased sales. ===================== For example   IN   SOCIETAL   MARKETING. †¢Proctor ; Gamble Pakistan has introduced the brand of fat free oil to prevent the growing ratio of heart disease. ============================================= †¢Various automobile manufacturers are focusing more on producing CNG cars that is not only environmental friendly but it is also very economical. So this trend is getting popular very quickly. One can verify it by observing the increasing number of CNG stations. ========================================================== †¢There are various companies that are favoring the use of recycled paper to aid more life to trees. ================================================== *McDonalds   Environmentalism Throughout the late 1980s, McDonalds instituted and publicized a number of environmentally positive steps in its domestic operations. It reduced consumption, for instance, by using lighter weight paper in straws, paper bags and other items and recycled paper and cardboard packaging. In 1987, it switched from polystyrene (used for the clamshells) blown with CFCs, the family of chemicals which destroy the ozone layer, to plastic foam that used hydrocarbon blowing agents (Annual Report, 1989, pp. 10-15). In 1989, the company instituted a pilot program in 450 New England stores to recycle its plastic clamshells (Livesey, 1993, pp. 12-14). In April, 1990, it committed $100 million, or one quarter of the companys annual building and remodeling budget, to buy recycled materials for restaurant construction, remodeling, and operations under a program called McRecycle (Livesey, 1993, pp. 13-14). ============================================================ *ADIDAS has embarked on a number of projects , all community based. -better pay for local workers in the under-developed countries. -avoiding under-age employees. -support for local community sports. -offer of free sports gears for talents. -sports events sponsorship. -supporting the construction of sports grounds. -chea per brands for selected countries etc etc. ======================================= *COCA COLA has programs for -local water supply -community developments like sports etc etc etc ===================================== *McDONALDS have programs for local school sports support -scholarships for talents etc etc ============================ While some businesses view corporate social responsibilty (CSR) as an image enhancement tool with no tangible benefits, many organisations are increasingly concerned about managing social issues to benefit stakeholder interests. In todays increasingly competitive and changing marketplace CSR can become a competitive advantage. Specifically, consumers’ perceptions of a firm’s corporate social responsibility have been shown to influence their attitudes toward a company , particularly when committing to a purchase. CSR is reflected in practice by   businesses adopting a societal marketing focus. Societal marketing has been shown to have a positive impact on consumer attitudes and behaviour in various countries . Indeed many companies attribute societal marketing as a major success factor . Societal marketing as a business philosophy can be implemented in many ways including concern for the environment, employee schemes and involvment in specific social causes or cause related marketing. Corporate Social Responsibility and Societal Marketing While there is no widely accepted definition of corporate social responsibility (CSR), the World Business Council for Sustainable Development (WBCSD) defines CSR as ‘the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve quality of life’ (WBSCD, 2000). Hence, CSR is the voluntary adoption by companies of responsibilities beyond purely economic or legal responsibilities . The societal marketing concept introduces corporate social responsibility (CSR) into marketing practices. Societal marketing incorporates a focus on the consumer’s and society’s well-being . Research executed in many countries has consistently shown that consumers express a more positive attitude toward a company that practices societal marketing, and additionally prefer to purchase the products of these companies . Corporate Image Various definitions of corporate image exist. Corporate image is sometimes seen as synonymous with corporate reputation or as different to corporate reputation but interrelated. Part of the confusion results from the various uses of the term ‘corporate image’ by both practitioners and academics to the extent that corporate image and corporate identity are often used interchangeably and imprecisely . Corporate image is the net result of the interaction of a person’s beliefs, ideas, feelings and impressions about a company and exists in the mind of that person . Corporate image is the totality of a stakeholder’s perceptions of the way an organisation presents itself, either deliberately by controllable sources or accidentally by uncontrollable sources. Over the last three decades, several models of corporate image formation have been developed by various authors . These models propose various factors effecting corporate image formatiot. The results of these studies provide the foundation for model development. Consumers’ attitudes towards corporate image is influenced by three key factors: corporate marketing communications in general, the specific features of the societal marketing program implemented by the company, and consumer demographics. There are three types of corporate marketing communications: primary, secondary and tertiary. Primary communication refers to communication directly to or with a consumer or initiated by a consumer including direct interaction with a staff member, attendance at corporate seminars or events and visiting a compnaies website. Secondary communication is identified as a system for visual identification and formal corporate communications, for example through advertising, public relations, graphic design and sales promotion. Typically secondary communication is mass communication. Tertiary communication refers to word-of-mouth and Societal marketing program O Program symbolism O Behaviour O Program communications Demographic characteristics O Gender O Age O Education level O Income level O Marital status Consumers’ attitude   towards corporate image Corporate marketing communications (general) O Primary communications O Secondary communications O Tertiary communications ====================================================== OF   Ã‚  COURSE,   AS   AN   USER   Ã‚  OF 1. McDONALD   FAST   FOOD, -I admire   their   hygiene   Ã‚  approach. -their   contribution to   the   community   school support   program. 2. ADDIDAS -their   contribution to the   local   community   sports development. ###################################################### Add to this Answer * Ask a Question Related Articles * Writing a Business Plan Market Analysis * Product#39;s Ready! Now What? Go-to-Market Strategies for High Tech Entrepreneurs * Internet Marketing Strategy: What Can it Do for You? * Marketing Basics for the Small Business * What is in a Market Plan? Marketi ng All Answers Answers by Expert: * Glen Franklin * Shane Scherch * Lisa Sims * Russel Ray * Ashraf Nisseem * Jim Gawley * Leo Lingham * Terri Conduff * BigAl * Carlos Scarpero * Kip Gienau * Joe Fournet * Boaz Gal * Amy Lorenti * Marc Lawn * William Siebler * Steve Pywell Sebastien Prince Ask Experts Volunteer Leo Lingham Expertise I can answer questions on marketing, marketing planning, product management, advertising, sales promotions, sales planning, merchandising, direct marketing, and sales management. Experience 18 YEARS WORKING MANAGEMENT EXPERIENCE IN BUSINESS PLANNING, STRATEGIC PLANNING, MARKETING, SALES MANAGEMENT, AND ORGANIZATION DEVELOPMENT. PLUS 24 YEARS OF MANAGEMENT CONSULTING IN STRATEGIC PLANNING, BUSINESS PLANNING, PRODUCT MANAGEMENT, MANAGEMENT TRAINING, AND BUSINESS COACHING. 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It can also be defined as the combination of all technical and administrative actions, including supervision actions, intended to retain an item in, or restore it to, a state in which it can perform a required function Maintenance Management All the activities of the management that determine the maintenance objectives or priorities (defined as targets assigned and accepted by the management and maintenance department), strategies (defined as a management method in order to achieve maintenance objectives), and responsibilities and implement them by means such as maintenance planning, maintenance control and supervision, and several improving methods including economical aspects in the organization. The term ‘maintenance’ means to keep the equipment in operational condition or repair it to its operational mode. Main objective of the maintenance is to have increased availability of production systems, with increased safety and optimized cost. Maintenance management involves managing the functions of maintenance. Maintaining equipment in the field has been a challenging task since the beginning of industrial revolution. Since then, a significant of progress has been made to maintain equipment effectively in the field. As the engineering equipment becomes sophisticated and expensive to produce and maintain, maintenance management has to face even more challenging situations to maintain effectively such equipments in industrial environment. We will write a custom essay sample on Marketing management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This brief lecture on maintenance management includes maintenance strategies, functions of maintenance department, maintenance organization and elements of maintenance management. MAINTENANCE STRATEGIES OR OPTIONS A maintenance strategy or option means a scheme for maintenance, i. e. an elaborate and systematic plan of maintenance action. Following are the maintenance strategies [1] that are commonly applied in the plants. * Breakdown Maintenance or Operate to Failure or Unplanned Maintenance * Preventive or Scheduled Maintenance * Predictive or Condition Based Maintenance Opportunity Maintenance * Design out Maintenance The equipment under breakdown maintenance is allowed to run until it breaks down and then repairing it and putting back to operation. This strategy is suitable for equipments that are not critical and have spare capacity or redundancy available. In preventive or scheduled Maintenance, maintenance actions such as inspection, lubrication, cleaning, adjustment and repla cement are undertaken at fixed intervals of numbers of hours or Kilometers. An effective PM program does help in avoidance of accidents. Condition monitoring (CM) detects and diagnoses faults and it helps in planned maintenance based on equipment condition. This condition based maintenance strategy or predictive maintenance is preferred for critical systems and for such systems breakdown maintenance is to be avoided. A number of CM techniques such as vibration, temperature, oil analysis, etc. have been developed, which guide the users in planned maintenance [2]. In opportunity maintenance, timing of maintenance is determined by the procedure adopted for some other item in the same unit or plant. In design out maintenance, the aim is to minimize the effect of failures and in fact eliminates the cause of maintenance. Although it is an engineering design problem, yet it is often a responsibility of maintenance department. This is opted for items of high maintenance cost that are due to poor maintenance, poor design or poor design outside design specifications. It may be mentioned that a best maintenance strategy for each item should be selected by considering its maintenance characteristics, cost and safety. In addition to the above, new strategies concepts such as Proactive Maintenance, Reliability Centred Maintenance (RCM), Total Productive Maintenance (TPM), etc. have recently been evolved to look it from different perspectives and this has helped in developing effective maintenance. In proactive maintenance, the aim is identify what can go wrong, i. e. by monitoring of parameters that can cause failures. In RCM, the type of maintenance is chosen with reliability of the system in consideration, i. e. system functions, failures relating to those functions and effects of the dominant functional system failures. This strategy in the beginning was applied to critical systems such as aircrafts, nuclear and space applications. At present, this is being extended to critical systems in the plant. TPM, a Japanese concept, involves total participation of all concerned. The aim is to have overall effectiveness of the equipment with participation of all concerned using productive maintenance system. FUNTIONS OF A MAINTENANCE DEPARTMENT Following are the major functions of a maintenance department [3-4]: * Maintenance of installed equipment and facilities * Installations of new equipment and facilities PM tasks – Inspection and lubrication of existing equipment * CM tasks – monitoring of faults and failures using appropriate techniques * Modifications of already installed equipment and facilities * Management of inventory * Supervision of manpower * Keeping records MAINTENANCE ORGANIZATION It concerns in achieving an optimum balance between plant availability and maintenance resource uti lization. The two organization structures that are common are: Centralized and Decentralized. A decentralized structure would probably experience a lower utilization than centralized one but would be ble to respond quickly to breakdowns and would achieve higher plant availability. In practice, one may have a mix of these two. A maintenance organization can be considered as being made up three necessary and interdependent components. 1. Resources: men, spares and tools 2. Administration: a hierarchy of authority and responsibility for deciding what, when and how work should be carried out. 3. Work Planning and Control System: a mechanism for planning and scheduling the work and feeding back the information that is needed for correctly directing the maintenance effort towards defined objective. It may be mentioned that maintenance / production system is a continuously evolving organism in which the maintenance organization will need continuous modifications in response to changing requirements. Moreover, it is required to match the resources to workload. Maintenance activities – be it preventive or condition monitoring, involve use of resources- men and materials including documents. This requires coordination amongst the involved personnel so that these are timely undertaken. Work planning and control system under maintenance management in the plant ensures this and provides planning and control of activities associated with maintenance. This means application of general management principles of planning, organizing, directing and controlling to the maintenance functions, e. g. to the establishment of procedures for development of maintenance strategy and to models for describing the flow of work through maintenance work planning department. Control system controls the maintenance cost and plant condition. ELEMENTS OF EFFECTIVE MAINTENANCE MANAGEMENT An effective maintenance system includes the following elements [3-4]: * Maintenance Policy * Control of materials * Preventive Maintenance * Condition Monitoring * Work Order * Job planning * Priority and backlog control * Data recording system * Performance measurement measures or indices Maintenance performance for a plant or an organization can be assessed through analysis of Reliability, Availability and Maintainability (RAM) plant data. Relevant parameters, measures or indices for specific plants can be identified [5]. The performance over a period of time will show if it is improving, going down or being sustained. This will also help in knowing how well the objectives are being met. In addition, it will guide the areas which are strong and which need to be strengthened. Use of computers and dedicated software will certainly help in implementing this and the maintenance management system in general. CONCLUSION The above lecture has briefly focused on the various aspects of maintenance management. Maintenance is expected to play even much bigger role in years to follow, as industries worldwide are going through an increasing and stiff competition and increased automation of plants. The down time cost for such systems is expected to be very high. To meet these challenges, maintenance has to use latest technology and management skills in all spheres of activities to perform its effective role in profitability of the company.

Role of International Financial Institutions in 2008 Financial Crisis

Role of International Financial Institutions in 2008 Financial Crisis Introduction Late towards 2007, the earliest effects of 2008 financial meltdown were already being felt at some sectors of economy in several countries, notably in Europe and America. The financial crisis that would later become apparent throughout the year 2008 did not only catch the world unaware but would later turn out to be the worst in recent times.Advertising We will write a custom essay sample on Role of International Financial Institutions in 2008 Financial Crisis specifically for you for only $16.05 $11/page Learn More The 2008 credit crunch did not only result to worldwide financial crisis but also caused slowed economic growth of the world’s largest and leading economy that eventually triggered the global recession that started as early as 2006 (Hines, 2008). In fact, the global credit crisis that is just ebbing away has its roots in United States banking system and more specifically as a result of lending towards mortgage housing and cred it lending in general as we shall get to see in the following chapters. In 2005 the United States housing industry flourished and reached its peak in terms of value and business bustle, by then the banking industry had aligned their lending funds towards this end as a result of the positive and sustained growth in the housing industry. This is the point from which we shall trace the major root causes of the 2008 financial crisis; this paper intends to show that the current regulatory standards instituted by various financial institutions internationally largely contributed to the 2008 financial crisis. Even more disappointing is the fact that the financial regulatory standards that were in place were unable to anticipate and therefore avert the ramifications of the financial crisis before it happened as should have been the case. Background to the Financial Crisis In order to understand how the financial crisis came about it is important to review the factors that culminated to the widespread credit crunch that finally caused the 2008 financial crisis. By reviewing these factors it will be possible to identify specific financial regulatory standards that can be directly attributed to the crisis.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More But first let us briefly define what the term financial crisis implies in this context, which incidentally is our first indication that the recent financial crisis was largely a function of the failings of the international financial institutions policies. Credit crisis is a term that has been coined to describe the situation whereby accessibility of loans or credit finance becomes limited due to their unavailability. It is a trend that results to financial institutions reducing the amount of loans that they can disburse to clients irrespective of increased interest rates that they can charge on such loans (Pattanaik, 2 009). In these circumstances, prerequisite conditions that are necessary before the loan can be disbursed are therefore reviewed and made stricter in order to limit the amount of credit finances that can be disbursed (Graham, 2008). Credit crisis is said to occur when the relationship between interest rates and credit loans being disbursed are heavily skewed, or when there is a general reduction of loans available in spite of increased demands (Pattanaik, 2009). Ideally the relationship between interest rates and availability of financial credit is such that increased interest rate in the market means that financial institutions are willing to increase lending in order to increase profits. Thus, because financial institutions are regulated by internationally accepted financial standards, their failure is therefore a reflection of these international financial regulatory standards. In a journal article by Acharya et al that sought to investigate the causes of 2008 financial crisis, i t directly attributed the crisis to have been triggered by the housing market collapse which occurred as early as 2006 (Acharya, Philippon, Richardson and Roubini, 2009). It is during this period that two prominent financial players in the housing market collapsed; the Ownit Mortgage Solutions Company and New Century Financial in what should have signaled to the policymakers that housing market was crumbling (Acharya et al, 2008). But instead no body realized this and the financial situation continued to aggravate further.Advertising We will write a custom essay sample on Role of International Financial Institutions in 2008 Financial Crisis specifically for you for only $16.05 $11/page Learn More By the time in what is now referred as housing bubble busted most banking institutions have invested significant amounts in the housing industry that had accumulated over time in a sort of loose credit lending. The aftermath was increased mortgage payment defaults and foreclosures on existing loan repayment that was taking place on large scale. The steps that led to increased forfeiture of loans by lenders can be analyzed in the following steps. The first step was the induced easy loan terms and reduced interest rates by the banks tailored for housing finance (Hines, 2008). These incentives nudged borrowers to take up substantial mortgages with prospects of future renegotiation on mortgage terms and rate with hope of easier rates. In addition due to growth boom in the housing industry borrowers easily took up mortgage loans as an investment option with intention of selling the properties at higher values at a later time and this kept on happening (Hyoung-kyu, 2007). As we shall later discuss in this paper, this should not have happened with strong financial regulatory standards in place. Underlying all this was the fact that more housing constructions were taking place as investments funds that financed housing sector flowed from every other sector of the economy. By the time the housing bubble eventually busted many players had invested substantial amount of money in the industry that could not be written off easily without encountering huge losses that would lead to bankruptcy. This is because the housing value plummeted at a rate that had not been foreseen. The bank reacted immediately by increasing mortgage interest rates and phasing of earlier easy mortgage packages, additional lending on mortgage was tightened and all forms of lending in general almost halted (Acharya et al, 2009).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The borrowers on the other end moved to dispose-off housing properties and salvage finances that could still be obtained from the mortgages, thereby triggering drop in house values. In the resulting scenario many borrowers choose to forfeit their mortgage to the banks rather than sell the houses in a collapsed market since it would have eventually cost them additional funds to settle the difference (Hines, 2008). The other option of financing the full cost of the mortgage was now complicated by increased interest rates, and so now the credit crunch nightmare had began. In fact, housing industry is not the only sector that hoodwinked consumers to apply for large chunks of loans; it was the same case in automobile industry and in credit cards. Increased availability of liquid cash from foreign reserves had prompted the financial sector to invent financial packages such as Mortgage-backed securities (MBS) and others like Collateralized-Debt Obligations (CDO) (Rose and Spiegel, 2010). B oth of these are forms of funds that allowed investors to finance the housing industry and gain financial returns through banking institutions. The consequences of housing industry collapse was therefore greatly felt by the banking institutions that had advanced loans in all the three sectors that were hardest hit, these sectors were the first to announce financial losses (Rose and Spiegel, 2010). It is from such financial reckless practices as this that exposed further the financial institutions to the shocks of financial crises similar to the one experienced at the time. Thus even at this point we get to see how lack of financial regulatory oversight failed and thereby directly contributed to the financial crisis itself, which is a factor that would become even more apparent as we discuss the major factors that caused the financial crisis itself. Major Factors Attributed to Financial Crisis To understand how the international financial regulation policies might have contributed to the financial crisis, let us discuss the major factors that significantly contributed to the financial crisis and investigate the failure of financial regulatory oversight for each of them. Credit crisis is a phenomenon that can be triggered by any of the various factors in the financial sector or combination of several such factors. There are mainly five reasons that directly affect financial institutions loans and which in extension can trigger a credit crisis assuming they happen all at once. One of the reasons is anticipated fall in value of collateral assets that are used by creditors to obtain loans from banks (Graham, 2008). In this case the financial institutions become reluctant and unwilling to give out loans that are secured by such assets where all indications points to their market values plummeting. Other reasons could be sudden exogenous adjustment in regulation by central bank that touches on lending requirements by banks or which elevates reserve requirements (Grah am, 2008). In both these two circumstances, Basel I and Basel II guidelines have been specifically developed to address this challenges by setting levels at which financial institutions should maintain their Capital Adequacy Ratio (CAR) and Capital to Risk Assets Ratio (CRAR) (Claessens, 2008). Capital Adequacy is a financial term that is used to define the regulatory guidelines that requires financial institutions such as banks to reserve certain percentage of their Primary Capital Base that is consistent with the institutions lending (Basel.org, 2000). A bank must ensure that its capital base assets are at a minimum of 8 percent of its assets; the rule of thumb that applies is lending of $12 for each single dollar of the bank’s capital (Scott, 2005). The purpose of calculating capital adequacy is to ensure that a bank is not exposed to financial risks that are caused by the lending policy of the institution. These regulations were developed by the Basel Committee on Banking Supervision which redefined the international Capital Adequacy standards on 2004 that are now used to regulate financial institutions all over the world (Rasmusen, 1988). As we can therefore infer from the happenings of the 2008 financial crisis, most banks were not adhering to these standards as set out by Basel II guidelines. The central bank might also trigger credit crunch through regulations that intend to tightly control financial institutions lending. In such instances the banks usually respond by enacting measures that prevent their loss or transfer their operating risks to the creditors usually through increased interest rates of loans or reduction in lending. However these factors alone cannot by their own trigger credit crunch, more often credit crisis is caused by an array of factors that combine together over a long duration of time. The hallmarks of a credit crunch usually include extensive sustained losses by lenders caused by sloppy and hasty lending policies over g iven period of time as was the case in 2008. Sometimes it is due to plummeting of collateral assets that were used to secure loans which substantially lose value overnight as it also happened to the United States housing industry. When this happens the bank sustains huge losses caused by loss in value of the assets. The implications that follow are two parts: the bank has no adequate loan reserve that they can continue to disburse to future consumers, and two despite the availability of loans the banks becomes timid and cautious towards future lending (Hyoung-kyu, 2007). The next phase of credit crisis is limited lending and inaccessibility of the loans by consumers and lack of funds in general that virtually affect every other sector of the economy triggering what is then referred as economic recession (Hines, 2008). This therefore are the major factors that are likely to cause a financial crisis, some of which as we have seen were attributed to the 2008 financial crisis. However t he effect of a credit crisis last for sometime only depending on the extent of loans that were disbursed by the banking industry, and the extent in which the losses can be absorbed assuming the banks affected were not much. In the following section we are going to analyzed in detail the specific financial regulatory policies that were flaunted by the financial institutions culminating to the 2008 financial crisis. Failure of Financial Regulatory Standards The Bank of International Settlements (BIS) is an international financial institution body based in Switzerland that serves two important functions; develops and promotes financial policies and provides banking services. IMF on the other hand has the mandate to regulate global financial systems notably in two major areas that include balance of payments and stabilizing exchange rates. For this reasons BIS is better placed to influence the outcome of financial crisis since it is the institution that is mandated with the responsibili ty of developing various monetary policies. In fact BIS has very specific mandate to set and regulate one of the policies that is at the centre of the financial crisis i.e. CAR as we have so discussed. As a result it is the major sponsor of both Basel I and Base II financial regulations which are crucial in regulating safe lending as we shall get to see shortly The shortcomings of Basel financial frameworks have been apparent for as long as the first guidelines were instituted. Despite the many advantages that Basel guidelines were promoting, they also had inherent advantages. When Basel I accord was implemented its focus was on setting the minimum possible capital levels for financial institutions and also ensuring that banks embraced low value assets as collateral. The flip side of this rationale was an increased risk to financial institutions brought about by incomplete analysis of the dynamic market parameters. As a result numerous changes were required to be made on basel I fra meworks which culminated with development of basel II accord. One such amendment was in 1996 for market risk that saw the CAR expanded to incorporate the risks associated with other financial market force. However even then Basel I accord had still other inherent limitations (Basel 2000). The Capital Adequacy calculation for instance did not provide an accurate and reliable financial guideline for determination of CAR (Basel 2000). Another disadvantage under Basel I accord was the tendency of the banks to undertake regulatory capital arbitrage which enabled them to manipulate their core capitals in order to reflect favorable capital assets that made them compliant, lastly the accord did not offer ideal risk mitigations approaches to banks (Basel 2000). Hence Basel II was born in 2004 to address these shortcomings and incorporate other challenges that banks were facing in the financial sector. Throughout this period we can see how the BIS sponsored financial policies was wrecking hav oc and promoting a culture of dubious financial dealings that financial institutions kept even after these guidelines were overhauled. The new Capital Adequacy calculation is guided by three core principles that are referred as pillars: market discipline, operational capital requirement, and supervisory review (Basel 2000). Pillar number one pertains to regulatory capital of three critical risks that a bank encounters during it routine financial operations: market risk, credit risk and operational risk. For each of this risk the accord provides various calculation techniques that set the desired level of accuracy such as standardized approach, foundation Internal Rating-Based (IRB) approach and advanced IRB for calculating credit risk (Basel 2000). The underlying working definition of capital categorizes banks equity into two groups: tier I capital and tier II capital. Tier I Capital is defined as the actual equity inclusive of retained earnings while Tier II Capital is the subordin ated debt in addition to the preferred shares (Basel 2000). Tier I capital are financial institutions assets that can absorb financial losses of a bank during trading without necessitating the bank to enter into bankruptcy. Tier II capital are the other type of assets that are reserved primarily to absorb losses of large magnitude during the event of bankruptcy. It is this categorization of financial institutions capital that has provided a loophole for banks to circumvent and thereby lend more than they should ideally be allowed through invention of concepts such as financialization. For instance capital adequacy ratio is calculated by dividing the bank primary capital by the sum of the bank’s assets (Basel 2006). The core capital is a sum of both Tier I and II capital while assets in this case refers to the weighted assets or the minimum requirements as set by the banking regulator, such a ratio should not exceed the Basel accord threshold level that is set equal to or less than 8%. The CAR is further adjusted to calculate the three other subcomponents of the capital adequacy namely: standardized approach, basic indicator approach and advanced measurement approach that offer varying degree of accuracy (Basel 2006). For this purpose the approach used in calculating risk weighting requires the bank to categorize the nature of the assets into two: fund based assets and non-funded assets (Basel 2006). Fund based assets usually include bank investments, loans and liquid cash at its disposal, while non-funded assets include items in the Off-Balance sheet that are first taken through a series of conversions in order to ascertain their true value. Despite these elaborate calculations it is still possible for a bank to obtain a positive ratio if factors that affect market risk are not considered. What we know for a fact is that somehow just before the 2008 financial crisis; most financial institutions have been flaunting or circumventing basel II accords en ma sse up to the time of the crisis. One of the recent advanced theories in economic studies that attempts to explain the cause of the 2008 financial crisis has been advanced by Foster and Magdoff. Foster and Magdoff theory attributes the 2008 financial crisis to the broader factors of monopoly finance capitalism which is a function of a phenomenon that they refer as stagnation that is characteristic of all mature capitalist systems (Foster and Magdoff, 2008). Foster and Magdoff describe mature capitalist system as â€Å"stagnant† because of its monopolistic nature that is caused by few corporations that dominates and control most of the available capital flow (Fostor and Magdoff, 2008). When this happens as it has been taking place since the 1980s less capital becomes available for investment in economic sectors that are most in need while the real capital becomes restricted and unavailable, this outcome is what Foster and Magdoff also attributed to the occurrence of financiali zation. The implication of this unbalanced excessive capital availability in particular sectors only creates demands for investment opportunities that offer high returns and this is where the evils of monopoly-finance capital begin. Hence, from a more general perspective based on Foster and Magdoff theory monopolistic finance capitalism which are a function of international financial policies are to blame for the 2008 financial crisis. More specifically let us see how financial policies notably in United States which was the epicenter of the financial crisis systematically led to the 2008 credit crunch. One was the housing market boom and bubble that was characterized by low mortgage interest rates, increased availability of funds that pooled borrowers to taking unnecessary and inflated mortgages (Gjerstad and Vernon, 2009). Borrowers and investors in the process saved less and substantial funds were channeled to this sector, by the time the housing market was collapsing more than $ 10 trillion dollars was approximately held in the industry. The upshot was more than 50% of home owners that had negative equity or houses that just equaled their mortgage values which could not be sold due to house surplus in the market and cheap going prices (Gjerstad and Vernon, 2009). This was a major lax of the various financial oversight bodies that had the mandate to foresee and prevent such a ballooning financial effect that was taking place in the housing sector all this time. It is for this reason that the 2008 European head of States seminar resolved to have â€Å"An early warning system must be established to identify upstream increases in risks† (Rose and Spiegel, 2010). Perhaps one of the most blatant disregard to financial policies that took place at this time was by the financial institutions in their rush to make a killing from the booming housing market. In fact the financial institutions are to blame for the amount of mortgages that borrowers had obtained t hat were purely for speculative purposes and therefore for investment only, which is not actually a bad thing unless there are no policies to regulate such a widespread speculative investment. By 2006 the number of mortgage and houses that had been secured as investment options were approximately 40% of all the total houses in the market (Gjerstad and Vernon, 2009). This was the main factor that greatly contributed to the housing surplus that made their price falls. Another cause was the securitization, a term that is used to describe a practice where bank can transfer the value of the mortgage to their investors and therefore continue to obtain further funds for lending to borrowers (Gjerstad and Vernon, 2009). Ideally banks are supposed to hold on the mortgage as security until they are paid in full or forfeited; these way additional funds cannot be secured until such time when any of the two outcomes occur. But of course the banks in their rush to lend and make profit out of the interest disregarded this policy. So as it turned out securitization system allowed banks to continue pumping funds to an already saturated sector while hoodwinking investors to believe housing industry to be thriving by transferring mortgage agreements to them. In the process the banks were able to ease the lending terms and lower rates due to availability of funds in a bid to disperse as much funds as possible and therefore make profits. In fact, lending conditions to borrowers were even questionable verging on illegal practices, figures released by Federal Reserve indicates that 47% of borrowers did not make any down payment of the mortgages as required by law (Gjerstad and Vernon, 2009). Over time borrowers were not required to provide evidence of income nor employment as is usually the tradition, instead banks focus was on credit score which depended mainly on the amount that a borrower had in the bank beside other factors. The problem was that the system used to calculate cred it ratings was flawed in the first place and ended up misguiding investors on the value of borrower assets. Currently, the inflated credit ratings that were given to Mortgage-Based Securities (MBS) by credit rating agencies are now under investigations since their high ratings allowed transfer of MBS to investors who later ended up holding less valuable MBS than they initially paid for them (Gjerstad and Vernon, 2009). The government too was to blame for some of its policies which were clearly self defeating; this was because of the government policy that had been put in place mortgage policies which had the vision of promoting home ownership among Americans across the boards through legislations such as Alternative Mortgage Transaction Parity Act (Hines 2008). As far as 1995 the government had started issuing tax rebate to all persons with mortgage. This and other government policies that also failed to control use of adjustable-rate mortgages which do not favor borrower in the lon g run resulted in fueling a housing boom that was already getting out of control under the very noses of financial policy makers. Thus, as we can see the inability of the government to intervene and enforce existing financial regulatory standards during the whole process also contributed to the financial crisis. While the US was dishing out numerous and unsecured mortgage loans to its citizens, Britain was also experiencing increased lending of loans to finance home but not at the unprecedented rates as witnessed in United States. For the rest of the world the global recession was hardly caused by mortgages but by collapse of industries that relied on investor funds that had now been retracted by timid investors and by international companies that were affiliated to US companies that had collapsed in the process (Saltmarsh, 2008). For many businesses the problem was the lack of funds to sustain daily business operations due to the credit crunch emanating from United States. Most thi rd world countries financial institutions are tied up with foreign international financial firms though they always function independently. These local financial institutions therefore adopted strict loan disbursement policies in the wake of the subprime crisis. Without access to regular funds that medium and small businesses have always relied on, most of the businesses had to close down thereby causing unemployment. As a result the most affected businesses in developing countries were the ones exporting goods to developed countries in America and Europe. Most of the businesses exporting commodities were the agriculture sectors, mining, and oil industry. Countries that predominantly relied on agriculture earnings through exports were required to export less due to fall in demand or suspended their exports all together. In the tourism sector the trend was the same with less people unwilling to spend in holidays. Overall the foreign reserves of many countries which are almost always in form of dollar shrunk affecting virtually every other sector of the economy (Saltmarsh 2008). The result was world economies hampered by lack of products market and liquidity funds to sustain growth. As the financial crisis reached its peak in 2009 many countries sprung to action with measures to halt and reverse the economic recession phenomenon by injecting billions of funds. The United Stated was the first to undertake an assortment of measures contained in the economic stimulus package that was signed into law by President Obama (Grabel and Weaver, 2009). The stimulus plan included $787 billion that aimed at reinstating and creating more jobs that were lost during the recession in addition to stimulating the economic activity and consumers spending (Grabel and Weaver 2009). But without restructuring the financial policies that originally contributed to the 2008 financial crisis, the world economies has been recovering at a slower rate than should have been the case. Conclusio n As one gets to analyze the facts that caused the financial crisis the extent of the housing market speculation is notable and significant whereby all the actors in the economy from consumers to bankers continued to pump more funds in housing industry as investment options. For this to have happened the weakness is seen to have been the breakdown of the international financial regulatory policies as we have so far discussed. Indeed, the failure of the international regulatory institutions to intervene and provide an oversight mandate is seen to be the critical factor that led to the occurrence of the financial crisis. At present policy makers continue to investigate and implement measures in order to avert a similar financial crisis from occurring in future and ensure it does not occur unnoticed as it happened in 2008. Meanwhile world governments remain apprehensive as the last impacts of global recession continues to recede without clear indications of what exactly needs to be don e in order to insulate economies from what appears to be the failings of international institutions of financial regulations. References Acharya, V., Philippon,T., Richardson, M Roubini, N. (2009). The Financial Crisis of 2007-2009: Causes and Remedies. Financial Markets, Institutions Instruments, 18(2): 89-137. Basel.org, (2000). A New Capital Adequacy Framework. Consultative Paper Issued by the Basel Committee on Banking Supervision. Web. Claessens, S. (2008). The Political Economy of Basle II: The Costs for Poor Countries. The World Economy, 31(3): 313-344. Claessens, S. Dell’Ariccia, G. (2010). Cross-country experiences and policy implications from the global financial crisis. Economic Policy, 25(62): 267-293. Foster, J. Magdoff, F. (2008). The Great Financial Crisis: Causes and Consequences. New York: Monthly Review Press. Graham, T. (2008). The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis. London, UK: Pluto Press. Gabor, D. (2010). The International Monetary Fund and its New Economics. Development and Change, 41(5): 805-830. Gjerstad, S. Vernon, S. (2009). From Bubble to Depression? Why the Housing Bubble Crashed the Financial System but the Dot-com Bubble Did Not. Wall Street Journal, 15 (9): 165-172. Grabel, Michael., and Weaver Christopher 2009. The Stimulus Plan: A detailed List of Spending. Web. Hyoung-kyu, C. (2007). Do markets enhance convergence on international standards? The case of financial regulation. Regulation and Governance, 1(4): 295-311. Hines, P. (2008). From Crunch to Squeeze: Global Impact of the Credit Crisis on Commercial and Small Business Lending. Web. Pattanaik, S. (2009). The Global Financial Stability Architecture Fails Again: sub-prime crisis lessons for policymakers. Asian-Pacific Economic Literature, 23(1): 21-47. Rose, A. Spiegel, M. (2010). Cross-country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure. Pacific Economic Review, 15(3): 340-363. Rasmusen, E., (1988). Mutual Banks and Stock Banks. Journal of Law and Economics, 31(2): 188-199. Saltmarsh, M. (2008). Impact of Global Credit Crunch Expands in Europe. Web. Scott, H., (2005). Capital Adequacy beyond Basel: Banking, Securities and Insurance. Washington, DC: Oxford University Press.

Changing Font Properties in VB.NET

Changing Font Properties in VB.NET Bold is read-only in VB.NET. This article tells you how to change that. In VB6, it was dead easy to change a font to bold. You simply coded something like Label1.FontBold, but in VB.NET, the Bold property of the Font object for a Label is read-only. So how do you change it? Changing Font Properties in VB.NET With Windows Forms Heres the basic code pattern for Windows Forms. Private Sub BoldCheckbox_CheckedChanged( _ByVal sender As System.Object, _ByVal e As System.EventArgs) _Handles BoldCheckbox.CheckedChangedIf BoldCheckbox.CheckState CheckState.Checked ThenTextToBeBold.Font _New Font(TextToBeBold.Font, FontStyle.Bold)ElseTextToBeBold.Font _New Font(TextToBeBold.Font, FontStyle.Regular)End IfEnd Sub Theres a lot more than Label1.FontBold, thats for sure. In .NET, fonts are immutable. That means once they are created they cannot be updated. VB.NET gives you more control than you get with VB6 over what your program is doing, but the cost is that you have to write the code to get that control. VB6 will internally drop one GDI font resource and create a new one. With VB.NET, you have to do it yourself. You can make things a little more global by adding a global declaration at the top of your form: Private fBold As New Font(Arial, FontStyle.Bold)Private fNormal As New Font(Arial, FontStyle.Regular) Then you can code: TextToBeBold.Font fBold Note that the global declaration now specifies the font family, Arial, rather than simply using the existing font family of one specific control. Using WPF What about WPF? WPF is a graphical subsystem you can use with the .NET Framework to build applications where the user interface is based on an XML language called XAML and the code is separate from the design and is based on a .NET language like Visual Basic.  In WPF, Microsoft changed the process yet again. Heres the way you do the same thing in WPF. Private Sub BoldCheckbox_Checked( _ByVal sender As System.Object, _ByVal e As System.Windows.RoutedEventArgs) _Handles BoldCheckbox.CheckedIf BoldCheckbox.IsChecked True ThenTextToBeBold.FontWeight FontWeights.BoldElseTextToBeBold.FontWeight FontWeights.NormalEnd IfEnd Sub The changes are: The CheckBox event is Checked instead of CheckedChangedThe CheckBox property is IsChecked instead of CheckStateThe property value is a Boolean True/False instead of the Enum CheckState. (Windows Forms offers a True/False Checked property in addition to CheckState, but WPF doesnt have both.)FontWeight is a dependency property of the Label instead of FontStyle being the property of the Font object.FontWeights is a NotInheritable class and Bold is a Static value in that class Whew!!  Do you think Microsoft  actually tried to make it more confusing?

Branding & Communication Assignment Example | Topics and Well Written Essays - 3500 words

Branding & Communication - Assignment Example There are multiple stakeholders affected by corporate branding such as investors or employees. Impacts created by corporate branding can be determined in terms of evaluation of services or products, corporate culture and identity, brand extensions, employment applications, sponsorship, etc. Brand refers to design, name or term that can differentiate one product from another. Branding concepts are widely used in advertising campaigns, business and marketing activities. This study would comprise of implications of corporate branding. These implications shall be determined in context of both consumers and companies. Corporate branding examples will be included in this study in order to analyze consequences of corporate branding strategy. This approach facilitates economies of scope and initiates rapid new product acceptance. The reason being potential buyers are more familiar with brand name. There are negative implications of corporate branding. It reduces scope for positioning of a pa rticular brand. Different products encompass unique characteristics and this in turn requires distinguished branding activities. Multiple touchpoints can be effectively incorporated by branding. Corporate branding is not confined to any specific name or mark. The touch points emphasized on by branding approach are customer service, training and employee treatment, logo, product or service quality, advertising campaign, stationary and packaging. Brand is usually considered to be an intangible asset of a company. It is most valuable asset of any organization since it enables customers to strongly associate with any corporate brand. Brands are efficiently managed by owners so as to provide value to shareholders. This study will also comprise of differences between product and corporate brand, along with their symbolic and functional attributes. Effective corporate branding strategies not only initiate high sales margins but even guarantee long term customer relationship with

Hun Essay Example | Topics and Well Written Essays - 750 words

Hun - Essay Example God cursed Cain and Cain was the first human born and the first to commit murder while Abel became the first man to die. From the story, the immediate motivation for Cain to kill his brother was jealousy and anger. The jealousy resulted from God accepting Abel’s offering rather than Cain’s offering. Although no reason is given for God’s accepting Abel’s sacrifice and rejecting Cain’s, Cain took the rejection personally and thought that God rejected him and accepted Abel. This made Cain angry and he killed his brother. The story of Cain and Abel also contains other elements which are not as obvious as anger and jealousy. Cain was a farmer while Abel was a shepherd. While these two professions are complimentary in that farming provides grain based foods and herding provides meat, both professions require land as a resource and there is conflict between farmers and shepherds over land. Shepherds are generally highly regarded in the bible with most people such as Moses, Jacob and David having been shepherds. The New Testament asserts that Jesus is the good shepherd. Therefore, Abel had the right profession. Cain was punished to become a wanderer. Crop farmers typically settle in one place while shepherds move wander around. Therefore, the punishment essentially made Cain a shepherd since he could not wander around and farm crops. The story of Cain and Abel is the first of conflicts among brothers. This is a recurrent theme in the bible with the story of Esau and Jacob, Joseph and his brothers, David and his brothers and between Moses and Aaron. This story can be related to conflicts between brothers wh ich are common in the contemporary society. The story of Cain and Abel has various lessons that can be applied to the contemporary society. This is despite the contemporary society being largely industrialized and service oriented rather than small scale

Organisations - Contrast the Assumptions of Mainstream and Critical Approaches to studying Organisations Essay Example for Free

Organisations Contrast the Assumptions of Mainstream and Critical Approaches to studying Organisations Essay An organisation is a group of people intentionally organised to accomplish an overall, common goal or set of goals. Business organisations can range in size from two people to tens of thousands. Organisations are complex phenomena and understanding them – either from the point of view of academic analysis or as a basis for practical attempts to change them – is also complex. It is obvious that organisations vary in a number of key ways, for example structures, cultures, personnel systems, and so on. There are several important aspects to consider about the goal of the business organisation. These features are explicit (deliberate and recognised) or implicit (operating unrecognised, behind the scenes). Ideally, these features are carefully considered and established, usually during the strategic planning process. Vision Members of an organisation often have some image in their minds about how the organisation should be working, how it should appear when things are going well. Mission An organisation operates according to an overall purpose, or mission. Values All organisations operate according to overall values, or priorities in the nature of how they carry out their activities. These values are the personality, or culture, of the organisation. Strategic Goals Organisations members often work to achieve several overall accomplishments, or goals, as they work toward their mission. Strategies Organisations usually follow several overall general approaches to reach their goals. Systems and Processes that (hopefully) are aligned with achieving the Goals Organisations have major subsystems, such as departments, programmes, divisions, teams, etc. Each of these subsystems has a way of doing things to, along with other subsystems; achieve the overall goals of the organisation. Often, these systems and processes are defined by plans, policies and procedures. How you interpret each of the above major parts of an organisation depends very much on your values and your nature. People can view organisations as machines, organisms, families, groups, etc. The study of organisations draws on a number of disciplines: Economics Classical economics viewed the firm as a single decision-unit engaged in maximising profits. It ignored the possibility of conflict between owners, managers and employees. The obsession with competition failed to take into account the other goals which may take precedence in organisations. Organisation theory partly owes its existence to a reaction against such simplistic ideas. It became necessary to understand behaviour which seemed in classical terms to be irrational. Psychology Psychology is a wide-ranging subject. Early psychologists provided an insight into individual behaviour within organisations particularly on aspects of motivation and leadership. The Hawthorne studies led to a realisation of the importance of social phenomena, such as the informal groups, group norms and conformity. Valuable as these micro-level studies were, they only compounded to the issue by making it difficult understand the link between the behaviour of individuals and the structure of the organisation in which they worked. Sociology Organisational sociologists took a wider perspective, setting the organisation within its environmental framework specifically in relation to society and its institutions. Some sociologists have examined formal organisational structures, particularly in relation to technology. Dating from Webers early work on bureaucracy, sociologists have taken a particular interest in non-profit making organisations. Organisations as Systems (Systems or Mainstream Theory) Mainstream Organisational theory thinks of organisations as systems. Simply put, a system is an organised collection of parts that are highly integrated in order to accomplish an overall goal. The system has various inputs which are processed to produce certain outputs, which together, accomplish the overall goal desired by the organisation. There is ongoing feedback among these various parts to ensure they remain aligned to accomplish the overall goal of the organisation. There are several classes of systems, ranging from very simple frameworks all the way to social systems, which are the most complex. Organisations are, of course, social systems. Systems have inputs, processes, outputs and outcomes. To explain, inputs to the system include resources such as raw materials, money, technologies and people. These inputs go through a process where theyre aligned, moved along and carefully coordinated, ultimately to achieve the goals set for the system. Outputs are tangible results produced by processes in the system, such as products or services for consumers. Another kind of result is outcomes, or benefits for consumers, e. g. , jobs for workers, enhanced quality of life for customers, etc. Systems can be the entire organisation, or its departments, groups, processes, etc. Feedback comes from, e. g. , employees who carry out processes in the organisation, customers/clients using the products and services, etc. Feedback also comes from the larger environment of the organisation, e. g. , influences from government, society, economics, and technologies. Each organisation has numerous subsystems, as well. Each subsystem has its own boundaries of sorts, and includes various inputs, processes, outputs and outcomes geared to accomplish an overall goal for the subsystem. Common examples of subsystems are departments, programs, projects, teams, processes to produce products or services, etc. Organisations are made up of people who are also systems of systems of systems and on it goes. Subsystems are organised in a hierarchy needed to accomplish the overall goal of the overall system. The organisational system is defined by, e. g. , its legal documents (articles of incorporation, by laws, roles of officers, etc. , mission, goals and strategies, policies and procedures, operating manuals, etc. The organisation is depicted by its organisational charts, job descriptions, marketing materials, etc. The organisational system is also maintained or controlled by policies and procedures, budgets, information management systems, quality management systems, performance review systems, etc. One of the most common ways at present is to look at organisations is as organisational systems. This view is becoming more common among professionals who study, teach and write about organisations. Practitioners who work with organisational management to improve organisations also tend to view organisations as systems so it has been termed the mainstream approach. Note that machines, organisms, persons, groups, families, family dynasties are all systems, too. Probably everyone in the workplace has their own conception of what organisation means. As with most highly complex terms, everyone is right and everyone is wrong. The concept of organisational culture is much like an organisational personality. Organisations, like people, have life cycles. Many people view organisational learning much like we view organisms to be learning. Organisations can accumulate and manage knowledge as well. There are a variety of books that describe other traits of organisations much like traits of people, e. g. , depressed organisations, addictive organisations, etc. David Needle makes two important points about the dynamics and determinants of organisational structure and functioning: organisations are not simple unitary, consensual entities where everyone agrees on and focuses on shared organisational goals but where sectional, group interests and viewpoints exist and flourish. And although in many ways organisations are the most rational entities ever created where managers and employees strive to make sensible decisions about purposes and to design organisations and processes that efficiently achieve these purposes, in reality irrational forces also play a major role (Salaman, 2001). Setting organisational goals is a complex process whereby both external factors and internal politics need to be taken into consideration. As such, the system is highly dynamic and changes in the goals will occur with changes in the external environment, such as market demand, technology and government policy, as well as changes that take place between interest groups within the organisation e. g. , sales and production departments. A number of goals may operate at any one time. These may conflict, but in general the goals of a business follow closely those of the dominant coalition (Needle, D; Salaman 2001). A change in ownership or top management is likely to lead to a shift in emphasis of the firms operations too. The culture of an organisation refers to those factors which enable us to distinguish one organisation from another and are the product of its history, management, operating environment, technology, goals and so on. More recently the notion of organisational culture has been used in a more positive way and a set of principles have been developed which mark out the culture of a successful company from that of an unsuccessful one (Needle, D: Salaman, 2001). The goals, structure, patterns of ownership and size of an organisation both reflect and are reflected in its culture. The importance of the organisational culture is that it sets the scene for the determination of strategy and hence the operational aspects of organisational life. Mainstream organisation theory has attracted critical attention. Thompson and McHugh (Salaman, 2001), for example, have argued that there is a tendency for a narrow management plus psychology perspective which has little to do with real-life enterprises. In an attempt to produce a science of organisations, the main focus has been on identifying generalisations about behaviour in work situations and applying them to all organisations, regardless of their nature. In particular, theorists have paid scant attention to the differences between organisations which are subject to market forces and those which are not. Thompson and McHugh contend that it is not meaningful to treat organisations as diverse as scout troops and transnational companies within the same analytical framework and using the same domain assumptions (Salaman, 2001). This has been termed the critical approach. Let’s look into the critical approach a little more.

Everyone and No One: Jorge Luis Borges and Shakespeare Essay -- Literar

â€Å"I am not sure that I exist, actually. I am all the writers that I have read, all the people that I have met, all the women that I have loved; all the cities that I have visited, all my ancestors . . . Perhaps I would have liked to be my father, who wrote and had the decency of not publishing. Nothing, nothing, my friend; what I have told you: I am not sure of anything, I know nothing . . . Can you imagine that I do not even know the date of my death?† (â€Å"Borges-Quotations†) The work of Jorge Luis Borges has been the subject of much literary criticism and research. Scholars have spent entire lifetimes attempting to pinpoint the meaning of his works. The fact that many of them use the above quote to do so sums up the enigma of Borges; the quote most likely to be used to explain him cannot be authenticated. In seventy-four short stories, over one hundred sonnets and thousands of essays, reviews, lectures, literature introductions and notes, the quote found in many quote collections and in an abundance of papers on the author may not be his words at all. Far from this paradox disproving any theories on the themes and intentions of Borges, the very fact that writers continue quote to quote this passage illustrates his thoughts on memory, identity and authorship perfectly. Memory is malleable and transferrable. Memory is identity. Authorship is identity. Therefore, authorship is memory and is malleable and transferrable. There is no defining work from Borges defining these themes. Even to apply them to his fictions, one must absorb them all. The fictions of Borges are brief, many as short as three pages. One of these (at eight pages) was the last story he wrote, Shakespeare’s Memory. Published after his death in 1986, he touc... ...inberger. New York: Penguin Putnam, 1999. 463-472. Print. Paul M. Willenberg. â€Å"The Garden of Jorge Luis Borges.† Swarthmore University. Web. 31 Oct. 2011. â€Å"The Eccentric Borges: Two UCL Analyses.† University College London. Web. 21 Oct. 2011. Richard Burgin. Conversations with Jorge Luis Borges. New York: Holt, Rinehart & Winston, 1969. 26-27. Print. .Editor, author, or compiler name (if available). Name of Site. Version number. Name of institution/organization affiliated with the site (sponsor or publisher), date of resource creation (if available). Medium of publication. Date of access. Lastname, First name. "Title of Essay." Title of Collection. Ed. Editor's Name(s). Place of Publication: Publisher, Year. Page range of entry. Medium of Publication. Whitman, Walt. "I Sing the Body Electric." Selected Poems. New York: Dover, 1991. 12-19. Print.

How is Conflict Portrayed in the Poems in the Conflict Section? Essay

The nature of conflict is a clash or coming together. There are many different types of conflict; it can come in varying scales of size and intensity. For example something which starts off as a family feud may end up as a World War. We can look at the causes of conflict, what actually happens or the effects. Tennyson’s ‘Charge of the Light Brigade’ paints a picture of the glory and honour of soldiers in battle as it happens. It describes an incident during the Battle of Balaklava during the Crimean War. Sheers’ ‘Mametz Wood’ focuses on the aftermath and futility of war. Hughes’ ‘Hawk Roosting’ looked at the causes of conflict, someone who has power but wants more and does not think about the effects of what they are about to do on others. Another poem by Hughes is ‘Bayonet Charge’ where there is a soldier in battle trying to escape from getting shot. Tennyson’s poem observes the battle from a distance as if he had a good viewpoint. He was not a participant like the poems of Wilfred Owen or Rupert Brook who wrote their poems and died in the trenches of the First World War. Tennyson sets the scene of battle and creates the atmosphere for ‘The Charge of the Light Brigade’ by the form and structure of the poem. The six stanzas have a clear and powerful dactylic rhythm, representing the galloping hooves of the horses as they race into battle. The reader is carried along with the flow of the poem and the energy of the battle, which is emphasised by repetition, from the first two lines of the first stanza of the poem: â€Å"Half a league, half a league, Half a league onward.† A sense of involvement is created for the reader by repetition such as â€Å"cannon† suggesting the relentless assault from all sides â€Å"Cannon to the right of them, Cannon to the left of them, Cannon in front of them† which emphasises the dangers faced by the cavalry and their great bravery. The contrast could not be greater in ‘Mametz Wood’. Although both poems are written in the third person there is a sense of detachment and distance within this poem as Sheers reflects on a futile battle. There is no immediacy of involvement. Whereas the rhythm carries you along in ‘The Charge of the Light Brigade’, the conflict in ‘Mametz Wood’ is between past and present. The poem switches between the death of the soldiers in battle and the grisly discovery of their skeletons in the present. â€Å"Twenty men buried in one long grave† is contrasted with the present gentleness and vision of rolling countryside. A sad and reflective feeling is created through the use of a three-line stanza, long sentences and enjambment â€Å"their skeletons paused mid dance-macabre/ in boots that outlasted them†. The breaks between stanzas give the reader opportunity to reflect on the line of soldiers who their arms linked in a shallow grave – perhaps as a joke by those that buried them. Unlike in ‘The Charge of the Light Brigade’, you are given no indication of the actual conflict which occurred, just some of the results. Pathos is emphasised by boots outlasting the men. Both poems memorialise unnecessary carnage. Both events which they are based on were directly the result of poor leadership. â€Å"Someone had blunder’d† in the decision to attack in the Battle of Balaklava but Tennyson emphasised that taking orders is honourable. â€Å"Theirs was not to reason why, / Theirs was but to do and die†. In ‘Mametz Wood’, criminal stupidity of orders â€Å"to walk, not run† made them sitting targets. Both poet’s honour loyalty and obedience where young, amateur and untrained soldiers died in their hundreds without questioning the orders they had been given. With over two hundred men â€Å"storm’d at with shot and shell† with the alliteration suggesting flying bullets in ‘The Charge of the Light Brigade’, the soldiers in ‘Mametz Wood’ were mown down by â€Å"nesting machine guns†, a powerful oxymoron which gives the machine guns naturalness they do not deserve. In ‘Hawk Roosting’ however conflict is created by the hawk thinking that he is the King of the world and can do anything he likes. The vivid imagery emphasises the barbarity and senselessness of war with death being inevitable. The language used in ‘The Charge of the Light Brigade’ creates a strong sense of the violence. Without questioning orders, 600 soldiers are ‘plunged in the battery-smoke’ whilst all around them cannons ‘Volley’d and thunder’d’ as they obeyed commands and plunged into the â€Å"valley of death†, â€Å"jaws of Death† and â€Å"mouth of Hell† which suggests a predator waiting patiently to eat its prey. By using such powerful verbs, metaphors and personification the image of the battle and the hopelessness of the situation faced is portrayed vividly. However Tennyson glorifies soldiers and praises their strength and courage â€Å"Boldly they rode and well†. In ‘Mametz Wood’, Sheers emphasises human frailty, seeing a life as it passes fleetingly in the passage of time. The colours and textures highlight this. The metaphors â€Å"broken bird’s egg of a skull† and ‘the china plate of a shoulder blade’ represent frailty. In ‘Mametz Wood’ the earth is personified as someone who needs healing. The farmers â€Å"tended† the land creating an image of something which needs nursing back to health. A link is made in the fourth stanza with a simile where the emergence of the bones from the soil is â€Å"like a wound working a foreign body to the surface of the skin†. Unlike â€Å"Death† and â€Å"Hell† the earth guards the dead soldiers’ memories and bodies, protecting them until they are found. Earth is pushing them to the surface so that we don’t forget. This is also a reference that the soldiers were foreigners who should not have been in France. Although ‘The Charge of the Light Brigade’ is a famous Tennyson poem I think ‘Mametz Wood’ is more powerful. They both describe real events and the horrors of conflict and show the class divisions between generals giving their orders and the men who follow them. There is an underlying message in both poems about the waste of life in war. The vivid picture of a charge on horseback and the courage of the Light Brigade are to be admired and honoured- not forgotten. However ‘Mametz Wood’ is more powerful in the way it reflects on the futility of war. It is quiet and thoughtful. There is no battle, just men walking to their death due to poor leadership. The emergence from the ground of delicate skeletons trying to yell out something but with â€Å"absent tongues† in their â€Å"socketed heads† suggests that the dead are trying to communicate with the living. Now we hear them, their message and their tragedy. The poem is a form of excava tion as it brings back through words an experience long forgotten. As people say on Remembrance Day every year: ‘We will Remember Them’.