PUBLIC POLICY Essay Example | Topics and Well Written Essays - 1500 words

PUBLIC POLICY - Essay Example However, democracy is currently increasingly criticized for not representing the interests of citizens or not taking into account the social justice and environmental concerns that span national boundaries. Undoubtedly, it is a potential challenge for democratic governments to represent diverse stakeholders and to manage risk in an accountable, inclusive way that is transparent to all. This paper will discuss the relevance of democracy in the present society with particular reference given to this system of government. Although democracy is the most accepted and suggested form of government today, many of its benefits proposed are hypothetical. The democratic progress was increasingly visible a couple of decades ago. The defeat of authoritarian military in Latin America, the failure of communist system around the world, and the fall of the Berlin wall were some of the notable examples of democratic progress (The Explosion of Third World Democracy, n.d.). However, the spread of democr acy has slowed down following the dramatic political events by the end of the last century. Democracy appears to be difficult to achieve its stated goals completely despite certain significant success events in the past. Although many countries have undertaken processes like the organization of competitive elections as initial steps toward the execution of democracy, they fail to meet the high expectations of citizens about an improvement in their living standards. Many followers (states) of the democracy have failed to develop this system from within national boundaries by eventually institutionalizing political processes and spreading core values that are intrinsic to the democratic system. The former UN Secretary General Kofi Annan stated that â€Å"†¦democracy is a universal right that does not belong to any country or region, and that participatory governance, based on the will of the people, is the best path to freedom, growth, and development† (World Movement for Democracy). However, it seems that most of the countries cannot transform the universal values of the democracy into the practice of democratic governance mainly because the supply of transformation is lagging behind the people’s high expectations. Creating a social contract with citizens is necessary for governments so as to manage the democracy building process effectively. It is also important to meet the expectations of the people who really provide the governments with the governing legitimacy. Unfortunately, most of the countries have not ensured such a social contract and it is one of the major reasons the democratic system is struggling globally. Though today governments worldwide try to promote public participation in policy making, such efforts fail to meet their goals due to lack of dialogue between people (Smith 2003. As scholars point out, dialogue is an integral element of the participative democracy. Over the centuries after the time of Plato, the dialogic form s of democracy have been losing their significance. Today democratic processes have become individual centered as majority of our representatives are more beholden to corporate giants and fund donors than they are to citizens (Lindeman, n.d.). Similarly, today the media are also playing a noticeable role in ruining the good sides of democracy (Fog

Chapters 15 20 Questions Answers Essay Example for Free

Chapters 15 20 Questions Answers Essay 1. In Chapter 15, Amir meets with the dying Rahim Khan. Where are they? Peshawar, Pakistan 2. What does Amir say about cliches? Why does Amir use the cliche about an elephant in the room to describe his meeting with Rahim Khan? They are usually dead on. The elephant is the truth about Rahim Khan’s condition – he is dying and doesn’t have much time left. 3. Afghanistan has been seized by what political group in Chapter 15? Taliban 4. In Chapter 16, Rahim tells us what happened to Hassan. What has happened? Where is he living? Hassan went to live in a village just outside Bamiyan where. Rahim Khan finds Hassan, who tells him that Ali was killed by a landmine. Rahim Khan asks Hassan and his wife, Farzana, to live with him. Hassan at first refuses, but agrees after learning of Baba’s death. Their first baby was a stillborn girl. Hassan’s mother, Sanaubar, returns to the home, starving and ill. Hassan and his wife nurse his mother back to health. She in turn delivers Farzana’s son, Sohrab. Sanaubar dies when Sohrab is four. 5. Who is Farzana? Who is Sohrab? Farzana is Hassan’s wife. Sohrab is their son. 6. What happened in 1998 by the Taliban in Mazar-i-Sharif ? The Taliban massacred many Hazaras in Mazar-i-Sharif. 7. In Chapter 17, Rahim gives Amir a letter from Hassan, who wrote it six months before. What is the tone of this letter? How does Amir react? Hassan is the same old Hassan; a loyal friend who is concerned about Amir. Hassan wrote the letter with excitement and pride. Hassan says he would like to see Amir again. Rahim Khan reveals, however, that Hassan and his wife were murdered by the Taliban a month after the letter was written. Their son, Sohrab, is now living in an orphanage in Kabul. 8. In Chapter 18, Amir finds out that both Hassan and his wife were shot by the Taliban while trying to protect Babas house, as a result, orphaning their son. Rahim tells Amir it is his job to find Sohrab in Karteh-Seh, Afghanistan, and take him to an orphanage in Peshawar, Pakistan. What is Amirs reaction? Do you think Rahims dying wish is unfair? Why or why not? Amir’s reaction is of shock and anger. He doesn’t understand why no one told him this before. Rahim’s wish is not unfair – this is how Amir will remove the guilt and pay back Hassan for what Amir never did in the alleyway years ago. 9. How does the cliche, like father, like son mentioned on page 238, relate to Baba and Amir? Baba and Amir were more alike than he’d ever known. â€Å"We had both betrayed the people who would have given their lives for us. And with that came this realization: that Rahim Khan has summoned me here to atone not just for my sins but for Baba’s too. † (209) 10. What clues hint at the secret that is revealed in Chapter 17-18? Baba had always been so close to Hassan and it makes sense now why he loves Hassan so much. (forgiveness of â€Å"theft†, cleft lip, threatened Amir over the â€Å"new servants† comment, bought the same gifts for Hassan and Amir (kite) – treated them equally, wishes Hassan was here (in America), etc.) 11. In Chapter 19, Farid is engaged to drive Amir from Peshawar to Afghanistan. Describe his first impression of Amir. When Farid said, Youve always been a tourist here, you just didnt know it, (page 245), what did he mean? What is Farids impression of emigrant Afghans who return to visit Afghanistan? Many are shocked at the changes in Afghanistan. They are like tourists in the country, considering the many horrible changes that have taken place. Farid believes that Amir has always been a tourist. Amir has only known a better Afghanistan. Afghanis only come back to sell their land and leave again. 12. What realization does Amir come to in Chapter 19? Amir realizes his life has been a lie all along. Baba favored Hassan in the past – Amir realizes this as a sign that Hassan is his half-brother. He also realizes he must leave to help Sohrab right away before he talks himself out of going. This was his last chance at redemption. (195) 13. In Chapter 20, Amir sees Kabul for the first time since leaving. Describe what he sees. Amir is shocked by the state of Afghanistan. On arriving in Kabul he discovers it has been severely damaged by twenty years of war. The Taliban patrol the streets looking for people to punish. Amir is advised to avoid even looking at them. Amir feels pain and sadness at what he sees. 14. In Chapter 20, the director of the orphanage, Zaman, tells Amir that Sohrab was taken by a Taliban official who takes children, usually girls, about once a month for his sexual pleasure. The official gave Zaman a great deal of cash. How does Zaman defend his actions? He has so many other children he must take care of. If he were not there, they would starve and die. If Zaman refuses, it could destroy the orphanage and save others from being taken and/or killed. The money also provides for their needs (i. e. food. ).

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Location and layout: A physical location is important to our firm but a website will make our services more accessible to more customers located in different regions. Physical location will have to be offices that include small offices for our human resources, website designer and finally rooms and conference room for the training. The address should be in a neighborhood where there are a lot of offices and businesses. Such a location will be effective because it will put us in proximity to businesses that we can easily reach and in their turn will spread the word about us quicker. Also being located near other known businesses makes locating us easier by referring to their offices or location to be near us. We won’t buy the property but have a lease, preferably to have landlord who will be responsible for property taxes, insurance and maintenance. . The office should have a room for the main training and a space for open offices where employees will have different tasks to do. The total square meter should be between 50 and 60 to meters squares. We found offices with similar criteri...

Manage finance within own area of responsibility in health and social care Essay

When I was happy that the strategy was ready to roll out I explained the strategy to the staff within a staff meeting. I asked their thoughts on it as they were the ones that would be implementing it and using it on a day to day basis with the children and young people. I explained to the staff why we needed to use the strategy as it had been mentioned by Ofsted and that it was now a requirement that we work in this way. The staff were all enthusiastic and keen to work with the new strategy. To further gain the support of the staff each member of the Participation Team would have an instrumental role in the strategy being successful and it would also mean that they would spend more time individually with the children and young people so that they got a better understanding of the child/young person and their different levels of communication and how they learnt. The team would also learn a new skill of setting and working towards target setting and measuring outcomes. This would be a learning process not only for the children/young people but myself and all of the team. Explain the features of effective team performance Following on from managing and Leadership should you get the mix right this then will lead to an effective staff team. A staff team is made up of a group of people working together to achieve a common goal. An effective team has certain characteristics that allow the team members to function more efficiently and productively. An effective staff team develops ways to share leadership roles and ways to share accountability for their work products, shifting the emphasis from the individual to several individuals within the team. A team also develops a specific team purpose and concrete work products that the members produce together. Effective staff teams will have open-ended meetings and develop active problem-solving strategies that go beyond discussing, deciding, and delegating what to do; they do real work together. When necessary, individuals in a staff team will set aside their own work to assist other members of the team. In a well-functioning staff team, performance is based not on an individual member’s ability to influence other staff members, but rather is assessed directly by measuring the work products of the whole team. Rewards based on the whole team’s effort help underscore the importance of team responsibility. Characteristics of an Effective Team †¢Staff members share leadership roles †¢Staff team schedules work to be done and commits to taking time allotted to do work †¢Team develops tangible results †¢Team members are mutually accountable for evidencing results †¢Performance is based on achieving team results Problems are discussed and resolved by the team Leadership and management must go hand in hand. They are not the same thing. But they are necessarily linked, and complementary. Any effort to separate the two is likely to cause more problems than it solves. Leadership styles should be adapted to the demands of the situation, the requirements of the people involved and the challenges facing the organisation. As manager’s we must identify appropriate forums which will provide opportunities to our team members which will help to make their own recommendations on how they should allocate work fairly within the team. These forums could include:- Informal supervisionteam meetings Formal supervisionweekly case allocation meetings At Granville Lodge I have informal supervision this encompasses sitting down over lunch some days or a coffee another and having an informal chat about work, their home lives, the children and young people at Granville Lodge. During these informal chats, the staff will generally open up more as they don’t acknowledge that this is an informal supervision but just a chat so they don’t tend to hold back were as in formal supervision they tend to not say as much as perhaps they want to because it is formal and notes are taken. So for me those informal chats are where I get most of my knowledge and information about the team members and more important to me to gain a greater understanding of that individual. During our team meetings we discuss events that have happened over the previous month, we also discuss any changes that are being made to the business not just at Granville Lodge but the organisation as a whole. I feel it is important to let the team know what is happening in the organisation so that they understand my role also, in that some of the strategic decisions I make, but they don’t necessarily agree with are not optional for me but is a decision I am making for the good of the organisation if not  particularly right for Granville Lodge at that specific time. We also discuss internal matters such as annual leave, health and safety matters the children and young people, and any other matters that the team want to raise. We discuss the matters and generally try to come to a mutual agreement so that all or at least a majority of the team are happy with. If not all staff are happy with a particular suggestion made at these meetings we do try to reach a compromise, if a compromise cannot be met then the decision in the end is mine I will take the decision that I believe is correct for the children/young people, the unit and the team. 1.2 Identify the challenges experienced by developing teams 1.3 Identify the challenges experienced by established teams It is hard coming into a team which is already established and have worked together over a long time period. This was the case in Granville Lodge. The team were well established and had for a lengthy period had to manage with no permanent manager. They worked extremely well but at the same time were lack lustre about their jobs. When you first come into a team like this it is hard to break down barriers, they have a pre disposed idea of who you are and what you want to do to ‘their’ home, they automatically think you are coming in and immediately want to change things or even worse get rid of them. For me the way to deal with this was to get to the know the team on an individual basis, get to know them on a work level, find out what they think of the organisation, how they see the business in its current form and find out if they are open to change. Once I got to know each member of the team individually, I sat back for a few weeks and watched the team work together, I needed to understand the team dynamics, learn who was who and where they sat in the hierarchy of the team. Although you may have Team Leaders this does not necessarily indicate the true dynamics of who ‘is’ actually leading the team. Once I learned who was who, and were they stood in the ‘pecking order’ I could start to work with them to let them know that I was part of their team and wanted what was best for the children and young people who resided and stayed at Granville Lodge. I had to gain their trust, as a Manager I believe that you should understand the business from the ground up. I needed to have a true understanding of the roles of each  member of the team and if the need arose would fulfil that role if required. I wouldn’t expect any member of my team to undertake a role or task that I wouldn’t be prepared to do myself. 1.1Analyse how different management styles may influence outcomes of team performance There are a number of factors which can influence the staff performance in the home, the staff may feel negatively influenced because of micromanaging by their senior or shift patterns. Conversely, the staff will most likely feel inspired and otherwise positively influenced by having a larger input into the running of the home and a supervisor’s approachable management style. Regardless of the field or industry in which you work, the factors influencing staff performance and morale are very much the same. There are several different types of management styles when it comes to managing in the workplace and choosing the right type of style to lead with will have a big impact in terms of how the staff performs. But knowing the different leadership styles in management does not mean that I can simply pick one and then that is going to work because I would then in essence be trying to fit a square peg into a round hole. In most cases, the traits of the staff I am managing help me t o define the management styles I will use, blending a combination of the different categories. Different types of management styles and the situations when each of them may need to be used. A manager’s leadership style may seem to be set in concrete, hard and unchanging. Or it may be fluid, changing to adapt to the given situation. No matter what a manager’s individual leadership style, it is important to remember that not every style is suited to every occasion. Managers who are able to adapt their personal style to obtain desired results are generally more successful leaders than those who try to impose the same style of management on every employee. http://www.ehow.com/info_7772758_management-leadership-styles.html#ixzz2jCXbk8h3 Directive Democrat †¢A democratic leader welcomes and encourages input from employees throughout the decision making process. A directive leader micromanages workers, telling them exactly how to complete their day-to-day work processes. When combined, these two styles create a directive democratic style of leadership in which the leader obtains input from workers when making decisions but then closely oversees the work to ensure it is completed appropriately. Directive Autocrat †¢An autocratic leader is one who makes all important decisions within the organization with little or no input from employees. This is often combined with the directive style to create a manager who accepts no input from employees in the decision making process and also micromanages every aspect of work. This is perhaps one of the least effective management leadership styles, especially if it is the only style a manager knows how to utilise. However, it is essential in a working environment where workers are either unable or unwilling to do the work without absolute supervision. Permissive Democrat †¢A permissive leader is one who gives workers a great deal of flexibility in the workplace, allowing them the opportunity to determine how best to approach their day-to-day work processes. Combined with the democratic style, this is perhaps best suited when managing highly motivated employees who are capable of monitoring their own work processes. The permissive democrat elicits input from highly skilled workers, usually obtaining the most innovative ideas and solutions. This type of manager is often able to confidently delegate many high level duties to capable employees. Permissive Autocrat †¢A permissive autocrat is a manager who makes all important decisions within the organization but then allows workers flexibility in determining how to complete their day-to-day work processes. This is a useful leadership style for a highly motivated yet unskilled workforce who are willing to do the work but do not have the training or education to make important decisions for the organisation. I believe that my management style depends on what is required at that particular moment. I am a mix of many management styles, but mainly a Permissive Democrat. I believe that allowing staff to be flexible in their approach to work and encouraging them to bring forward their ideas gives them a sense of purpose and ownership of our business. As I mentioned earlier it was difficult coming into a team that was already established and had worked together for a long time. They already had formed a working relationship with each other they knew how they all worked individually and already had gone through the five stages of development as a team. These are traditionally known as:- †¢Forming: a group of people come together to accomplish a shared purpose. †¢Storming: Disagreement about mission, vision, and approaches combined with the fact that team members are getting to know each other can cause strained relationships and conflict. †¢Norming: The team has consciously or unconsciously formed working relationships that are enabling progress on the team’s objectives. †¢Performing: Relationships, team processes, and the team’s effectiveness in working on its objectives are synching to bring about a successfully functioning team. †¢Transforming: The team is performing so well that members be lieve it is the most successful team they have experienced; or Ending: The team has completed its mission or purpose and it is time for team members to pursue other goals or projects. The model used was first developed by Dr. Bruce Tuckman who published his four stages of team development: the Forming, Storming, Norming, and Performing model, in 1965. Dr. Tuckman seems to have added a fifth stage, Adjourning, during the 1970s. Each stage of team development presents its own special challenges to a group of people striving to work together successfully by forming a cohesive team. The team and the organisation can take specific actions at each stage of  team development to support the team’s success in accomplishing the team mission. At each stage, the behavior of the leader must be adapted to the changing and developing needs of the group. As I was a new team member but also the leader we had to go through these stages again as I had a new vision and goals for the unit, so where the team had already reached the transforming stage we had to go back to the forming stage. I feel that at the present time we are between the norming and performing stages we are all now forming working relationships and working well together but not yet at the stage of transforming, but this will come with hard work on both sides. To achieve this we have to work in a team-oriented environment, where we all contribute to t he overall success of the organisation. We work with fellow members of the organisation to produce great results. Even though we all have a specific job function and belong to a specific departments, we are unified with other organisation members to accomplish the overall objectives. The bigger picture drives your actions; your function exists to serve the bigger picture. The process that results in employees who clearly understand and execute their performance expectations contains these components: †¢A company strategic planning process that defines overall direction and objectives. †¢A communication strategy that tells every employee where their job and needed outcomes fit within the bigger company strategy. †¢A process for goal setting, evaluation, feedback, and accountability that lets employees know how they are doing. This process must provide opportunities for continuing employee professional and personal development. †¢Overall organisational support for the importance of clear performance expectations communicated through cultural expectations, executive planning and communication, managerial responsibility and accountability, rewards and recognition, and company stories (folklore) about heroic accomplishments that define the workplac e. †¢To lead them I had to get them to understand why they are participating on the team? Do they understand how the strategy of using teams will help the organsation attain its communicated business goals? Can team members define their team’s importance to the accomplishment of corporate goals? Does the team understand where its work fits in the total context of the organization’s goals, principles, vision and values? Employee recognition is one of the keys to successful employee motivation. Employee recognition follows trust as a factor in employee satisfaction with their supervisor and their work place. I do feel that saying thank you to staff members is very important, it makes them feel valued and that you appreciate the effort they have made is ensuring that their business is running well and efficiently. I say thank you on a daily basis if I feel that the staff have performed their job well or have done that little bit extra. Informal recognition, as simple sometimes as saying thank you and please, should be on every employee’s mind every day. Supervisors and coworkers, especially, have the opportunity to praise and encourage best efforts daily. These tips will help you successfully provide more formal recognition that is valued, valuable, and motivational. Effective, fair, employee recognition is motivational for both the employees receiving recognition and their coworkers – d one correctly. Conflict is pretty much inevitable when you work with others. People have different viewpoints and under the right set of circumstances, those differences escalate to conflict. How you handle that conflict determines whether it works to the team’s advantage, or contributes to its demise.   Conflict isn’t necessarily a bad thing, though. Healthy and constructive conflict is a component of high functioning teams. Conflict arises from differences between people; the same differences that often make diverse teams more effective than those made up of people with similar experience. When people with varying viewpoints, experiences, skills, and opinions are tasked with a project or challenge, the combined effort can far surpass what any group of similar individual could achieve. Team members must be open to these differences and not let them rise into full-blown disputes.   Allen C. Amason, of Mississippi State University, has studied conflict and its role in decision-making. He suggests there are two types of conflict: Cognitive – conflict aimed at issues, ideas, principles, or process Affective – conflict aimed at people, emotions, or values His studies showed the presence of both types in any group setting; but he’s clear to explain that cognitive conflict is constructive, while affective is  destructive (Brockmann, 1996). Another researcher, Thomas K. Capozzoli (1995), reinforces this by describing the outcomes of constructive and destructive conflict: Constructive conflicts exists when†¦ 1.People change and grow personally from the conflict 2.The conflict results in a solution to a problem 3.It increase involvement of everyone affected by the conflict 4.It builds cohesiveness among the members of the team Destructive conflicts exists when†¦ 1.No decision is reached and problem still exists 2.It diverts energy away from more value-add activities 3.It destroys the morale of the team members 4.It polarizes or divides the team Trust is one of the most important elements of an efficient work environment. Organisations that have trust among employees are usually successful, those that don’t frequently are not. How can I build trust in the staff team, and how can I avoid losing it?† Well, it all starts with me as the manager, since trustfulness – and trustworthiness – can exist only if the management sets the example, and then builds that example into every member of staff. From doing research and through personal experience I’ve found four excellent ways to build trust into staff teams. †¢Establish and maintain integrity. It is the foundation of trust in any organisation. Integrity must begin at the top and then move down. This means, among other things, keeping promises and always telling the truth, no matter how difficult it might be. If its people have integrity, an organisation can be believed. †¢Communicate vision and values. Communication is important, since it provides the artery for information and truth. By communicating the organization’s vision, management defines where it’s going. By communicating its values, the methods for getting there are established. †¢Consider all employees as equal partners. Trust is established when even the newest staff member, a part-timer, or the lowest paid employee feels important and part of the team. This begins with management not being aloof, as well as getting out and meeting the staff. This should be followed by the manager seeking opinions and ideas (and giving credit for them), knowing the names of staff and their families and treating one and all with genuine respect. †¢Focus  on shared, rather than personal goals. When staff feel everyone is pulling together to accomplish a shared vision, rather than a series of personal agendas, trust results. This is the essence of teamwork. When a team really works, they trust one another. Accountability As the home manager I need to hold staff accountable for meeting commitments. This sounds simple, but in the messy world it can be a conundrum. Reason: People have a tendency to justify their actions based on their personal rationalisation. It may seem a lame excuse, but to the staff member, there was no way the commitment could have been made. The technology for holding people accountable begins with the notion that it is expected behaviour. There is a fine art to holding people accountable and still maintaining trust with not only the staff in question but also their colleagues. What techniques do I use to manage accountability without losing trust? Holding people accountable is a fundamental premise of good management. Establishing solid goals and providing feedback along the way helps staff recognise the importance of performing up to expectations. Unfortunately, some staff do not meet their goals for a variety of reasons. When this happens, I need to hold them accountable, but t here are often problems in executing this closure step. If goals were not met due to employee laziness, lack of initiative, poor attitudes, or any other negative personal trait, then the accountability step is appropriate and will be done along with the appropriate documentation. When staff fail to meet expectations due to things that are truly out of their control, then holding them accountable seems punitive beyond reason. I believe there is a direct link between holding people accountable in an appropriate way and the level of trust in the home. Unfortunately, many situations are in a gray area in between extremes. A staff member will usually have some sort of excuse that justifies not being able to perform up to expectations. That is, he or she has rationalised the lapse based on some mental process that exonerates the employee from toeing the line. When I attempt to hold the individual accountable for the failure, it seems unfairly harsh to the individual employee and trust plummets. The conundrum is that staff who witness their  colleagues not performing up to expectations, yet not being held fully accountable, leads to a lowering of trust in the home as well. For me, it is a kind of â€Å"darned if you do, darned if you don’t† situation . It is important for me to explain that I hold people accountable for their actions, and I do not condone a string of excuses or reasons why the goals were missed. Yet I will still need to all allow some latitude for truly uncontrolled situations where it was impossible for the staff to perform up to expectations. There is a direct relationship between how I handle the issue of accountability and the level of trust achieved at any point in time. I need to recognise this sensitive area and navigate the choppy waters with great care. Using the golden rule is a great way to apply the right amount of personal sensitivity to a situation, but still get the message across that people are expected to meet commitments. Properly reinforced, this attitude will maintain trust within the home even though some difficult or unhappy discussions need to happen with certain individuals. How the accountability is communicated to the employee has everything to do with how it is perceived and received. I need to be consistent with following through on commitments, and then staff cannot expect to be called out if goals are not met. Having a firm but kind conversatio n with the staff member, in private, about a performance lapse is far superior to catching the employee off guard and rubbing his or her nose in the problem. If I were to berate the staff member publicly and with a mean spirit, significant damage to the relationship would result. 3.1 Identify the factors that influence the vision and strategic direction of the team As a registered care home, Granville Lodge works with government legislation, National minimum standards and the Ofsted essential standards to help shape our policy and strategic thinking, this gives all employees a shared vision of better services. When there is a significant change in legislation, we have to assess the service support currently offered. This will have an impact on the team and the direction of our previous vision. At present any influence on the team direction is from our vision (statement of purpose) is a society where people with Profound and Multiple and Learning Disabilities  and Complex Health Needs are equal citizens and have access to the support and services they need. Our mission is to improve the quality of life of people with a disability. We work in partnership with people with a disability and family carers and all of our stakeholders to make sure that good practice in delivering high quality person centred support is developed, shared and evaluated. We believe that people with disabilities should be supported to live fulfilling lives as equal citizens who are involved and contribute to their communities. We will ensure that we are involved in making the disability policy agendas of equal citizenships, rights, choice, inclusion and independence happen throughout Great Britain. We will work in partnership with people with learning disabilities and family carers, recognising that they are the real experts and that their stories and life experiences should be central to developing and sharing good practice. We will listen and identify how to provide quality person centred support focusing on those groups that have often been excluded including. We are open to changing the way we work if this means that more people can have better lives through what we do. Bibliography Amason, Allen C (2011). Strategic Management. Taylor and Francis Brockmann, Erich. (1996, May). Removing the paradox of conflict from group decisions. Academy of Management Executive. v10n2, p. 61-62. Cappozzoli, Thomas K. (1995, Dec). Resolving conflict within teams. Journal for Quality and Participation. v18n7, p. 28-30 Covey, Stephen R, (1989), The Seven Habits of Highly Effective People: Restoring the Character. Ethic. Simon and Schuster, 11/09/2013 – http://humanresources.about.com/od/teambuilding/f/team_stages.htm 16/09/2013 http://www.rpi.edu/dept/advising/free_enterprise/business_structures/management_styles.htm 16/09/201 – 3 http://www.preservearticles.com/2012021323091/short-essay-on-leadership.html 30/10/13 – http://www.peelerassociates.com/blog/leading-versus-managing-eight-key-differences/ 30/10/13 – http://www.mindtools.com/pages/article/newTMM_79.htm#sthash.4LOPeQ9r.dpuf

View of the soldier during ww

Do you agree with the view that the British soldier's life in the trenches of the Western Front during the First World War was one of unbroken horror? Trench conditions varied widely between different theatres of war, different sectors within a theatre, and with the time of year and weather. Trench life was however always one of considerable squalor, with so many men living In a very constrained space. Source 7 supports this by saying â€Å"troops fell prey to dysentery and trench fever as a result of filthy conditions and exposure†.However source 8 disagrees where it depicts how the roofs where only in the trenches for a â€Å"short time†, furthermore source 9 continues to support source 8 by saying â€Å"casualties where low†. The trenches clearly were not a nice place to be and their would much nicer places the troops would of rather been. However Source 9 tells â€Å"casualties were low simply because men were in trenches. † This gives the impression t hat life in trenches was not so bad after all. It explains how the trenches saved the lives of the troops and clearly were an asset to the soldiers.However from my own knowledge I see the trenches to have; scraps of scarred food, empty tins and other waste, the nearby presence of the latrine, the general dirt of living half underground and being unable to wash or change for days or weeks at a time created conditions of severe health risk (and that Is not counting the military risks). Vermin Including rats and lice were very numerous; disease was spread both by them, and by the maggots and flies that thrived on the nearby remains of decomposing human and animal corpses.This is supported in source 7 where it illustrates the troops â€Å"suffered from typhoid caused by lice and were liable o get fungal infection known as trench foot in the frequently wet, muddy conditions. † This supports the view that the British soldier's life in the trenches of the Western Front during the Fi rst World War was one of unbroken horror. Troops in the trenches were also subjected to the weather: the winter of 1916-1917 in France and Flanders was the coldest in living memory; the trenches flooded In the wet, sometimes to waist height, whenever It rained.Men suffered from exposure, frostbite, trench foot (a wasting disease of the flesh caused by the foot being wet and cold, constrained Into tots and puttees, for days on end, that would cripple a man), and many diseases brought on or made worse by living in such a way. This is supported in source 7 where it states the men were in â€Å"wet, muddy conditions†. This surprisingly backed up by Source 9 (Argues the trenches were safe, â€Å"constructed for protection†) where it says â€Å"the mud that exists in our mental depictions of the Front was most common in Flanders†. However Source 9 contradicts its self by saying â€Å"the land tended to drain properly'.This gives a complete different perspective, but goes on to explain why. The reason is due to the† trenches passing through many kinds of terrain†. This explains the a cause for completely different accounts about the lives for the soldiers in the trenches and shows how the vast length of the trench line meant different areas had completely different weather and terrains. Indeed, the Great War, a phrase coined even before It had begun, was expected to be a relatively short affair and, as with most wars, one of great movement. The First exemplified on the Western Front from autumn 1914 until spring 1918.Source 8 helps to portray this as well where it says â€Å"the idea that was not stopping in the trenches for long†. The word â€Å"idea† in this quote implies the fact that this is what the generals wanted to happen but may have not actually happened. Source 8 goes on to say, â€Å"the result, in the long term, meant that we lived a mean and impoverished sort of existence in lousy scratch holes. † T his shows, due to expectation of continues moving towards the Germans, the trenches were not well made or fortified and therefore not giving the men enough protection or comfortable living spaces.This however, is contradicted by Source 9 where it says how â€Å"casualties were low simply because men were in trenches. † And where it also quotes the trenches â€Å"were instructed for protection†. Not that there wasn't movement at all on the Western Front during 1914-18; the war began dramatically with sweeping advances by the Germans through Belgium and France heading for Paris. However stalemate and trench warfare soon set in, and the expected war of movement wasn't restored until towards the close of the war, although the line rippled as successes were achieved at a small level.Finally, no overview of trench life can avoid the aspect that instantly struck visitors to the lines: the appalling reek given off by numerous conflicting sources. Rotting carcasses lay around i n their thousands. For example, approximately 200,000 men were killed on the Some battlefields, many of which lay in shallow graves. Overflowing latrines would similarly give off a most offensive stench. Men who had not been afforded the luxury of a bath in weeks or months would offer the pervading dour of dried sweat.The feet were generally accepted to give off the worst dour. Trenches would also smell of cresol or chloride of lime, used to stave off the constant threat of disease and infection. To add to this the smell of cordite, the lingering dour of poison gas, rotting sandbags, stagnant mud, cigarette smoke ND cooking food. This is supported by Source 7, describing how the soldiers â€Å"had to share their dugouts and their food with disease ridden rats fattened on a plentiful supply of rotting corpses†.This portrays that the life in trenches was one of unbroken horror. It can be said that the trenches were clearly better than nothing, offering small amounts of protecti on at the least. However they clearly were not something they looked forward to with its â€Å"filthy conditions† stated in source 7. I feel the main difference between the sources which create the argument, is likely to be that the counts are taken from different locations along the British front line as well the time of the year.As stated previously, the winter of 1916-1917 in France and Flanders was the coldest in living memory, where as other times of the year and different areas were not so bad. Moreover the trenches were a place of hell. AH though they offered protection for the troops, the conditions and living standards were terrible. Therefore, agreeing that the British soldier's life in the trenches of the Western Front during the First World War was one of unbroken horror. Charlie Runoff

Goonies essays

Goonies essays Many people in the world are smart, bud a kid in the movie The Goonies named Data is different. His is from China and is very accident-prone. He has a very active imagination and is clumsy. Data is very smart and inventive. Data is the inventor of the group. His inventions help the Goonies escape from the Fertellis. Data uses a belt with many weird inventions in it. Such as a grappling hook invention that is supposed to grab things and bring them to him, but it pull him towards the object. Data is also very accident-prone. When he was sliding down the towline to the Goon Docks he crashed through the screen on the front door and crashed onto the floor. Data is also the only person in the group from a different country. He is a Chinese kid with many weird but great ideas. Throughout the movie, Data uses many of his inventions. When the Goonies first entered the passage to the treasure, it was really dark. Data was going to use his Bully Blinders to light up the passage. He made the lights to blind kids that tried to push around. It would blind the bully so he could run away. But the lights were really bright and used up the battery quickly, so that idea didnt work. When the Fertellis were chasing the Goonies, Mikey tripped of the traps. Data fell down a hole towards a pit of spikes. He then used his Pinchers of Power to stop falling and he then finds a new room. This leads them closer to the treasure. The Goonies ran into a stream near the end of the passage with a log that went across it. Everyone ran across except Data. He stopped about halfway across and said that he had an idea. Data uses his Slick Shoes, which sprays oil behind him, to cover the log and make it slippery. The Fertellis ran over the log, slipped and fell into the water. Whenever the Goonies run into a problem with the Fertellis, data alwa...

Descartes Proof Of The Existence Of God Essays - Ren Descartes

Descartes' Proof Of The Existence Of God Essays - Ren Descartes Descartes' Proof Of The Existence Of God The intention of this paper will be to examine Descartes argument for the existence of God. First, I will review Descartes proof for the existence of God. Then, I will discuss some consequences that appear as a result of Gods existence. Finally, I will point to some complications and problems that exist within the proof. Descartes proof of the existence of God occurs in the Third Meditation. He builds his entire argument upon his proof in the previous meditation that in order for him to think, he must exist. From this single observation, Descartes notices that the idea of his existence is very clear and distinct in his mind; based upon this clarity and the fact that he has just determined his own existence, he deduces a rulethat the things that he sees as very clear and very distinct are all true. Descartes starts his proof by dividing thought into four categoriesideas (concepts), volitions (choices), emotions (desires), and judgments (beliefs). He then breaks down these categories to discover which type/s of thoughts can yield error. The first thing to realize is that there is no error in an idea. Error can occur only in the judgment of whether the idea is true or false. For example, I may have an idea of what it would be like to burn my finger, but that idea has no rightness or wrongness until I make a judgment as to whether I believe or disbelieve the idea. In other words, having an idea is one thing, but believing it is something different. Concerning emotions and volitions, these forms of thought do not give way to any error either since we can desire or choose anything and not find any error in the fact that I desire it or choose it. Next, Descartes discusses where ideas come from, namely, inside ourselves (innate or invented) and outside ourselves (adventitious). Innate, or inborn, ideas include my understanding of what a thing is, what truth is, and what thought is (38). These ideas are considered innate because the understanding seems to be resulting simply from my own nature. They are in no way derived. When my senses (seeing, hearing, feeling, etc.) come into play, I develop an idea adventitiously. For example, if I were sitting by a fire, I would feel the heat of the flames. Feeling or having the idea of the heat was not something I decided to do from within; therefore, it must have come from something other than myself (i.e. the fire). Last but not least, some ideas are made up in my own mind. For instance, I have developed an image of my grandfather who passed away long before I was born. I have never actually seen him, but I invented an idea of him. Descartes utilizes another rule in his thought process in addition to the one stated previouslyobjective reality cannot exist without formal reality. By this he means that an idea cannot originate without a cause. Formal reality is characteristic of things and ideas have formal reality because they are states of mind. Objective reality is when things or ideas are representational of other things. Ideas automatically have objective reality since the idea represents some reality. Also, the more perfect ideas cannot come from the less perfect. This is known as the Causal Principle and is more properly stated as there must be as much reality in the total and efficient cause as in the effect. He explains that those ideas in us that obviously do not have formal reality, such as a mermaid, are merely combinations of other formal realities (a woman and a fish) and thus do not invalidate the rule. Another important explanation to note is the difference between being an idea and being the oppo site of an idea. For example, heat is an idea and cold is simply the lack of heat. The idea of cold is dependent on the idea of heat. Now Descartes has established the rules by which to lay down his argument. He then explains that he knows that he is imperfect due to the fact that he has doubts. Clearly, knowing is more perfect than doubting. From this notion, he

The History of Ice Cube Trays

The History of Ice Cube Trays It is not known for certain who invented the first ice cube tray, a refrigerator accessory that can make and remake small uniform ice cubes. Yellow Fever In 1844, American physician, John Gorrie, built a refrigerator to make ice to cool the air for his yellow fever patients. Some historians think that Doctor Gorrie may have also invented the first ice cube tray since it was documented that his patients were also receiving iced drinks. DOMELRE- the Refrigerator That Inspired Ice Cube Trays In 1914, Fred Wolf invented a refrigerating machine called the DOMELRE or DOMestic ELectric REfrigerator. The DOMELRE was not successful in the marketplace, however, it did have a simple ice cube tray and inspired later refrigerator manufacturers to include ice cube trays in their appliances as well. During the 1920s and 30s, it became common for electric refrigerators to come with a freezer section that included an ice cube compartment with trays. Ejecting Ice Cube Trays In 1933, the first flexible stainless steel, all-metal ice tray was invented by Guy Tinkham, the vice-president of General Utilities Manufacturing Company. The tray flexed sidewise to eject the ice cubes. Tinkhams invention was named the McCord ice tray and cost $0.50 in 1933. Flexing the tray cracked the ice into cubes corresponding to the division points in the tray, and then forced the cubes up and out. Pressure forcing the ice out is due to the 5-degree draft on both sides of the tray. Modern Ice Later, various designs based on the McCord were released, aluminum ice-cube trays with a removable cube separator and release handles. They were eventually replaced by molded plastic ice cube trays. Today, refrigerators come with a variety of ice cube making options that go beyond trays. There are internal automatic icemakers and also icemakers and dispensers built into refrigerator doors.

External and Internal Environments Research Paper - 4

External and Internal Environments - Research Paper Example Social and technological factors are the most important segments of the general environment affecting the fashion industry. Consumer factors like lifestyles, tastes and trends are the most critical within the fashion industry. For clothes to sell, companies ought to create designs that are in tandem with society’s preferences. Therefore, they need to study and analyze demands and patterns that exist at the time. This issue has affected Zara substantially because it has had to follow fashion trends closely during its entire period in operation. In order to stay in vogue, the company often sends a team of designers to fashion shows in Milan, London and New York. It also expects its team to read through fashion magazines, blogs, and other websites that discuss the latest trends. The organization also analyses daily sales data for all products sold in its retail stores. It liaises with buyers to determine what they might like to see within the stores. Therefore, it is a leading fashion retailer owing to its high awareness of consumer tastes and preferences (Crofton and Dopico, 2007). Technological factors also affect businesses in this industry tremendously. This may affect a company’s ability to get products to consumers quickly. Technology also introduces new sales models that may reduce brick and mortar sales. The growth of online selling has affected numerous organizations positively and Inditex is not an exception. It has used this opportunity to sell its products to individuals in relatively distant countries without having to invest in brick and mortar stores in those locations. Technology also facilitates rapid communication between customers and other fashion sellers thus making individuals more aware. Inditex’s business also depends on rapid gathering of information from its consumers. This has been possible due to the

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Task 5 PROBABILITY, STATISTICS, & QUANTITATIVE PROBLEM Essay

Task 5 PROBABILITY, STATISTICS, & QUANTITATIVE PROBLEM - Essay Example Therefore cost subsequent to discount is x-0.1x=0.9x. Hence the cost before and after tax is X=0.9x. Company B; let the cost prior to discount be represented by y. Company B wont award discount if y≠¤20. Hence cost subsequent to discount is y. We end up with the equation y= given y≠¤20. Incase y exceeds 20, company B will award 20% discount for any amount more than 20 dollars. The amount more than 20 dollars is y-20.discount is 20/100 of (y-20) =0.2x-4. The cost y subsequent to discount is given by 0.8x+4. Hence the cost before and after tax is connected by y=x given x≠¤20, y=0.8x+4 given y>20 Company A: The cost prior to discount is not more than 20 dollars. Systems of equations to be solved are x=0.9x, y=x and y=y .it implies that x=y=y. therefore x=0.9x hence dividing both sides by x we get 0.hence solution to the systems is x=o, y=0 and z=0. It implies that incase purchases are more than 20dollars, the two companies’ offers are equal if they do not purchase at all. Incase x inclines from 0 to 20 company’s A offer is better as they give10% discount and no discount is given by company B. Company B: The cost prior to discount is more than 20 dollars. Systems of equations to be solved are y=0.9x, y=0.8x+4 and y=y meaning 0.9x=0.8x+4 which gives us 0.1x=4 hence x=40. Y=0.9Ãâ€"40=36 and y=y=36. The solutions to this system is therefore x=40, y=36 and y=36. It implies that incase purchases are more than 20dollars, the two companies’ offers are equal if the amount prior to discount is 40dollars.if 20

Are Events Particulars Essay Example | Topics and Well Written Essays - 1500 words

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Strategic Marketing Planning Essay Example | Topics and Well Written Essays - 1500 words

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Are Events Particulars Essay Example | Topics and Well Written Essays - 1500 words

Are Events Particulars - Essay Example He also critiques Chilosm's contention that there are recurring events - he gives an example of dropping a saucer in mud one day and doing it again the next. So how does one classify such an event, is a particular event How can we make these discrete events as one, one might talk of same event continuing but then in case of a continuous event recurring after a break, what if the event occurred with separate participants, two persons got married and two others did the same. Will this count as a same event or event sum! Even if one were to allow unrepeatable events, how can one solve the paradox of same event happening more than once, perhaps resumption of the event after a pause might suffice. Only he says if there are particular unrepeatable events than same event can occur on more than one occasions (Donald, essays). Davidson believes that events are particulars, so that same event can be cross referenced from more than representation, further physical event even though these might be causally related; he classifies mental events as those rationalized by reasoning. This does not mean that correlations do not exist, it is only that such correspondences cannot be rendered in the precise mathematical form outlined by strict laws. Regarding equivalence of events and if events are indeed particulars he says that events should be similarly causal for them to be identical and also that the concerned events should occupy the same spatial location (Stanford Encyclopedia of Philosophy). The differentiation between mental and physical events is quite amorphous they are really two ways of looking at the same things viewed from two different perspectives. The question to ask is whether this event is constituent of or composed of event which is purely physical, a mental event might have hidden aspects, properties which are not immediately discernable, but by using exemplifications the associations might become clearer. (Helen Steward, ontology of the mind) Helen Steward discusses Jaegwon Kim and Jonathan Bennett's theories on events in his book "The Ontology of Mind". Events according to Jaegwon Kim, he says, are to be represented canonically such that their inherent metaphysical character is kept intact; events have a structure, its constituents are object(s) and time (Internet Encyclopedia of Philosophy). Any event can be represented by the expression [S, p, t] where S is substance, p is property and t time. Kim's events exemplify properties, but the property exemplified is the constitutive property while any number of non constitutive properties is exemplified (Internet Encyclopedia of Philosophy. Two events are identical only if the three variables match in the respective events and the concerned Events 4 event is a "dated particular" (Helen Steward) and event's identity is tied to a particular property. The issue is using event describing sentences using explicit times cannot be mapped on a particular event and

Group Project 2 Essay Example | Topics and Well Written Essays - 250 words

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Challenges that working women face today Essay Example for Free

Challenges that working women face today Essay Introduction In today’s culture where individualism is emphasized and especially that women are encouraged to assume equal roles as men would normally take, two or three decades ago, it is very difficult to see eye to eye with how women are during biblical times. â€Å"Girl power† or women empowerment is the rule of the day for women nowadays. Although, of course, all women as all men have the right to lead in the sense that they have the same intrinsic capacity to influence, the role of leadership has been blown out of proportion by feminist groups as they apply it to women. The result of this over blown leadership role of women has been the constant battle between members of opposite sexes in many significant areas within society. It has affected the homes, government and non-government institutions, down to the smallest entity that has within its membership men and women. The Challenges Today, despite the liberty afforded to women since their right to suffrage had been granted, myriads of problems assails them as they exercise many of their freedoms. These include sexual harassment and abuse, balancing family life and, still being debated to a degree is the issue on an equitable salary or pay. Generally, the women today have double jobs not to mention the close attention they pay towards their children’s schooling. This is usually true in urbanized and highly educated centers in the mainland USA. Despite these changes of traditional roles of women in the cities, there are yet rural areas where women assume roles that are still traditional. Women in these areas are still known to be subservient to their men; oftentimes abuses are the rule not the exception. Abuses come in the form of incest, rape, lure of prostitution, cybernet prostitution, abortion, domestic violence, sex tourism, and mail order brides among others. However, without exception, more less educated women are abused than their more educated counterparts who also have more access to social services. In other words, the abuses mentioned characterized women, though the incidence and degree are comparatively higher in the less educated and misplaced/marginalized areas (Malveuax et al., 2002). ~ Salary Equity Despite the provision by law that there should be equal remuneration standards for men and women, many firms and workplaces continue to abuse women of this right (Equal Employment Opportunity Act). This law precisely was originally intended for women to receive equal pay and be protected against anomalous employers who make whimsical decisions regarding their women employees. It provides against employers who may lower wages from either sex or labor organizations that will attempt to influence employers against employees’ wages (Taber, 2008). The question is how prevalent is the discrimination or abuse on employee salaries? Basically, most occupations still show discrepancy with women versus men wages, although various explanations are put forth. However the factors may be explained, the fact still remains that women lose around 20 to 30 percent to that of men’s income (77cents to one dollar for men) as reported by The Washington Post (2007 July). ~Balancing Work and family (Work-Life Initiatives) Work-life initiatives are strategies implemented by firms to reduce turnover and increase productivity and overall firm performance. Studies were made to examine the influence and effects of work-life initiatives on employees and the organization in general. Workplace diversity which incorporates the concepts of work-life initiatives does indicate that it is inevitable that when a company introduces work-life initiatives, there is a resulting increase in diversity. Substantial evidence point to the effectiveness of workplace diversity hence, many institutions encourage and promote this in their particular milieu (http://www.cmdronline.com/workshops.htm). It is inevitable that juggling work and family life will be one of a person’s demanding experiences. The rationale for having a job is not only to have a livelihood, achieve personal satisfaction in the expression of his abilities and trainings, and receive his remuneration and perks on the side. Preparation for family stability to be able to provide and thus create an atmosphere of care, for bachelors/maidens, is also the foremost and logical reason for having a job. However, the thin thread that separates between the two polarities becomes blurred, and there lies the tension that pulls a person in different directions. The Center for Mediation and Dispute Resolution opens its website with the following quote: â€Å"Our life is one giant balancing act (http://www.cmdronline.com/workshops.htm).† Perhaps, no person will ever disagree with that statement. The goal then is to know how to do the balancing act, to gain competencies in achieving a rewarding, flourishing kind of life that holds work in one hand, while maintaining a well-nurtured and healthy family on the other hand. ~Sex Harassment What is perhaps most important to women’s well-being is their security against abuse of any form from employers, fellow employees and other people as they conduct their day-to-day affairs. Sex harassment is defined by the Women’s Justice Network as â€Å"Sexual harassment is any unwelcome sexual advance, request for sexual favors, and other verbal or physical conduct of a sexual nature. Whether sexual harassment is from a supervisor, co-workers or customers, it is an attempt to assert power over another person. The harassment may take place in your work setting, outside of your work setting, in your home, while traveling on business or at business functions† (20002). Conclusion While at the moment, the common cry of women is equality to both genders as it is reflected in women’s roles in the family, in public places, and the obliteration of the stereotyped designation of females in past decades which until now has its bearing in the minds of the general public the consequent outcome of this campaign is prevalent in almost every area where function is concerned. In the late 1960s, women’s movement began to blossom. It was stirred by the then sentiment of repulsion to the tasks being typecasted among women. Women’s movement of the 60s aimed to question the menial duties relegated to women such as getting married, becoming a housewife and afterwards attending to household chores (including raising children), and when outside opportunity comes for them to work, they’re consigned to answering phones, photocopying, etc (Encarta, 2006). The scenery has been changed and is no longer the same as in the past 30 or 40 years. The typical woman today is one that is among the working class – no longer confined to house premises, but working and providing as much as her male counterparts. She can be the manager or an executive of an established firm where most of the male employees are under her command. Equality in roles has now been achieved. Whereas this status and depiction of women in itself is not outright negative, the undercurrent force that it has created is the programming of the minds of today’s women to be resistant to the biblical description of their role as they are teamed with men. Instead of seeing male and female partnership as complimentary to both sexes, the danger of too much emphasis on equality especially when it is defined merely in domestic and public functions is the threat that masculinity poses to womanhood. It is good for women to fight for their basic equal rights with men as members of this global community, but if it results in certain imbalances because the aim has become the dethronement of the opposite gender, then the battle for equality has now turned into fight for superiority of the female sex. Reference: 1. Encarta Dictionary 2006. (DVD). 2. Malveaux, Julianne, Deborah Perry, Deborah L. Perry. 2002. Unfinished Business: A Democrat and a Republican Take on the 10 Most Important Issues Women Face. Penguin Group USA. 3. Halonen, JS and JW Santrock, 1996. Psychology: Contexts of Behavior, Dubuque, IA: Brown and Benchmark, p.810. 4. __________ â€Å"Values: what are they?†2007. Family Works : University of Illinois extension. Accessed November 10. 2007. http://www.urbanext.uiuc.edu/familyworks/values-01.html 5. _________Centre for Mediation Dispute Resolution, accessed in http://www.cmdronline.com/workshops.htm 6. Taber, Loren. The Law in the Workplace. Accessed February 28, 2008. http://www.google.com/search?q=cache:2K4rLBDHP90J:www.cbi-cc.org/PowerPoints/The%2520Law%2520in%2520the%2520Workplace.ppt+women+issues+on+discrimination+in+salary/wageshl=enct=clnkcd=1 7. _________ â€Å"Men vs Women: Asking for more Money. The Washington Post. July 30, 2007. Accessed February 28, 2008 http://ocouha.com/weblog/tags/earnings-income-salary-wages-wealth/ 8. _________ â€Å"Sexual Harassment in the Workplace. Toronto Harassment support Group. Retrieved February 28, 2008. http://www.owjn.org/issues/s-harass/work.htm

Relationship between Assets and Liabilities on Balance Sheet

Relationship between Assets and Liabilities on Balance Sheet Cement industry indeed a very important part of industrial sector that plays a essential role in the economic development. Though the cement industry in Pakistan observed its lows and highs in recent past it improved during the last couple of years and floated once again. A basic economic decision deal with a financial intermediary is the mixture of assets to buy and liabilities to sell, a decision that reflects a complex set of economic and institutional considerations. When viewed as a decision under uncertainty, the outcomes from this decision involve interactions among the assets, among the obligations and among assets and obligations. The asset and obligation structures of cement sector of Pakistan necessarily reflect these interactions as well as many regulatory and institutional constraints unique to the cement industry. Multivariate statistical procedures such as canonical correlation analysis are being used more frequently and the methods used in thesis can be applied to other studies. The mixture of assets and liabilities chosen can be viewed as a basic portfolio theory decision. In thesis canonical correlation analysis was applied to examine the relationship between assets and liabilities made by a cross-section of 18 large cement companies of Pakistan listed in stock exchange. Canonical correlation is a multivariate statistical technique that was used to assess the nature and strength of relationship between assets and liabilities. The correlation between each set of assets and each set of liabilities indicates the relationship between assets and liabilities but all of these correlations assess the same hypothesis that assets influence liabilities. The thesis focused on firms of the Pakistans cement industry and the purposes of the thesis was to identify relationships between assets and liabilities exhibited by these corporations and to explain the nature of these relationships. The teaching of corporate finance as reflected in the major textbooks compartmental izes the decision areas of finance and within each compartment management is assumed to attempt to maximize the firms wealth, holding the other areas of the firm constant. For example, capital budgeting decisions are made given a cost of capital or required rate of return (a capital project is evaluated independent of how it is financed), or the capital structure is chosen given the character of the firms assets. Cash, receivables, and inventory balances tend to be optimized independently. There is a tradeoff between the rigor afforded by global models of the firm (such as the CAPM) versus the realism afforded by the various approaches used in the compartmented models (e.g., cash management models, equipment replacement models, leasing, etc.). Business practice has the same dilemma; complex organizations must decompose the overall wealth maximization problem into sub problems which, when solved, allow the firm to make satisfactory decisions. Business executives may be uncomfortable with an assumption of independence between investing and financing decisions for two reasons. First, even if the decisions were independent, the decisions may occur simultaneously because of the necessity of raising the funds to invest. Second and more importantly, the assumptions necessary to obtain independence may not be obtained. Several interdependencies might be anticipated between assets and liabilities: Hedging is commonplace, where firms go with maturity structure of their assets and obligations (i.e., short-term assets tend to be financed with short- term obligations and long-term assets tend to be financed with long-term obligations). Some assets are used as collateral for loans. For example, accounts receivable can be used as collateral for short-term bank loans or factor loans and real estate as collateral for mortgages. Commodity-producing firms will maintain inventories which may be financed with credit from suppliers (accounts payable) while service-providing firms may have little of either inventories or accounts payable. High risk businesses may try to manage risk by using less leverage on right hand side of balance sheet (high equity) and by maintaining larger liquidity balances on the left-hand side. This process may enable management to reduce the probability of insolvency It was the objective of the thesis to determine relationships between assets and liabilities on balance sheet exhibited by a sample cement firms of Pakistan. Canonical correlation analysis was used to identify and study the nature of relationship between the structure of the left and right hand sides of the balance sheet. Though canonical correlation analysis is very similar to discriminant and factor analysis, it has not been widely employed in finance. The variables used in this study are, Cash, Account Receivable, Inventories, Long-term Assets, Account Payable, Short-term Debt, long-term Debt and Share Holder Equity. CHAPTER 2 LITERATURE REVIEW Stowe,John D,Watson,Collin J Robertson ,Terry D (1980) observed the relationship between assets and liabilities with the help of canonical correlation analysis. The purpose of research was to identify relations between the two sides of balance sheet (Assets and liabilities) revealed by the corporations and to explain the nature of these relationships. Data from balance sheet for a cross-section of firms was used in the study. For each firm / corporation, a general size (or percentage breakdown) balance sheet was constructed with 4 asset and 4 liability accounts. A big diversity of balance sheet structures was present between 510 firms. A number of remarkable relationships were found in the study i.e. inventories were positively correlated with accounts payable and long-term assets were correlated with long-term debt. On the other hand, stockholders equity was not highly correlated with any of the asset proportions. An independence of asset and liability composition of the firm is tilted in much modern financial theory, the independence of investing and financing decision is a prominent part of Modigliani and Millers classic capital structure research. Though the distribution of financing and investment decision is an invaluable assumption which greatly makes simpler many business financial decisions, real balance sheets of modern corporations do not exhibit independence between assets and obligations on balance sheet. The aim of the study was (1) to recognize relationships between t assets, obligations and equity on a balance sheet reveal by these firms and (2) to clarify the nature of these relationships. Independence of liability and asset composition is explicit in Modigliani and Millers capital structure proposition. In their article, they exhibited that, given a flow of risky earnings; the firms total market value and cost of capital are independent of capital structure. The education of corporate finance, as imitated in the major textbooks, compartmentalizes the decision spots of finance and, within each box, management is assumed to effort to maximize the firms wealth, holding the other spots of the firm stable. For example, capital budgeting decisions are made given a cost of capital or required rate of return (a capital project is evaluated independent of how it is financed), or the capital structure is chosen given the character of the firms assets. Cash, receivables, and inventory balances tend to be optimized independently. There is a tradeoff between the rigors afforded by global models of the firm (such as the CAPM) versus the realism afforded by the various approaches used in the compartmented models (e.g., cash management models, equipment replacement models, leasing, etc.). Business practice has the same dilemma; complex organizations must decompose the overall wealth maximization problem into sub problems which, when solved, allow the fi rm to make satisfactory decisions. Business executives may be uncomfortable with an assumption of independence between investing and financing decisions for two reasons. First, even if the decisions were independent, the decisions may occur simultaneously because of the necessity of raising the funds to invest. Second and more importantly, the assumptions necessary to obtain independence may not be obtained. Several interdependencies might be anticipated between the assets and liabilities, those are, (1) Hedging is commonplace, where firms go with maturity structure of their assets and obligations (i.e., short term assets tend to be financed with short term obligations and long-term assets tend to be financed with long-term obligations), (2) some assets are used as collateral for loans. For example, accounts receivable can be used as collateral for short-term bank loans or factor loans and real estate as collateral for mortgages, (3) commodity-producing firms will maintain inventories which may be financed with credit from suppliers (accounts payable) while service providing firms may have little of either inventories or accounts payable and (4) high risk businesses may try to manage risk by using less leverage on right hand side of balance sheet (high equity) and by maintaining larger liquidity balances on the left hand side. This process may enable management to reduce the probability of insolvency. It was the intent of the study to determine relationship between assets and lia bilities on balance sheet are exhibited by a sample of large corporations. Canonical correlation analysis was used to identify and examine the nature of relationships between the structures of the left- and right-hand sides of the balance sheet. While canonical correlation analysis is very similar to discriminate and factor analysis, it has not been widely employed in finance. There were two general conclusions of study. The first basic purpose of study was satisfied that there are basic relationships between assets and obligations on a balance sheet which were identified with canonical correlation analysis. The assumptions behind much of modern financial theory allow us to separate investing and financing decisions. Relaxation of these assumptions can admit interdependencies between assets and obligations and several interdependencies were found in our empirical study. These relationships across the balance sheet include (1) hedging, (2) the use of collateral for loans, (3) invento ries associated with accounts payable, and (4) manage risk with instantaneous use of inferior leverage and larger liquidity balances. The capital structure research since M and Ms original irrelevance argument has attempted to utilize the effect of the current value of interest tax shelter due to debt financing and the effect of expected bankruptcy costs on the firms optimal capital structure. The interdependencies between assets and liabilities found in this empirical study could be incorporated into models of capital structure. The second general conclusion was to recommend canonical correlation analysis of financial statement data for other research topics. Much of the published empirical research concerning financial statements is on topics with a single, well defined dependent variable; these topics would include predicting bankruptcy, bond ratings, or loan defaults and explaining market risk measures. Canonical analysis, where there is a set of dependent variables, would allow empirical analysis to proceed where no unique variable can be chosen as the dependent variable. Furthermore, variables which are linear combinations of financial statement proportions might be employed instead of the usual financial ratios.7 Canonical variate scores for a firm could be associated with its bond ratings, probability of default, or systematic risk. These topics usually have been investigated using financial ratios as predictor variables Stowe,John D Watson,Collin J(1985) did the multivariate analysis on balance sheet composition of life insurer. The purpose of that analysis was to study the empirical relationships between the assets and obligations structure of the life insurer. The assets and liabilities mixture that chosen by life insurer can be viewed in terms of basic portfolio theory decisions. Canonical correlation analysis was used by the researcher to study or examine the internal structure of these portfolio decisions that was made by a cross section of large life insurers. The financial intermediaries study, such as life insurers, is distinguished from that of nonfinancial businesses for several causes. First, the financial intermediaries assets consists just about entirely of financial assets as opposed to the real assets that bulk large on the balance sheets of nonfinancial businesses. As suggested by Moore B. J (1968) in his article an introduction to the theory of finance that the financial assets dif fer from tangible assets; the financial assets are intangible and they are held for the income they generate as opposed to the direct physical services they yield; financial assets are more liquid and finally financial assets can be more freely converted from one form to another while real assets are indurate. A second difference between intermediaries and nonfinancial businesses involves the nature of their obligations. Financial intermediaries accumulate loan able funds through issuing a variety of claims. For example, the commercial banks and life insurers claims are quite different from the obligations issued by nonfinancial corporations. A final significant difference between financial intermediaries and other businesses is that the intermediaries normally are more seriously regulated and sometimes are subject to separate taxation from other firms and individuals. Like other intermediaries life insurers have been the subjects of a range of empirical research projects. J. D (197 3) Cummins in his article An econometric model of the life insurance sector of the U.S economy and J. E Pesando, in his article The interest sensitivity of the Flow of funds through life insurance companies presented an econometric analysis for the comprehensive flow of funds through the life insurance sector. J.D Stowe (1978) in his article examines the investments of individual life insurers in a cross-sectional, time-series study. The basic operational hypothesis for the study on balance sheet composition of life insurer was that a number of categories of assets on the left hand side of life insurer balance sheets had more than one pattern of correlations when they are associated with several liability and surplus classes from right hand side of balance sheet. In addition to testing this hypothesis, the natures of the relationships between assets and obligations were examined and the strength of the multivariate relationship was anticipated. The structure of life insurer assets w as explained as a function of the structure of the other side of the balance sheet and of some additional firm specific variables. In this study it was necessary to predict several criterion variables simultaneously by means of a second set of predictor variables. Under these circumstances, no single regression equation can presented a fully adequate solution. Any linear combination of the criteria may be used as the dependent variable in a regression equation, and in general not one but a number of regression equations must be used to give an appropriate picture. The problem of finding linear combinations of the criterion variables that can be most accurately predicted from the predictor variables was solved by H. Hotelling in his article The most predictable criterion commonly known as canonical correlation analysis. G. Donald Simonson, D. J Stow, and J. Collin Watson (1983) analyzed a canonical correlation analysis between assets and liabilities structure of commercial banks in. They analyze the balance sheets of all 435 domestic U.S banks with assets in excess of $300 million at year end 1979. Data was taken from the December 31, 1979 Foreign and domestic Report of Condition files prepared on magnetic tape by the three federal bank supervisory agencies. They limited the analysis to large banks for two reasons. First, smaller banks do not have the talent or market position to aggressively practice liabilities management and therefore their balance sheets are not as likely to reflect differentiated policies relative to bearing interest rate risk. Second, the three federal agencies require only banks with assets over $300 million to report maturities of both de posits and selected loans, as well as a breakdown of loans in to those with predetermined versus floating interest rates. These large bank data permit us to construct several key balance sheet accounts on the basis of interest sensitivity. Six asset and six liability/capital categories were expressed a s a proportion of total assets for each of the 435 banks in the study. The purpose of a study was to identify and describe the relationship including heading behavior of a single dependent variable as a function of a set of independent variables, canonical correlation analysis relates two sets of variables. In the present case one set of variables is the composition of the left hand side of the balance sheet and the other set is the right hand side. The variables used in this study are asset and liability/ capital categories expressed as proportion of total bank assets. These portions were used in lieu of the more usual financial ratios and no information exogenous to the bank was employed. During the past two years bankers and bank analysts have been concerned about how interest rate risk is derived from cross balance sheet relationships. The mismatching of maturities or interest sensitivities whether interest sensitive assets financed with long term liabilities or long term assets financed with interest sensitive liabilities creates interest rate risk. For example high interest rates and a downward sloping yield curve, one whose short term rates exceed long term rates for borrowers of similar creditworthiness, especially expose institutions which pursue the traditional financial intermediation formula of borrow short lend long. In commercial banking, the exposure is greatest for banks which finance fixed rate term loans and long term fixed income securities with short term funds at money market rates. Banks can defend themselves against this exposure by practicing asset/liability management; by coordinating their procurement of funds and acquisition of assets. There was early theoretical appreciation of the necessity for management of the maturities of asset and liability portfolios. In a simple three variable model D.H Pyle (1971) in his article theory of financial intermediation shows that assuming banks maximize the expected utility of terminal wealth, ba nks choices of assets (liability) portfolio will be conditioned upon the parameters, including maturity, of their liability (assets) portfolios (given nonzero covariance of liability and assets yields). According to the applied asset/liability management dictum, banks with volatile short term interest sensitive source of funds should attempt to structure their asset portfolios to emphasize short term and floating rate movements and in general maturities of asset and liability portfolios should be matched. Such banks can be said to adopt defensive loan portfolios. Other banks by their nature are less dependent on short term market rate funds and are in a better position to offer fixed rate loan terms to borrowers their customers provide a relatively large core of stable savings and time deposits with average interest costs well below current market rates. As result these banks have to be free to acquire long term assets at predetermined interest rates that are they can adopt aggressi ve loan portfolios. HO, T.S.Y in his article (1980) The determinants of bank interest margin showed that balance sheet hedging is a rational response to interest margin uncertainty which results from the interplay between volatile interest rates and asset and liability structural interrelationships. Their research attempts to find evidence of such asset/ liability hedging practices among U.S banks during a period of high and volatile interest rates and a downward sloping yield curve. If banks in aggregate tend to hedge interest sensitive funds with core funds, the banking industry would appear to be coping appropriately with interest rate risk. On the other hand, if there is a systematic tendency for many banks to combine fixed rate long term assets with volatile short term funds, the industry might be excessively exposed to interest rate risk. The issue of capital adequacy also concerned with the comparative maturity structure and duration of the two sides of the balance sheet. S.T. Maisel and R. Jacobson in his article Interest rate changes and commercial banks revenues and costs they showed that over the period 1962 to 1975 for the average bank, the threat of insolvency due to the instability of economic returns stemmed primarily from the mismatch of asset and liability durations. They concluded that unheeded interest rate risk might require additional equity capital. Other sources of risk, such as default risk, would dictate a positive relationship between the amount invested in riskier loans and securities and the amount of equity capital. Research was limited because data on the market values of asset and liability items are not available. Presumably, potential changes in cross balance sheet market values are transmitted to changes in the market value of the firm. There was a considerable literature addressing asset-l iability management in banks. One of the key motivators of asset-liability management worldwide was the Basel group. The Basel group Banking Supervision (2001) formulated broad supervisory standards and guidelines and recommended statements of best practice in banking supervision. The purpose of the committee was to encourage global convergence toward common approaches and standards. In particular, the Basel II norms (2004) were proposed as an international standard for the amount of capital that banks require setting to the side to protect against the types financial and operational risks they face. Basel II proposed setting up accurate risk and capital management necessities designed to make sure that a bank holds capital reserves suitable to the risk banks picture their self to throughout its lending and investment practice. In general, these regulations mean that the larger risk to which the bank is showing, the larger the amount of capital the bank requires to hold to defend it s solvency and whole economic strength. This would ultimately help to defend the international monetary system from the kind of problems that may take place should a major bank or a sequence of banks collapse. Gardner and Mills (1991) discussed the principles of asset-liability management as a part of banks strategic planning and as a response to the changing environment in prudential direction, e-commerce and new taxation treaties. Their text provided the foundation of subsequent discussion on asset-liability management. Haslem (1999) used canonical analysis and the interpretive structure of asset/liability management to identify and interpret the foreign and domestic balance sheet approach of large U.S. banks. Their study found that the least money-making very large banks have the biggest size of foreign loans, yet they give emphasis to domestic balance sheet (asset/liability) matching strategies. on the other hand, the most money-making very large banks have the smallest size of foreign loans, but, however, they emphasize foreign balance sheet matching strategies. Vaidyanathan (1999) discussed issues in asset-liability management and elaborates on various categories of risk that require to be managed in the Indian context. In the past Indian banks were primarily concerned about adhering to statutory liquidity ratio norms but in the changed situation, namely moving away from administered interest rate structure to market determined rates, it became important for banks to equip themselves with some of these techniques, in order to immunize them selves against interest rate risk. Vaidyanathan argued that the problem gets accentuated in the context of change in the main liability structure of the banks, namely the maturity period for term deposits. For instance, in 1986, nearly 50% of term deposits had a maturity period of more than five years and only 20%, less than two years for all commercial banks, while in 1992, only 17% of term deposits were more than five years whereas 38% were less than two years Vaidyanath. It was found that several banks had inadequate and inefficient management systems. Also argued that Indian banks were more exposed to international markets, especially with respect to forex transactions, so that asset liability management was essential, as it would enable the bank to maintain its exposure to foreign currency fluctuations given the level of risk it can handle. It was also found that an increasing proportion of investments by banks were being recorded on a market to market basis, thus being exposed to market risks. Is was also suggested that, as bank profitability focus has increased over the years, there is an increasing possibility that the risk arising out of exposure to interest rate volatility would be built into the capital adequacy norms specified by the regulatory authorities, thus in turn requiring efficient asset-liability management practices. Vaidya and Shahi (2001) studied asset-liability management in Indian banks. They suggested in particular that interest rate risk and liquidity ris k are two key inputs in business planning process of banks. Using firm-level data, an extensive accounting literature focuses on the contemporaneous correlation of stock returns and earnings. Despite the statistically reliable positive association between stock returns and earnings, Ball and Brown (1968), Beaver, Clarke, and Wright (1979), Beaver, Lambert, and Morse (1980), Easton and Harris (1991), Collins, Kothari, Shanken, and Sloan (1994), and others find that the explained fraction of stock return variation was significantly less than one (typically under 10 percent). Lev (1989) and others suggest that the relatively low explanatory power stems from earnings lack of timeliness and/or value-irrelevant noise in earnings. The idea that correlation between a cash-flow proxy and stock return may be due to any of the three components was not novel. Fama (1990), Schwert (1990), Kothari and Shanken (1992), Campbell and Ammer (1993), and others recognize that when stock returns are regressed on cash flow proxies, any of the three effects may be d riving the regression coefficients. They do not, however, clearly quantify the relative importance of these three effects. Thus, in the end, it is still unclear why cash-flow proxies are or are not related to stock returns. The fundamental subject of working capital is to provide optimal balance between each element forming working capital. Most of the efforts of finance directors in a firm are the efforts they make to carry the balance between current assets not at optimal level and responsibilities to an optimal level Lamberson (1995). One reason for this was the decisive influence of current assets on others, another reasons was liabilities of completion of present responsibilities. The combination of the elements forming working capital are change over time. Need for working capital manipulate liquidity stage and profitability of a company. As a result, it affects investment and financing decisions, too. Amount of current assets to be calculated at a level where total cost is of a least degree means an optimal working capital level. The optimal working capital point is case wherein balance between risk and effectiveness is provided.. The entire current assets hold by a firm known as working capital. Net working capital is calculated when short term obligations are took out from current assets. Return of total assets of a firm as a result of an activity is closely related to level and distribution of assets of the firm and efficiency in application of these assets. In lots of firms current assets called working capital make up of a remarkable part of community assets. (Note 1) But it is clear that working capital is ignored in finance journalism compare to long term financing decision. Corporate finance studies usually concentrate on core decisions like, dividend, capital structure and capital budgeting. Though, the sum of assets group is a important part of entire asset and called working capital (inventories, quasi money and money. short term liabilities and trade receivables) is a focus matter in all main books relating to corporate finance where efficiency level of distribution and application of assets influe nce profitability and risk level of the company. The major purpose of a company is to increase the market worth. Working capital management influence profitability of the company, its risk and thus its value Smith, (1980). Further, effective management of working capital is a key component of the broad strategy aim to increase the market rate (Westhead and Howorth (2003). Since the flexibility of this group of assets is very high in terms of adapting to changing conditions and due to these uniqueness they can frequently be applied to understand the major aim of financial management through policy changes. Success of a firm mainly depends on efficient management capability of finance director to manage receivables, inventories and liabilities (Filbeck and Krueger, 2005). Firms can strengthen their funding capabilities or decrease the source cost reducing source amount they allocate to current assets. In finance literature there is a common opinion about the importance of working capi tal management. Explanations about why effective capital management is important for a company usually concentrate on the association between effectiveness in working capital management and company profitability. Effective working capital management includes controlling and planning of present assets and liabilities in such a way it avoid extreme investments in current assets and prevents from working with few currents assets insufficient to fulfill the responsibilities. In relevant studies the measure taken as an indicator of efficiency in working capital management is generally cash conversion cycle. For firm cash conversion cycle is the period during which it is transited from money to good and again to money. In the studies conducted by Shin and Soenen (1998), Deloof (2003), Raheman and Nasr (2007) and Teruel and Solano (2007) it was concluded that there is a negative relationship between profitability of a firm and cash conversion cycle. Thus, it is possible to increase firm profitability through more effective working capital management. It is necessary to realize that major basics of cash conversion cycle (short term account receivables, short term trade liabilities and inventories) should be managed in a way they maximize firm profitability. An efficient working capital management will increase free cash flows to the firm and growth opportunities and returns of stockholders. Working capital level of a firm indicates that it wants to take a risk. The more working capital amounts, the liquidity risk and profitability become lower. The working capital strategies of firms differ according to the segments and within each segment it varies over time Filbeck and Krueger (2005). Ganesan (2007), put forward that the firms in less competitive sectors focus on cash conversion minimizing receivables, while the firms in more competitive sectors have a relatively higher level of receivables. Lazaridis and Tryfonidis (2005) stated that small firms focus on inventory management, the firms with low profitability on credit management. Statements in literature of finance about the significance of working capital for companies are being once further emphasized in these unstable days of international economy. While firms make efforts to increase return on assets in a way they pay their due obligations as late as possible and keep the cash, decreases in activ