Wednesday, October 30, 2019

The current debate and developments in accounting for leases for Essay

The current debate and developments in accounting for leases for lessees - Essay Example This report provides the discussion regarding the reasons behind aforesaid changes in standards. Maintaining focus from the lessee point of view, this report puts together the new proposal for lessees regarding the ‘right to use’ model. Moreover, it will discuss the impact of proposed changes on the companies worldwide using international standards in the preparation of their financial statements. INTRODUCTION Lease is essentially a form of rental agreement where the owner (lessor) receives rentals from lessee. Corresponding to mentioned rentals, lessee gains right to use the assets (EZ Technical, 2009). Lease is a major source of finance for business and to give the correct picture of business, it must provide the source of this important information in the financial statement (Roberts, Weetman, Gordon, 2008). Currently, lease under operating category does not provide this information (Melville, 2011). Therefore, to ensure the financial statements represent lease transa ctions in harmony with commercial essence and not in according to the legal form only, International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) proposed new approach to lease accounting (Cotter, 2012). ... Hence, factors determining lease as finance lease are further mentioned below (Kelly and Kelly, 2009): The ownership of the asset is finally transferred to the lessee at the end of agreement term. Risks such as cost of maintenance, obsolescence due to technological advancement etc are all transferred to lessee. Rewards pertaining to right on profit from the usage of asset as well as gaining benefit for its whole useful life are transferred to lessee. The lessee can purchase the asset at a price notably below than its fair value. Or it has right to extend the lease for secondary term at rent considerably below market value. The major portion of useful life or the economic life of assets is accounted in lease term. Usually 75% of asset life is accounted in term. At the time of lease agreement, present value of the minimum lease payments represent the substantial fair value of the leased asset. In case of cancellation of agreement the charges are to be borne by lessee. In the light of t hese factors, agreement can be defined as finance. In case of the lease agreement does not account for the discussed conditions it shall be then regarded as operating lease. PROPOSED STANDARD- EXPOSURE DRAFT ED/2010/9 LEASES International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) on 17 August 2010 published proposal Exposure Draft ED/2010/9 Leases (Hales, Venkataraman, and Wilks, 2012). This draft suggested new approach to lease accounting for lessees and lessor. The new draft suggested replacement of IAS 17 and change in accounting treatment of lease considerably (Eames, 2011). Specific to lessee, ED/2010/9 Leases proposes â€Å"right of use† model where the lessee would

Monday, October 28, 2019

An Evaluation of the Performance of Three Different Mutual Funds Essay Example for Free

An Evaluation of the Performance of Three Different Mutual Funds Essay Asset Allocation: Up to 95% of the Fund’s NAV will be invested in equities. Minimum of 5% of the Fund’s NAV will be invested in sukuk, Islamic debt instruments, Islamic money market instruments and/or liquid assets acceptable under Shariah principle Investment Strategy And Policy RHB Islamic Growth Fund is geared towards investors who look for Shariah compliant instruments that provide long term capital appreciation. The Fund will be mainly investing in public listed companies with growth potential,  sukuk, Islamic debt securities and other securities acceptable under the Shariah principles. Selection of equity investments of the Fund will be in line with those in the SC’s Shariah list which is updated and published twice a year. The External Investment Manager utilises a strategy that seeks attractively priced companies in undervalued sectors, or in sectors that have strong upward stock price momentum by seeking businesses that demonstrate strong increase in earnings per share and continue to strengthen their fundamental capabilities and competitive positions, amongst others. The Fund may invest in fixed income securities to preserve the value of the Fund under volatile market conditions. For fixed income securities, the Fund seeks investments amongst the Shariah compliant fixed income papers that are of investment grades. As such, the equities holding may be reduced. Performance Benchmark: FTSE Bursa Malaysia Emas Shariah Index. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investors’ sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labour shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than The performance of each individual stock that a unit trust fund invests is dependent upon the management quality of the particular company and its growth potential. Hence, this would have an impact on the unit trust fund’s prices and its dividend income. RHBIAM aims to reduce all these risks by using diversification that is expected to reduce the volatility as well as the risk for the Fund’s portfolio. In addition, RHBIM will also perform continuous fundamental research and analysis to aid its active asset allocation management especially in its stock selection process. This risk is associated with investments that are quoted in foreign currency denomination. When an underlying fund is denominated in a foreign currency  which fluctuates unfavourably against the Ringgit, the investment in the Fund may face currency loss in addition to the capital gains/losses. This will lead to a lower NAV of the Fund. Currency risks could be mitigated on a two-pronged approach. Firstly by spreading the investable assets across differing currencies and secondly by utilising forward contracts to hedge the currencies if it is deemed as necessary to do so. Bond issuers may default or reschedule their repayment. When this occurs the value of the defaulted bond would fall and cause the NAV of the underlying fund to decline in a similar proportion. This risk can be mitigated by careful selection of bond funds and in any case this Fund only invests in bond funds that invest in investment grade bonds. The performance of equities and money market instruments held by the underlying funds are also dependent on company specific factors like the issuer’s business situation. If the company-specific factors deteriorate, the price of the specific security may drop significantly and permanently, possibly even regardless of an otherwise generally positive stock market trend. Risks include but are not limited to competitive operating environments, changing industry conditions and poor management. Since the Fund invests into funds managed by other fund houses, the Manager has no control over the respective fund houses’ investment technique, knowledge or management expertise. In the event of mismanagement, the NAV of the Fund which invests into the Target Funds would be affected negatively. Although the probability of such occurrences is far fetched, should the situation arise the Manager reserves the right to seek an alternative fund manager and/or other collective investment scheme that is consistent with the objective of the Fund. Any changes in national policies and regulations may have an effect on the capital markets in which the Target Funds are investing. If this occurs there is a possibility that the unit price of the Fund may be adversely affected. Since a large portion of the Fund’s NAV is invested in the Target Fund, investment into the Fund assumes the risks inherent in the respective Target Funds. The specific risks to investors when investing in the Fund include the following: Investment manager risk As this Fund invests at least 95% of its NAV in the Target Fund, it is subject to the risk associated with the investment manager of the Target  Fund. This is the risk associated with the following:- (i) The risk that the investment manager may under-perform the target or the benchmark of the Target Fund due to the investment manager making poor forecasts of the performances of securities, asset classes or markets; (ii) The risk of non-adherence to the investment objectives, strategy and policies of the Target Fund, which may occur due to system failure or the inadvertence of the investment manager; and  (iii) The risk of direct or indirect losses resulting from inadequate or failed operational and administrative processes, systems and people. RHBIM has no control over the investment manager’s investment strategy, techniques and capabilities, operational controls and management of the Target Fund. Any mismanagement of the Target Fund may negatively affect the NAV of the Fund. In the event of such occurrence, RHBIM would seek an alternative investment manager and/or other target fund that is consistent with the objective of the Fund. Market risk: The value of the instruments in which the Target Fund invests, may go up or down in response to the prospects of individual companies and/or prevailing economic conditions. Movement of overseas markets may also have an impact on the local markets. Currency risk: The Fund invests up to 95% of its NAV in the Target Fund denominated in USD. Fluctuation in foreign exchange rates will affect the value of the Fund’s foreign investments when converted into local currency and subsequently the value of Unit Holders’ investments. When USD moves unfavourably against the Ringgit, these investments will suffer currency losses. This is in addition to any capital gains or losses in the investment (please note that capital gains or losses in the Feeder Fund’s investment in the Target Fund is also exposed to currency gains or losses resulting from fluctuations in the foreign exchange rates between USD and the other currencies which the Target Fund may be e exposed to. RHBIM may utilise the hedging of currencies to mitigate this risk. Liquidity risk: The liquidity risk that exists at the Fund level is associated with the inability of the Target Fund to meet large redemption in a timely manner. In the event of large redemption request that would result in the total redemption shares in the Target Fund to be more than 10% of the shares in the Target Fund or a particular share class of the Target Fund, part or all of such requests for redemption may be deferred for a period typically not exceeding ten Target Fund Business Days. Regulatory risk: Any changes in national policies and regulations may have an effect on the capital markets in which the Target Fund is investing. If this occurs, there is a possibility that the unit price of the Fund may be adversely affected. Risk of Substantial Redemptions Substantial redemptions of shares within a limited period of time could require the Target Fund to liquidate positions more rapidly than would otherwise be desirable, which could adversely affect the value of the shares of the Target Fund. This risk may be exacerbated where an investment with a fixed life or where investments utilizing hedging techniques is made by the Target Fund. Suspension of NAV Calculation / Limitation of Redemption Payments The Umbrella Fund may in certain circumstances temporarily suspend the determination of the net asset value per share of the Target Fund or a specific share class of the Target Fund and the issue, redemption or exchange of shares or a particular share class in the Target Fund. As further described in the Target Fund Prospectus, if on any given date requests for redemption of shares relate to more than 10% of the shares in the Target Fund or a particular share class of the Target Fund, part or all of such requests for redemption may be deferr ed for a period typically not exceeding ten (10) Target Fund Business Days. CIMB Principal Equity fund Investment objective To provide investors with an opportunity to gain consistent and stable income by investing in a diversified portfolio of dividend yielding equities and fixed income securities. The Fund may also provide moderate capital growth potential over the medium to long term period. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark As this Fund is an equity fund with up to 30% of its NAV in foreign equities, the benchmark of the Fund is a composite comprising 70% KLCI + 30% MSCI AC Asia ex Japan. The information on KLCI can be obtained from http://www.bursamalaysia.com and local national newspapers. The information on MSCI AC Asia ex Japan can be obtained from http://www.msci.com/overview/index.html and Bloomberg L.P. Investment policy and principal investment strategy The Fund may invest up to a maximum of 98% of its NAV in equities in order to gain long-term capital growth. The Fund may opt to invest in foreign equities up to a maximum of 30% of its NAV. In line with its objective, the investment policy and strategy of the Fund will be to invest in a diversified portfolio of high dividend yielding stocks and/or fixed income securities aimed at providing a stable income stream in the form of distributions to investors. The asset allocation strategy for this Fund is as follows:  up to 98% of the Fund’s NAV in a diversified portfolio of dividend yielding equities and/or fixed income securities; and at least 2% in liquid assets. The asset allocation will be reviewed periodically depending on the country’s economic and stock market outlook. The Manager will underweight/overweight equities and/or fixed income securities when necessary. CIMB-Principal combines a top-down asset and sector allocation process with a bottom-up stock selection process. The asset allocation decision is made after a  review of macroeconomic trends in Malaysia and other global economies. In particular, CIMB Principal analyzes the direction of GDP growth, interest rates, inflation, currencies and government policies. CIMB-Principal will then assess their impact on corporate earnings and determine if there are any predictable trends. These trends form the basis for sector selection. The criteria for stock selection would include stocks that have a medium term (2 to 5 years) dividend record or a yearly distribution policy. The Manager will also actively search for under-valued high dividend yielding stocks that may also offer promising long term capital appreciation. Stock valuation fundamentals considered are earnings per share growth rate, return on equity, price earnings ratio and net tangible assets multiples. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. CIMB-Principal employs an active asset allocation strategy depending upon the equity market expectations. Where appropriate, the Manager will also employ an active trading strategy in managing the Fund. As this Fund is defensive in nature and designed to cater for the needs of more risk-averse equity investors, this Fund will serve well in bear market conditions. However, in bull market the Fund will underperform the market as the Manager will not take on more risk to divert into highly volatile aggressive stocks. Further, in times of adversity in equity markets and as part of its risk management strategy, CIMB-Principal may from time to time reduce its proportion of higher risk assets, such as equities and increase its asset allocation to lower risk assets, such as debentures and liquid assets, to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines, for purposes such as hedging. The Manager has appointed CIMB-Principal (S), as the Sub-Manager for the foreign investments of this Fund with the approval of the SC and the Trustee. CIMB-Principal (S) will be responsible for investing and managing these foreign investments in accordance with the investment objective and within the investment restrictions. All costs of this appointment will be borne by the Manager to ensure no additional fee is levied on the Unit holders of this Fund. The Fund may invest in foreign markets where the regulatory authorities are members of the International Organisation of Securities Commissions (IOSCO). The Fund’s investments in foreign markets will be subject to the limit set by BNM and any conditions imposed by the SC from time to time. Currently, the Fund’s holding in foreign investments will not exceed 30% of its NAV. The Sub-Manager may invest beyond this limit provided the approvals are obtained from the relevant authorities (where necessary) and any increase will be reflected in a supplementary prospectus (if deemed necessary). Notwithstanding the aforesaid, the Sub-Manager may decide not to invest in foreign securities as may be agreed upon by the Manager from time to time. Balanced fund Investment objective: To grow the value of investment over the long term through a diversified portfolio with equity and fixed income securities. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark: As this Fund may invest up to 60% of it NAV in equities with the balance in fixed income securities, the benchmark of the Fund is a composite comprising 60% KLCI + 40% CIMB Bank 1-month Fixed Deposit Rate. The information on KLCI can be obtained from http://www.bursamalaysia.com and local national newspapers. The information on CIMB Bank 1-month Fixed Deposit Rate can be obtained from CIMB Bank website (www.cimbbank.com.my). Investment policy and principal investment strategy The Fund aims to invest in a diversified portfolio of equities and fixed income investments. In line with its objective, the investment policy and strategy of the Fund will be to maintain a balanced portfolio between equities and fixed income investments in the ratio of 60:40. The fixed income portion of the Fund is to provide some capital stability to the Fund whilst the equity portion will provide the added return in a rising market. The investments by the Fund in equity securities shall not exceed 60% of the NAV of the Fund and investments in fixed income securities and liquid assets shall not be less than 40% of the NAV of the Fund with a minimum rating of â€Å"BBB3† or â€Å"P3† by RAM or equivalent rating by MARC, Moody’s, SP or Fitch. The asset allocation strategy for this Fund is as follows: the equity securities will not exceed 60% of the Net Asset Value of the Fund; investments in fixed income securities and liquid assets shall not be less than 40% of the NAV of the Fund; and at all times, at least 2% of the NAV of the Fund must be maintained in liquid assets. The asset allocation will be reviewed periodically depending on the countrys economic and stock market outlook. In a rising market, the 60% limit may be breached. However, the Manager will seek to adjust this within a time frame approved by the Trustee. CIMB-Principal will adopt an active trading strategy and is therefore especially selective in the buying and selling of securities for the Fund. For the fixed income portion, CIMB-Principal formulates the interest rate outlook by considering factors such as the Malaysian inflation rate, monetary policies and economic growth. With an interest rate outlook and yield curve analysis, CIMB-Principal identifies the weighting of the investment tenor and credit for the Fu nd. In the unlikely event of a credit rating downgrade, the investment manager reserves the right to deal with the security in the best interest of the Unit holders. As active fund managers, CIMB-Principal has in place flexible tolerance limits to cater to such situations. CIMB-Principal can for example, continue to hold the downgraded security if the immediate disposal of the security would not be in the best interest of the Unit holders. For the equities portion, CIMB-Principal combines a top-down asset and sector allocation process with a bottom-up stock selection process. The asset allocation decision is made after a review of macroeconomic trends in Malaysia and other global economies. In particular, CIMB-Principal analyzes the direction of GDP growth, interest rates, inflation, currencies and government policies. CIMB Principal will then assess their impact on corporate earnings and determine if there are any predictable trends. These trends form the basis for sector selection. Sto ck selection is based on the growth style of equity investing. As such, the criteria for stock selection would include improving fundamentals and growth at reasonable valuations. Stock valuation fundamentals considered are earnings per share growth rate, return on equity, price earnings ratio and net tangible assets multiples. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. Essentially, CIMB Principal employs an active asset allocation strategy  depending upon the equity market expectations, and at the same time monitors the bond portfolio according to three (3) parameters: tenor, credit ratings and sector. The duration of the bond portfolio is also monitored and modified according to the Manager’s interest rate outlook (i.e. the sensitivity of the portfolio to interest rate changes). In response to adverse conditions and as part of its risk management strategy, CIMB-Principal may from time to time reduce its proportion of higher risk assets, such as equities and increase its asset allocation to lower risk assets, such as debentures and liquid assets, to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. Additionally, for investments in debt markets, the Manager may reduce holdings in longer tenured assets and channel these monies into shorter-term interest bearing deposits. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines, for purposes such as hedging. Bond fund Investment objective: The objective of CIMB-Principal Bond Fund is to provide regular income as well as to achieve medium to long term capital appreciation through investments primarily in Malaysian bonds. Any material changes to the investment objective of the Fund would require Unit holders’ approval. Benchmark: The benchmark of the Fund is the RAM Quant shop MGS Bond Index (Medium Sub-Index). Information on the benchmark can be obtained from http://www.quantshop.com Investment policy and principal investment strategy Up to 98% of the Fund’s NAV may be invested in debentures carrying at least an â€Å"A3† or â€Å"P2† rating by RAM or equivalent rating by MARC, Moody’s, SP or Fitch. The rest of the Fund is maintained in the form of liquid assets to meet any redemption payments to Unit holders. In line with its objective, the investment strategy and policy of the Fund is to invest in a diversified portfolio of approved fixed income securities consisting primarily of bonds, aimed to provide a steady stream of income. The asset allocation for the  Fund is as follows: †¢ up to 98% in debentures and other permissible investments; and †¢ at least 2% in liquid assets. The asset allocation strategy will be reviewed periodically depending on the country’s economic and bond market outlook. CIMB Principal will adopt an active trading strategy and will be especially selective in the buying and selling of securities for the Fund. CIMB-Principal formulates an interest rate outlook through examining factors such as the Malaysian inflation rate, monetary policies and economic growth. With an interest rate outlook and yield curve analysis, CIMB-Principal identifies the weighting of the investment tenor and credit for the Fund. In the unlikely event of a credit rating downgrade, the Manager reserves the right to deal with the security in the best interest of the unit holders. As active fund managers, CIMB-Principal has in place flexible tolerance limits to cater to such situations. CIMB Principal can for example, continue to hold the downgraded security if the immediate disposal of the security would not be in the best interest of the unit holders. As part of its risk management strategy, the Fund is constructed and managed within pre-determined guidelines. Essentially, CIMB Principal monitors the bond portfolio according to three (3) parameters: tenor, credit ratings and sector. The duration of the bond portfolio is also monitored and modified according to the Manager’s interest rate outlook (i.e. the sensitivity of the portfolio to interest rate changes). In response to adverse conditions and as part of its risk management strategy, CIMB-Principal may reduce holdings in longer tenured assets and channel these monies into shorter-term interest bearing deposits. The Manager may also from time to time invest in liquid assets to safeguard the investment portfolio of the Fund provided that such investments are within the investment objective of the Fund. When deemed necessary, the Manager may also utilize derivative instruments, subject to the SC Guidelines for purposes such as hedging. Invesco Asia Infrastructure Fund (â€Å"the Target Fund†) is a sub-fund of Invesco Funds (the â€Å"SICAV†). The SICAV is incorporated as a socià ©tà © anonyme under the laws of the Grand-Duchy of Luxembourg and qualifies as an open-ended socià ©tà © d’investissement à   capital variable. The SICAV is authorized as an undertaking for collective  investment in transferable securities under the law of 20th December, 2002. The SICAV was incorporated in Luxembourg on 31st July, 1990. The Directors of the SICAV are responsible for the management and administration of the SICAV and for its overall investment policy. The Directors of the SICAV have appointed Invesco Management S.A. as management company to be responsible on a day to day basis under the supervision of the Directors, for providing administration, marketing, investment management and advice services in respect of all Invesco Funds. Invesco Management S.A. has delegated the investment management services to Invesco Hong Kong Limited (â€Å"Invesco Hong Kong†), who has discretionary investment management powers in respect of the Target Fund. Invesco Management S.A. was incorporated as a â€Å"socià ©tà © anonyme† under the laws of the Grand Duchy of Luxembourg on 19th September 1991 and its articles of incorporation are deposited with the Luxembourg Registre de Commerce et des Socià ©tà ©s. Invesco Management S.A. is approved as a management company regulated by chapter 13 of the 2002 Law. As at December 2007, its capital amounts to USD 3,840,000 and the Directors of the SICAV are also composing the board of director s of Invesco Management S.A. Invesco Management S.A. shall ensure compliance of the SICAV with the investment restrictions and oversee the implementation of the SICAV’s strategies and investment policy. Invesco Management S.A. shall send reports to the Directors of the SICAV on a quarterly basis and inform each board member without delay of any noncompliance of the Company with the investment restrictions. J.P. Morgan Bank Luxembourg S.A. (â€Å"JPMorgan†) has been appointed as the Custodian of the assets of the SICAV which will be held either directly by JPMorgan or through correspondents, nominees, agents or delegates of JPMorgan. J.P. Morgan was incorporated as a socià ©tà © anonyme incorporated on 16th May, 1973 and has its registered office at 6, route de Trà ¨ves, L-2633 Senningerberg, Grand- Duchy of Luxembourg. Investment objective and policy The Target Fund aims to achieve long term capital growth from investments in a diversified portfolio of Asian securities of issuers which are predominantly engaged in infrastructure activities. At least 70% of the total assets of the Target Fund (without taking into account ancillary  liquid assets) shall be invested in equity and debt securities denominated in any convertible currency issued by Asian companies predominantly active in the infrastructure sector. â€Å"Asian companies† shall mean companies listed in an Asian stock market and having their registered office in an Asian country or established in other countries but carrying out their business activities predominantly in Asia or holding companies investing predominantly in equity of companies having their registered office in an Asian country. Up to 30% of the total assets of the Target Fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity and equity related instruments o r debt securities (including convertible debt) issued by companies or other entities not meeting the above requirement. Invesco Hong Kong is an active manager combining bottom-up and top-down multi-factor analysis, although they have a strong focus on bottom-up stock selection where they believe it can add value. The investment universe mainly includes companies in the Asia Pacific ex-Japan region that are principally engaged in infrastructure-related activities, including companies that are involved in providing the foundation of basic services, facilities and institutions upon which the growth and development of a community depends. In addition, ‘soft’ infrastructure that includes financial support (e.g. project financing from investment banks) and maintenance support (e.g. management of communication networks) also fall into this definition. Broadly speaking, infrastructure can be classified as but is not limited to: Economic Infrastructure – to support the long term growth of the economy. These assets have a long operating life and strong monopoly position. Examples: roads, airports and ports. Utilities – to provide essential services for the community. Examples: gas/ energy/ electricity generation, distribution and retailing, water distribution and waste treatment. Social Infrastructure – to provide public sector facilities for the society. This sector has emerged as governments have embraced the public private partnership concept in order to encourage operation efficiency. Examples: train stations, hospitals, schools and stadiums. Commercial infrastructure – private sector initiatives to cater for technology advancement. Examples: satellites, cable networks and renewable power plants. For the purpose of this Fund, the Manager will be investing in Class C of the Target Fund. As at LPD, only Accumulation Shares  are available for this share class. Investors holding Accumulation Shares will not receive any distributions. Instead, the income due to them will be rolled up to enhance the value of the Accumulation Shares.

Saturday, October 26, 2019

Math And Owning A Restaraunt Essay -- essays research papers

Math is an essential asset in the business world. Without mathematics businesses wouldn’t be able to operate effectively. In order to run a restaurant math plays an important role in a lot of different areas. For instance the items on the menu may change due to the way it sells. Bookkeeping and math allow you to both figures out what items are profitable and what items are selling. The business world revolves around math, from profit and loss statements, to graphs, to taxes. Everything in business requires mathematics. Owning a restaurant is no different then any other field of business when it comes to math. The simplest things in a restaurant could not happen without math such as paying for your meal. Math is used to add up the total cost of a person’s bill as well as adding in the sales tax. More advanced math is used in the restaurant business as well. Using equations to determine what your business can afford to buy as well as the difference in the cost of the product and the profit it turns over is all determined by math. Jobs you might not even think require math do, such as portioning products or prepping food. When you are preparing food you need to measure amounts of ingredients and measurements are a form of mathematics. Wheatley-2 Keeping your books up to date requires math as well. When keeping records of your restaurant’s sales you can keep track of your busy periods to know when you are required to order more food or alcohol. Equations are ...

Thursday, October 24, 2019

Essays --

Mao Zedong was considered to be the father of communist China. He was born in Shaoshan, China in Hunan province on December 26, 1893 and died in Beijing on September 9, 1976. He was born into a peasant family with 3 siblings, 2 younger brothers and a younger sister. Unlike most peasant families in Nineteenth Century China, his family was more wealthy than most. He went to Shaoshan Primary School. When Mao was 11 he attempted to run away from home to get away from the Confucian upbringing, but his father brought him back and 2 years later he completed his primary education. He worked full time in the fields with his father. To fulfill his restless mind he was always reading. It was at that time that after reading a booklet by Zheng Guanying that he developed a political consciousness. His future political standing was influenced by George Washington and Napoleon Bonaparte and their love for their countries. In 1911 when he was about 18 he moved to Changsha for a secondary education. H e served as a private soldier in the rebel army for the Xinhai Revolution, it was successful in defeating the monarchy in the southern province but the Northern Province still supported the monarchy rule. After the victory he returned to studies but soon moved out of Changsha School because it was set to Confucianism. After that he spent most of his time reading at the public library with a goal to be a teacher. He enrolled himself in a teacher training college. He then started writing articles for the radical newspaper, New Youth. He participated in many school activities and he graduated from that same school in June of 1919. He then moved to Beijing in search for a job not being able to find one on his own his mentor helped him get one as an assista... ...ding it was somewhere between 2 and 7. Some of Mao’s most famous quotes were †¦ â€Å"A revolution is not a dinner party, or writing an essay, or painting a picture, or doing embroidery; it cannot be so refined, so leisurely and gentle, so temperate, kind, courteous, restrained and magnanimous. A revolution is an insurrection, an act of violence by which one class overthrows another.† – From Report on an Investigation of the Peasant Movement in Hunan â€Å"War is the highest form of struggle for resolving contradictions, when they have developed to a certain stage, between classes, nations, states, or political groups, and it has existed ever since the emergence of private property and of classes.† From Problems of Strategy in China's Revolutionary War â€Å"Every Communist must grasp the truth, "Political power grows out of the barrel of a gun.† From Problems of War and Strategy

Wednesday, October 23, 2019

General Mills Financial Analysis Essay

From ready-to-eat cereal to convenient meals to wholesome snacks, General Mills is one of the biggest food products manufacturers and competes in growing food categories that are on-trend with consumer tastes around the world. The company markets many well-known brands, such as Haagen Daazs, Yoplait, Betty Crocker, Totinos, and Cheerios, among others. Main rivals include Kellogg, Kraft, Conagra Foods, and Sara Lee. General Mills sells its products in three segments: U.S. retail (63% of net sales), International (25% of net sales), and Bakeries and Foodservices (12% of net sales). In addition, General Mills sells cereals and ice cream through its Cereal Partners Worldwide and Haagen Daazs Japan joint ventures. General Mills continues building its presence in developed markets and increasing presence in emerging markets worldwide by investing in established brands while also developing new products. The company’s goal is to generate balanced, long term growth. Profitable perform ance through the past years General Mills has shown a strong profitable performance during the past years. The company has achieved during the last 3 years an average RoE of 28% supported by strong efficiency, financial leverage, and a moderate profitability ratio given the nature of the business. This has resulted in a positive trend of the share price that delivered 3 year returns of 44% from 2009. The upward trend in RoE that peaked in 2011 reaching 30.6% reversed in 2012 that closed with a RoE of 24.5%. The RoE drop of c. 600 bps in 2012 compared to 2011 is explained by a reduction in profitability that was affected by high input-cost inflation primarily in food ingredients and energy that was not fully transferred to customers (370 bps Gross Profit Margin drop). Performance was also affected by restructuring actions (60 bps impact on profitability) taken to improve organizational effectiveness to drive future growth. General Mills managed to continue improving efficiency as the increase in sales (3 Years CAGR of 6.7%) outpaced the average assets growth (3 Years CAGR of 5.8%), reachin g in 2012 the highest efficiency ratio (83.8%) of the past 3 years. Efficiency improvement was primarily supported by inventory reduction efforts that, coupled with increase in accounts payable derived from shifts in timing of payments, reduced the cash conversion cycle to 43 days. It is worth noting that during fiscal 2012 the balance sheet had an important growth as a result of the acquisition of the international Yoplait business, including goodwill and other intangible assets of $2.3 bn USD. Sales growth also benefited from the acquisition and will be discussed in the next section. General Mills runs a leveraged operation where, in average, the total assets are 3 times shareholders equity. Leverage ratio has decreased since 2010 as retained earnings have increased at a faster pace than assets driven by strong business performance. A slight revamp in the leverage ratio during fiscal 2012 was mainly driven by an increase in other comprehensive losses related to pensions and postemployment activity, and foreign currency translation that offset retained earnings for the same period. Sustainable growth while generating strong levels of cash flows General Mills has shown a strong, sustainable growth throughout the last years. Net sales increase has been driven by a moderate average growth in the US Retail segment (3.8%), coupled with the expansion in the International business (13.4%). The big year on year increase of 12% in fiscal 2012 is driven by the acquisition of the international Yoplait yogurt business that contributed 7 points of sales growth, while underlying business grew 5%. It is important to note that sales growth has been mainly driven by volume growth with a slight component of net price increase and a favorable mix. Segment Operating Profit has also maintained a sustainable growth. The slowdown during fiscal 2012 and drop of Gross Profit Margin is driven by high input-cost inflation as previously mentioned. Despite high costs, the company managed to increase segment operating profit to exceed $3bn for the first time in the company’s history. General Mills has managed to generate strong levels of cash flowacross the years. Over the most recent 5 years, the company operations have generated almost $10bn USD in cash. A significant portion of this cash has been returned to stockholders through dividends and shares repurchase. In addition, this cash is used to fund Capital expenditure. In the most recent year, the company operations generated $2.4bn of cash compared to $1.5bn in the prior year. The major increase is driven by a favorable change in working capital supported by inventory reduction efforts, prepaid expenses, and other current assets. Cash used by investing activities had a significant increase in fiscal 2012 that is mainly explained by the acquisition of international Yoplait ($1bn USD). General Mills invested in fiscal 2012 c. $700m USD in land, buildings and equipment, similar to previous years. Cash used by financing activities includes a constant payment of dividends and purchase of treasury stock in the last years. In addition, General Mills has been actively managing their cost of funds by issuing / pre-paying long term debt and commercial paper as convenient. General Mills performance has outpaced main competitors in the recent years General Mills strong performance is accentuated when benchmarked against Kellog Co, another of the key food producers. Both companies present similar profitability with General Mills having a lower gross profit margin compensated by lower marketing investment and general expenses. Nevertheless, General Mills has managed to grow sales and has delivered higher returns at a faster pace than Kellog. In addition, General Mills produces higher levels of free cash flow and has grown dividends per share faster. Finally, Kellog has a heavy debt load while General Mills has lower leverage ratio. Solid position to face a challenging, uncertain future In a nutshell, General Mills has shown a strong performance in the recent years and has outperformed his competitors mainly in compound growth rates and value creation. A challenging future lies ahead with uncertain economic environment and increase in commodity costs. Pricing strategy to maintain margin while not impacting market share will play a key variable in the company’s performance. Strong brands, innovations, expansion in diversified markets, and solid cash position and moderate leverage should support General Mills to face these challenges and continue creating value in the following years.

Tuesday, October 22, 2019

Free Essays on Euro

En el TRATADO DE MAASTRICHT se definen las condiciones economicas necesarias para tomar parte en la moneda unica .Los Estados miembros de la Union Europea han de hacer converger sus economias .En Maastricht se definen 4 criterios de convergencia para llegar a este proposito: 1. Los paises han de evitar los deficits publicos excesivos .Esto se decidio a partir de dos tipos de referencia :el 3% del PIB para el deficit publico anual y el 60% del PIB para la deuda publica. 2. La inflacion no ha de superar en mas de un 1,5% la de los tres paises comunitarios que hayan obtenido las mejores cifras en durante el aà ±o anterior. 3. La moneda ha de haber respetado en los ultimos aà ±os los margenes normales de fluctuacion del Sistema Monetario Europeo (SME). 4. Los tipos de interes a largo plazo no han de sobrepasar en mas del 2% la media de los paises que tengan los tipos mas bajos de la Union. Definitivamente se generalizara el uso de la moneda unica a partir de Enero del 2002 y durante 6meses como maximo, se introduciran las monedas y billetes en EURO y se retiraran las antiguas monedas nacionales .En este tiempo los comerciantes estaran obligados aceptar el EURO. Lo mas importante de esta moneda es que sea aceptada por todos nosotros , es decir los ciudadanos. COMO VA AFECTAR EL EURO A LAS INVERSIONES.  ¿En que moneda se recuperaran las inversiones? Entre 1999 y 2002 las inversiones seran rembolsadas en monedas nacionales.Si las dos partes estan de acuerdo se podra rembolsar en EUROS .Si la inversion se realiza en EUROS, el reembolso se podra realizar en moneda nacional o en Euros. A partir del 2002, en Euros.  ¿Se vera afectado el valor de mi inversion por la introduccion del Euro? No .La introduccion del Euro no cambia el valor de su inversion.Seguira igual auque habra de tener cuidado con el ajustamiento del EURO.  ¿Entre 1999 y 2002, es mas ventajoso recuperar las inversiones en Euros o en moneda nacional? No ha... Free Essays on Euro Free Essays on Euro En el TRATADO DE MAASTRICHT se definen las condiciones economicas necesarias para tomar parte en la moneda unica .Los Estados miembros de la Union Europea han de hacer converger sus economias .En Maastricht se definen 4 criterios de convergencia para llegar a este proposito: 1. Los paises han de evitar los deficits publicos excesivos .Esto se decidio a partir de dos tipos de referencia :el 3% del PIB para el deficit publico anual y el 60% del PIB para la deuda publica. 2. La inflacion no ha de superar en mas de un 1,5% la de los tres paises comunitarios que hayan obtenido las mejores cifras en durante el aà ±o anterior. 3. La moneda ha de haber respetado en los ultimos aà ±os los margenes normales de fluctuacion del Sistema Monetario Europeo (SME). 4. Los tipos de interes a largo plazo no han de sobrepasar en mas del 2% la media de los paises que tengan los tipos mas bajos de la Union. Definitivamente se generalizara el uso de la moneda unica a partir de Enero del 2002 y durante 6meses como maximo, se introduciran las monedas y billetes en EURO y se retiraran las antiguas monedas nacionales .En este tiempo los comerciantes estaran obligados aceptar el EURO. Lo mas importante de esta moneda es que sea aceptada por todos nosotros , es decir los ciudadanos. COMO VA AFECTAR EL EURO A LAS INVERSIONES.  ¿En que moneda se recuperaran las inversiones? Entre 1999 y 2002 las inversiones seran rembolsadas en monedas nacionales.Si las dos partes estan de acuerdo se podra rembolsar en EUROS .Si la inversion se realiza en EUROS, el reembolso se podra realizar en moneda nacional o en Euros. A partir del 2002, en Euros.  ¿Se vera afectado el valor de mi inversion por la introduccion del Euro? No .La introduccion del Euro no cambia el valor de su inversion.Seguira igual auque habra de tener cuidado con el ajustamiento del EURO.  ¿Entre 1999 y 2002, es mas ventajoso recuperar las inversiones en Euros o en moneda nacional? No ha...

Monday, October 21, 2019

Free Essays on Consumer Information Privacy

Privacy is a term with many meanings. The simple word 'privacy' has taken on so many different meanings in so many different corners of the law that it has largely ceased to convey any single coherent concept. The functions of a general commitment to the value of privacy as a part of the law are varied, and cannot be reduced to the amount of protection actually given to that value in the legal system †¦ the commitment to privacy is no different than the commitment to other values, such as freedom of expression or liberty [3]. In today's real world, there seems to be confusion in regard to what privacy is and what it is not. At one time, privacy implied that individuals could be secluded, but that has radically changed. Logistical barriers created by geography once protected a person. This too, though, has radically changed. The geographical wall of protection has been removed by the development of technology. The loss of these once formidable barriers has not been accounted for in the scholarship available today. Privacy can no longer be assumed, even in the security of one's own home. Instead, privacy is a condition that is much easier to violate, and thus, is much more difficult to establish and protect. In the online and offline worlds, the value of personal information - especially information about commercial purchases and preferences - has long been recognised. Exchanges and uses of personal information have also long sparked concerns about privacy. Public opinion surveys consistently indicate that overwhelming majorities of the public are concerned that they have lost all control over information about themselves and do not trust organisations to protect the privacy of their information. Uses of new technologies raise policy issues that are often defined in terms of invasion of privacy (REGAN, 1995). Supporting this argument, one analyst, Patricia Mell, notes that the use of computers to manage information has considerabl... Free Essays on Consumer Information Privacy Free Essays on Consumer Information Privacy Privacy is a term with many meanings. The simple word 'privacy' has taken on so many different meanings in so many different corners of the law that it has largely ceased to convey any single coherent concept. The functions of a general commitment to the value of privacy as a part of the law are varied, and cannot be reduced to the amount of protection actually given to that value in the legal system †¦ the commitment to privacy is no different than the commitment to other values, such as freedom of expression or liberty [3]. In today's real world, there seems to be confusion in regard to what privacy is and what it is not. At one time, privacy implied that individuals could be secluded, but that has radically changed. Logistical barriers created by geography once protected a person. This too, though, has radically changed. The geographical wall of protection has been removed by the development of technology. The loss of these once formidable barriers has not been accounted for in the scholarship available today. Privacy can no longer be assumed, even in the security of one's own home. Instead, privacy is a condition that is much easier to violate, and thus, is much more difficult to establish and protect. In the online and offline worlds, the value of personal information - especially information about commercial purchases and preferences - has long been recognised. Exchanges and uses of personal information have also long sparked concerns about privacy. Public opinion surveys consistently indicate that overwhelming majorities of the public are concerned that they have lost all control over information about themselves and do not trust organisations to protect the privacy of their information. Uses of new technologies raise policy issues that are often defined in terms of invasion of privacy (REGAN, 1995). Supporting this argument, one analyst, Patricia Mell, notes that the use of computers to manage information has considerabl...

Sunday, October 20, 2019

Furloughs In Place of Layoffs

Furloughs In Place of Layoffs Free Online Research Papers Abstract Many organizations are turning to furloughs as an option over layoffs. In the short-term, furlough will optimize the cost of productivity while closing the budget gap. In the long-term, the organization is saving because they are able to keep their top employees and not have to hire and re-train staff. In our current time of economic crisis, furlough is an optimal choice for reducing costs and maintaining the integrity of the organization in the least invasive aspect. Executive Summary Are furloughs an optimal option over layoffs in order to reduce a deficit? I currently work at the University of California, San Diego which is part of the implementation for furloughs in an attempt to reduce the deficit without increasing the unemployment rate in California. Currently the state of California is in a 26 billion dollar deficit and climbing, and has resulted in furloughs for state employees. Furlough’s are defined as the placing of an employee in a temporary non-duty, non-pay status because of lack of work or funds, or other non-disciplinary reasons (Bellafronto Cleveland, 2009). In the current difficult economic times many employers are being forced to make difficult decisions to keep their businesses viable, including laying off employees to reduce payroll costs. More employers, however, are considering alternatives to layoffs. These alternatives allow employers to retain staff, particularly top talent and employees with institutional knowledge (Bellafronto Cleveland, 2009). Employers understand that keeping tenured and often loyal employees employed in anticipation of an inevitable upswing in the economy will also reduce the need to re-hire and re-train personnel which is a very costly and timely endeavor (Heathfield, 2009). Although reducing employee salaries may be an easy solution to an economical crisis, such reductions are often discarded as too demoralizing and often leads to employees looking for new employers. In order to avoid losing valued employees, many employers are attempting to reduce labor costs without layoffs are considering two alternatives: 1) mandatory furloughs and 2) reduced work hours. When done correctly, these can result in cost savings, but there are important legal considerations to keep in mind. This paper will discuss the economical impact of furloughs (Bellafronto Cleveland, 2009). Definition Employee furloughs is a mandatory time off work with no pay. Usually furloughs are implemented as an alternative to a layoff. Employee furloughs can occur in both public and private sector organizations (Heathfield, 2009). Furloughs are often implemented when revenue or projected revenue fails to match expenses. Currently, the state of California, is in a budget crisis and there is a mandatory employee furlough being implemented amongst all state employees. At the UC system all 10 campuses are required to take a mandatory furlough or pay cut. During mandatory employee furloughs, employees are required to take unpaid or partially paid time off of work for periods of time (Heathfield, 2009). The employees generally have either scheduled time off or a set amount of days required to be taken off per month or throughout the fiscal year (Bellafronto Cleveland, 2009).. To schedule employees with a contract, including union-represented employees, for employee furloughs, the contract must be renegotiated. The negotiations about employee furloughs generally include a call-back date (Heathfield, 2009). In the state of California the UC school system gave each university the option between mandatory furlough and reduced salary. All of the UC’s individually held town meetings to hear the voice of the employees to analyze what the employees preferred. The employees voted and pushed for a furlough instead of a cut in salary. Although the furlough does ultimately result in a reduced salary, it is demoralizing to have employees work the same amount of hours for reduced pay. As an employee of the UC system, I also voted for the furlough. I strongly believe that it is easier to accept a non-paid day off than a reduction in salary. Fortunately, during employee furloughs, benefits usually continue, which is one of the employee furloughs differentiating factors from a layoff. In addition, other companies have implemented work sharing programs. Work sharing is an Unemployment Insurance program that allows an employer to reduce the number of hours an employee works during a week while unemployment compensation makes up some of the difference in income. Since the current issue is that the state is in a budget deficit, utilizing unemployment would not be cost efficient for the state (Heathfield, 2009). Factors or Costs According to the UC President Mark G. Yudof, effective July 16th, 2009, the UC Board of Regents approved a systemwide furlough as part of a plan to offset $813 million in state funding reductions for the 2008-09 and 2009-10 fiscal years. The furlough is viewed as a short-term solution to close the deficit and manage the budgets under the new budget for the upcoming fiscal year. If the furlough is successful, the university will be able to remove the furloughs and ensure long-term success. Although the university is optimistic about the furlough, it is demoralizing and difficult for the employees to endure. In the current economical situation, and with the constant news of businesses laying off employees, UC employees are appreciative to have a furlough in lieu of a mass layoff. Most California business are amidst a human resources hire freeze, and it is difficult to obtain new jobs. The hire freeze amongst other corporations gives the UC an increase market power. Although, we are amidst a furlough, the furlough is only applicable to non-federally paid employees. The UC campus is made up of both federal and state funds. Fortunately, the furlough is only applicable to state funded employees, such being the case that the federal funded research programs are still very much thriving and now have market power with regards to hiring highly qualified applicants. According to our human resources department, for each job opening we have over 300 applicants and most of the applicants are over qualified but in the current economy are willing to take any job. The university is able to obtain a highly qualified candidate for a lower salary. The federal research funds are an important revenue source for the UC system. These funds are released to the UC along with a 54.5% indirect cost rate that is associated with every dollar spent. For example for every $500,000 that is awarded to the university, $272,500 is allocated as indirect costs. Indirect are allocated as funds are spent, therefore, for every dollar spent 54.5% is revenue for the university. It was a wise decision to exclude the federal research funds of the furlough, because in the end the university would lose revenue and if the funds are not spent by the time allotted, the funds are to be returned to the government. In addition, it is calculated that for every 1 million dollars awarded by the federal government, 17 jobs are created. Measurement According to the UC California Budget News (2009), the UC system faces an unprecedented $813 million deficit in state support. The furlough plan is part of a system wide strategy to address the deficit. In an effort to lessen the hardship on employees, the UC has devised a plan is based on a sliding scale. Employees who have higher salaries will have a larger number of furlough days and a correspondingly higher salary reduction. Salary reductions range from 4 -10 percent. The UC President estimates that the furlough implementation will produce a savings that is estimated to cover about one-quarter of the universities budget gap. On a personal note, I will incur 16 furlough days which is equivalent to a 6% salary cut (UCSD, 2009) In addition to the furloughs, the university also plans to increase student fees in order to eliminate another quarter of the budget gap. All of the departments have been given strict guidelines for immediate debt restructuring, drastic cuts in spending on campuses and within the Office of the President will make up the remainder of the budget gap (UCSD, 2009). Analysis Implementing a furlough is a way to reduce expenses in order to close the budget gap. In doing so, employers are able to keep their staff, and will save money in the long-term as well as the short-term. Hiring new staff is very expensive and not cost-efficient, there are costs associated with training, background checks and it often takes a minimum of 6 months for an employee to get caught up to speed with the other employees. The furlough is a more favorable option to layoffs for employees as well as employers. Although the employees are required to take mandatory furlough days, the workload or demand is not decreasing. The university is constantly in high demand with regards to education as well as research. We are now facing the issue of supply, where supply is the laborers needed to run the university. There are a lot more expectations given to employees who have to do the same amount of work in less demand, and this could affect the productivity of the university. Summary In summary, furloughs are an optimal option over layoffs when used to reduce a deficit. Cost analysis have shown that furloughs are both a short-term as well as a long-term solution to budgetary deficits. The UC system proved to be a great example of an organization that is using this options in order to maintain productivity as well as maintaining the integrity of the UC system. References Maurice, S. Thomas, C. (2008). Managerial Economics, 9th ed. New York: McGraw-Hill. Bellafronto, E. Cleveland B. (March 5, 2009). Furloughs may be smarter than layoffs. Legal times. Heathfield, S. (2009). Employee Furloughs. About.com http://humanresources.about.com/od/glossaryf/g/furlough.htm UCSD. (July, 2009). University of California Budget News. universityofcalifornia.edu/budget/?page_id=87 Research Papers on Furloughs In Place of LayoffsMoral and Ethical Issues in Hiring New EmployeesTwilight of the UAWAnalysis of Ebay Expanding into AsiaLifes What IfsThe Effects of Illegal ImmigrationPETSTEL analysis of IndiaThe Project Managment Office SystemNever Been Kicked Out of a Place This NiceOpen Architechture a white paperResearch Process Part One

Saturday, October 19, 2019

US History Essay Example | Topics and Well Written Essays - 750 words - 1

US History - Essay Example post-war foreign policy, maintaining that the Soviet Union was â€Å"relentlessly expansionary† and that the ebb of â€Å"the flow of Soviet power† required a â€Å"firm and vigilant commitment† (Kennedy 554). And it was from this principle, to be known as the â€Å"containment doctrine,† that much of the post-1945, anti-Soviet foreign policy of the United States arose in a crescendo of increasing intensity. The application of the containment doctrine began with a series of policies designed to avert war and Soviet dominance. First, in March of 1947, President Harry S. Truman appeared before Congress to request military equipment and advisers to strengthen the defenses of Greece and Turkey against the communist threat (Brinkley, 782, Kennedy 554-55, Palmer 844-45). In his request, Truman pledged the support of the United States to those â€Å"free peoples . . . resisting attempted subjugation by armed minorities or outside pressures† (Kennedy 555). This rhetoric, historically known as the â€Å"Truman Doctrine,† formed the basis for further acts of Soviet containment and, indeed, committed the United States and its foreign policy to a comprehensive, international battle against communism. To be sure, a fundamental element of the containment policy was the recognized need to aid in the economic recovery of Western Europe, where some countries, particularly France, Italy and Germany, were still afflicted with the social and economic turmoil stemming from World War II and were thus susceptible politically to communist exploitation (Brinkley 782, Kennedy 555, Palmer 845). Consequently, in June of 1947, then-Secretary of State George C. Marshall offered economic aid to all European countries, hoping to reconstruct the economy of Europe and thereby strengthen its resolve against Soviet influence (Kennedy 555, Palmer 845). The Marshall Plan, as it became known, dedicated 12.5 billion

Friday, October 18, 2019

Paths out of homelessness in chicago Research Proposal

Paths out of homelessness in chicago - Research Proposal Example However, there are several issues that shall be faced while reaching to the desired state and respective goals and objectives must be attained in order to tackle these issues effectively. Chicago needs a steadfast plan of action to eliminate homelessness to minimum acceptable levels, deciding on objectives to be achieved, steps to be taken, who shall take the initiative and what population must be targeted in priority. Chicago’s environment Internal Causes Internal Effects External Causes External Effects Severe levels of addiction to alcohol and drugs Affected mental stability and health of the homeless Fall in individuals’ income levels and unemployment in Chicago Homelessness consumes national funding and increases residents’ taxes Social and sexual abuse for children and lack of parental guidance Behavioral problems especially in children Adverse local housing market conditions making it unaffordable for Chicago masses Homeless people engage in criminal activ ities thereby harming others Family frictions eventually causing parents to turn children out of home Loss of community connectedness and social life Racial, status, social and other demographic differences between Chicago residents Cleanliness cannot be ensured causing health and hygiene related issues in Chicago (Fertig and Reingold, 2007) SWOT Analysis Strengths: Availability of surplus community resources adequate to cater the homeless in Chicago; presence of performance management systems with authorities of the Chicago government to collect information about homeless, measure statistics and prioritize people in order of need for aid; and strong relations and ties with outside countries and other American states shall enable it to bring in foreign aid support for the homeless in crucial times of need. Weaknesses: Lack of political will to bring about improvements and eliminate homelessness at state level for Chicago; inadequacy of community support from other Chicago residents to help the poor and homeless since the busy lives racing for money don’t allow them enough time and sympathy for others; and large size of this state with only a limited amount of funding makes it an extremely difficult job for government to operate smoothly, not only satisfying its abiding taxpayers but also managing to save surplus for the homeless. Opportunities: Chicago has a severe educational and illiteracy problem and this area has lot of room for improvement and therefore government should capitalize here to create better employment opportunities; Chicago needs foreign funding to accommodate its overpopulated region and therefore it should work efficiently and effectively in industrial areas to manufacture goods and services that attract foreign funding and investments; and the government should join international bodies that exist for these purposes only and should participate actively in grooming homeless slums of Chicago. Threats: Denial of help from foreign econo mies and international charitable bodies working for these causes; political pressures for own benefits might eventually stifle this cause; and lack of housing schemes available for the homeless due to full accommodation. Vision of path out of homelessness in Chicago Chicago shall become homeless-free through community engagement, creating unlimited employment opportunities, development of housing scheme

Critical analysis of PSED (key person role-adult child relationship)in Essay

Critical analysis of PSED (key person role-adult child relationship)in an educational setting(UK), drawing on your observations and published research.(we have to create name and title)see my attachments - Essay Example the socio-economic characteristics and other cultural aspects affecting the personal, social and emotional development of children in their early years. The theory and practice will be linked based on the observations made. The importance of a key worker is the nursery setting will also be revealed. Eventually the integration of PSED into the early years of children as well as the role of the key workers will be explained and further expounded on. PSED plays an important role in the education system and as such should be applied in the early years. PSED is important for enhancing a caring community where students and their educators can interact respectably and further educating children about emotional literacy. This form of development is also crucial for facilitating social understanding and encouraging responsibility in students both in their education and their social interactions (Broadhead 2010, pg. 19). PSED also enables individuals to empathize with others and thus encouraging perspective-taking which is important in learning major life skills such as critical thinking and creative thinking. The early years are crucial for children in relation to their personal, social and emotional development. Based on research carried out recently, it is evident that the development of children in their early years personally, socially and emotionally plays a major role in influencing academic preparedness particularly in the early years of development. It has also been noted that the socio-emotional competence of children has an impact on their educational success. The socio-emotional knowledge influences the child’s success in their early years by improving their academic performance both in their early life and their lifelong learning. Making children aware of their emotions and training them on their planning skills ensures that the children have lower risks of being aggressive or having any anxiety disorders. Different educational centres have varying PSED

Thursday, October 17, 2019

How the Global Finacial Crisis impacted Egypt Term Paper

How the Global Finacial Crisis impacted Egypt - Term Paper Example One effect of the challenges was a disruption of the reforms that were later resumed in 2004. This paper will discuss how Egypt’s economy was impacted by the crisis, what the government’s response was in terms of policies, and the nation’s current economic status. An understanding of Egypt’s economy before the 2008 crisis helps in understanding and analyzing how the economy was impacted. The economic reform policies that had run from 1991 to 2007 met most of the terms set by international institutions, donors and lenders and included broader incentives to the private sector’s role in all monetary activities. The greatest negative impact was felt, rather than by the banking sector, on the real economy (Altintzis 1). This was occasioned by the fact that among the reforms that preceded the financial crisis, the government had put limits to the level of integrating the banking subdivision into the global financial system. Instead, banks had been consoli dated into larger corporations with restructured management as the government did away with toxic debts, reducing the impact of the crisis on the sector, while the economy’s growth rate and the stock market suffered the most. According to a report by the Cairo Chamber of Commerce, the losses by commercial and production sectors alone due to the crisis were estimated at US$4 billion for the year 2008/2009 (Altintzis 1). The greatest negative impacts on the real economy can be listed as the decline of GDP between 2007/8 and 2008/9 from 7.2% to 4%; a drop in domestic investment; a decline in the flow of foreign direct investment (FDI); an increase in the rate of return migration accompanied by reduced remittances; collapse of the capital market; a pronounced strain on payments balances; volatile oil prices; and reduced tolls from the Suez Canal that previously generated 70% of the nation’s foreign exchange (Altintzis 1). The implication is that the economy was impacted in a complex manner, with the nation being exposed to true economic shocks and the government remaining relatively protected in terms of financial shocks. The worst hit portion of the population was the lower and middle income earners, who spend 45% of the earnings on food. The government was soon faced with the need for an urgent response to the financial crises as from mid 2008 to 2011, food prices became unaffordable to 40% of Egypt’s population that was below the poverty line (Radwan 40). The slight improvement in annual growth rate did not reach the poor as only the wealthy benefited from it, increasing the poverty percentage to 50. The result was a socioeconomic instability that was politicized leading to the 2011 revolution. Among the policy changes to alleviate the effects of the crises, a bill was endorsed into law by parliament with the intention of protecting the 40% citizens below the poverty level as well as the lower and middle income groups. The bill reflected a fiscally and socially neutral package characterized by a decrease in energy subsidies as well as increased fees on the registration and licensing of automobiles and using cement raw materials. There was also an increase on cigarette sales tax with various income tax exemptions abolished. In particular, the

Personal Statement Example | Topics and Well Written Essays - 1000 words

Personal Statement Example Family background influences the career choice of one, especially in traditional societies like China. For example, a doctor’s children tend to study medicine; a bureaucrat’s children opt for civil service qualifications; a carpenter’s son learns carpentry from childhood, and so on. My father runs a factory-supported business enterprise, and it was but natural for me to pursue education and training courses, which would help me in future to participate in managing the family business. Quite honestly, I am as much responsible for this decision as my parents have been, since that is how it is in my country – the elders exert considerable influence in matters of education. Fortunately, my own positive inclination towards economics as the major subject sealed the issue. Our factory in China employing nearly 600 persons produces a wide variety of stainless steel cookware items. This is a fairly large business and it inevitably creeps into our everyday Shen 2 li ves, all the time. Family discussions or little talks around the dining table or even while on holidays always end up in business matters, and I was thus exposed to the affairs of our business since childhood. This has kindled an interest in me – first in general factory affairs, and later as I grew up, in the nitty-gritty of running a profitable business venture. I was often to be seen at my father’s office and factory, observing at firsthand how he handled his routine work, how he interacted with his staff and workers, and how he dealt with his clients. It is an invaluable experience for me to become aware of the practical world of business, and for my father’s staff and workmen to recognize me as one among them. This was my informal internship and background to my choosing economics as the academic option. Since completing high school studies, I have been attending working in my father’s office and factory more formally. I do this even now, whenever, I travel home on vacation. I have been assigned work in different departments, under the guidance of senior staff. I have worked in the factory assisting the manager and learning the production processes, staff deployment, order processing and dispatches; in office duties, I have done document preparation and presentation, raising bills and follow up for collecting payments; in the human resource department, I have come to know of staff management, salary administration and training; in the finance department, I was exposed to the different aspects of the relationship between a business and the banks like capital investments, working capital and stock/bills hypothecation, cash flow issues etc. All in all, I should say that I have just begun to appreciate the intricacies of business management and felt the need for a proper professional qualification for a fuller understanding of the processes, especially relating to the economics and financing of a running business. As a first step i n this direction, I have selected the subjects of macro and micro-economics, statistics, Shen 3 social sciences and business for my major at the SBCC. I have begun to enjoy solving problems in the economics subject. After completing my graduation/post-graduation in University of California, I wish to return to China and play an important role in the development of our enterprise. 2. What character or attitude

Wednesday, October 16, 2019

How the Global Finacial Crisis impacted Egypt Term Paper

How the Global Finacial Crisis impacted Egypt - Term Paper Example One effect of the challenges was a disruption of the reforms that were later resumed in 2004. This paper will discuss how Egypt’s economy was impacted by the crisis, what the government’s response was in terms of policies, and the nation’s current economic status. An understanding of Egypt’s economy before the 2008 crisis helps in understanding and analyzing how the economy was impacted. The economic reform policies that had run from 1991 to 2007 met most of the terms set by international institutions, donors and lenders and included broader incentives to the private sector’s role in all monetary activities. The greatest negative impact was felt, rather than by the banking sector, on the real economy (Altintzis 1). This was occasioned by the fact that among the reforms that preceded the financial crisis, the government had put limits to the level of integrating the banking subdivision into the global financial system. Instead, banks had been consoli dated into larger corporations with restructured management as the government did away with toxic debts, reducing the impact of the crisis on the sector, while the economy’s growth rate and the stock market suffered the most. According to a report by the Cairo Chamber of Commerce, the losses by commercial and production sectors alone due to the crisis were estimated at US$4 billion for the year 2008/2009 (Altintzis 1). The greatest negative impacts on the real economy can be listed as the decline of GDP between 2007/8 and 2008/9 from 7.2% to 4%; a drop in domestic investment; a decline in the flow of foreign direct investment (FDI); an increase in the rate of return migration accompanied by reduced remittances; collapse of the capital market; a pronounced strain on payments balances; volatile oil prices; and reduced tolls from the Suez Canal that previously generated 70% of the nation’s foreign exchange (Altintzis 1). The implication is that the economy was impacted in a complex manner, with the nation being exposed to true economic shocks and the government remaining relatively protected in terms of financial shocks. The worst hit portion of the population was the lower and middle income earners, who spend 45% of the earnings on food. The government was soon faced with the need for an urgent response to the financial crises as from mid 2008 to 2011, food prices became unaffordable to 40% of Egypt’s population that was below the poverty line (Radwan 40). The slight improvement in annual growth rate did not reach the poor as only the wealthy benefited from it, increasing the poverty percentage to 50. The result was a socioeconomic instability that was politicized leading to the 2011 revolution. Among the policy changes to alleviate the effects of the crises, a bill was endorsed into law by parliament with the intention of protecting the 40% citizens below the poverty level as well as the lower and middle income groups. The bill reflected a fiscally and socially neutral package characterized by a decrease in energy subsidies as well as increased fees on the registration and licensing of automobiles and using cement raw materials. There was also an increase on cigarette sales tax with various income tax exemptions abolished. In particular, the

Tuesday, October 15, 2019

Financial analysis Research Paper Example | Topics and Well Written Essays - 4750 words

Financial analysis - Research Paper Example Return on equity is one of the most important ratios used to analyze the performance of the company. Investors and management of the company use returns on equity to analyze the performance and profitability of the company. DuPont ratio analysis is used to decompose the returns on equity of both the companies. By decomposing different elements that influence the returns on equity of companies, this report identifies important areas that help in increasing or decreasing the returns on equity. There are different elements that influence the returns on equity and some of these elements are Tax Burden, Interest Burden, Operating Margin, Asset Turnover and Leverage Ratios. DuPont analysis is applied on the two companies under study; Apple and BlackBerry, but this report also uses the data of other industry important players to analyze the factors that influence the ROE of the company. Industry players that are used in this report are Motorola Solutions, Inc. (MSI) -NYSE, Nokia Corporation (NOK) -NYSE, Microsoft Corporation (MSFT) -NasdaqGS, Hewlett-Packard Company (HPQ) -NYSE, International Business Machines Corporation (IBM) -NYSE). It has been found that Apple has performed the better when compared with Blackberry and average of the industry as ROE of the company has been higher than Blackberry as well as higher than Industry averages. Moreover, it has been found that the returns on equity of Apple have been showing an increasing trend in the last five years whereas the returns on equity of Blackberry have been showing a declining trend. In the years 2008 and 2009, ROE of blackberry was higher than Apple but the ratio was more or less the same in the year 2010. However the returns of Apple kept on increasing and these returns exceeded the returns of Blackberry. Therefore ROE of Apple was higher than ROE of Blackberry in 2011 and 2012. Moody’s Bond Rating criteria are also used to analyze

Importance of “patriotism” during war Essay Example for Free

Importance of â€Å"patriotism† during war Essay Wilfred Owen in his poem â€Å"Asleep† and Andrew Hudgins in his poem â€Å"Listen? The Flies† have analyzed the concepts of death, war and violence. Even though both poets experienced the military actions themselves, they did not describe the life of soldiers and the philosophy of war from the patriotic point of view. On the contrary, in their poems Owen and Hudgins illustrated the most horrible scenes of war that emphasize that war can never be justified because it destroys human life and brings physical and moral sufferings. Both poets portray death as the only way out for soldiers, express compassion towards soldiers as the greatest victims of war and describe low importance of human life as the result of military actions in order to disprove the idea of patriotism that plays upon the mind of soldiers and exploits them for the mercenary interests of their governors. First, Andrew Hudgins and Wilfred Owen justify death to some extent because it rescues soldiers from anger of war and occurs as the natural process unlike war that goes against all moral laws.   When Hudgins talks about war in his poem he describes human life as purity that was shaded by war and turned into putrefaction: â€Å"everything that lives is pitched from purity to putrefaction, back and forth†.   At the same time Wilfred Owen, uses comparison in order to show that death becomes more pleasant than life during war. He compares death to the deep sleep: â€Å"his deeper sleep lies shaded by the shaking of great wings, and the thoughts that hung the stars.† The soldier in the poem has finally got a chance to have some rest after long days of battle. The main characters of both poems are not afraid of death and to some extent they accept it because even death cannot be more frightful than war. Thus, in the poem â€Å"Asleep† Wilfred Owen describes the soldier who does not suffer in his dead sleep because he is â€Å"above these clouds, these rains, these sleets of lead†, above all severe weather conditions, constant attacks and stress from killing and being killed. Moreover, those soldiers who are still alive envy the dead soldier that does not have to wake up in the morning and see the horrors of war again. Similar to Wilfred Owen, Andrew Hudgins refers to Bible to justify death. He uses allusion and gives quotes from the Bible to show that death is more natural for a soldier than war: â€Å"from ash to ash, it says, from dust to dust, with fire and dirty water in between†. Hudgins depicts how soldiers were waiting for death in prison camps praising the flies. The flies are symbols of death that is always near. In the last part of the poem the author killed a fly that got in his room but he knows that there will be more flies in the future. The main character of the poem does not see any point in struggling for life because it’s easier to accept death that is unavoidable during war.   Thus, according to both authors, the horrors of war lead to the condition when death becomes a happy end for a soldier because it sets him free from all the hardships that he has to go through during war and it can be explained by laws of nature. Second, the authors stress the cruelty of military actions by describing the dead soldiers as the greatest victims of war and showing their compassion for them. The length and the concentration of events in both poems are the brightest indication of the authors’ ability to awaken in the mind of readers the same kind of sympathy that both poets have for their characters. The length of the both poems does not let the reader to remain indifferent to the events which take place and arouses the feelings of grief, horror and deep sorrow in the reader’s mind. Thus, the poem of Wilfred Owen is short that enables us to read it at one sitting at the highest degree of excitement. The phrases in the poem â€Å"Asleep† are abrupt that turns the reading into the process when there is a minute to think and move to the next line. The poem by Andrew Hudgins is longer; however, most of the sentences are short and it provokes the reader to pay attention to every detail and not to leave anything without attention. All events which occur in the poem â€Å"Asleep† are concentrated in one place during certain time interval; at the same time in the poem â€Å"Listen? The Flies† the author tells about events which happened in different places during different periods of time. The concentration of time and place in the poem by Wilfred Owen is used because the author wants stay-at-home citizens to be carried to the battle field for a moment, experience what the soldiers experience every day and see the â€Å"backstage† and the reality of war. Lack of focus on time and place in the poem by Andrew Hudgins makes the reader see the war from the different standpoints and contemplate more about the meaning of life. Thus, at the beginning Hudgins describes how he noticed the body of the dead soldier, and then he points out that death took away many people in prison camps, after that he explains death using quotes from Bible and at the end he goes back to the symbolic scene with the flies. Third, both authors illustrate that military victory and destruction of enemies during war have higher importance than life of a person. The soldiers in both poems are described as some human bodies without soul rather than as human beings. In the poem â€Å"Asleep† no one notices the dead soldier; his head â€Å"confuses more and more with the low mould† and his hair becomes of the same color â€Å"with the grey grass of finished fields†.   It seems like the soldier is the machine that is out of order. Andrew Hudgins describes with certain irony the scene when the soldiers â€Å"walked the marsh† and sang the patriotic song; however, their friend was dead. The author portrays how someone’s death can be neglected because patriotic idea supported by political and economic interests plays more important role.   The dead soldiers are heroes because they were killed for their country. However, the question remains whether the interests that they defend are the interests of people or the interests of politicians. Both poems lead us to the conclusion that the consequences of patriotism are death and emotional breakdown. The poets used different techniques to emphasize that the glorious idea of military patriotism is based on political ambitions and soldiers are only instruments. The romantic beliefs about nobility of military actions made both characters of the poems the victims of war whose life lost its value and death became the answer to sufferings and hardships.

Monday, October 14, 2019

Risk Management at the Olympic Games

Risk Management at the Olympic Games Strategising to Moderate Risk at Mega Events: the case of Olympic Games Abstract The management of risk at mega events is the focus of this dissertation. The framework for criticality of risk areas is identified through a literature review in the chosen domain of Olympics as an instance of mega events. The study looks at different areas of risk and examines assertions made in online archived articles in the public domain. The dissertation uses web based archival resources to acquire such articles using judgmental sampling. Content analysis is the method of analyses complemented by analysis of variance and correlation analysis. Reflecting on discussion on risk, and on the orientation of shortcomings and prescriptions in articles used as data -is the empirical basis for the study. The implications emphasize a greater role for the host city communities the risk and benefits are central to minimizing risks in planning and implementation. The importance of such moderation in alliancing and orientation is also found to be beneficial for the organizers of mega events. The study is limited in scope due to sample size and accessibility issues but delivers to the two research questions it is based on, draws out key implications for risk management, and also, reflects on the Games themselves as sequential settings that belong to a larger set of mega events. Such events due to their sequential nature of occurrence- have tremendous opportunity to learn for performance improvement. Preface This study has been helped tremendously by online portals as data sources especially Highbeam.com, and also, the House of Commons Committee of Public Accounts reports to do with Olympic Games. Guidance and orientation received from the University have been very helpful in organizing this study. Finally, I would like to express my gratitude to friends and family for their co-operation during my busy days while conducting this study. Chapter 1. Introduction 1.1 Background Since the decision for revival of the Olympic movement at the behest of Baron Pierre de Coubertin in Sorbonne, in Paris in 1894, the Olympic movement has come a long way. After nearly fifteen hundred years the first games in Athens were held in 1896. The chronology has come a full circle with the Athens Games on 2004. Over this time frame the Olympic movement is a signifier of prestige and also political clout. However, as with all forms of growth and maturity in a continuously changing world problems and issues have reshaped time and again to challenge the smooth execution of Olympic Games and their perception in minds of the global audience whether it be the public or the governments or also, the sportsperson and organisers. The International Olympic Committee (IOC) has made sure through instruments, producers, rules and routines that it controls the aspects of these mega events – the primary focus being to maintain them not only as the top sporting event but also ‘the ’ mega-event that has no comparable competitor (Hill, 1992). This mandate of size, scope and ambition brings with it an ever more complex environment. The risk of poor performance is associated with such complexity that is difficult to understand and distil into delivery concerns. The internal facets not withstanding, constant challenges like the unpredictability but at the same time likelihood and associated concern of events such as acts of terrorism compound the interface with externalities. The impact of the socio-economic frame of reference at Game sites, the expectations of the IOC and other stakeholders on the reputation and legacy front et al., provide a platter that has a risk quotient attached to every aspect. The management of this risk is critical to carry the movement forward as a successful global phenomenon that brings together people in a fulfilling manner driven by healthy sporting camaraderie. This dissertation examines risk areas in Olympic Games with an objective to arrive at a risk framework and then derive the relative importance of different risk areas. Using evidence from published sources it also tries to contextualize shortcomings in management of such risk and potential solutions that can help moderate risk. In this frame of reference, the dissertation makes an implicit case for contextualizing and assessing learning from past experience, and the shape of the current schema of risk management for London Olympics, 2012. 1.2 Research Questions The central research questions that drive this study are as follows: 1. What is the relative critically of areas of risk that are associated with the Olympic Games? 2. What are the shortcomings in existing ways of managing risks? How can these shortcomings be addressed? 1.3 Dissertation Outline This chapter sets the mandate for the study and is followed by a literature review that looks at risk from a mega event perspective and in context of Olympic games in particular. The third chapter outlines the approach and methodology for this dissertation. Among other aspects of data and sample selection it provides a perspective of textual analysis and other allied techniques used for interpreting the same. The fourth chapter presents the research findings under different research questions. A relative criticality of risk areas based on the risk framework /typology in the literature review section is arrived at. The orientation of shortcomings and recommendations in the sample articles is also presented. The findings are then taken forward to a research discussion chapter where the implications of the findings are taken forward for Olympic Games as a case of mega events. The dissertation concludes by providing a snapshot of study achievements, limitations of the study, and leads for future research. Chapter 2. Literature Review 2.1. Introduction ‘Mega-events’ are way for cities, nations and economies to further their development agendas. Olympic Games no doubt belong to this fold of events and probably the most significant of them all. The reputational and economic effects on cities of hosting the Games have been well-documented (e.g., Andranovich, Burbank Heying, 2001; Miyazaki Morgan, 2001). However, there is much more work to be done in scoping the risk that is associated with these games. Aside from the fiscal debacle of the Montreal Olympics, right from the onset of the modern Olympics, critical situations have afflicted the games. Political factors have had a role to play with the Nazi bandwagon riding the 1936 Olympics, disruptions through the Wars, and also, anti-apartheid and cold war boycotts. Munich and Atlanta Olympics on the other hand encountered terrorism reshaping the security connotations forever (Burton, 2003). Hosting the Olympic Games requires a range actors and institutions to come together and the risk of management that such diversity brings with it is also considerable. While the rewards for the community remain high e.g., like being labeled an Olympic world class city the risks of failure are equally great both in the execution of the games, and the stigma that such failure may bring to the community, management and the government. Rationalizing, motivating and organizing remain key to risk control in addition to the unpredictable externalities that may impact such events (Ansell, 1997). In the next section I discuss the Risk from a perspective of distilling a typology that can closely approximate the numerous variables that associate with a mega event. There after I discuss Olympic risk in the specific context of Olympic Games and the games to be held in London in 2012. 2.2. Risk and Mega Events The idea of risk is very subjective and highly contingent on the situation and area in question. The understanding of risk as the probability of loss is very macro. This probability is sometimes complex to diagnose as the involved variables are subjective and the probability itself is to make it ambiguous-uncertain. Furthermore, risk is also a matter of significance and relative consequence that various negative influences bring upon an initiative or institution (Tannert et al, 2007). A discussion to arrive at a typology of risk that is comprehensive and suitable to be considered for mega event scenarios needs to start with Enterprise Risk Management (ERM). With its moorings in financial engineering of risk, ERM covers risk associated with all organisational and institutional silos whether insurance, financial or in general- operational issues. The detailed risk maps that inhabit the increased awareness about risk are now even more important especially in light of the externalities and unpredictable that have been re-emphasized in the aftermath of 9/11. These range from a risk typology that involves interest rates to even more subjective reputational risk aspects. Furthermore, risk is more associative and less silo-ed as the consequences ricochet for the whole organisation or institutional system that may comprise multiple organisational entities as in mega events – thus culminating into macro level strategic risk frame also (Ahlquist, 2003; Barnoff, 2004). Risk management can be seen at several levels in the case of institutional mechanisms (Quarantelli, 19988; Horlick-Jones et al.; 2001; Kunreuther et al. 1995; Tarlow, 2002): : Stemming from externalities with some predictability consensus associated with them. For instance, political-legal, economic, and also social Stemming from externalities with very less or no consensus on the predictability like natural calamities and terrorism (different from perceived likelihood. For instance, an act of terrorism may be likely but cannot really be predicted as against the earlier type!) Institutionalization and legacy risk Corporate/institutional risk that stems from integrating multiple parties into the management- decision frame. The challenge is to effectively work on negotiation and on the complex pattern of alignment of different stakeholder objectives. For instance, given multiple organisational systems that comprises institutional mechanisms for mega events. Reputational risk are a part of this risk in the main but also can stem from other types Operational risk -that could stem from supply chain management issues, sub-contracting issues, and work efficiency problems, among others. In the case of mega events another form of risk that has to do with the size and scope of the event, and is based on the premise that greater these are the more likely are the above likely to manifest themselves. This can be termed – ‘Event Complexity’ Risk (Ceniceros, 2001). Risk of managing information about risk is also an associated factor here. In the information age a lot of data is available on all risk related variables but this also makes the potential for complexity through multiple interpretations very likely. In the pursuit of information – intuition has lesser and lesser of a role to play. This becomes critical when the issue is of externalities with a low prediction quotient. 2.3. Risk at Olympic Games The idea of Olympism is ingrained in an institutional mechanism that integrates a legacy and numerous organisations when the legacy has to be taken forward in the form of other games. Beyond the exchanges and relationships that are contracted out to be economically meaningful the social, legacy and reputational aspects impart a â€Å"common meaning system† (Scott, 1995: 56). By extension the implications of risk become even more nuanced for Olympic Games. In part, because the baggage of ideology and thus the expectations being immense –more than probably any other mega event on the planet. The following snippets that emphasize this ‘expectation assertion’ and thus reflect not only on the nuanced nature of risk but also the risk of failure: The Olympic Games are subject to a most complex web of risk variables given the scope and expectations discussed so far. The categories of risk discussed in the previous section apply, and the aspect of ‘event complexity risk’ (Ceniceros, 2001) discussed before amplifies them in the context of Olympics. The legacy of Olympics marked by manifestation of externalities, strategic and operational issues all come together to shape an ever increasing concern for ‘things that can go wrong’ The Olympic Games are staged in collaboration with a given city. The consequences of how risk is managed are thus most important for the city and its people. The ramifications of course are nationwide. The connection is depicted in the naming of the Olympic Games Berlin 1936; Los Angeles 1984; Sydney 2000 et al.– it is the city that is associated with operationalisation of the Games, and also has its own mascot, emblem et al. The communities both in administration and in public domain of host cities provide for the direction to the initiative in the specificities of control that are given to a city. It is this localized application of the global and time established mandate of Olympics that initiates the formation strategies, operations , delivery mechanisms and the relationships that comprise them within the host city and beyond it also. Finally, in turn, this impacts the host city and all stakeholders beyond and within its frame of reference through the performance of the Games and the legacy the Games leave behind (Burbank, 2001). In the run to London 2012 risk management has become a much codified and dwelled upon feature. However political lobbying and public sentiments some times take attention away from it. For instance, during the bidding evaluation process the London transport system was seen as having serious problems by the International Olympic Committee (IOC) – this was given a back seat in subsequent evaluation exercise. While provisions for risk are formally made as for the 2012 games, the provisions are but only token in light of the heightened risks of terrorism. Athens 2004 in particular -was also marked by delayed, rather ‘dangerously just in time’ completion of facilities. The experience has resulted in the Olympic Delivery Authority (ODA) imposing a master schedule that supervised ongoing progress (Burbank, 2001; Jennings, 2006). Sponsors and license fees are a key component of revenues and in light of the failure to adequately protect these in Atlanta 1996, Sydney 2000 saw innovative strategies in place and the learning has continued to shape the delivery mechanism of the London 2012. Lessons from the past improve the delivery mechanism and the risk management apparatus, changing times require innovation to be continuous- proactive and not only in response to problems and failures of the past (Hamel, 1996). Increasingly most of the investment that is to help host the games is sold to the taxpayer as additional benefits or infrastructure improvements that would occur irrespective of winning the bid to host the games. Besides moderating most internal political and fiscal discontentment, this also contributes to ‘planning of a lasting tangible legacy’. This is one of the seven key risk areas identified by the House of Commons Committee of Public accounts (July, 2007). This list that highlights both the generic and specific concerns is adapted from the report with excerpts of comments from the House of Commons highlighting the nature of concern. It is important to note that many operational facets especially security span several of these listed areas like for instance ‘Coordination of the multiplicity of organizations and groups involved in the Games’ and ‘Delivering the Games against an immovable deadline’ among othersHouse of Commons (2007) The delivery of the London Olympic Games 2012 has been configured around two new bodies the Olympic Delivery Authority (ODA), and the London Organizing Committee of the Olympic Games and Paralympics Games (LOCOG)- the former providing facilities, and the latter, staging the games. These bodies are supervised by the Olympic Board, and the Department for Culture, Media and Sport that comprises the Government Olympic. The number of bodies that link up to provide services feed into a complex supply chain which is not easily comprehendible but the delivery mechanism can be seen as follows: The complexity of the delivery mechanism and the even more nuanced supply chain has a knock on effect on the other listed factors- for example the timely delivery aspect is contingent upon the effectiveness of co-ordination. The timescale from securing the bid to eventual hosting is quite big- the resultant inflation and unpredictable external factors affect budgetary issues. On the other hand, the contractual procedures required to say for instance, harness fresh private sector funds make it cumbersome to source then with such re-estimates. One example of changing circumstances is heightened security risks that may also require re-estimates. The lottery money that is going into 2012 is being diverted from other just causes and such resource re-direction needs to come good in the future from surpluses created by the impetus of the games. Having a structured approach to supply chain management and recognizing the extensive processes that will be required to facilitate construction and reworks for instance- are key to effective management. Monitoring of progress via a steering group will help keep a check on the various cogs of the complex machine that also stems from the ‘master schedule’ requirement mentioned before (Jennings,2006). The lasting legacy issue is about reuse and sustainable orientation of facilities and infrastructural developments to generate a source of income over life. This is key to realizing long terms benefits from the impetus of the games. The discussion on the above that leads from the typology provided also suggests as range of micro factors that need to be put in context. As later in this dissertation – these micro factors that lie within the ambit of the typology are crucial to examine shortcomings and recommendations from web based archived publications. These micro risk areas can be listed as follows as mainly from the above discussion: Scheduling (the preparation flow from award of the games to being ready comfortably and in time) Infrastructure Quality (the quality of facilities and how customized they are to delivering the games) Sponsorship (a resource bracket that is not only about monetary issues but also to a degree about sanction) Licensing issues (the arrangements to appropriate services and rents) Security (issues to do with management of crowds in the old days now primarily about terrorism) Legacy (the impressionistic statements the Games make on the city-nation and the Games themselves) Resource opportunity cost (in light of other good causes) Coordination (in delivery) Extant literature that has dwelled on shortcomings and recommendations across some of these areas hints at resourcing, sanction from top and public support as driving variables towards addressing shortcomings related to the aforesaid areas. Toohey and Taylor (2007) for instance, have highlighted the role of public sentiments in shaping response to threats of terrorism. The impact of how fear, anger, optimism, and pessimism as attributes of such sentiment translate into the public ‘buying in’ to the organisers claims about the efficacy of security, were key as per their empirical analysis. In the risk management area the need for ‘special events to have special risk management’ mandates (Ceniceros, 2001) is propounded explicitly or implicitly in most literature. Such literature highlights the ‘event complexity’ issue that is a part of the typology propounded in this review based on literature. What such research also suggests is the need to be very explicit in fleshing out risk variables no matter how unconventional they may appear (McGee, 2006; Roche, 2006). The unconventionality is what has required me to distill a novel framework in typology and in micro areas in this literature review – to be examined and validated in the later chapters In the subsequent chapters I examine the Risk associated with Olympic Games. This is done in two complementary ways. I examine the perceptions about risk in recent past through a methodologically embedded analysis and then draw implications largely in context of the prospective frame London Olympics 2012. While the former provides for a perspective on relative criticality of risk areas, and how shortcomings and recommendations associated with it are tabled the latter provides a platform to contextualize the findings. In the parts of the dissertation to follow -data sources for this analysis and a detailed methodology are provided prior to analysis and findings of the study. Chapter 3. Approach Methodology 3.1. Introduction This dissertation is based on secondary data sources. Web based archival documents, and also literature that provides narratives of different Olympic Games have been used. In some cases, references to changes in the delivery mechanism in the aftermath of a critical incident in the preceding games, form basis to reflect on the genesis of approaches to risk management. In others, which are a majority, author perception and orientation are taken as an indicator of the risk and shortcomings of risk management at the mega events of Olympic Games. A detailed methodology as described and illustrated in this chapter tries to work on these in a robust manner. The listed areas of risk in general for mega events and contextualised to London 2012 games in the literature review- are taken as the bedrock to flesh out different factors that associate with each area. There are overlapping and micro factors like private funds generation, contractual arrangement for physical assets and security- but these have been worked at in an aggregated manner under the risk typology proposed. Some specific discussion on these follows under the findings section but the focus remains to generate a holistic risk perspective as per the research questions of this dissertation. An analysis based on web based published material using content analysis or textual analysis (as archival text is the frame of reference) informs this dissertation. This is on a sample of articles in leading newspapers and periodicals on Olympics Games. The content analysis technique will make use of phrases, concepts, and their meaning to elucidate which are prime areas relating to risk concern and how the related factors are perceived. There is an opportunity to see cultural variations not only over time but over samples that belong to different parts of the world but the lack in spread in articles has defeated this additional objective – not affecting the addressal of the research questions. Textual analysis bases itself on the extent of occurrence and also on the implied meaning as in opinions voiced and intended (Lecompte et al., 1992). The data codes generated have been processed using statistical tools as described later in the chapter. As stated, after presenting the r esearch findings in the chapter to follow, the relative criticality of risk factors is discussed primarily in light of London 2012 and mega events in general later in this dissertation. 3.2. Data The sample of popular newspaper and periodical articles under content-textual analysis was expected to be about 50 over the last five years, given that we need to examine contemporary- relative importance of risk areas and factors. I have been able to locate 51 articles that are of relevance after going through nearly 200 articles to generate this shortlist. The sampling can thus be classified as judgmental. As mentioned, a regional classification was also intended but lack of articles that were comparable from the Asian and African perspective did not allow for this. The popularity weighing has also been done away with given this modification in selection criteria brought upon by access and availability issues – new criteria drawing to some degree on discourse architecture by a lead thinker in the field of semiotics- Foucault as described later is used for assigning weights. Archival information from the House of Commons Committee of Public accounts (HC) is available and upda ted version(s) have been used to support the comparison between content analysis findings and the risk assessment schema that exists. Though the Beijing games in 2008 were kept out of the frame of reference as material on these was rather limited, and also because the prospective frame was intended to be the London Olympics- some articles inevitably referred to the forthcoming Beijing Games as well. 3.3. Textual Analysis Textual analysis is a form of content analysis where archival text is the platform for distilling meanings and implications. This includes online material. The analyses includes a perspective on the ‘intended’ vs. the ‘visible’ meanings and also the environment and players who enact the ‘transaction’ of the message.(Babbie, 1997). Textual analysis thus works in a frame of reference that seems to stem from ‘Semiotics’ of the study of meanings ( Bignell, 1997), is key to understanding such analytical approach. This is profiled here to draw on concepts that can be reflected in coding of the textual data. Roland Barthes (1915-1980) is the first key thinker here of course building upon the basics of semiotics propounded by Saussure (Barthes, 1954, 1967, 1975). He speaks of certain levels at which meanings are pegged – the explicit sign actually indicates a deeper meaning or implication. Among many others’ Michael Foucault is another important thinker – his views on the ‘context’ and the manner in which ‘discourse’ gets shaped both across time and within a given situation at a point in time have been much cited (Groden Kreiswirth 1994). 3.4. Methods in Analyses From the preceding discussion it can be summarised that the following are useful in setting out works for textual analysis: (Barthes amongst others) – looking at deeper meanings (Foucault) – looking at lineage and moorings support from past expressions The characteristics of the web based published articles are as below for profiling the analysis to give a snapshot of how the analysis has been conducted They are a form of written text that arise both in response to previous postings and also independently in context of a phenomenon or event. To this extends the signs can be primary or secondary. For instance, critiquing claims about the efficacy of arrangements at the proposed game or just objectively stating the resource input into risk management and the claims about how these are going to affect the games They can be quasi –primary signs at a particular point in time as they may refer not directly to the event but follow a line of thought from previous events that had temporarily terminated in the past. So signs can manifest themselves in dormant forms till they are called into play again. For instance, semblance to arrangements in Olympic games that were held far in the past So going back to our classification of risk in the preceding chapter: Stemming from externalities with some predictability associated with them. For instance, political-legal, economic, and also social Stemming from externalities with very less or no consensus on the predictability like natural calamities and terrorism (as argued before : a likelihood there but prediction is not possible) Institutionalization and legacy risk Corporate/institutional risk that stems from integrating multiple parties into the management- decision frame. The challenge is to effectively work on negotiation and on the complex pattern of alignment of different stakeholder objectives. For instance, given multiple organisational systems that comprises institutional mechanisms for mega events. Reputational risk are a part of this risk in the main but also can stem from other types Operational risk that could stem from supply chain management issues, sub-contracting issues, and work efficiency problems In the case of mega events another form of risk that has to do with the size and scope of the event, and is based on the premise that greater these are the more likely are the above likely to manifest themselves. This can be termed – ‘Event Complexity’ Risk Demonstrating analyses for coding: I will take snippets (some parts of articles) from the postings used and reflect on them. From the discussion presented, in the main, I will keep in mind the base concepts of Semiotics as by Saussure, extended by Barthes and the explanation provided by Foucault that discontinuity and lineage are characteristic of every discursive statement or published text. Here I explain how the article has been looked at to draw coding for analyses. The source URL article produced here which is by Sally Jenkins in the Washington Post. Only some parts of the article are reproduced below as in quotes italics for this demonstration purpose. â€Å"†¦.The thing to do with the Athens Games is to believe in them until were absolutely forced not to. Anyone who has a chance to go to the Olympics is asking themselves a plain question: Is the trip worth it? The answer is plainly, yes, if only because of a principle best expressed in The Greek Way, by Edith Hamilton. She wrote something that all American athletes should take note of: Civilization, a much abused word, stands for a high matter quite apart from telephones and electric lights†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦.This could be the motto of the Athens Games, given the delays in finishing stadiums, roads, and other infrastructure, and the explosion of three small bombs in the last two weeks. Nevertheless, its not a bad lesson, and its one that the more cosseted American athletes could use. In fact, maybe we could all do with some Greek culture†Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦..Neither apparently do modern Greeks. Eighty percent of Greeks recently polled said they believe some kind of attack is inevitable. Fifty-two percent of Americans believe an attack is likely. U.S. Sen. Jon Kyle (R-Ariz.), the chairman of the Senate committee on terrorism, said the safest place to watch the Olympics is at home on television†¦.. †¦Ã¢â‚¬ ¦To date, no American athlete has withdrawn from the Games specifically because of security. But an NBA player is your best bet. The players are definitely concerned, Jermaine ONeal, the Indiana Pacers forward and a member of the U.S. team, told the Associated Press. Not even the Queen Mary seems to console Ray Allen, who cited the USS Cole, the American destroyer that was attacked by al-Qaeda in October 2002 and lost 17 sailors. The only thing I can think of, Allen said, is the battleship that got blown up†¦ †¦Ã¢â‚¬ ¦Hamilton wrote, For a hundred years Athens was a city where the great spiritual forces that war in mens minds flowed along together in peace; law and freedom, truth and religion, beauty and goodness, the objective and the subjective there was a truce to their eternal warfare and the result was the balance and clarity, the harmony and completeness, the word Greek has come to stand for . . . and in all Greek art there is an absence of struggle, a reconciling power, something of calm and serenity, the world has yet to see again. Or as an ancient poem says, Greece and her foundations are . . . built below the tide of war†Ã¢â‚¬ ¦..† Source: When It Comes to Athens Youve Got to Be