Frankenstein by Mary Shelley and the doctor assuming the role of God Essay

Frankenstein by Mary Shelley and the doctor assuming the role of God - Essay Example â€Å"A new species would bless me as their creator and source: many happy and excellent natures would owe their being to me. No father could claim the gratitude of his child so completely as I should deserve theirs.† (Shelley, 58) Therefore, it is evident that there is an insatiable urge in Victor Frankenstein to assume the role of God and he is often criticized for crossing ethical and moral boundaries with the aim of achieving this goal. An understanding of his experiences with the monster in the novel confirms that his choice is executed with ill-intentions and questionable for ethical motives. This paper makes a reflective exploration of the idea that Victor was wrong in assuming the role of God. Assuming the role of God for the purpose of creating life is wrong, and such an endeavor led to the detriment of Dr. Frankenstein in Mary Shelley’s Frankenstein. A profound analysis of the theme of assuming the role of God in Mary Shelley’s Frankenstein confirms tha t the major character, Dr. Frankenstein, has been highly obsessed the lure of creating life from his early childhood onwards. At his young age, Victor was fascinated by the wonders life offered him and he wanted to learn about all of them and he dedicated his time to exploring the realms of these wonders through the study of alchemy, chemistry, philosophy and human anatomy. As a youngster, Victor was obsessed with the power of knowledge and wished to find out the secrets of nature and its powers. â€Å"The most learned philosopher knew little more. He had partially unveiled the face of Nature, but her immortal lineaments were still a wonder and a mystery†¦ I had gazed upon the fortifications and impediments that seemed to keep human beings from entering the citadel of nature, and rashly and ignorantly I had repined.† (47) Significantly, his obsession for knowledge led Victor to make a life-altering decision – the decision to create an animate being. After several years of labor – intensive work – stitching together different pieces of flesh into one being – Victor finally completed his task and created life. The outcome, however, was not the wonderful being he had hoped for, but rather a monstrous atrocity. He had created a fearsome and inhuman creature; he created a monster. Thus, Harold Bloom presents â€Å"Victor Frankenstein, in his act of creation, as being momentarily a moral idiot, like so many who have done his work after him†¦ When the ‘dull yellow eye’ of his creature opens, this creator falls from the autonomy of a supreme artificer to the terror of a child of earth†¦Ã¢â‚¬  (Bloom, 6) Therefore, it is fundamental to maintain that Victor’s attempt to assume the role of God by creating a monster resulted in his ultimate detriment and tragedy in life. One of the essential factors about the character of Victor in the novel is that he is presented as a counterfeit of God and as a Fau stian figure, rather than a Promethean one. Significantly, the intention of the protagonist in assuming the role of God in Mary Shelley’s Frankenstein has not been one of serving the welfare of humanity, but rather to serve his egoistic motive of acquiring power and respect of his creation. In fact, the most fundamental irony of the novel Frankenstein: Or,

Cultural Anthropology Social Organization Essay Example for Free

Cultural Anthropology Social Organization Essay In the United States the practice of serial monogamy, where one goes through a series of marriages then divorce; and unwed parenthood seem to have replaced the cultural traditional marriage. (Nowak Laird, 2010) Single parent families and the accompanying socioeconomic circumstances usually warrant social intervention from state agencies and that places a strain on public funds. The fact is, every single parent household is unbalanced. In the household where both parents are present the children usually benefit because each parent brings; not only a gender based perspective to the relationship and child rearing cultural traditional practices; but he/she also brings a level of stability that is not easily quantified. Stable marriages are usually founded upon the couple’s religious beliefs, kinship traditions of stable relationships, friendship, trust, similar backgrounds, traditional values as well as kindred cultural practices that include gender role expectations. Persons in stable marriages tend to understand each other’s moods and idiosyncrasies; so they are able to co-exist and live as friends. In the film, people adhere to the traditions of their kindred, they hold them sacred and they marry their own kind. It might seem bizarre to the outsider but it is normal behavior for their kinship. Arranged marriages are basically bilateral agreements between two families. The groom’s family gives the bride’s family a bride wealth of livestock, jewelry land and other valuables depending on the traditional culture of the tribe. The bride wealth forms a part of the wealth of the bride’s kinship. The groom basically has to pay the bride’s family for the loss of her labor. (Nowak Laird, 2010). The women accept and submit themselves to the cultural traditions of their kinship. They have no choice in the arrangements. In the film, the women are hard workers. They take care of the men, children, fields, livestock wash the clothes, cook but the most bizarre was the Indian polyandrous family; the woman was married to three brothers. The children in this family do not know their biological father; and it is normal behavior so nobody really cares about a DNA match. It is also interesting to note that the wife in the feature film is illiterate and she knows no other way of life. The family is stable and the brothers look out for each other. This arrangement is economical as all the wealth is kept in the groom’s kinship. As strange as it may sound, this marriage seem to be more successful than the marriages of choice; in that the wives know there roles and stick to their list of duties. On the other hand, in marriages of choice, after a few years have passed, the wives tend to place pressure on the husbands to change into their likeness and to be what they, and their families want them to be. Arranged marriages are basically bilateral agreements between two families. The gang/crime family is a rather incredible one. I prefer to consider it as a social group with its own set of operational tenets but not a family. Rference Nowak, B., Laird, P. (2010). Cultural Anthropolgy, San Diego, CA: Bridgepoint Education Inc.

Agency Theory And Stakeholder Theory Commerce Essay

Agency Theory And Stakeholder Theory Commerce Essay The development of corporate governance is a global issue, the issue of corporate governance has come to prominence in various fields contains refers knowledge of finance, economics, accounting, law, management, organizational behaviour and so on. The term corporate governance and its daily usage in financial fields have attracted more and more public attention in the last thirty years. There are sorts of theories adopt in the corporate governance, while I will concentrate on two main streams of them: one is agency theory which is based on the interests of shareholders; the other is stakeholder theory which is based on the profits of all the stakeholders. The main aims of this paper are introduce and explore the agency theory and the stakeholder theory, compare and contrast these two theories. Apart from the introduction, the structure of this paper is as follows: the theoretical review of both agency theory and stakeholder theory is included in the next part; then, I will describe the contribution of the agency theory as well as how wrong is the agency theory; similarly, the fourth parts consist of two aspect of the stakeholder theory: the contributions and some criticisms; the final section is the conclusion. Theoretical review Agency theory In the early literature, classical economics considered that majority of corporations were not only owned but also controlled by the shareholders who have funding proprietors. With respect to standpoint of separation of ownership and control, it was firstly pointed out by Smith in 1838. In the later work of Berle and Means (1932), they hold the view that with countries industrialization and markets development, the ownership and control of corporations has been separated. The purpose of this action is to give an important explanation for corporate behaviour and the problems confronting owners (fragmented and dispersed shareholders) who attempt to exert their rights over the managers who have gained control in the modern cooperation. According to Arrow (1971), the origins of agency theory can be traced back to the 1960s and early 1970s, more and more economists detected and pay attention to the risk among individuals or groups. He mentioned that in the case of different argument toward risk insisted by the cooperating parties, the risk sharing problem occurred. 6 years later, Jensen together with Meckling pointed out Agency theory in their article; in addition, they defined an agency relationship as a contract under which one or more persons (the principals) engage another person (the agent) to perform some service on their behalf which involves delegating some decision making authority to the agent. For example, it is widely accepted that the agency relationship is between the owners (as the principal) and the managers (as agents). The aim of agency theory is to provide necessary monitoring to reduce the so called agency problems arise in agency relationship between the principal and the agent. One problem is that whether the behalf of agent is applicable or not can not be testified by the principals. The expect or goals of the principal and agent conflict brings to the first agency problem; more over, when it is difficult or expensive for the principal to know what the agent is doing in details and exactly, agency problem rises either. The other problem is the risk sharing between the principal and the agent. Due to the different risk preferences, there is distance between the action of the principal and the agent. An overview of agency theory is given in Table 1 (Eisenhardt, K. M 1989). Table 1 Agency Theory Overview Key idea Principal agent relationships should reflect efficient organization of information and risk bearing costs Unit of analysis Contract between principal and agent Human assumption Human assumption Bounded rationality Risk aversion Organizational assumption Partial goal conflict among participants assumptions Efficiency as the effectiveness criterion Information asymmetry between principal and agent Information assumption Information as a purchasable commodity Agency (moral hazard and adverse selection) Contracting problem Risk sharing Problem domain Relationships in which the principal and domain agent have partly differing goals and risk preferences (e.g., compensation, regulation, leadership, impression management, whistle blowing, vertical integration, transfer pricing) Stakeholder theory of the firms Donna Card Charron (2007) reported that the stakeholder theory has gone through three stages until now. The first stage of stakeholder theory is from the 1960s through early 1980s, the stakeholder theory agenda was proposed by the corporate revisionists. During this period, a new idea social institution was advocated to replace the stockholder ownership in the firm. In the early 1970s, stakeholder theory was accepted by the business ethics professors. Between the late 1980s and 2000, the stakeholder theory is ongoing the second stage. Corporate managers turn to interest in the stakeholder theory until they know that stockholders are just one aspect of stakeholders among many. It is significant for them to defend themselves against stockholder rights activities. In the middle of 1990s until 2000, corporate revisionists look forward to build the claims of stakeholders. All the participants and assistants who share the risk and create profits for the firms are stakeholders. They should obtain a balance share of the riches created by the joint efforts (Clarkson 2002: 1)). According to Donna Card Charron (2007), it is imperative for managers observe the following principles: (1).Monitor and respond to concerns and interests of all legitimate stakeholders. (2)Communicate with stakeholders about their concerns, contributions, and risks. (3).Act with sensitivity to each stakeholder group. (4)Attempt to achieve a fair distribution of benefits and burdens. (5)Insure that risks are minimized and harms are compensated. (6)Never jeopardize inalienable human rights or deceive concerning risks. (7). Deal with the conflicts of its self interest and the interest of stakeholders through public institutions, public reports, incentive systems, and third party review. The stakeholder theory was widely acceptable by the end of this stage. In the third stage of stakeholder theory currently, Value Based Management pointed out the effects of stakeholders toward to the firms can not be ignore and even important, there is a positive relationship between the wealth of stakeholders and that of stockholders. Different from agency theory which focuses exclusively on interests of shareholders, the Stakeholder theory concentrates on the interests of all the parties in the corporation. Stakeholder theory is considered as a theory of organizational management and ethics. Under this theory, what the managers should do is not only to maximize shareholder value, but also benefit the profits of the stakeholder group. Groups or individuals in the corporation, whose interests and benefits have a close relationship (gains or loss) with the corporation action, are called stakeholders. Sometimes, the concept of stakeholders is a generalization of notion of stockholders who can propose some special claim on the firm (R.Edward). Stockholders are given the right to demand certain actions by management; similarly, stakeholders can also make claims. The assumption of stakeholder theory is the values are imperative and tangible a part of doing business. R.Edwatd et al. (2004) propose that stakeholder theory is managerial, and it reflects and directs how managers operate rather than primarily addressing management theories and economists. Two key questions of the stakeholder theory are mentioned in Freemans article (1994). The first question is the purpose of the organization. This is very helpful and useful for managers to express the share awareness of the value they create and what brings its major stakeholder together. In addition, this push forward the firms itself expect it to create sound performance by considering both its aims and marketplace financial metrics. The second question asked in the stakeholder theory is what responsibility management has to stakeholders. These encourage managers to know how they want to do business. Particularly, they are looking for an appropriate kind of relationship with stakeholders to ach ieve their own interests. The core of stakeholder theory, economic value is that large numbers of people come and work together to advance their situation, is accordance with the fundamental modern economic realities. In order to impulse more and more workers to do their best for the firms, it is necessary and crucial for managers to develop relationships and create communication with stakeholders. (See R.Edward Freeman, Andrew C. Wicks, Bidhan Parmar 2004) It is widely accepted that shareholder is significant party in the firm and interests are a critical characteristic. In terms of profits, it is not the driver in the process of value creation while the results. Contribution of the Agency theory Perrow (1986) noted that the key point of the agency theory is focused on the significance of motivation and self interest. Under the agency theory, any ideas and activities of the organizations are based on self interests; furthermore, a common problem structure across the research topics is important either. There are two contributions to organizational thinking created by the agency theory in Eisenhardt, K. Ms work paper (1989). First of all, information is considered as a good, in another word, information can be sold by people if it is necessary. It can be divided into formal information system and informal information system. The former includes budgeting, MBO, and boards of directors; while the later one consists of managerial supervision that just in organizational research. If the principals want to know what the agents are doing and whether their action is appreciate or not, invest the information system is a good approach. An explanation of this is executive compensation (Kathleeen M. Elsenhardt 1989). A great many authors showed that they are surprised at the insufficient of performance found on executive compensations. On the contrary, since the compensation is affected by different kind of elements such as information system in the agency theory, the above argument is easy to accept. In addition, the risk implication of agency theory is another contribution. There are various uncertain future such as prosperity, bankruptcy and some secondary consequence that corporation may meet. Whether the future of firms is bad or sound depends on the performance of organizational participates. The outcome of firms, to large extent, is affected by the environmental factors that cover government regulation, new similar competitors, science and technology innovation and so on. Agency theory encourages the ramifications of outcome uncertainly to indication for producing risk. For instance, some behaviour of principals in the companies such as make or buy decision is not influenced by the uncertainty technology and demand (Walker and Weber 1984). Although they do not know that the reason is transaction cost framework; their conclusion covers the idea of agency if the managers of the firms are risk neutral. Walker and Weber concluded such a conclusion that outcome uncertainty is no t associated with risk neutral principal. On the other hand, the outcome uncertainty is extremely sensitive to risk principals in new venture. If the firm is new and not big enough, the limitation of capital and resources for predicting the uncertainty will lead to the frequency of the failure. The managers on such firms are risk averse principals. From the agency theory perspective, the relationship between managers and outcome uncertainty is extremely close. For example, in order to maintain and develop the firm, managers are more likely to adopt buy decision to transfer risk. On balance, agency theory predicts that risk neutral managers are likely to choose make option (behaviour based contract), whereas risk averse executives are likely to choose buy (outcome based contract). How wrong is the agency theory? The adoption of the agency theory for corporate governance become widely accepts all over the world, especially in the UK and the US. The agency theory indeed brings some merits for the corporations. However, more and more faults are showed by the recent literature research and firm practice like Enron, Xerox, and WorldCom. This paper will focus on the Enron to explain how wrong the agency theory is. Thousands of employees losing their life savings tied up in the energy companys stock due to the collapse of Enron which is considered as the largest bankruptcy in US history (Thomas Clarke 2004). The following introduction about the Enron is based on the lecture notes of Bob Wearing (2008). Generally speaking, Enron is an intelligent gambling that covers many aspects: firstly, allow high risk accounting; secondly, allowing 50% of assets to be shifted into off balance sheet entities; thirdly, waiving the ethics code to allow self dealing transactions; fourthly, ignoring directors conflicts of interests; Finally, failing to monitor executive compensation. The foundation of the Enron business is risk management. It expects to get ahead to traditional, vertically integrate kind of institution by using risk management. Enron adopt its own methods to protect the Enron stock, its funds will be inflated when Enrons share price fell. Bankruptcy is the destination of Enron once credit agencie s decreased Enrons rating. Most non executive directors are paid as consultant from the directors fees; consequently, they can not be characterized independently. At the same time, directors received various types of gifts from Enron. The award for Andrew Fastow (CEO) remains a secret, and another CEO (Kenneth Lay) get much secrete money from the company. In the case of decreasing of the companys stock in 2001, board members and senior employees obtain profit by cashing in share options, meanwhile, the rest of employees do not loss anything as they let their pension plans out of Enron stock. All in all, the shortcomings of the agency theory become obvious. In the first place, due to the asymmetric information system, the deficiency of agency theory that covers several aspects is become obvious. The first one is called moral hazard agency conflicts that are the root reason for the Enron failure. Moral hazard agency conflicts were mentioned by Jensen and Meckling in 1976. Moral hazard arises when the agents action, or the outcome of that action, is only imperfectly observable to the principal. A manager, for example, may exercise a low level of effort, waste corporate resources, or take inappropriate risks (Joseph Heath et al. 2004). Jenson (1986) hold the view that fresh cash flow will face much more difficulties from moral hazard problem in big and developed companies. In addition, moral hazard problem is relevant with the inefficiency of managerial effort. The motivation and enthusiasm of managers will be dropped off for small equity stakes they own. Thereby, company va lue will be affected or even harmed. The second one is named adverse selection. Adverse selection can arise when the agent has some private information, prior to entering into relations with the principal. Individuals with poor skills or aptitude will present themselves as having superior ones, people with low motivation will apply for the positions that involve the least supervision, and so forth (Joseph Heath et al. 2004). In the second place, shareholders, the owner of the company, are able to enjoy the companys residual claims. They shoulder the operating and capital risk rather than whole risk. Other stakeholders such as creditors, managers, employees who shares risks should be given the similar rights. Contribution of stakeholder theory According to the stakeholder theory, the objective of corporate existence is nor the shareholders only. The close nexus in the corporate social responsibility (CSR) that is the main stream of the corporate tendency is a apparent contribution of the stakeholder theory. A large number of literature and research find out that companies concentrate on CSR which is considered as origin of competition advantages is more likely to accept and get benefits. It is, to some extent, benefits the corporation as a whole, in the long runs at least. Changing the objectives of corporate governance from the maximize the interests of shareholders to maximize the value of the company. Stakeholder theory breaks through the traditional framework. The stake of firms owned by a large number of dispersed shareholders in modern enterprise. The maximization of the interests of shareholders does not mean the maximization of corporate value, or even damage the interests of other stakeholders, such as the hostile takeover. Stakeholder theory suggests that the other individuals and parties should also be considered stakeholders, such as creditors, employees, suppliers, customers, government and community, corporate governance should be the stakeholders of the coordination mechanisms of conflict of interest, balance and co ordinate conflict of interest to all stakeholders to maximize the benefits (Liu Dan 2003). The power of corporate is redistributed in the process of game among stakeholders. Modern companies are characterized by separation between ownership and control; thereby a principal agent relationship is formed between the principal and the agent. Unfortunately, the interests of these two parties are not always consistent. The managers tend to abuse their special power and damage the interests of shareholders by the reason of their insider status. The agency cost problem occurs when an efficient monitoring system is needed. The main purpose of corporate governance is not only monitoring managers effectively but also minimizing agency costs. The traditional way to adjust the dimension of the structure of the board of directors are enhancing the independence of the board of directors; improving the control of shareholders in order to strengthen their position; developing institutional investors to effective the rights of shareholders (Liu Dan 2003). But these ideas only deal with prob lems partly. It is difficult to change the level of corporate governance fundamentally. Stakeholder theory suggests that the key point of corporate governance is as follows: it is unavailable to deliver much more rights and control to shareholders. On the contrary, managers should be separated from shareholders who usually give pressure and leave enough rights and interests to other stakeholders such as employees, creditors and so on. For instance, one important programme is allowing the key stakeholders become the companys board of directors and supervisors by increasing the ownership and control of the company (Liu Dan 2003). The highlight of human capital is advocated in stakeholder theory. Traditional theory holds that the owner of firms is the investors who provide capital for firm; accordingly, the ultimate goal of company is to safeguard the interests of investors. Here the word capital is limited to physical capital, but not human capital. This argument is acceptable and suitable in the early era of large scale industrial machinery, while not appropriate and outdate in current era of knowledge economy. The existence and development of the organization is increasingly affected not only by the management degree of managers but also the advanced technology of workers. Technology and other human capital contribution to the enterprise are far more than physical capital (Liu Dan2003). Criticism of the stakeholder theory On the whole, stakeholder theory is incompatible with good corporate governance for it is with business (see Elaine Sternberg 1997). Accountability is one of the most important concepts in corporate governance. It consists of directors to shareholders, firm workers and other corporate agents to the incorporation as well. The notion that the owner of firms is responsible for their corporation is disapproved in stakeholder theory. On the other hand, what the stakeholder theory calls for is all the stakeholders are responsible for corporations. Such key principle is not realistic checked and work out wholly. Everyone take charge of company means no one will take charge of company. Various accountability make sense if all the stakeholders have a clear similar goal, otherwise it does not make sense at all. However, the stakeholder theory prefer to the later. More over, there is not an effective standard to judge and evaluate corporate agents given by stakeholder theory (Elaine Sternberg 1997). Duo to the unclear balancing stakeholder profits, it is not a good way evaluate objective performance of firms. It is discretional for managers to seek their own interests which are always selfish by using this method. Consequently, stakeholder theory has comprehensive control of haughty and selfish managers as well as lavishness wages, perquisite and premises. At the same time, the phenomenal of empire building acquisitions that make little business sense exists widespread in the stakeholder theory. Even though the original purpose and expectation of the stakeholder theory is hopeful, it is difficult to carry on and enhance corporate performance as well as corporate governance. Unlike the traditional theory which described that objective of firms is maximizing economic profits; objective in the stakeholder theory covers social, political as well as economic field. The efficiency of the business operation will be weakening in such situation. This leads to a dilemma for the company: firstly, pursuit of profit maximizing hence enhance the social costs and increase the loss of social welfare. Secondly, negative externalities of business activities will be reduced by using various types of control means, but they worse the inefficiency of economy. Conclusion To sum up, two popular theories used by corporate governance, agency theory and stakeholder theory are introduced and compared in this paper. The original purpose and expectation of these theories is to develop and enhance the level to corporate governance. The key diversity towards corporate interests between these two theories is: for agency theory, the interests of shareholders mean the corporate profits; with respect to the stakeholder theory, corporate interests should cover the profits of all the stakeholders. Different from traditional theories, agency theory pays unprecedented attention on information system, outcomes uncertainty and risk. These performance are beneficial for corporate alleviate or even avoid some conflicts and problems between principals and agents. However, after the case of Enron which is a characteristic failure, people become aware of shortcomings of agency theory. Due to the asymmetric information, moral hazard and adverse selection bring difficulties to governance. Even though, stakeholder theory does not have a clear notion about the quantity and quality of stakeholders, and it is, to some extent, unrealistic to carry on; the contribution of stakeholder theory can not be ignored. Changing the objectives of corporate governance from the maximize the interests of shareholders to maximize the value of the company. The power of corporate is redistributed in the process of game among stakeholders. The highlight of human capital is advocated in stakeholder theory. To c onclude, I pose that the stakeholder theory is much more appropriate for the modern companies for the long run.

General Agreement on Tariffs and Trade in E-Commerce Essay -- Trade Ec

General Agreement on Tariffs and Trade in E-Commerce The US is seeking to extend the duty-free status of international online transactions to protect the development of global electronic commerce, the Clinton administration said yesterday. Susan Esserman, deputy US trade representative, said the US wanted the World Trade Organization to agree "at the earliest possible date" to extend the current moratorium on customs duties for electronic trade. In testimony to the Senate foreign relations sub-committee on Europe, Ms Esserman said duty-free cyberspace was particularly valuable to US software companies that were seeking to distribute their products electronically. The US is also looking for WTO members to affirm that electronic commerce is subject to existing rules and agreements, and should not face "unnecessary regulatory barriers to trade". However Ms Esserman said "more time and work are necessary" before electronic goods could be subject to final classification under WTO rules. Electronic commerce in the US is forecast to grow to $1,300bn by 2003, while in India it is expected to grow by $15bn within two years. Richard Wolffe, Washington Protectionism, it seems, is always with us and it is useful to examine the intermittent attempts made to establish rules for its containment. This book is one such examination, on the conception, birth, and early years of the General Agreement on Tariffs and Trade (GATT); it is restricted to the years 1940--53. It is the work of an historian but one at the political, rather than economic, end of the spectrum. The heavy emphasis throughout is on the American role within an essentially Anglo-American tussle. The argument is that although trade was a relatively small proportion of US output it was used for political and diplomatic purposes. The general thrust is that the US was keen on a new liberal order and determined to break the British empire's preferential trading arrangements. However, when we read that the central argument is that, 'by liberalizing trade while protecting domestic economies -- a bargain consistent with US trade law, practice, and history ...', we might reasonably expect to be in for a roc ky ride. Politics is important and possibly even central in the process of trade protection, but will always be found to depend on economic forces. The politics... ...sn’t have enough of its own trees to meet its demand for paper. The cheapest way for the Japanese to meet their paper needs has been to import raw logs from America, a trade which ended in the 1980s because there simply was not enough timber to supply Japan and satisfy domestic U.S. needs. Free trade, of course, demands that traders sell to the customer who offers the highest price; they cannot be required to fill the needs of one market at the expense of another. Should Americans sell to Japan at higher prices even if it means domestic shortages, or is it appropriate to say, "These are our trees, hands off"? The arguments that apply to protecting timber can also be easily applied to other natural resources, such as coal or copper. On the other hand, free trade agreements work to the benefit of the United States in terms of resources where we cannot fill our own needs, such as oil or gold. Although each of these arenas has its own specific issues, in each case the essential question boils down to: "Is this important enough to our country that we should protect ourselves against the inroads of foreign traders, thereby cutting ourselves off from the benefits of free trade?" General Agreement on Tariffs and Trade in E-Commerce Essay -- Trade Ec General Agreement on Tariffs and Trade in E-Commerce The US is seeking to extend the duty-free status of international online transactions to protect the development of global electronic commerce, the Clinton administration said yesterday. Susan Esserman, deputy US trade representative, said the US wanted the World Trade Organization to agree "at the earliest possible date" to extend the current moratorium on customs duties for electronic trade. In testimony to the Senate foreign relations sub-committee on Europe, Ms Esserman said duty-free cyberspace was particularly valuable to US software companies that were seeking to distribute their products electronically. The US is also looking for WTO members to affirm that electronic commerce is subject to existing rules and agreements, and should not face "unnecessary regulatory barriers to trade". However Ms Esserman said "more time and work are necessary" before electronic goods could be subject to final classification under WTO rules. Electronic commerce in the US is forecast to grow to $1,300bn by 2003, while in India it is expected to grow by $15bn within two years. Richard Wolffe, Washington Protectionism, it seems, is always with us and it is useful to examine the intermittent attempts made to establish rules for its containment. This book is one such examination, on the conception, birth, and early years of the General Agreement on Tariffs and Trade (GATT); it is restricted to the years 1940--53. It is the work of an historian but one at the political, rather than economic, end of the spectrum. The heavy emphasis throughout is on the American role within an essentially Anglo-American tussle. The argument is that although trade was a relatively small proportion of US output it was used for political and diplomatic purposes. The general thrust is that the US was keen on a new liberal order and determined to break the British empire's preferential trading arrangements. However, when we read that the central argument is that, 'by liberalizing trade while protecting domestic economies -- a bargain consistent with US trade law, practice, and history ...', we might reasonably expect to be in for a roc ky ride. Politics is important and possibly even central in the process of trade protection, but will always be found to depend on economic forces. The politics... ...sn’t have enough of its own trees to meet its demand for paper. The cheapest way for the Japanese to meet their paper needs has been to import raw logs from America, a trade which ended in the 1980s because there simply was not enough timber to supply Japan and satisfy domestic U.S. needs. Free trade, of course, demands that traders sell to the customer who offers the highest price; they cannot be required to fill the needs of one market at the expense of another. Should Americans sell to Japan at higher prices even if it means domestic shortages, or is it appropriate to say, "These are our trees, hands off"? The arguments that apply to protecting timber can also be easily applied to other natural resources, such as coal or copper. On the other hand, free trade agreements work to the benefit of the United States in terms of resources where we cannot fill our own needs, such as oil or gold. Although each of these arenas has its own specific issues, in each case the essential question boils down to: "Is this important enough to our country that we should protect ourselves against the inroads of foreign traders, thereby cutting ourselves off from the benefits of free trade?"

The Conflict between the Individual and the Society in A Rose for Emily

One of Faulkner’s most famous short story, A Rose for Emily is based on the theme of the stark conflict between the individual and the impersonal voice of the community. To emphasize this idea, the story is rendered through the collective point of view of the community that includes Miss Emily.Not accidentally, the plot of the story is set in a small town, where the relationship between the individual and the society is a very tight one. Moreover, the narrator of the story locates himself or herself among the people in the town and even speaks in the first person plural, maintaining therefore a collective view of the events.The heroine of the story appears therefore even more singular and isolated, when regarded through the inquisitive lens of the community. The complex relationship between the individual, Emily Grierson, and the society, is emphasized in several ways.This conflict arises because Emily, an aristocratic woman of a high social standing, rejects all the social no rms and conventions and enshrouds herself in her own fantasies and obsessions instead of actively participating in the social life.The psychotic mind of the main character is therefore opposed to the gossiping community, which is limited to the role of a witness in this story. The reason for Emily’s power is precisely her madness which also gives her an absolute and lawless freedom of action.What is striking is that Faulkner draws the portrait of a disturbed and obsessive individual, by setting it at a distance from the reader’s immediate perception.If, in most of his novels, Faulkner employs multiple point of views and the technique of the streams of consciousness to narrate the events, in A Rose for Emily the protagonist is analyzed from the point of view of an entire community.The perspective that the townspeople offer on Emily’s story is, however, equally unreliable. Miss Emily is described from the point of view of the community as a very haughty person, re spected by everyone on account of her nobility but largely misunderstood.The gossiping, ghostly voice of the town is left outside the premises of the house where the woman isolates herself.   Her refusal to pay taxes as well as all her other whims and peculiarities are accepted by everyone without argument, merely because she is part of the upper, aristocratic social class.When she dies however, the same community is shocked when they realize Miss Emily had entertained a perverse obsession during her secluded life, and had slept with the dead body of her former lover, whom she had poisoned herself.Thus, the struggle between the woman’s desires and the opposing forces is now apparent: she stubbornly holds on to the memory of her father and to the body of her dead lover, unwilling to relinquish her feelings for them. Emily’s obsession first with her father’s corpse and with that of the lover is at the core of a morbid marriage fantasy that is the motif of the st ory.Therefore, Emily violates all the basic principles of her community, beginning with the laws of social interraction–she isolates herself and rejects all human contact- and continuing with tax evasion and even with the concealment of the corpse of her lover, Homer Barron in her own room.She is therefore a murderer or in any case an obsessive or mad individual who nevertheless manages to evade social punishment. Through her, Faulkner draws a vivid portrait of madness and the way in which an individual manages to literary live out the most psychotic fancies in the middle of a normal small-town community. By definition, madness is characterized as a serious deviation from the accepted human behavior.Without being openly irrational or incontrollable, Emily Grierson has a definitely obsessive mind which leads her to react against the laws of society. Her purposeful self-incarceration in her own house and her obvious withdrawal from the normal life of the community points to the conflict between the individual and society.Emily revolts against social norms and chooses to live in her morbid dream instead. She prepares for a ritualistic marriage that she feels she cannot fulfill otherwise than through death.Her seclusion from society is also significant, as she withdraws in the safety of her own fantasy and rejects the assumption of a pre-established social role. The morbid gesture of violence that Emily performs is a poignant rejection of social conventions related to gender and marriage.However, her rejection of social existence does not point merely to the ongoing tension between individuality and community: Faulkner represents here the gap between the individual consciousness and the collective voice.Although the impersonal narrator would seem to forbid psychological inquiry in the story, the voice of the community itself creates psychological tension. Despite her willful isolation, Emily’s madness can therefore only be understood as a reaction to social constraint.The author emphasizes the obsessions that consume Emily as part of her response to social pressure. While the woman lives her obsession is silence and solitude, the society watches all her movements keenly and with undiminished interest.The most curious phenomenon in the text is actually her existence as an individual among the other ordinary people of the community, and the way in which she manages to evade the control of society over her own life.The community described here by Faulkner has a gossipy and even haunting voice that hovers over the household where Emily lives in complete isolation.As the story is told from the point of view of this inquisitive and restless community, the reader gets a glimpse of the way in which Emily Grierson moves quietly on, from one generation to another, closely watched by the members of her social environment.What is curious is that, with all its regulating force, the community fails to control Emily and her madness: â€Å"Th us she passed from generation to generation–dear, inescapable, impervious, tranquil, and perverse† (Faulkner 1970, p. 179).Faulkner emphasizes this fact by referring to Emily’s oddly strong and pervasive influence as a conquest of the social power.In this story, the individual seems to triumph over society and madness triumphs over norm. Interestingly, the murder of the lover is in itself an anti-social act as well as a token of Emily’s obsessive nature. However, the fact that Emily manages to escape social control to a certain extent does not make her a free person.Her marriage fantasy is the token that her behavior is determined, at least partially, by her response to social influence.

Lipman Bottle Company Essay

Synopsis Lipman Bottle Company, the leading bottle distribution company in Albany, New York started distributing bottles of large bottle manufacturers on 1909. From then on, they started to adapt to the changes in the bottling industry such as the use of plastics, which prove to be profitable on their end. They grab the opportunity to distribute and print bottles with different shapes and sizes for clients who liked the convenience of their dual services. Their track record became unstable when the US economy got worse and competitors opted to cut prices of their products. Robert Lipman, the vice president of the company, realized that they have no choice but to cut prices as well so they can keep up the competition. However, he was unsure on how to cut the prices or what products he must cut so that they could survive the economic downfall. He also stated that one way to keep the business going was if they could spread their distribution to pharmaceutical and cosmetics manufacturers. Statement of the Problem What pricing must Lipman Bottle Company adapt in order to achieve the goal of 30% margin? Objectives The objective of the case study is to determine the correct pricing that Lipman Bottle Company must adapt to ensure that they would continue to be profitable and achieve the company’s goal of reaching 30% margin. Analysis and Solution Variable costs were computed per 1,000 bottles were computed based on the different combinations given on the case. Tables 1-2 shows the variable costs for Albany while Tables 3-4 shows the variable costs for the New York-New Jersey market: Table 1. Variable costs of smaller size bottles for Albany Market Table 2. Variable costs of bigger size bottles for Albany Market Table 3. Variable costs of smaller size bottles for New York-New Jersey Market Table 4. Variable costs of bigger size bottles for New York-New Jersey Market After which, we derived the break even prices for each combinations and the recommended prices based on Mr. Lipman’s goal of 30% margin: Table 5. Break even prices for smaller size bottles, Albany Market Table 6. Break even prices for bigger size bottles, Albany Market Table 7. Break even prices for smaller size bottles, New Jersey-New York Market Table 8. Break even prices for bigger size bottles, New Jersey-New York Market How did the Mr. Lipman’s goal of a 30% margin at capacity affect your price recommendation? Comparing the increase and decrease of prices among three production scenarios, the 30% margin will reflect an increase of 23% on price from 1 separation to 2 separation round due to the addition in labor. Whereas, a projected decrease of 16% from 2 separation round to 2 separation oval because of the labor conversion to semi-automatic Table 9. Prices (with 30% mark up) for small bottles, Albany – Lower size (0-1 oz) Same principle follows when you refer to the table for big bottles. Table 10. Prices (with 30% mark up) for big bottles, Albany – Bigger size (17-32 oz) Table 11. Prices (with 30% mark up) for small bottles, New York-New Jersey – Small size (0-1 oz) Table 12. Prices (with 30% mark up) for bigger bottles, New York-New Jersey – Bigger size (17-32 oz) In spite of charging a higher price for 2 separation round, it may seem that it is more profitable with the New Jersey Higher Size with $105.37. But in reality, the $95.66 will have more profit compared to $105.37 because  assuming that at 95.66 per unit, you multiply it with 100,000, which is the minimum production, you will still profit more because of the quantity. And to add, the cost of production is much lower compared to producing less like what was charged to New Jersey Higher Size with 5,000 – 9,999.

What Are Good Questions to Ask in a College Interview

What Are Good Questions to Ask in a College Interview SAT / ACT Prep Online Guides and Tips College interviews are becoming increasingly common, especially among selective colleges. Manystudents go to interviews ready to answer questions but forget that it’s important to askinteresting questions as well. In this article, I’llestablish the basics ofhow to prepare for college interviews and explain what questions you should and shouldn’t askduring an interview, so you feel totally ready on the day of. About College Interviews A college interview provides the college with an opportunity to give you more information about the college and answer any of your questions about the school and the application process. Furthermore, the interview gives the school an opportunity to learn more about you, your interests, and how you’ll be able to contribute to the school. Very few colleges require an interview.Most large public universities don’t offer interviews because there are too many applicants.Typically, the colleges that offer interviews are very selective or private colleges.A few colleges that offer interviews include Columbia, Occidental, and Bates.Check a college’s website or contact the admission office to determine if interviews are offered and how to schedule one. Interviews can be on campus, usually with an admissions representative, or off campus near where you live, usually with a graduate of the college. If you have the optionto interview, you should do so.Interviewing shows the school that you’re genuinely interested in attending, and demonstrating interest can help your chances of gaining admission. Plus, the interview gives the school another opportunity to get to know you outside of what’s on your application. Don’t stress the interview too much. As long as you’re polite, attentive, and prepared, it should only help your chances of getting accepted. Live Life Happy/Flickr How to Prepare For an Interview Before your interview, research as much about the school as possible.Focus your research on why the school is a good match for you and your interests. You should have done a good amount of research before you decided to apply, so hopefully, this shouldn’t take much time. Your research before an interview should be mostly review and focusing on specifics about how the school fits your needs.For example, if you’re considering a specific major or program, you can research the course requirements, facilities, and professors. If you’re a singer who wants to be part of an acapella group in college, you can research the different acapella groups on campus. Most likely, at some point in the interview, you’ll be asked why you want to attend that school. If you’ve indicated that you want to pursue a specific major, you’ll be asked why. Your research should help you provide detailed responses.Use the school’s website, college finders, guidebooks, and search websites to help you learn about the school. Prepare questions to ask during the interview based on your research. Besides preparing questions for your interviewer, you should be ready to answer some typical interview questions. You can try to simulate the interview experience with a counselor, friend, or parent and practice answering these questions: Why do you want to attend the college? What can you contribute to the school? What are your strengths and weaknesses? What are your future goals? What is your favorite book and why? You may not be asked allof these questions, and you'll most likely be asked at least one question that you're not expecting. Be honest and thoughtful. You want to come off as conversational (not like you're reading from a script) butwell-prepared. On the day of your interview, make sureto dress professionally and be punctual. Dressing well and being on time show the interviewer that you're responsible and want to make a good impression. Feel free to rock a suit to your interview. Want to build the best possible college application? We can help. PrepScholar Admissions is the world's best admissions consulting service. We combine world-class admissions counselors with our data-driven, proprietary admissions strategies. We've overseen thousands of students get into their top choice schools, from state colleges to the Ivy League. We know what kinds of students colleges want to admit. We want to get you admitted to your dream schools. Learn more about PrepScholar Admissions to maximize your chance of getting in. Why Should You Ask Questions During Your Interview? Asking questions shows your interest in the school and that you truly care about the college application and selection process. Ideally, it alsodemonstrates that you’re engaged and have been attentively listening to what the interviewer has been saying throughout the interview. Good Questions to Ask a College Interviewer Remember that your questions should demonstrate thought, that you’ve done your research, and that you’ve been listening to the interviewer.There are three major types of questions to ask: research-based questions, personal questions to the interviewer, and questions based on information the interviewer revealed during the interview. Good Research-Based Questions There are a ton of good research-based questions. Keep your questions focused, and make sure that they coincide with your interests. Prepare these questions in advance. Because you’ll be answering questions for the majority of the interview, you only need to prepare a few questions. Avoid asking questions that have answers that can be easily obtained with simple research. Here are a couple of hypothetical examples of good research-based questions: I would love to take advantage of the opportunities you offer for students to study in China, but I’m wondering if I’ll be able to do so if I’m on the volleyball team. Are there student-athletes who study abroad given the time commitments they have to make to their sport? I’m very interested in the internship program you have for journalism students. Do you know about specific internships students have gotten and how those internships have helped students academically or on their career paths? Good Personal Questions These are questions in which you ask for your interviewer’s perspective or opinion. Personal questions can be great questions because your interviewer is likely to want to provide guidance, and many people enjoy talking about themselves. Here are a couple of good personal questionsto ask your college interviewer: What advice would you have for me as an incoming freshman? What do you wish you would have known as an incoming freshman? I read about (insert popular on-campus event or tradition). Have you participated? What’s it like? This last type of question is good because it shows you’ve done your research and people tend to like to talk nostalgically of their college experience. Good Questions Showing You’ve Been Listening You can’t really prepare for these types of questions, but they’re good to ask because they show that you’re engaged, interested, and paying attention. If you can ask a question based on something the interviewer has told you during the interview, go for it.For example, if the interviewer discusses a tutoring program, you can ask the interviewer if he was involved in it, or you can ask for more details about how the program works. B Rosen/Flickr What You Shouldn't Ask There are some topics you should avoid asking about during your interview. Don’t ask about your chances of gaining admission.Definitely, don’t ask about whether you’ll get in. You may be seen as presumptuous, and your interviewer may not even be qualified to give you an honest answer. Often, interviewers are current students or alumni who haven’t seen your application, and other than what they report back to the school about the interview, they have no say on admissions decisions. Don't ask too many non-academic questions.Focus most of your questions on academics.While it’s perfectly acceptable to ask about campus life and extracurricular activities, remember that you’re primarily in college to study and learn. If the majority of your questions are about parties or sports, you may not be seen as a serious student. Don’t ask about any information that can be easily obtained from the college website or basic research.If you ask an interviewer where the school is located or if they have a certain major, you’re showing that you’ve spent little time preparing. Don’t ask about rankings or anything like â€Å"What’s your best department?†While colleges like to tout their rankings on their websites or in their brochures, your interview is not a good time to discuss them. Remember that the interviewer is trying to learn about you and determine your fit for that school. You don’t want to come across as being overly concerned with reputation or rankings. Also, the interviewer will be hesitant to say that any program or major is the best because she will be hesitant to imply that any program is worse or not as good. Keep your questions formal and professional.If your interviewer is a current student or alum, you can ask about her experience at the school and why she chose that particular college. However, don’t ask anything too personal. Your questions should be about topics that would be appropriate to discuss with a teacher or boss. Final Advice Do some research to prepare for your interview. Asking good questions is an excellent way to show you’re interested in the school and engaged. You can bring in your questions written down in case you forget one of your questions. However, most of the interview should just be a conversation. You don’t want to come off like you’ve tried to memorize everything you’re saying. If you’re worried about your interview, you can try to practice with a parent, teacher, counselor, or friend.If the person you practice with isn’t knowledgeable about the interview process, you can practice answering the common interview questions.Similarly, if you’re wondering if your prepared questions are good, ask one of your teachers or your counselor. Check out our guide to the best tools to help you prepare for your interview, including a notebook towrite your questions in. What's Next? To help learn more about different colleges and make the college selection process easier, consider going on college tours. If you need to improve your grades to strengthen your application, check out this article about how to get a 4.0 GPA. Finally, if you're working on your college applications, make sure you know how to write a great college essay. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

6 University Jobs That Will Boost Your Resume

6 University Jobs That Will Boost Your Resume 6 University Jobs That Will Boost Your Resume There is a bit of a misconception that university jobs are only available for students who gain employment through work study, or graduate students who become TAs. In reality, there are a variety of on campus jobs available to anybody who chooses to apply, that can be a great addition to a student’s resume. If you want to   get an on campus job that earns you serious job consideration down the road, take a look at the following positions. 1.  College Radio Station Personality If your college campus is home to a radio station, you have probably enjoyed listening to that radio station, or maybe attending some of the concerts your college radio station has promoted. Maybe you have even fantasized about going on air or being behind the scenes. Here is some good news. You can do these things, even if you aren’t a part of the Mass Comm or radio broadcasting school. If you have an idea for a radio, or some extra time, let that be known. You might just get hooked up with a show of your own. Your college radio station might have jobs in production, advertising and more. You don’t need to be a part of the broadcasting or Mass Comm program either. 2.  College Newspaper Journalist Most colleges have at least one student run newspaper, if not more. What you may not know is that they are frequently hiring people to work as journalists, columnists, assistant editors and more. If you enjoy writing, and have an interest in sports, entertainment, campus life, or news and politics, consider putting in an application. You’ll meet some great people and earn money doing something you enjoy. 3. Resident Assistant This may not seem like a fun job at first. After all, who wants to be the person in the dorm rooms that breaks up loud parties and enforces other rules? However, if you have the ability to get along with others and be a bit of a diplomat, RA is not a bad position to hold. You’ll save money on your own tuition and fees, and you will pick up people skills that will serve you very well in the future. 4.  Financial Aid Clerk There are frequently many jobs available in the financial aid office. Student workers are needed for data entry, assisting people with applications, manning phones, and dealing with paperwork. If you have aspirations of working in the finance industry, customer service, or in any business setting, this job might be perfect for you. You will also develop specialized computer skills that may make you more appealing than job applicants who are not experienced with office applications. 5.  Dining Hall Employee This is hard, busy, fast paced work that isn’t suited for people who aren’t used to being active and on their feet for long periods of time. However, if you have the stamina for it, this is a great job to have. First, you’ll almost certainly eat for free, whether that’s an official or unofficial benefit. You will also learn culinary skills, customer service skills, cash handling, and to deal with purchasing, receivables, and inventory. All of these are great practical skills to have when you are trying to land that first entry level job post graduation. 6.  Maintenance Assistant If you are an engineering student or in any other field that will involve mechanics, construction, or electricity, consider putting in an application with your school’s maintenance department. They often hire student workers to assist with repairs around the college campus. In any given day, you might paint, help troubleshoot and solve electrical problems, and assist with HVAC repairs. The result of all of this is that you will have a few impressive technical skills to add to your resume. If you are not sure where to begin, ask your advisor. He or she will be able to tell you who to speak with about on campus jobs. If you qualify for work study, your financial aid office will be able to help you find the best on campus job for you.

Advantages and Disadvantages of Effective Budget Control

Advantages and Disadvantages of Effective Budget Control This paper will look at what is required of an effective budgetary control mechanism and try to assess the advantages and disadvantages of using a system imposed from above, or externally, over a decentralized system controlled by lower level management as task level. Using an empirical case study from the international banking sector, it will be shown that too much managerial autonomy can lead to disaster not just for the manager concerned but also for the whole organization. In contrast the role of the World Bank and International Monetary Fund in imposing nation-state loan budgets will be critiqued to highlight the potential flaws of centralizing and dominating budget control management. Effective budgetary control Henderson (2003) notes that regardless of the situation or workplace, in order to be effective it is crucial that budgetary control systems: Account for money received and spent Make sure that the organization’s financial policies are adhered to Ensure that m oney is not wasted Assist managers to run, and develop, services or departments These controls have developed from the need to account for large sums of money but are equally applicable to any budgetary situation. However, from a managerial perspective they have often been criticised for being insensitive and restrictive at the lower levels of management. As the number of stakeholders increases so does the need to be fully accountable and therefore more controls are also needed. This is particularly noticeable in the public sector National Health Service. Here lower level management are extremely subservient to imposed and tight budgeting restrictions from a distantly senior level. This is arguably a result of the need to satisfy a multitude of stakeholder interests and a concern that empowering lower management with the autonomy to control their own budgets would fail to include the number of interested parties from politicians to doctors and patients. With organisations as comple x as the NHS whether public or private sector – It is safer and easier to plan and control from above using imposed budget control methods. Politically imposed budgeting is preferably because senior managers, directors, or institutions who set the budgets are arguably best placed to recognise the wider implications of budgeting decisions but, according to Marginson (1999), financially imposed budget controls make sense too. Financial losses, which can occur for such damaging reasons as incompetence, error, negligence or fraud, are most likely to be minimised, or avoided altogether, by well constructed control systems. Imposed budgets benefit from the experience, acquired knowledge and full backing of senior management. They arguably encourage a sense of confidence in lower level management to do their job whilst reducing the massive levels of stress that come with having to create and manage your own budget. Another advantage of imposed budgeting is that it encourages regular monitoring, reporting, progress reports and ultimately improvements in the budgetary system. This enables problems to be uncovered and dealt with quickly and efficiently. Henderson (2003) states that it is advantageous to review arrangements occasionally. Even if procedures within your work area operate well, you should ensure that the budgetary responsibilities of staff at all levels are clear and understood by everyone. It would be unfortunate if problems arise because people do not know the extent or limit of their responsibilities (p33).

Money Management Finance and Accounting Assignment

Money Management Finance and Accounting - Assignment Example Management of Money: Discussion on the Case: As the case represents, the individual concerned has retired and he has $500,000 saved with him that he can use either for investment or for any other purpose. Either a yearly pension from a life insurance company may prove to be beneficial for him or the individual may manage the wealth himself by investing in a bank. The purpose here is to determine which approach would be more beneficial for the individual after his retirement. Case 1: Yearly Pension from Life Insurance Company: In case of life insurance companies, depending on the age and life expectancy of the individual the insurance company may decide on the pension amount that can be paid to the individual (A Basic Lesson in Immediate Annuities). It is assumed that the individual is a male and his age is 60 years. He has an amount of $50,000 to invest. If he invests the money in a life insurance company, several options of income payment may be available to him. The highest amount that he may receive is $8,455 on a monthly basis on the plan of â€Å"Guarantee Income for a 5-Year Period Certain Only† (Estimated Quotes for a Single Life Annuity). ... Case 2: Managing Own’s Wealth: The individual might even decide to plan and manage his own wealth. If he wants to deposit the amount in a bank and withdraw a certain amount every year, he would have an interest payment for himself that he will receive on the amount he has deposited. A total savings of $500,000 might expect to receive an amount of $25,000 in a year from the portfolio of income. This amount may be received if the annual rates of returns are 7 percent or 8 percent and the individual withdraws, say 5 percent on the amount. Withdrawing an amount of more than 5 percent may create troubles for the principal amount and increase risk for the individual (Generating Income from a $500,000 Portfolio). Thus if an amount of $25,000 can be received through bank investment, then monthly returns are expected to be $2083. Comparison: If the two cases are compared it can be realized that the amount that the individual may receive from a life insurance company is much higher than the amount received from a bank investment. Even the minimum amount that a life insurance company can provide the individual with is $2520 which is more than the amount of $2083 that can be expected from a bank investment on a monthly basis. In addition to the higher amounts that a life insurance company may pay off to its customer, it also provides facilities for the family members of the individual depending on the plan that the individual selects for his investment. Thus, even after his death, his family members may receive the deserved amounts that might prove to be beneficial for their wellbeing. Thus comparing both the investment options available to the individual

Community health nursing clinical experiences Coursework

Community health nursing clinical experiences - Coursework Example In particular, the paper examines reflection of the specific clinical experiences, conversations, perceptions and new understanding. Objective I: Demonstrates caring nursing behaviors and safe, competent skills in community health settings for individuals, families, groups, and whole communities (all defined as â€Å"client†) across the health-illness continuum A critical analysis of the clinical experiences in community health reveals that nurses working in this particular area of care must demonstrate awareness of and respect to patient differences, preferences, values and uniquely expressed needs. In practice, I learnt that a professional caregiver meets patients from diverse backgrounds. I learnt that application of sensitivity to these issues could help one improve patient and treatment outcomes. For instance, in my encounter, I met patients from diverse cultural background. One patient stated, â€Å"†¦I have to fast, this requires Godly intervention’. This comment revealed how cultural barriers, especially those related to religious beliefs could affect care giving. My experience in the community nursing practice provided insights about the issue of privacy protection among other important issues concerned with confidentiality. I learnt that professional care givers working in community programs must demonstrate very high competence in addressing privacy issues. For instance, one patient with terminal disease appeared to withhold vital information about the clinical history of the disease. Upon further investigation, I established that she was uncomfortable if such details reached her husband. I convinced her about the confidentiality requirements and advised accordingly. This experience raised my awareness about legal and ethical issues of privacy and confidentiality of patient records. One of the most striking issues in the community

Morality and Humanity In Kants View Essay Example | Topics and Well Written Essays - 1000 words

Morality and Humanity In Kants View - Essay Example Second, recast that maxim as a universal law of nature governing all rational agents, and so as holding that all must, by natural law, act as you yourself propose to act in these circumstances. Third, consider whether your maxim is even conceivable in a world governed by this law of nature. If it is, then, fourth, ask yourself whether you would, or could, rationally will to act on your maxim in such a world. If you could, then your action is morally permissible. Throughout his moral works, Kant returns time and again to the question of the method moral philosophy should employ when pursuing these aims. A basic theme of these discussions is that the fundamental philosophical issues must be addressed a priori, that is, without drawing on observations of human beings and their behavior. Once we â€Å"seek out and establish† the fundamental principle of morality a priori, then we may consult facts drawn from experience in order to determine how best to apply this principle to huma n beings and generate particular conclusions about how we ought to act. Kant's insistence on an a priorimethod to seek out and establish fundamental moral principles, however, does not always appear to be matched by his own practice. The Groundwork, for instance, makes repeated appeals to empirical facts (that our wills are determined by practical principles, that various motivations are variable in producing right actions, and so on). Later ethical works rely even more heavily on empirical generalizations. Kant did not take himself to be employing these assumptions in seeking out and establishing the fundamental moral principle, only in applying it to human beings. Nevertheless, it is not always easy to tell whether Kant's arguments gain their plausibility only by relying on ideas established by observations of human being and the world they inhabit. Kant's example of a perfect duty to others concerns a promise you might consider making but have no intention of keeping in order to get needed money. Naturally, being rational requires not contradicting oneself, but there is no self-contradiction in the maxim "I will make lying promises when it achieves something I want". An immoral action clearly does not involve a self-contradiction in this sense (as would the maxim of finding a married bachelor). Kant's position is that it is irrational to perform an action if that action's maxim contradicts itself once made into a universal law of nature. The maxim of lying whenever it gets what you want generates a contradiction once you try to combine it with the universalized version that all rational agents must, by a law of nature, lie when it gets what they want. Here is one way of seeing how this might work: If I conceive of a world in which everyone by nature must try to deceive people any time it will get what they want, I am conceiving of a world in which no practice of giving one's word could ever arise. So I am conceiving of a world in which no practice of giving one's word exists. My maxim, however, is to make a deceptive promise in order to get needed money. And it is a necessary means of doing this that a practice of taking the word of others exists, so that someone might take my word and I take advantage of their doing so. Thus, in trying to conceive of my maxim in a world in which no one ever takes anyone's word in such circumstances, I am trying to conceiv

Market Segmentation Essay Example | Topics and Well Written Essays - 750 words

Market Segmentation - Essay Example Lastly, the company seeks for a unique marketing segment that is not being practised by their competitors. This plays a big role in enabling companies to achieve a high market share, thus generating a comfort factor since the buyers will see it as a market leader. Through this, most business entities are able to better their competitive positions and satisfy their customer needs (Burrows, 2010). For an adequate marketing strategy to take place, a manager has to determine and identify the boundaries within the market and with the help of a business plan, develop a clear definition of a business to be in operation. Then, the manager should get enough knowledge and all the relevant information about the goods and services provided by the competitors in relation to the basic requirements of the customers in the market. The company, therefore, would determine the methodology and variables to use in dividing its market into subsets. Research tools are introduced in the process of collectin g and analysing data with the purposes of identifying a homogenous segment which, at the same time, is heterogeneous to the other segments. Basing on the consumers’ behaviour, a company selects the variables that will assist it in creating a detailed profile of each distinct segment (Burrows, 2010). Then the marketing manager looks for the potential customer with needs and wants that require being satisfied in respect to the business they had identified in the previous steps. Finally a product and market plan is developed to make an appeal to a specific market segment. All these combined together will attract a customer to purchase a particular product that will satisfy his or her needs and wants. Market segmentation is considered as a decision making tool for most of the marketing managers in the selection of a target market for their goods and services. Product differentiation techniques have frustrated companies’ expectations since they were purposed to provide a va riety of products rather than offering different segments, therefore leading most of the companies to embrace the segmentation. Marketing managers use segmentation in defining the market, i.e. they are able to perceive their market from a consumer’s point of view rather than a manufacturer’s. Managers gain the knowledge and ability to rationalise policies for available commodities so that they can outshine their competitors by protecting their products from any competitive practice and also work towards achieving a high market share. They harmonise the different segments in a company by catering for the segments that are perceived to be more important, and minimising the competition between the goods and services within a company. This simply means that managers rely on the segmentation process to position ranges of their existing products (Croft, 1994). Since not all existing products can satisfy the needs of each segment, the managers identify the gaps and take an in itiative of launching a brand new or an already available commodity to solve the shortcoming. Companies with small distribution channels use segmentation to sell their goods and services in specific parts of a country. A marketing manager uses the GNP per capita and different behaviours of the customers in the area of concern to determine the marketing strategy to be used in meeting their needs. Demographic variable in market segmentation explains

America's Foreign Policies Essay Example | Topics and Well Written Essays - 500 words

America's Foreign Policies - Essay Example Both the army and navy were less than 30,000 troops separately, and being situated in the midst of weak or friendly nations, no thought was given to building up an armed force for any reason (Mintz). Americans also felt badly towards expanding any holdings abroad, as the popular sentiment was that it went against the democracy that the country held dear to its heart, even more than a hundred years after winning it (Mintz). That changed, however, when European powers towards the end of the century started acquiring overseas holdings themselves, eventually becoming rulers of a fifth of the world between 1870 and 1900 (Mintz). Fearing that the United States would one day be left with nothing but the country that it had already started, sentiment changed to allow overseas diplomacy and dealings, which were brought to the forefront by the foreign policies of President Theodore Roosevelt, President William Howard Taft, and President Woodrow Wilson. Though these three had sometimes radicall y different views on how to handle different situations with respect to countries around the world, it cannot be denied that all had a hand in shaping the United States as a world power by the early 1920s. Theodore Roosevelt came into the presidency believing, in a way, that America was not enough for America. He believed that the United States should expand its presence in foreign countries and territories, and had a strongly â€Å"imperialistic philosophy† about where the nation stood, and should stand, in the world (â€Å"American Experience†). Despite being a diplomat who was more than capable of brokering any negotiation through words, Roosevelt believed that the nation should be ready to fight to protect its own interests above everyone else, and supported war in order to make his point to other countries about the greatness of America (â€Å"American Experience†). This can be seen in his main ambition while in office, which was to build a canal

Morality and Humanity In Kants View Essay Example | Topics and Well Written Essays - 1000 words

Morality and Humanity In Kants View - Essay Example Second, recast that maxim as a universal law of nature governing all rational agents, and so as holding that all must, by natural law, act as you yourself propose to act in these circumstances. Third, consider whether your maxim is even conceivable in a world governed by this law of nature. If it is, then, fourth, ask yourself whether you would, or could, rationally will to act on your maxim in such a world. If you could, then your action is morally permissible. Throughout his moral works, Kant returns time and again to the question of the method moral philosophy should employ when pursuing these aims. A basic theme of these discussions is that the fundamental philosophical issues must be addressed a priori, that is, without drawing on observations of human beings and their behavior. Once we â€Å"seek out and establish† the fundamental principle of morality a priori, then we may consult facts drawn from experience in order to determine how best to apply this principle to huma n beings and generate particular conclusions about how we ought to act. Kant's insistence on an a priorimethod to seek out and establish fundamental moral principles, however, does not always appear to be matched by his own practice. The Groundwork, for instance, makes repeated appeals to empirical facts (that our wills are determined by practical principles, that various motivations are variable in producing right actions, and so on). Later ethical works rely even more heavily on empirical generalizations. Kant did not take himself to be employing these assumptions in seeking out and establishing the fundamental moral principle, only in applying it to human beings. Nevertheless, it is not always easy to tell whether Kant's arguments gain their plausibility only by relying on ideas established by observations of human being and the world they inhabit. Kant's example of a perfect duty to others concerns a promise you might consider making but have no intention of keeping in order to get needed money. Naturally, being rational requires not contradicting oneself, but there is no self-contradiction in the maxim "I will make lying promises when it achieves something I want". An immoral action clearly does not involve a self-contradiction in this sense (as would the maxim of finding a married bachelor). Kant's position is that it is irrational to perform an action if that action's maxim contradicts itself once made into a universal law of nature. The maxim of lying whenever it gets what you want generates a contradiction once you try to combine it with the universalized version that all rational agents must, by a law of nature, lie when it gets what they want. Here is one way of seeing how this might work: If I conceive of a world in which everyone by nature must try to deceive people any time it will get what they want, I am conceiving of a world in which no practice of giving one's word could ever arise. So I am conceiving of a world in which no practice of giving one's word exists. My maxim, however, is to make a deceptive promise in order to get needed money. And it is a necessary means of doing this that a practice of taking the word of others exists, so that someone might take my word and I take advantage of their doing so. Thus, in trying to conceive of my maxim in a world in which no one ever takes anyone's word in such circumstances, I am trying to conceiv

America's Foreign Policies Essay Example | Topics and Well Written Essays - 500 words

America's Foreign Policies - Essay Example Both the army and navy were less than 30,000 troops separately, and being situated in the midst of weak or friendly nations, no thought was given to building up an armed force for any reason (Mintz). Americans also felt badly towards expanding any holdings abroad, as the popular sentiment was that it went against the democracy that the country held dear to its heart, even more than a hundred years after winning it (Mintz). That changed, however, when European powers towards the end of the century started acquiring overseas holdings themselves, eventually becoming rulers of a fifth of the world between 1870 and 1900 (Mintz). Fearing that the United States would one day be left with nothing but the country that it had already started, sentiment changed to allow overseas diplomacy and dealings, which were brought to the forefront by the foreign policies of President Theodore Roosevelt, President William Howard Taft, and President Woodrow Wilson. Though these three had sometimes radicall y different views on how to handle different situations with respect to countries around the world, it cannot be denied that all had a hand in shaping the United States as a world power by the early 1920s. Theodore Roosevelt came into the presidency believing, in a way, that America was not enough for America. He believed that the United States should expand its presence in foreign countries and territories, and had a strongly â€Å"imperialistic philosophy† about where the nation stood, and should stand, in the world (â€Å"American Experience†). Despite being a diplomat who was more than capable of brokering any negotiation through words, Roosevelt believed that the nation should be ready to fight to protect its own interests above everyone else, and supported war in order to make his point to other countries about the greatness of America (â€Å"American Experience†). This can be seen in his main ambition while in office, which was to build a canal

Nutritional Value Preservation in Cooking Essay Example for Free

Nutritional Value Preservation in Cooking Essay Cooking is often defined as the application of heat to food products in which after the process, improvements in taste, visual, appearance, texture and aroma is attained prior to consumption. Cooking in food establishments and other food service facilities are often done by chefs or cooks. Cooks usually focus on making the food palatable and appealing to consumers. It is common to sacrifice the nutritional aspects of food preparation to attain the maximum satisfaction of the diners and create very appetizing courses for the sake of culinary arts. The twist of preparing very complex meals in terms of cooking method and expected taste output is the opportunity cost of nutritional value of the meal being prepared. Array of reasons suspend upon the discussion of nutrient conservation in cooking. The concepts of temperature, time, total surface area exposed and certain cooking techniques interplay for the betterment of retaining the nutrient content of the meals being prepared. Chefs of today’s cooking era should consider the nutritional content of the foods they are preparing for the aims of giving delicious and nutritious foods in their customers. Necessity of Nutrient Preservation in Cooking The food items being cooked undergo physical and chemical changes that opt to alter the nutrient content of the food. And the current trend leads to a lesser nutritional content because of the present practices. It is important to preserve nutrient content of the food to provide the diners a better quality of food in terms of nutrient content. This will also provide a help on the campaign for a healthier society. Moreover the nutrient content of the food item would not be put into waste. Hospital cooks should focus more on the preservation of nutrients for the reason that the patients inside the hospital need more nutrients for faster recovery. The patients with specific nutritional deficiencies also require specific amount of nutrient in such way, the dietary departments of the hospitals compute the diet of these patients but if the cooking process is not that nutrient conserving, the computations of the dietitians as well as the plan and time frame of dealing with the patient will be lost. The Techniques and Concepts for Preserving Nutrients in Cooking Cooking has an ample ways to preserve the nutrient contents. These vary from controlling the temperature, managing the time, using the right portion sizes and some techniques in food preparation. This is necessary for the conservation of the nutrients. Time and Temperature effects on the nutrients upon cooking The temperature greatly affects the nutrient content of the food as stated by the NutritionData. com. The trend is that higher temperature, the greater the loss of nutrients. Morris stated that blanching spinach can cause for the loss of 80% of amino acids and blanching peas will result into loss of 26% vitamin C. Therefore applying greater amount of heat will significantly increase the loss of vitamins. The time required to cook the food item is also directly proportional to the nutrient loss. As stated by Mateljan, there would be a greater loss if the cooking time is longer therefore cooks can lessen nutrient losses by shortening cooking time and lowering cooking temperature. The Total Surface area exposed Bastin stated that greater the surface area exposed, the greater the nutrient loss. This is according to Bridge. The smaller cut of vegetables serves as the greater surface thus more nutrients are exposed and greater loss will carry on. Thus chefs should master the art of bigger cuts to food portions. Bigger cuts have a relative smaller total surface area exposed. Amount of Water The amount of water is directly related to the nutrient loss. As water increases with respect to the meal portion, there would be a greater chance of more nutrient loss. This is due to the fact that water has more space to accept nutrient molecules thus more water means more losses in terms of nutrients. Chefs should try to concentrate on decreasing the water content of every course they are preparing to conserve nutrients. Washing Methods Washing food items after peeling will cause the lost of nutrients. It is necessary to wash first and then peel. After washing carefully, the food item can be peeled. The logic behind this sequence is that upon peeling, water labile nutrients such as Vitamin B will tend to go with water as the water runs over the surface of the peeled food item. The necessity for cooks to practice washing first before peeling is great to avoid further loss of nutrients. Cooking for the betterment of the nutritional status of the society The combination of the techniques and the processes will be a great tool to efficiently utilize the nutrient content of the food. Such practices will provide number of individual more nutritious food which in turn can support the reputation of the cooks for including nutritious and delicious foods in their menu. Cooks having this knowledge can provide nutritious food for the improvement of his diners’ health.

Management of Contractual Risks

Management of Contractual Risks 1 Introduction Managing risk should be a fundamental part of bidding for Building or Highways work. Risk is described by Atkinson (2001) as the probability of an occurrence of a hazard and the magnitude of the consequences. Consequently risk may also be considered as the possibility of an experience happening and the resultant effect of the experience if it ere to take place. As defined by RICS (2010) risk management is a means of processes where risks are recognised, examined and then of course controlled. It is a constant cycle that begins at the pretender stage; this means that risks of events are put into a bid from the start and also at the end of construction. During the different phases of a project, many new even previously un-thought of risks materialise throughout. Recognising them quickly allows faster mitigation; in order to reduce impact risk has on the project. This study has examined the inaccuracy of pretender process of managing risk with the use of both pretender and contract registers. There were also opportunities, they were recognised. The subject area of risk was selected following discussions with managers and work colleagues, during my 2010 placement year with Sir Robert McAlpine (SRM). This topic was considered as an ideal subject area for a research project because SRM were improving the system they currently incorporate. So the plan of the study was to advise any conclusions made on the research, so as to further enhance the pretender practice within SRM. My colleagues gave me some risk data sheets for a few projects. The emphasis being on highway construction, as this information was available from my placement and SRM. 1.2 Rationale The subject of what to research developed from consultations with colleagues and the line manager at SRM. My colleagues were interested in the managing of risk and were working to improve SRMs pretender risk process to ensure it replicated the contract phase a bit more. This therefore illustrated a requirement in the business and indeed construction for research in to this topic area. The main reason for eventually electing the subject area of risk was the open access of information provided by SRM and the contact with knowledgeable personnel in my placement. This gave a better understanding of the procedures, allowing greater understanding in subject area of risk. In addition access was gained during placement to potential data in the form of contract and pretender risk registers from various Highway works undertaken by SRM. The aim of the research as came about by undertaking literary research, up to that point none of the data was collected, or plan formulated of how to use the data. The aim was to understand how pretender recognition of risks may be inaccurate. After that considering how it could be improved and whether it was possible to do so. Subsequently, recording any conclusions of pretender process in order to develop and better it. 1.3 Hypothesis, Aims and main Objectives 1.3.1 Aims Were to see if management of the contractual risks identifies significant additional risks that the pretender risk process failed to recognise and thus determine how inaccurate the pretender risk process is. 1.3.2 Objectives Find the processes presently employed to deal with risk, in both contractual and pretender phases and in recognising and measuring them. Investigate if important additional contractual risks recognised were within the pretender phase register. Compare SRMs risk management processes with other contractors and analyse to find the best solution. If possible, note any resulting conclusions and input results within the pretender register then produce a new and accurate one. 1.3.3 Hypothesis The management of contractual risks in Highway construction successfully identifies additional risks, consequently pretender appraisal has become inaccurate. 1.4 Overview of work done / Methodology 1.4.1 SRM schemes/jobs The SRM jobs used on the research comprised of, M1 J25-28, and A19 upgrade (both Highways Agency jobs) and M74 Glasgow council, all Highway projects. A19 was Term Maintenance Contract (TMC) whereas M1 J25-28 and M74 upgrade were (MAC) contracts. When examining the A19 upgrade the contractual records were acquired but the pretender risk records were not. However the contractual records were compared to a risk bid from a different project. Not ideal but the only solution at the time. The majority of the items were related, so comparable/related items were drawn from the pretender items, then included in the A19 contract register. An evaluation was done involving the contract and pretender risks. To do this the max, min, probable costs in addition to the likelihood of a risk event were incorporated from contract and pretender appraisals. A total assessment of the risks was calculated via averaging the max, min as well as probable costs which are multiplied against the likelihood of the risk event. All risks types were identified, in order to distinguish trends in risks recognised at the pretender and found in contract phase or were not found at all. The A19 contract risk register was distinctive to M1 J25-28 and M74 upgrade registers as it didnt contain costs. Every risk was divided by its probability and impact, whether that was high, medium or low appraisal. The pretender register, risk items were fitted against the occurring contractual register items. To see if every item in the registers were done, costs and probabilities were assigned to the A19 contractual risk method of appraisal. In getting a total assessment, both probability and risk price were multiplied. These costs were then evaluated against the overall pretender costs. 1.4.2 Highway contractor Interviews Interviews via telephone were conducted with a few companies to really see what processes are used at post contract and pretender. Also to find out how precise these methods are. Companies interviewed were: Morgan EST. Vinci Balfour Beatty May Guerney 1.4.3 Literature Review In order to understand the risk management procedures in construction and more specifically in Highways work a literary review was embarked on. This meant the research would gain an appreciation of the perception of risk by construction, prior to any literary review, my personal experience had only come from SRMs perspective and the processes they use. In order to gain real understanding and to funnel clearly on what my hypothesis stated, it was decided to split the literature review into two sections. One section, comprising of processes used by industry, taken from an assortment of books. The second section being that of SRMs highways process and accompanying documents. This makes it possible for an assessment to be conducted between SRM and the other contractors, like how different stages of a contract work in Highway works. 1.5 Overview of conclusions Both the information gained and analysis undertaken, imply the data could sustain the theory and main aims. Due to a large risk amount being found in contractual phase that was not previously seen at pretender. Even though assessments for any one risk were fairly inexact, overall assessment of pretender and contractual seemed strong. Showing pretender registers was inaccurate and needed to be better if assessments and risk management has to become more reliable. 1.6 Report Guide 1 Introduction An opening on the managing of risk in the dissertation while validating the basis in selecting the subject area. The introduction states the aims, objectives and hypothesis that the researched was established upon, as well as outlining the work done and an overview of the Conclusions. 2 Methodology Explains the methods used to investigate my hypothesis, from Literature review, approaches used in analysis and review of information and any outcomes. This expresses the reasons for utilising the techniques chosen also any research restrictions. Its meant to be a methodical, simple approach to how things were done. 3 Literature Review This chapter contains my understanding and Knowledge of the subject area. Done by means of, studying the risk process used in management through books, journals and the internet. Allowing a greater comprehension of risk in Highways work, and how its viewed and used. 4 Results and Analysis Confirms the outcome in the investigation and subsequent breakdown of SRMs jobs as well as the Highway contractors interviews. It outlines the judgments made concerning the pretender and contractual assessments. The Hypothesis was then tested against the information found, to see if its statement is true or false. 6 Conclusions- This analyses all the results in relation to the hypothesis and if theres is any basis that it will hold up. Detailing limitations affecting the research, while also imparting proposals for both industry and any future dissertations. 2 Methodology 2.1 Introduction Methodologies are vital to the accomplishments of research and must be dealt with care in order for the most appropriate research methods to be chosen (Fellows and Liu, 2008). The methodology outcome depended on the subject area, research aims and amount of literature review obtained. For data collection and analysis, the methods employed ought to be realising the aims and objectives so as to continually test the hypothesis and validate the research. The information that was obtainable and available played a huge role, as work on the dissertation could not be done if the information wasnt relevant. The information therefore can be decided by the hypothesis, as if the information was not on hand then one cant trial the hypothesis. Due to these factors, risk management was identified as an appropriate topic from the beginning, but it wasnt until the research was started that defining the hypothesis was possible, yet having an impression of the aims and objectives that were to be accomplished. From the off, the aim was to gauge how precise pretender risk management was, even if unsure of the data and information existing prior to consulting SRM team. Ultimately this section highlights the research methods utilised in the research, and the close association that has been made when doing so between the methods and Aim, hypothesis and objectives. 2.2 Aim Employed to help concentrate the methodology in choosing the right methods, also to clarify to the person who reads the dissertation what precisely was being investigated. So this shall be done by recalling the Aim set out: To see whether the post contract risk process identifies key additional risks that the pretender risk process failed to recognise and thus determine how inaccurate pretender risk process is. 2.3 Quantitative and Qualitative methods In Data collection there are two key styles; quantitative and qualitative forms of research. Quantitative method, being a grouping of information done using figures, which is then evaluated by arithmetical trials to trial an assumption or theory (Creswell, 1994). While the Qualitative method was quite different, instead using connotations, previous incidents and words (Naoum, 2007). Quantitative Methods can be less difficult in examining; it creates measurable outcomes that create analytical arithmetical results. They tend to be better for others to read and understand. While, qualitative information from research has a tendency to be complicated as it often requires researcher input and manipulation to ensure its appropriate for investigative procedures (Fellows and Liu, 2008). The methods adopted depend upon data obtainable as well as the research itself. By executing good research, its generally required and essential to use both quantitative and qualitative. Therefore a mixture o f the two was brought to play, for a more correct and more reliable conclusion; more is detailed further in this section. 2.4 Literature Review As mentioned previously literary appraisal was undertaken; providing a core subject knowledge in risk management of Highway construction. The idea in doing this was grasping how risk was analysed in Highway construction sector, and the procedures used in controlling it. Next research was done to discover how risk was managed, by using literature in form of books and journals. Then see SRMs risk management process from their risk management documentation. Dividing the literature review in two sections meant that one of the objectives could be fulfilled by comparing SRMs risk management approach with other construction companies. By doing the literary appraisal it imparted a better comprehension of the chosen topic of risk, and illustrated the problems and successes in risk management. While also showing the diverse and numerous ways in managing risk, and how the approach identified and selected can depend on many issues like project type, contract used or even size of companies and jobs themselves. The list literature sources below were used in delivering the dissertation:   Textbooks -were very useful in gaining the relevant knowledge of risk management, and procedures used. Books located in the library were discovered using the computer search engines. using. Chapters needed or thought appropriate were studied, and compared against searches that had been made on the internet. A check system, which assessed the validity of both sources of information against each other. With much of the research it became apparent that information in books available werent current especially in the older series of books. Despite this it wasnt a predicament for Risk management as texts of up to ten years old were and are significant and applicable now, with some techniques having improved. The books allowed for great comparison for up to date information on the internet. Journals were again located on the Loughborough University library database, which with the relevant buzz words located material of use. Finding journals proved difficult in comparison to textbook numbers, yet the sources were helpful.   Internet supplied a platform for research of literature. Being easy to use and handy, collating information could be done at speed and with relative ease. It allowed greater understanding of what type of book would be needed from the library. Information from the internet was important but it had its limits and it was vital to know that it can be inaccurate and cause misguidance, research can be more guaranteed with text and journals. This way of thinking about limitations in using the internet was in mind when searching websites on risk in the construction. Finding various helpful websites any information was compared other websites in order to increase reliability, but most importantly against book and journals. As with all research appropriate sources of reliability were identified and used like the RICS website. Two editorials from RICS site provided constructive, and were used in the literature review. In finding books the internet was most useful as many articles on websit es highlighted book of particular relevance and use.   SRMs Risk Management Procedures document SRMs risk management procedure document was used as section two of the literature review. Reading through the document and important information was used in the literature review, particularly, on the processes used by SRM in risk management. A comparison was made between SRMs procedures and with those found in the first half of the literature review. 2.5 Data Collection When actually collecting the data for the research the collection was again split into two parts. The initial data collection was from SRM projects, other data collection was associated to other contractors. The intention was to compare the risk procedures, and attempt at analysing which was the superior one. The next section shows how all the data collection was collected and prepared. 2.5.1 SRM Projects The information on the SRM jobs were formed while in placement during 2010, while working on the M1, involved in subcontractor packages and various Quantity surveying related work. Prior to any data collection, discussions with colleagues and senior managers took place in order to help formulate and aid the research as what would be required in terms of data. At this stage no hypothesis had been decided, the idea was to assess the accuracy of risks in the pretender assessments. Therefore colleagues stated and recommended the use of valid information in the form pretender and contractual risk registers could be provided. The contracts that would be made available were the M1 J25-28 scheme, A19 upgrade and M74 Glasgow project. Three similar Motorway/road maintenance projects that differ from each other contractually. A19 upgrade was a TMC to maintain, operate a network of strategic roads in the North East. M1 J25-28 and M74 are both MAC contracts for similar maintenance one in the midlands and the latter in Glasgow. A19 upgrade and M1 J25-28 are HA run, while M74 was for the Glasgow city council. The HA run their contracts by splitting their contracts into 13 sections in the UK, and in these projects cases offer for the extension and maintenance of the roads within these sections. The reason that A19 upgrade was a TMC but M1 J25-28 and M74, MAC based contracts were that previous to the MAC HA projects were also run with the TMC contract, but now all is done under MAC style. The contracts run for 5 years with optional extensions. Different sections of maintenance start and end at different areas on the motorway in question over a 5 year cycle, meaning that when MAC contracts were first used, some sections werent using them and using TMC etc A19 upgrade was a TMC completed in 2009, whereas M1 J25-28 scheme was a modern MAC contract just saw completion in late 2010. The difference in MACs and TMC are TMC two separate companies, one as managing agent the other as main contractor. MAC consists of the 1 contractor, running both as an agent to the client and as main contractor on site. Using the three contracts as the basis for the research the risk manager on the placement at SRM provided a pretender register for the M1 J25-28 risk management and A19 contractual phase, both of which he had involvement on. Trying to get pretender ones for M74 was problematic but couldnt find any. In order to have a full complete analysis, it was decided that for M74 to use another MAC pretender risk register. Pretty much similar to M74 except the location geographically. For sure this would create limitations but it could possible in using another risk register as SRM do when starting on a new comparable bids. So similarities would be high and that as long as it was noted in the dissertation as to its use and reasons why. Due to the generic nature of the risks they were deemed suitable as with what SRM do in practice. While on placement working on the M1 J25-28 contract meant developing contacts with colleagues who work day in day out on the subject are. Therefore requesting registers on M1 job was easier than the other jobs. The A19 contractual register came to me inn the same way. Getting the M74 contractual register, as the risk team on my placement had contact details for which to enquire with and the registers were duly emailed. 2.5.2 Rival Highway Contractors Obtaining information via rivals in the sector of road maintenance was much more difficult than from SRM sources, as they were very protective of information they gave out. The SRM jobs were Highways related, so the focus was getting some from Highway firms. By doing additional data collection it allowed for an honest comparison between SRM and other contractors. The methods were expected to have been alike if not the same, involving different construction projects; the data was likely to be different. The plan was to send questionnaires to the chosen contractors, but after unsuccessful returns it became apparent that another route would be needed, so interviews via telephone were deemed suitable. It seemed with written survey, contractors were inclined to take no notice of it or put a more generic thoughtless answer, While via a telephone interview response to the questions asked would be immediate and better, with no real confusion of what the question was asking as myself in person could explain. The Highway contractors contacted were: Morgan est. Vinci Balfour Beatty May Guerney A semi-structured set of questions was planned in order to gain the information required but also allowed telephone participant to elaborate and discuss the subject in a friendly professional manner. Contractors in Highways works were contacted, the dissertation of Risk Management was explained with the aims and objectives that needed to be achieved and asked the below queries: Does your company possess a methodology for the management of pretender risks? How does your company detect risks in the pretender phase? How does your company calculate final risk totals? Does your company undertake risk management after the contractual phase? ould I obtain a pretender and or contractual risk register to use in my research (for the Highways project you are on)? Each Contractor interviewed was told research being undertaking intended in contrasting data in pretender phase against the contractual as well as any assessments made. The questions were supposed to see what processes companies used in managing risks. Overall the different companies were helpful in answering these questions. The Fifth and final question was done to get registers like that gained from SRM. It was the only difficult part as many refused to hand registers over from live projects due to the sensitivity of their data and company policies. However some registers were received but didnt really contain the crucial information required just a formatted company risk register. Throughout the interviews, notes were made on the first four questions and the results put into a table at the time of the interview showing the company and their response to each question. Thus, making analysis easier when looking at the responses later in the dissertation. 2.6 Analysis of data Prior to analysis, the research had assessed how SRM price risks. It was crucial in knowing this before as it established the type of analysis would that be approved, and is detailed below. Upon formulating the risks that have been identified each risk will be categorised with maximum, most likely, minimum values and probability. The data was put through a programme @ RISK formulates hundreds of simulations, creating a graph showing the data. The 75th percentile is put in the final pretender as the final risk total. SRM do this for all of their projects. For this dissertation we were concerned in the risks recognised and individual costing risks as shown in paragraph above with min, max and probable etc. The focal point being what was keyed in to @ RISK as opposed to what it produces. For the Data analysis the SRM contracts have been split into their individual projects and the Other Highway contractors. The reason for splitting the SRMs projects was that the analysis varied in parts by way it had been collected as mentioned earlier (some with full risk registers some in part). 2.6.1 M1 J25-28s scheme and M74 Glasgow Analysis for M1 and M74 projects were pretty much the same. The M1 contract and pretender risk register could be matched up to the pretender and contractual registers for the M74 contract risks, due to them being MACs. In evaluating the accurateness of the risk registers and appraisals made, comparable risks to contractual register were then removed from the pretender. When comparing values in matching risks, it was vital to have a total value for both pretender and contractual registers. The best and most impartial methods for pretender register were to average the minimum, maximum, probable figures then multiplying by likelihood of the event. These were a range of potential expenses which could be incurred by the risk, and any total cost was decided to be an average of these, as all projects had them. As its unknown as to its actually occurrence the average should be multiplied by the probability, which gives a total potential cost to the risk. While the contract risk registers should be considered by severity and possibility by scale of 1-5, and then an assessment of the risk was undertaken, figuring out the most likely value as well as minimum and maximum. Mitigation measures are identified for each risk, and then assessment was done again as before the mitigation. The M74 didnt have min prices in its contractual register, therefore all risks were assumed to be zero. Without any minimum values any overall assessments of the risk would not have been made. The reason for not using the likely value instead was so the data would use a range of values. It was decided greater accuracy would be found in setting the minimum as zero and range of values than the most likely. By setting all its risks as zero means they are an unimportant minimum value or a risk/event that doesnt happen. The M1 contract register had all the necessary values so no intervention was needed. Both contract risk registers failed to show any probability, just a likelihood scale from 1-5. Therefore it was assumed, giving the scale a percentage instead, 10%, 20%, 30%, 50%, 70% and 90%. Then the total appraisals of the contractual registers were done through an identical method. Where similar contractual risks could be distributable to a few pretender risks in a register or vice versa, the total appraisal amounts were split by the quantity of risk items, in preventing them being counted twice. This was tabulated under the headings; the contract risks, pretender risks, information put into the registers, and total assessment. The contract risks were then categorised: Unrecognised however is protected (No value). Unrecognised but not protected ought to have been recognised. Unrecognised unable to recognise. Recognised while also protected. Identified yet unprotected. Each risk was grouped by colour to state which category from above it fell in. 2.6.2 A19 upgrade The breakdown of the A19 job was began in a similar way to the M1 J25-28 and M74 contracts. The measurement total cost for pretender register was done the same as in the other projects by averaging and the different range of values and dividing by probability of them occurring. When totalling the contract risks differences became apparent as the register calculated risks another way, as there were no costs. So Instead they were measured under the probability and impact style grid, using severity status as guides, whether that be low, medium or high. So in order to measure the total value of risks would mean assigning each risk a value and probability based on the risk severity system used, then times the two numbers to get the total assessment for that given risk This therefore required the assignment of cost and probabilities to be accurate. So by using the Risk severity matrix as used by SRM, a cost could be associated to a certain risk level. With use of the grid SRM review probability/likelihood with a scale from 1-5 and assign costs in numerical order of the probability scale for impact: Below  £1,000 Between  £1,000  £10,000 Between  £10,000  £100,000 Between  £100,000  £1,000,000 Above  £1,000,000 The figures above seemed a very useful guide and perfect to use, create a good range that could be easily used in analysis. The likelihoods for the risks events were given percentages instead of low, medium, high, so as to fit in to correspond and be like the information found in M1 and M74 projects, so: Low being 10%, Medium at 50% High 90%. These numbers were chosen as the provided not too certain outcomes for low and high at 10 and 90 percent, while the medium suited to being the mid point between the two figures. So in getting the total risk value, costs times probability. Then the rest of the analysis followed the same steps taken by M1 and M74 data analysis. 2.6.3 Analysis summary The tables of data for all three projects showing the comparisons made are in the appendices. These tables were only a start in analysing data as they on their own only show limited information that cannot fully test the hypothesis. So Risk recognition was key objective and so a list was formulated of any risks recognised, not recognised and not assessed, were omitted. From this list, risks could be categorised and therefore see which type of items could or could not be seen in pretender by the bid team. Now having had risks recognised and risks unrecognised as threats in pretender meant potentially testing a hypothesis as to whether pretender stage is inaccurate. From this new data 2 graphs were made highlighting and representing more clearly the type of items in registers that was recognised in pretender and those that werent. A review table was then drawn to finally account for the contract risks and categorised as below: Unrecognised however is protected (No value). Unrecognised but not protected ought to have been recognised. Unrecognised unable to recognise. Recognised while also protected. Identified yet unprotected. This table only really accounted for risks in pretender register which corresponded with contract risk, but not the other way round. So it didnt account for all risks found in pretender bid or how many werent in the contract register. So a total evaluation of risks featured in the pretender bid but not in the contract register, so as to fully see the accuracy or inaccuracy of it. As a result a Pretender table of risks recognised at contractual phase was made and the total appraisals done at both pretender bid and contractual phase were compared and contrasted. Last part glimpsed through inaccuracies of pretender register. Done by removing risks identified in pretender and contractual documents, the disparities then tabulated. The variations were categorised, and detailed in a Histogram. 2.6.4 Rival Highway Contractors The ways in which the other Highway teams identified assessed risks at pretender stage, were investigated. This was done by referring back to the table formulated at the time of the interviews. Proceeding with recognition and classification methods, digging out the methods used, what company used what method type. The same was done for the appraisals of risk, so formed 2 pie charts showing the recognition and appraisal of the rival companies risk management processes. It illustrates the most popular methods used by the Highway Contractors interviewed. These methods were compared against the methods SRM use. Many of the companies did turn down the opportunity in handing over information, citied by them as the company policies not to do so and the information is delicate. However some registers were received but didnt really contain the crucial information required just a formatted company risk. Also it proved difficult to obtain pretender and contractual registers, instead receiving o ne without having the other to compare against. Need to fill in contractors interviewed etc!!!!! It was very helpful to look at the various formats of different registers that companys used, and the informatio