Securitisation Techniques In Financial Markets Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2574 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Introduction Securitisation is a structured finance technique that allows for credit to be provided directly to market processes rather than through financial intermediaries. Securitisation describes the process and the result of converting regular and classifiable cash flows from a diversified pool of illiquid existing or future assets of similar type, size and risk category into tradable, debt and equity obligations (liquidity transformation and asset diversification process). Securitisation was first started in United States after the housing market collapsed in early 1930s. Don’t waste time! Our writers will create an original "Securitisation Techniques In Financial Markets Finance Essay" essay for you Create order There are three government sponsored agencies which are involved in creation of mortgage back securities, known as Ginnie Mae (GNMA) Fannie Mae (FNMA) and Freddie Mac (FHLMC) (A.Saunders, M. Cornett, 2008 p.815) In simple securitisation is a process where pool of illiquid assets such as long term loans, mortgages, and other illiquid assets are transferred into liquid assets by selling them to outside investors. Securitisation has become very popular with the banks worldwide as it helps the financial institutes to write off the illiquid assets of their balance sheet, helps to reduce the taxes, frees the capital for further investments, and reduces risk. Different researchers have given different definitions to securitisation, (Y. Altunbas, et.al) defines Securitisation as the process whereby individual bank loans and other financial assets are bundled together into tradable securities, which are sold onto secondary market. The other definition given by (C. Cardone-Riportella, et.al ) is Securitisation is a financial technique that allows a batch of illiquid assets to be transformed into a liquid tradable instrument with a known flow of income payments. Whereas (S. Saunderson, 1997 p.359) defines securitisation as a framework in which some illiquid assets of a corporation or a financial institution are transformed into a package of securities backed by these assets, through careful packaging, credit enhancement, liquidity enhancement, and structuring. The other definition given by (Cox, 1990 p.2 and Kendall, 1996 p.1-2) securitisation is the process where pools of individual loans, receivables or debt instruments are packaged in the form of securities, the credit status or rating of the securities are enhanced and distributed to investors in simple we could explain securitisation as a mechanism of pooling of a group of loans and selling them to the investors in the secondary market. This paper aims to understand the process of securitisation, its advantages and disadvantages, and then we will look onto some cases on financial institutes which did failed for too much dependence on securitisation, Northern Rock Bank was one of the bank which collapsed in UK due to overdependence on Securitisation and short term funds. Until 2007 Securitisation was the most favourable process used by banks and different financial institutions but too much dependence on it lead many financial institutes to collapse. Process of Securitisation There are a number of participants in Securitisation process, firstly there is an Originator- which is usually a financial firm, or a bank, the assets of the originator such as mortgages, credit card receivables, automobile loans, etc are pooled together to securities for writing off those assets from the Originators Balance sheet. In second step there is an Issuer- often called as Special Purpose Vehicle (SPV). The SPV is a company or it can be another Bank which is specially set up for the purpose of securitisation. The SPV holds the securities, which are the sole owners of the securitised assets, the SPV issues the notes/bonds to the investors which are backed by the pool of assets, but before the notes/bonds been issued there are several other parties are involved during this process, such as the credit scoring companies, Trustees, Servicer. The rating agency advices the originator on assets, examines the credit quality of the pooled assets, and rates the assets to AAA, or AAB, etc. before the bonds been issued to investors. In some cases the underwriters are involved as well during this process. A servicer in many instances is an originator. The servicer is responsible to collect the interest/instalments on loans/mortgages deriving from the pooled assets and pays it to the Trustees. Servicer entitles for a fee for the timely collection of instalments. Trustees act on behalf of investors and looks onto the performance of the other parties involved in the process, reviews periodic information on the pooled assets and takes any legal action on defaults to protect the investors. The large purchasers of the securities are insurance companies and pension funds. These bonds issued are very much favourable to the investors as they are less risky compared to any other investments. These bonds are protected against the default risk. For e.g. a bond is issued by a mortgage backed security and the property price goes down or the buyer defaults then the bondholders w ould be at risk unless been insured by the external guarantor, or even if the originator went bankrupt then too the bonds are safe, as the bonds are insured and are low on credit risk. Originator (e.g. Bank creates mortgages on Balance Sheet) Sale proceeds (payments) Asset Pool SPV Class A Notes Investors (life insurance, pension funds) Note issue Class B Notes Class C Notes The above chart demonstrates the process of securitisation in simplest mode. As we can see the originator pools the assets and transfers them to a SPV and then the notes/bonds are sold in the secondary market. The sale proceeds are transferred to the originator and can be reused to create new mortgages. (A. Teesdale, 2003, A. Sayman) Case Study To simplify the process of securitisation, we can take one case study of a ABC commercial bank established in the European union. ABC bank is involved in retail and corporate banking sector, and also provides loans to housing consumer sector, special financial services, and investment fund management. The main business of bank is to provide housing finance. ABC bank intends to expand, for which it requires additional finance but banks liability consist of long term B rated debt which it intends to replace with less expensive process and even wants to free a part of regulatory capital. So it could expand in to BB-rated country. The bank could achieve this by two processes. We will look at the initial position of Bank Balance sheet ASSET 1000 Housing Loans 605 Securities 245 Cash at hand 30 Interbank Placement 120 LIABILITIES 1000 Retail Deposits 662 Interbank Deposit 68 BB rated Loans 225 Shareholders Equity 45 The Bank has two option on funding first by taking a collateralised Loan or by Securitisation. Bank wishes to raise Euro 200 million in both the cases. Collateralised Loan: In this the Bank takes a collateralised loan of Euro 200 million whose interest rate is 9.5% which is less expensive then the B rated Bonds. By doing this the Banks asset side of the Balance sheet remains unchanged. A new liability is shown on the Banks Balance sheet. The net interest income is improved as cost of funding is decreased. The bonds proceeds are replaces by a loan. But this process is not that favourable compared to securitisation. The other method which Bank could take is securitisation. In this process the Bank pools the low risk housing loans together and sells them to XYZ company which is a special purpose vehicle (SPV). The ABC Bank has set up a XYZ SPV to implement the securitisation transaction. To min imise the initial capital and tax burden the SPV is registered in Lichtenstein. The borrowers of the loan continue to pay the loan instalments to the originator i.e., ABC company and ABC company then passes them to the SPV. SPV issues either Bonds/ Notes and sells them to investors in the secondary market. The SPV pays the sale proceedings to the originator. So now the Banks Balance sheet has changed. ASSETS 1000 Housing Loans 405 Securities 245 Cash at hand 230 Interbank Placement 120 LIABILITIES 1000 Retail Deposits 662 Interbank Deposit 68 BB rated Loans 225 Shareholders Equity 45 The Balance sheet of XYZ Company appears as; ASSETS 201 Housing Loan 200 Cash 1 LIABILITIES 201 Securities 200 Equity 1 So from the above procedure we could see Securitisation procedure is favourable as it takes off the long term assets from its Balance sheet and makes quick availability of cash and transfers risk to other parties. There are many more advantages to securitisation which are given below. Advantages of Securitisation Securitisation is very much favourable to many of the financial institutes and is accepted worldwide. Banks securitise their assets to free the long term investments and reduce risks. Different researchers have given different advantages to Securitisation, (A. Jobst, 2006, H. Shin, 2008, D. Barnes, N. Warman, 2000, www.rbnz.govt.nz, www.rbidocs.rbi.org.in) like securities which are issued by securitisation have a good credit rating as they are backed by assets and are scored by credit rating agencies, so these securities get sold quickly in the secondary market. The cost of raising fund via securitisation is a cheaper mode then borrowing money on interest, or depending on deposits. The other benefit to the Banks is it helps to reduce or pass on risk to other parties, Banks face many different risks on the loans, such as interest rate risk that the interest rate will move on diverse side and it will affect the Banks profitability or make loss. Liquidity risk that the Bank wont have enough cash to pay its depositors. Credit risk that the borrower will default and wont be able to pay the debt. So securitisation is preferred by the Banks as it helps to reduce or pass on risk to other parties. Securitisation helps Bank to covert the illiquid assets in to liquid funds very quickly which could be reinvested and helps to raise the turnover of the assets on Banks Balance sheet. It also gives regulatory advantage. As per the rules set by Basel II pillar I minimum Capital requirement Banks do need to hold minimum Capital to risk weighted asset ratio. (www.bis.com) By securitisation process the assets are taken off the Banks Balance sheet which helps to reduce the minimum Capital holding requirement which in turn improves the leverage ratio and further improves the Return on Equity. The Income of the Financial Institutes is improved as the Banks charges onetime fee on loans it processes and by retaining the responsibility to service them the Banks income of loan charges are unaffected by any change in interest rates. It even builds up confidence for the Financial Institutes in the financial market. It helps Financial Institutes to diversify to loans portfolio beyond few companies, industries, or geographical location and can increase their sources of fees and interest income. It also helps to invest in to different lines of business and avoid single type of credit risk. Further easy available of funds help the Financial Institutes to compete and even benefits the borrowers to borrow at low rate of interest. Disadvantages of Securitisation Along with the advantages given above there are some disadvantages as well which are given by many researchers. Until 2007 securitisation was the very much acceptable and favourable process used by many Financial Institutes worldwide (H.Shin, 2009) says there are two pieces of received wisdom concerning securitisation one old and one new. The old role emphasise a positive role played by securitisation but the subsequent credit crises has somewhat tarnished the positive image. Easy and cheap available money has motivated the borrowers and companies to borrow and lend more than they should. Many researchers as, (H Shin, 2009. D. Rakesh have argued that the main reason for the subprime crisis was the securitisation, over dependence on it has nailed the fianacial system in many countries. Securitisation is a very complex process with many different parties involved in it such as SPV, credit rating agencies, underwriters, Trustees, etc. So it is difficult for Banks to ensure that all risks arising from securitisation are appropriately managed. The Securitisation process is expensive when the assets to be securitised are not large. The other disadvantage is that Banks would securities all their best assets, thereby lowering the overall quality of assets on Balance sheet, Since the better quality of assets are more likely to be suitable for securitisation. Securitisation Failure Until 2007 Securitisation was the most preferred process used by financial institutes for their growth, but after 2007 due to the credit crunch and too much dependence on securitisation lead the financial institutes to collapse, we could see this from the figures in Europe the total volume of securitised assets grew from 78.2 billion Euros in 2000 to 711.3 billion Euros in 2008, but later it dropped to 414.1 billion euros in 2009, due to freezing of credit market and loss of confidence on asset backed securities. From the current sub-prime crisis we have learned the lesson that even too much dependence on securitisation could even lead the companies to failure, so was the case with northern Rock bank in U.K. it was the first bank in U.K. which experienced a bank run and had to rush to Bank of England as a lender of last resort. Securitisation was the central part of the Northern Rocks overall business strategy (D. Llewellyn, 2008) The main business of Northern Rock was to lend mort gages, and to fund these mortgages it depended heavily on securitisation and short term funding. Northern Rock pooled it mortgages and sold them in the secondary market in form of Mortgage Back Securities (MBS). These MBS were purchased by banks around the world. Securitisation and Colateralized Debt Obligation (CDO) were the two major instruments of the financial market turmoil. Easy availability of funds via securitisation motivated the financial institutes to lend money to sub-prime buyers with low income, credit ratings, etc. (H.Shin, 2009) says As Balance sheet expands new borrowers must be still need to expand, then Banks have to lower their lending standard in order to lend to subprime borrower. The seed of the subsequent downturn in the credit cycle are thus sown. When the interest rates went high almost 80% of the borrowers defaulted which led many banks go bankrupt, further led property markets go down and affected the whole economy. This is when the credit market freezed up especially for asset backed securities, MBS, CDOs. As a result of this there was a loss of confidence on asset backed securities throughout the globe. Although Northern Rock was not exposed to US sub-prime mortgage it become caught up in all this because of its business model: securitisation as a central strategy and reliance on short term money market funding. (D. Llewellyn, 2008) Due to loss of confidence on ABS and freeze in capital made Northern Rock to suffer, as it could not securities its mortgage loan in the funding market and had to hold the assets on its balance sheet. Majority of the assets of Northern Rock were long term residential mortgages so had little scope to reduce the Balance sheet in a flexible way once the crisis struck (H. Shin, 2008) like northern rock there were many different companies worldwide which did collapsed due to overdependence on Securitisation. Conclusion The aim of this article was to indicate how Securitisation process works, what are the advantages and disadvantages of securitisation. A case study is presented to better understand the securitisation process. The example of Northern Rock failure is been highlighted in this article to understand that overdependence of securitisation could lead to failure. From the current sub-prime crisis Basel committee has made some efforts to improve the banking capital structure by increasing the percentage of minimum capital requirement. Besides the current financial crisis Securitisation will continue to play a significant role in future for banks to grow.

Toxicity of Compound in the Zebrafish Bioassay Lab Report - 1

Essays on Toxicity of Compound in the Zebrafish Bioassay Lab Report The paper "Toxicity of Compound in the Zebrafish Bioassay" is a good example of a lab report on chemistry. For Dr. Pack, our UPenn gastroenterologist collaborator, to test the toxicity of compound 2 in the zebrafish bioassay, we provided Dr. Porter with the compound. At the end of the chemical reaction session, a certain research grouped challenged that they were in a position to isoflavone using AlCl3in dioxane. In this case, the group did not state any conditions for this reaction to take place. As such, I decided to optimize the reaction conditions starting with the model compound Chromanone. In this case, I mixed chromanone and AlCl3 in dioxane and then refluxed the content for 3 hours. Unfortunately, I did not obtain positive results and hence I was prompted to repeat the procedure. In this attempt, I decreased dioxane’s volume from 50 ml to 20 ml, used 10% of AlCl3, and I prolonged the reaction time from 3 hours to 12 hours. During the reaction, I monitored the proceeding using TLC. However, I did not obtain the intended products after several tests. In the third attempt, I changed most of the conditions and measured used in the first two trials. In this case, I used 0.500 gm of chromanone in 20 ml dioxane and 0.40 mg of AlCl3 which represents 10% of the starting material. I also reduced the frequency of monitoring to 2 hours. After the first two hours, the starting materials had completely disappeared. This indicated that I had optimized the TLC condition, by using different ratios of ethyl acetate and hexane. Then, I ran prep-TLC and I realized 4 different compounds. I then separated these 4 new products and conducted tests by NMR. However, the 4 compounds did not match the expected NMR spectrum of the desired product.My failure in these experiments prompted me to carry out research in journals and other materials. In this case, I came across some work discussing ring opining reaction on isoflavanones. The source has indicated all the conditions and the details about the experiment. However, the source suggests that I should use LiAlH4 which is a hazardous chemical. We had training with Dr. West on pyrophoric materials and now we are fully prepared to do the reaction.

Leonardo Pisano was the first great mathematician Essay Example For Students

Leonardo Pisano was the first great mathematician Essay of medievalChristian Europe. He played an important role in revivingancient mathematics and made great contributions of his own. After his death in 1240, Leonardo Pisano became known as LeonardoFibonacci. Leonardo Fibonacci was born in Pisa in about 1180, the son of a member of the government of the Republic of Pisa. When he was 12 years old, his father was made administer of Pisas trading colony in Algeria. It was in Algeria that he was taught the art of calculating. His teacher, who remains completely unknown seemed to have imparted to him not only an excellently practical and well-rounded foundation in mathematics, but also a true scientific curiosity. In 1202, two years after finally settling in Pisa, Fibonacciproduced his most famous book, Liber abaci (the book of theCalculator). The book consisted of four parts, and was revised byhim a quarter of a century later (in 1228). It was a thoroughtreatise on algebraic methods and problems which stronglyemphasized and advocated the int roduction of the Indo-Arabicnumeral system, comprising the figures one to nine, and theinnovation of the zephirum the figure zero. Dealing withoperations in whole numbers systematically, he also proposed theidea of the bar (solidus) for fractions, and went on to developrules for converting fraction factors into the sum of unitfactors. We will write a custom essay on Leonardo Pisano was the first great mathematician specifically for you for only $16.38 $13.9/page Order now At the end of the first part of the book, he presentedtables for multiplication, prime numbers and factor numbers. Inthe second part he demonstrated mathematical applications tocommercial transactions. In part three he gave many examples of recreationalmathematical problems, much like the type which are enjoyedtoday. Next he prepared a thesis on series from which was derived what is now called the Fibonnaci series. The FibonacciSequence is also named after Fibonacci. The Fibonacci sequenceis a sequence in which each term is the sum of two termsimmediately preceding it. The Fibonacci Sequence that has one asits first term is 1, 1, 2, 3, 5, 8, 13, 21, 34, 55. . . . Thenumbers may also be referred to as Fibonacci numbers. Fibonaccisequences have proven useful in number theory, geometry, thetheory of continued fractions, and genetics. They also arise inmany unrelated phenomena, for example, the Golden Section, (whosevalue is 1.6180) a shape valued in art and architecture becauseof its pleasing proportions, and spiral arrangement of petals andbranches on certain types of flowers and plants. In the final part of the book Fibonnaci, a student of Euclid, applied the algebraic method. Fibon accis book, the Liberabaci remained a standard text for the next two centuries. In 1220 he published Practica geometriae, a book on geometrythat was very significant to future studies of the subject. In ithe uses algebraic methods to solve many arithmetical andgeometrical problems. He also published Flos (flowers) in 1224. In this work he combined Euclidean methodology with techniques ofChinese and Arabic origin in solving determinate problems. Liber quadratorum was published in 1225(Book of SquareNumbers) was dedicated to the Holy Roman emperor, Frederick II. This book was devoted entirely to Diophantine equations of thesecond degree (i.e., containing squares). The Liber quadratorummay be considered Fibonaccis masterpiece. It is a systematicallyarranged collection of theorems, many invented by the author, whoused his own proofs to work out general solutions. Probably hismost creative work was in congruent numbers- numbers that givethe same remainder when divided by a given number. He worked outan original solution for finding a number that, when added to orsubtracted from a square number, leaves a square number. .u64193097a518662e3a49bc1a1fa9125e , .u64193097a518662e3a49bc1a1fa9125e .postImageUrl , .u64193097a518662e3a49bc1a1fa9125e .centered-text-area { min-height: 80px; position: relative; } .u64193097a518662e3a49bc1a1fa9125e , .u64193097a518662e3a49bc1a1fa9125e:hover , .u64193097a518662e3a49bc1a1fa9125e:visited , .u64193097a518662e3a49bc1a1fa9125e:active { border:0!important; } .u64193097a518662e3a49bc1a1fa9125e .clearfix:after { content: ""; display: table; clear: both; } .u64193097a518662e3a49bc1a1fa9125e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u64193097a518662e3a49bc1a1fa9125e:active , .u64193097a518662e3a49bc1a1fa9125e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u64193097a518662e3a49bc1a1fa9125e .centered-text-area { width: 100%; position: relative ; } .u64193097a518662e3a49bc1a1fa9125e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u64193097a518662e3a49bc1a1fa9125e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u64193097a518662e3a49bc1a1fa9125e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u64193097a518662e3a49bc1a1fa9125e:hover .ctaButton { background-color: #34495E!important; } .u64193097a518662e3a49bc1a1fa9125e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u64193097a518662e3a49bc1a1fa9125e .u64193097a518662e3a49bc1a1fa9125e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u64193097a518662e3a49bc1a1fa9125e:after { content: ""; display: block; clear: both; } READ: Is Humanity Suicidal EssayLeonardos statement that X + Y and X Y could not both besquares was of great importance to the detemination of the areaof rational right triangles. Although the Liber abaci was moreinfluential and broader in scope, the Liber quadratorum aloneranks its author as the major contributor to number theorybetween Diophantus and Pierre de Fermat, the 17th-century Frenchmathematician. Except for his roll of spreading the use of the Hindu-Arabicnumerals, Fibonaccis contribution to mathematics has beenlargely overlooked. His name is known to modern mathematiciansmainly because of the Fibonacci Sequence dervived from a problemin the Liber abaci:A certain man puts a pair of rabbits in a place surrounded onall sides by a wall. How many pairs of rabbits can be produced from that pair in a year, if it is supposed that every montheach pair begets a new pair which from the second month onbecomes productive?The resulting number sequence, 1,1,2,3,5,8,13,21,35,55(Leonardo himself omitted the first term), in which each numberis the sum of the two preceding numbers, is the first recursivenumber sequence (in which the relation between two or moresuccesive terms can be expressed by a formula) known in Europe. Fibonacci died in around 1240 and despite Fibonaccisimportance as the most orginal and capable mathematician of the medieval world, none of his work has been translated intoEnglish. In the 19th century, the term Fibonacci Sequence wascoined by the French mathematician, Edouard Lucas, and since thenscientists began to discover the numbers in nature which broughtabout a new interest in the topic. Although still relativelyunknown in the United States, there is a Fibonacci Associationin California. The purpose of that association is to encourageresearch in the topics that this great man once mastered.

Market-Driven Job Evaluation and Job-Worth Systems Sample

Question: Discuss the similarities and differences between market-driven job evaluation and job-worth systems of job evaluation. Describe an example of each approach and provide the rationale for why it is the best approach for the situation described. Answer: Introduction Due to the evolution of the contemporary business world, companies are continuously searching for specialised ways for constructing a workforce, which actually helps them to deal with the changing economic perceptions. Edwards (2012) proposed that job creation and inflation related to various goods and services are mainly responsible for developing a climate requiring the useful involvement of a suitable human resource plan in the right place for the majority of corporations of modern day. In this particular scenario, it is constructive for the human resource managers to determine the job worth, which can be performed by conducting a job evaluation based on the current market needs (Day, 2012). It is observed that the certain implication of the process encourages the organization to achieve success along with the other potential contributions from the information documented through the extensive research. In order to achieve the organizational aims productively, the management must n eed to adopt a market-driven approach for luring the talents from the market, recruiting them to the company, and retaining them with the workforce (Kinyili, Karanja, Namusonge, 2015). However, there is a significant level of difference between the market-driven job evaluation and job worth system regardless of their mutual connection with the workforce development. Therefore, this paper is formed with the aim of developing a suitable discussion regarding the Market-driven Job Evaluation vs. Job Worth for elaborating critical understanding on what the organizations should need to exercise internally or externally. Similarities and Differences between Market-driven Job Evaluation and Job-worth System of Job Evaluation As dictated by day (2012), companies from the modern day environment are always looking for a sustainable niche, which might contribute to their survival in the respective marketplaces. By the investigation regarding the historical timeframe, it is observed that the organizations are going through an ever changing redesigning process from both internally and externally for countering the risks associated with the market settings (). With reference to the identified fact, often the organizations can be seen designing new jobs, placements, and classifications in accordance to the needs of its customers or organizational strategies. Furthermore, companies may create an entirely innovative division for just in place for addressing the new trends, technologic needs, and development requirements for the corporation. From the above understanding, it can be assumed that the job evaluation techniques are followed for brewing a more personalised product or service and offering them to the customers for enriching their buying experience (Effort, 2013). Here, Kinyi and Karanja (2015) have indicated the suggestion provided by the talent management experts Susan Cantrell and David Smith to ensure the introduction of a revolutionary new system for managing people within the organization adeptly. The particular system exerted by the experts was known as Workforce of One eliminating the generic approaches for responding to the workforce requirements while leveraging more on the development of a highly nuanced and customised system for every employee (Edwards, 2012). The result of the study reflects the formation of a new relationship between the employees and the organizations. Kinyi and Karanja (2015) has further investigated the fundamental outcomes of such process and come up with the findings that the core application of the modified approach lowers the rate of employee turnover, maximiss the productivity, and enhances profit margin across the organizations. The job-worth evaluation sufficiently contributes the the achievement of proposed goals of the identified system. On the other hand, a market-driven evaluation is principally performed by the team responsible for managing performance of the workforce (Bamberger, Biron, Meshoulam, 2014). As part of the process, a systematic methodology is organised by the team with the intention of overseeing the primary requirements for each department and unit within the corporation. Effort (2013) has indicated some unique factors regarding the roles played by the performance management team. According to the investigation of the identified literature, performance management system is responsible for creating job reports according to the evaluation standards when they notice the need of another department or position for supporting the alleviation of the assessed burden faced by the other divisions. The same process is applied for engendering resolutions for the complaints raised by the customers as well (Kerzner, 2013). Therefore, the identified scenarios give rise to the job evaluation process by setting the standard criteria, which are ultimately submitted at the annual conference held by the company. Most importantly, it is worthy enough to mention that job assessment done by following the job worth system deals with the specific worth of an employees position while determining quantity of compensations for acquiring the identified position (Ulrich, 2013). Hence, job worth is momentously important for the companies to follow for providing a justifiable position to the employees during the lines of inflation, pay rates, and cost of living. Edwards (2012) has explained that a regular supervision by the performance management department helps them to determine whether there is a need for increase within the hired position of a certain department. From the overall analysis, the fundamental similarity between Market-driven and job-worth is improving the capabilities of the organization for satisfying the differing needs of customers as well as employees. However, the major difference between the two systems is that internal equity is maintained by job-worth, where market-driven approach reflects how external environment is affecting the organizational position (Purce, 2014). Example of Each Approach and their Rationale The significant rise of job-worth is caused due to the volatility of the current business environment influenced by exchange rate fluctuations or inflation of products or services (Tyson, 2014). Different industries from the global platform may it be retail, information technology, or food and beverage sectors are all continuously devoted to achieving the prominent share of growth from their target market. According to Kerzner (2013), the growth objectives of different firms are largely dependent on considering an evaluation for determining the necessity of employee growth, pay rises, and workforce retention. The rationale behind the process is simply based on defining and developing a balance supply and demand where the prominence is provided to the implementation and development (Goetsch Davis, 2014). On the other hand, listening minutely and fulfilling the requirements of consumers should be the foremost priority of a business irrespective of its operations under a small and medium enterprise or the major corporate guidelines. Such a scenario cause the application of a market-driven approach, as the process encourages the company to use a Consumer Price Index (CPI) for scrutinizing the needs of market consumers and supporting the measurements associated with the different areas of the company (Mathis, et al., 2016). For example, the need for modifications to the specific product, service, or department can be categorised as the market-driven approaches. The overall explanation of the two different concepts can be suitably clarified through an example. In the short run, monetary policy highly influences inflation and the nation-wide demand for the product and service. The given situation raises demand for the capable employees who can deliver quality products and services to the c ustomers while drives the organization to undertake the job-worth evaluation to attract those talents and satisfy the complicated demands for promoting the financial standing of the business (Tyson, 2014). Conclusion From the rationale obtained through the typical arguments and comparisons rendered throughout the paper, it can be determined that consumers and employees are two principal factors that the company should leverage upon to ensure the smoothness in whole business functionality. Consumers determine the market-driven approach for the companies whereas employees represent the job-worth evaluation. Consumers are the ones setting the bar for enterprises regarding its future operations like the ways it will induct to hire employees and the type of goods and services produced for consumption. On the other hand, the corporation needs to stress on its internal environment to improve the job positions for its employees for continuously meeting the diverse needs of customers. It is vital for the firms to take suggestions from the performance management experts to satisfy the consumer demands alongside the employee concerns prosperously. The simultaneous presence of both types of job evaluation ul timately leads the organization to provide assistance on analysing and creating jobs. References Bamberger, P. A., Biron, M., Meshoulam, I. (2014).Human resource strategy: Formulation, implementation, and impact. Routledge. Day, N. E. (2012). Pay equity as a mediator of the relationships among attitudes and communication about pay level determination and pay secrecy.Journal of Leadership Organizational Studies,19(4), 462-476. Edwards, M. R. (2012). Employer branding: developments and challenges.Managing Human Resources: Human Resource Management in Transition,5. Effort, D. (2013). Implementing Performance Management and Recognition and Rewards (PMRR) Systems.Human Resource Planning: Solutions to Key Business Issues Selected Articles,12(3), 169. Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. pearson. Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kinyili, J. M., Karanja, K., Namusonge, G. S. (2015). Role of remuneration and career advancement practices on the retention of employees in organizations: evidence from research.International Journal of Advanced Research in Management and Social Sciences,4(7), 254-279. Mathis, R. L., Jackson, J. H., Valentine, S. R., Meglich, P. (2016).Human resource management. Nelson Education. Purce, J. (2014). The impact of corporate strategy on human resource management.New Perspectives on Human Resource Management (Routledge Revivals),67. Tyson, S. (2014).Essentials of human resource management. Routledge. Ulrich, D. (2013).Human resource champions: The next agenda for adding value and delivering results. Harvard Business Press.

The Raid Essays - Clifford Geertz, Symbolic Anthropology, Bali

The Raid ? The Raid ? The way I approached dissecting Clifford Geertz's ?The Raid? was by reading it carefully over a few times while taking notes on the side. The first time I read the piece, I was very confused because of Geertz's choice of word. He often used the singular word ?he? to make reference to the people of Bali as a whole. I was not wary of this the first time I read and was totally lost. Another element of the reading that I thought made the reading more difficult was Geertz's usage of references that was unknown to me. A few times in the reading he borrowed terms and ideas from his contemporaries such as Gregory Bateson and Margaret Mead. I have never read the work of these people and therefore unable to understand the deeper meaning. However after reading ?The Raid ? a few times I felt that the reading was not difficult at all, in fact, it was very interesting. According to Geertz Balinese are very simple people. they[the Balinese] rarely face what they can turn away from, rarely resist what they can evade.? Their lives are simple, yet exclusive. This was the dilemma Geertz and his wife faced when they first arrived. Unlike the other villagers Geertz and his wife visited in Java who gawked at them with insatiable curiosity, Geertz and his wife was instead completely ignore by the Balinese. Geeretz described himself and his wife in their first few days as ?nonpersons,? ?specters,? ?invisible men.? Nonetheless this all changed when Geertz visited one of the local favorite pastime, cockfighting. Cockfighting is a brutal, barbaric blood sport in which men in the village arm their cocks with razor sharp spurs and sends them at each other's cock while other villagers bet on which cock will be victorious. Amidst all the blood, gore, and excitement of the fight the police sounded the siren and raided the fight. Being at the center of this much-condemned sport by the government, Geertz and his wife fled instinctively. This unfortunate event led them to be accepted into the lives of the Balinese. Geertz could've easily stayed and presented the police the paper work that shows he was a professor studying the culture there and could've been exempt from any charges. However in fleeing he proved to the villagers that he was no better than they are and that in fact he was one of them. ? ?above all, everyone was extremely pleased and even surprise that we had not simply ? pulled out our papers'? ? The next morning the village was completely different world for us.? Such unfortunate event had allow Geertz to be accepted and transformed the villagers view of him. Now that he had build a better rapport with the villagers I predict that his further study of them will be a lot more effective and ea sier. His newfound status will facilitate his further research. They will ?let him in? on secrets that even years of studying will not yield. His future relationship with them will be a prosperous one. Anthropology

Essay on Beyond the Scientific Method

Essay on Beyond the Scientific Method Essay on Beyond the Scientific Method CASE STUDY # 1 UNCOVERING THE SOURCE OF A COMA PREPARED BY: ALLANTE WEBB DATE: 9/13/11 CHM 1030.007 The purpose of this case study is to apply the scientific method by making empirical observations, formulating a hypothesis, testing the hypothesis, revising the hypothesis, and eventually asserting a theory. LG is a 35 year old woman who came into the emergency room with numerous of symptoms. She had stiff muscles and has shortness of breath. LG was also sweaty and shaky. These symptoms were experienced before she was diagnosed with hypokalemia. In her past medical history it was discovered that she suffers from spina bifida since birth, asthma, a latex allergy, has an ileostomy, and a leg weakness. Because of her leg weakness LG has to use a walker. LG has been suffering from numerous things since birth. When a person has been diagnosed with other diseases or sickness it is common for them to be affected in other ways too. Over time I believe her spina bifida worsened and affected her lungs and made her muscles stiff. The result is bad because her health is more at risk. There was nothing done right or wrong. The disease just spread throughout her body and now is making it hard for her to breath. Even though she has asthma, which is treated with a nebulizer, this does not aide in her breathing. LG also had an ileostomy which is a surgical opening constructed by bringing the end loop of the small intestine out onto the surface of her skin. In order to further support my hypothesis I would ask the patient to present to me her family medical history. This will help in finding a way to solve her symptoms that are now occurring. I would like to find out if spina bifida and or hypokalemia is in her past history. Having the family medical history will help me better understand how this happened to LG and why. I would asses her breathing and muscle strength. This would inform me how fast her bones are stiffening. If spina bifida causes her shortness of breath and stiff muscles then that will explain why she has these symptoms. Hypokalemia is not the diagnosis of LG. I am now going to research both of these diagnoses and see if my hypothesis is proven. Hypokalemia is means that the potassium in the blood is too low. It causes a small elevation in blood pressure and can provoke cardiac arrthythmias. Cardiac arrthymias is when the heart’s normal rhythm is disrupted. This leads to shortness of breath. Hypokalemia causes muscles cramps, muscle weakness, and also constipation. Urinary loss, low potassium intake, and integument loss are a few causes of hypokalemia. In order to treat hypokalemia it has to be determined how severe the case is. Mild hypokalemia is treated with an oral potassium chloride supplement. Potassium related food is put into the person’s diet. Severe hypokalemia is treated intravenous with an IV supplementation. When replacing potassium intravenously, infusion via a central line is encouraged to avoid the frequent occurrence of a burning sensation at the site of a peripheral IV, or the rare occurrence of damage to the vein. Spina bifida is a congenital disorder caused by the incomplete closing of the embryo neural tube. There are no clear causes of this disease but researchers believe it could be environmental or genetic. In severe cases the spine and back will swell. The person will have nerve damage that will affect their daily life. The person with spina bifida also develops an allergy to latex. Spina bifida is diagnosed before and after birth. While pregnant a woman can get an ultrasound and have blood work done to see if her child has this defect. She can also undergo a maternal triple or quadruple screen. If the triple or quadruple screen test shows that you have elevated levels of alpha-fetoprotein a neural tube defect in the fetus, such as spina bifida, may be suspected. In this case more detailed tests are done. Spina bifida can be treated by physical

Health Care System Essay Example | Topics and Well Written Essays - 1000 words

Health Care System - Essay Example Even as the range of benefits has broadened, the program still contains what some see as gaps and others regard as areas in which private and state programs need to be strengthened. Either way, most people agree that long-term care represents a contingency for which most are psychologically and financially unprepared. Some suggest that the list of Medicare benefits should be expanded to include payments for nursing homes and other long-term care services. Social Security consisted of two sets of rules. One set governed the payroll taxes, and the other set described the benefits to which workers were entitled. Both the level of taxes and the amount and types of benefits changed over the years. In 1965, legislators raised the tax level and established a major new type of benefit. By adding hospital insurance to the array of Social Security benefits, they launched Medicare. In addition to the original retirement benefits for workers over 65, the new benefits included payments to the wives and children of retired workers and to the widows and children of workers who died before age 65. After 1939, therefore, Social Security included benefits to a worker's survivors (Ruskinm 2009). The second milestone occurred in 1950 when Congress decided to raise the tax rate, and, updating benefit levels for price changes in the 1940s, to increase substantially the level of payments to retired workers and the survivors of workers. Social Security--tha t is, the Old-Age, Survivors, and Disability Insurance program--is by far the largest American social insurance program, with the greatest impact on individuals and families. In 1992, for example, 132 million American workers and their employers paid Social Security taxes and about 41 million Americans received Social Security benefits each month (Peltz, 2008). As living standards improved, more Americans expected to retire, and retirement became widely perceived as a period of earned leisure. State welfare programs for the elderly provided real competition to the Social Security program in the 1930s and 1940s but declined as a threat to Social Security in the 1950s. Medical care became increasingly desirable as a good to consume in the 1940s and 1950s, and the supply of private health insurance increased exponentially in these decades (Ruskinm 2009). Modern Health Care System Medicare and Medicaid programs are based on early insurance programs and plans improved and redesigned by the government. Even so, many indirect infusions of general revenues are made into the program, including the revenue produced from treating a portion of Social Security benefits as taxable income. The second proposal would put Social Security financing on a pay-as-you-go basis. In this approach, Congress collects, through payroll taxes or some other means, only the amount of money necessary to sustain the program on a current basis. This approach, however, has the benefit of keeping taxes low, avoiding the difficult problem of how to preserve the supposed surpluses in the program (Staff 2009). This approach has the disadvantage of leaving the future to take care of itself, arguably bequeathing large burdens to future generations (Staff 2009). The government does not permit this activity to occur in

Sexual Violence in Government and Politics Essay

Sexual Violence in Government and Politics - Essay Example From this paper it is clear that  politics governs the world since most of the policies used to implement the law and order are as a result of political ramifications. However, politics goes beyond the formulation of rules and laws that are used as a benchmark to govern societies. State have their foreign policies that regulate the extent to which they engage with other global allies. In the twenty-first century, sexual violence has become a tool for creating a compromise between opposing groups in the case of political conflicts. For instance, if a conflict ensues between two opposing sides of the government one may kidnap some members of the community’s particularly women and girls to exploit them sexually as an act of provocation to compromise the other group to come to consensus.This essay highlights that  sexual violence is thriving in governments, but most of the cases go unreported since their perpetrators threaten the victims because of the influence they command. It is a common phenomenon in most governments that people have to part with sexual favors in order to receive certain services from government officials. For instance, if one is looking for a job in a government agency, the bosses often demand sexual favors in return for the job. In essence, it is a kind of a barter exchange that occurs, but that result because the victims find themselves in a compromising situation in which they either give in to the demands or else they miss the opportunity, benefits or service that they were to receive.  

Health Care in Australia Essay Example | Topics and Well Written Essays - 1000 words

Health Care in Australia - Essay Example Short). Be that as it may, anomalies exist in the health care system in Australia. The health care spread is uneven in Australia due to disparities in social and economic levels. The health scenario in the rural areas and place where indigenous populations live is not what it is in the urban areas. There are several reasons for this. The four key challenges to Australia's health systems are affordability of services, expansion of the health workforce to meet the needs of older population, treatment of chronic disease in the community instead of in hospitals, and the integration of complex services in care delivery (Health And The 2007 Federal Elections). The cost of health care is quite high in Australia. There have been attempts to integrate medical care with economy. Most researchers agree that social and economic conditions such as levels of education, types of work, and rates of unemployment, affect population health. A report produced by the Australian Institute of Health and Welfare found that more than 23,000 lives could have been saved in 1998-2000 if the poorest 80 percent of the population had access to the same living conditions and quality of care as the wealthiest 20 percent. In the same period, that is, 1998-2000, the richest males and females lived 3.9 years and 2 years longer respectively than the poorest. The gulf between the rich and the poor is widening. Data from 1985-87 and 1998-2000 reveal that mortality inequality between the rich and the poor increased for all causes and almost doubled for cancers and cardiovascular disease (Karen Holland). Australia's health economy is expanding. However, despite this expansion the health care system is unable to deliver appropriate and timely care to Australians. There is continuing concern about waiting lists for surgical procedures and specialists consultations in public hospitals, long waiting times in the private sector for particular specialties and increasing disparities between the delivery of care in major centers and in the rural sector. The problem lies in the multiplicity of organizations that administer and fund the health sector, outdated industrial practices, and lack of willingness on the part of any of these groups to reorganize in order to provide more efficient services. A recent World Health Organization report estimated that there would be a global shortage of over four million doctors, nurses, midwives and other health workers over the next decade. This shortage is felt in health force in Australia too. The health workforce currently makes up just over 11% of the total workforce in Australia. The number should increase to around 20% (Peter Brooks and Niki Ellis). Aging population in Australia today poses significant problems to the healthcare system. The challenge is to move to an appropriate health care system for the 65 plus population with chronic disease. The Australian health system is struggling to care for this section of the population in an appropriate, cost-effective and timely manner (From Episodic Treatment To Chronic

A Report On Race And Ethnicity Sociology Essay

A Report On Race And Ethnicity Sociology Essay Racism and Ethnicity are two well known subjects in the academic world. Although not a popular choice of study Racism and Ethnicity can be found in Multicultural education, Sociology, Economics, to name just a few. Although used in the same way, Racism and Ethnicity are very different. The purpose of this essay is to define and provide examples of racism, institutional racism, and individual racism. I will also focus on the impacts that these forms of racism have on those who are on the receiving end of racism. The Concise Oxford Dictionary defines racism in two meanings: One, â€Å"the belief that there are characteristics, abilities, or qualities specific to each race† and two, â€Å"discrimination against or antagonism towards other races†. Ethnicity on the other hand has three meanings: One, â€Å"relating to a group of people having a common national or cultural tradition† two, â€Å"referring to origin by birth than by present nationality: ethnic Albanians 3. â€Å"relating to a non-Western cultural tradition: ethnic music. (Oxford Dictionary: rev 2009). The word â€Å"race† has been around for several hundreds of years. At first it was used to describe an extended family through the generations, then as times passed it referred to large groups of people that were not family yet shared the same cultural practices and traditions, values and demographic location. When the Europeans made contact with people outside their homeland (America, Asia and Oceania) they would put people into categories that would show differences between their culture and those who were â€Å"new† to them. These categories according to Pearson were what Banton (a writer on Evolution) called â€Å"Selectionist theories of evolution†. (Pearson:1990). Banton argued that a persons â€Å"physical appearance (phenotype) and/or inbuilt genetic makeup (genotype) explained human thought and action (Pearson: 1990) and it was then acceptable for people to define people on a â€Å"scale of attributes, from inferior to superior, from primitive to superior† (Pearson: 1990) all of which has made many a scientist question the world and how it is breaking up people into different races. In the eighteenth and nineteenth centuries a hierarchy was formed where those who were black (dark skinned) would be at the bottom and those who were white (fair skinned) wee at the top. Those who had dark skin were considered less educated or uneducated, simple people who were best suited to jobs that involved physical and manual labour. A white person, notably a white male middle class male, had intelligence, held down a job in managerial role and was financially far better of than those of dark skin. This was known as â€Å"racial essence, to determine the abilities of a person or a group† (Study Guide: Unit 6). By the mid twentieth century, the study of genetics was becoming a turning point in humanity. Rather than focussing on a persons skin colour, it became more acceptable that having good access to food, education, clean water, and healthcare contributed to the development in human beings. Pearson (1990), argued ethnicity is â€Å"what people do† (Study Guide: U nit 6) and demonstrated this by quoting a set of definitions by Anthony Smith with reference to ethnic communities. Ethnic communities have: a â€Å"collective name a â€Å"common myth of decent† a â€Å"distinctive shared culture† â€Å"an association with a specific territory† and a â€Å"sense of solidarity† This is defined in Pearsons article as an ethnic community â€Å"as a named human population with shared ancestry, myths, histories, and cultures having an association with a specific terroritory and a sense of solidarity† (Pearson: 1990). Institutional racism focuses on a group of people who are often more â€Å"dominant† than other groups and choose to criticise another group for being like second class citizens in particular â€Å"radically inferior† (Pearson:1990) that allow a more dominant group to dictate to the less off group â€Å"where they live, what language they speak, what school they attend, what job they acquire, how they are treated by the police and the courts, how they are portrayed by the media, and what form of political and legal representation they have to recourse to† (Pearson: 1990). Thus, those who are part of the more dominant group can dictate how the less dominant group can be used and have the racist beliefs and actions placed upon them. An example of instutional racism is prominent where there are often two or more different ethnicities. In South Africa for example, â€Å"judicial rules and regulations discriminating against black persons are a clear case point (Pear son: 1990). In New Zealand however, there is no such thing as discriminatory legislation and policies and practices are usually unintentional than discriminating towards one another. Individual racism on the other hand is more personal and is targeted at individuals rather than a group of people. Also known as personal racism, Brislin identifies four types of individual racism: 1. Intense racism â€Å"the belief that certain people are inferior, and hence are perceived as being of low worth. 2. Symbolic racism- Dominant groups â€Å"feel the the out group is interfering with important aspects of the culture- creating problems†. 3. Tokenism- Dominant groups prove that they have engaged in â€Å"token activities to prove that they have even handed the treatment of other races†. 4. Arms length- People engaging â€Å"in friendly positive behaviours towards out group members in some social settings but treat them the same out group members with noticeably less warmth and friendliness in other settings†. Brislin(2000). Kenan Malik argued that individual racism â€Å"imprisons those who are subjected to it while strengthening Western cultures†. Orientalism, which Malik quotes is a â€Å"dualism between the east and the west and the Orient and has helped to define ‘other â€Å"which people can see is different and excluded in race relationships. In summary I have defined and provide some examples of racism and ethnicity and outlined the concepts of institutional racism and individual racism. By focussing on these examples we can be sure that racism affects people either as a nation or are subjects of individual attacks. By being aware of these prejudices, it is important to understand that we should not feel more superior to one another just because of the colour of someone elses skin. Racism is in many parts of the world and although it appears for many reasons, it should be addressed so not to damage a particular culture or a persons identity.

Types I and II Diabetes Essay -- Diseases, Disorders

There are some diseases people can overcome with the right treatment; however, there are some diseases that are a life long battle even with a treatment. An excellent example is diabetes. There are two types of diabetes. Type 1 diabetes is diagnosed during childhood or adolescence. Type 2 diabetes is diagnosed in adulthood. Type 1 diabetes is important but it only affects a small amount of the population mainly adolescence while Type 2 diabetes affects a large portion of the population making it more of a priority. The first step into understanding any disease is to find out how it is caused, its onset of symptoms, and finally the cure or treatment for it, but diabetes is one of many diseases without a cure. Diabetes is a life long struggle that can only be contained through life style changes and regular monitoring. Diabetes is a disease wherein the body is not able to control the amount of sugar like glucose in the blood. The blood delivers glucose to provide the body with energy to perform daily activities. The liver changes the food a person consumes into glucose. Subsequently, the glucose is released into the bloodstream. â€Å"In a healthy person, the blood glucose level is regulated by several hormones primarily insulin. Insulin is produced by the pancreas, a small organ between the stomach and liver. The pancreas also makes other important enzymes released directly into the gut that helps us digest food. Insulin allows glucose to move out of the blood into cells throughout the body where it is used for fuel.† The scenarios of people with diabetes is that there are some that do not produce enough insulin which is type 1 diabetes or the other type is with people that cannot use insulin properly which is type 2 diabetes (Pollin).... ...://www.emedicinehealth.com/diabetes/article_em.htm>. Gorman, Christine. "Health: Why So Many Of Us Are Getting Diabetes - TIME." Breaking News, Analysis, Politics, Blogs, News Photos, Video, Tech Reviews - TIME.com. Time Magazine. Web. 19 Feb. 2012. . Garcia, Malcolm. "For Diabetes Patients, Oases in the Food Desert." Chicago Tribune. 01 Feb. 2012. Web. 20 Feb. 2012. . Pollin, Toni I.; Shuldiner, Alan R.. "Diabetes." Genetics. 2003. Encyclopedia.com. 20 Feb. 2012 . Staff, Mayo Clinic. "Diabetes: Causes - MayoClinic.com." Mayo Clinic. Web. 19 Feb. 2012. .

Medical Tourism in South India

MEDICAL TOURISM IN SOUTH INDIA – A SWOT PERSPECTIVE OF INDIAN MEDICINE SYSTEM J. Swaminathan AVCCE Health is wealth! (Ayurveda To Yoga) ABSTRACT The Indian Systems of Medicine include Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy is ancient and has the roots in traditional system of medical treatments in tune with the Mother Nature. Medical Tourism is the emerging industry next to the IT boom and India is the second best destination as of now. Especially the Indian Systems of Medicine, in South India can become the leader in medical Tourism Industry. This paper tries to appraise the facts and future possibilities based on a SWOT perspective. Introduction Without sound health we cannot achieve anything in our life, nor enjoy what ever we have. In service sector the concept of Medical Tourism is catching up at lightning speed across the world. The act of traveling to other countries for medical, surgical and other forms of healthcare along with recreation is called Medical Tourism. People from advanced countries, including the United States and Europe, see a benefit in traveling to developing third world countries, like India, Thailand, Philippines, South Africa, and etc. hile combining medical treatments with inexpensive vacation. According to a study conducted by the Confederation of Indian Industry and Mc Kinsey consultants (2004), 1,50,000 foreigners visited India for treatment, with the number rising by 15 percent a year. The number has increased to 2, 72,000 in 2007 and has crossed the 3 lakhs mark in 2008. ASSOCHAM has predi cted that this will grow by 22 to 25% in the coming years. Scope The main demand for medical tourism is generated from millions of Indians who live abroad, though a growing number of foreigners are also keen on speedy and in expensive treatment. They are influenced by two important facts: India now has many world-class private hospitals and the alternative medicines are available in abundance. Foreigners are visiting India for serious medical help as well as rejuvenation therapies and other specific purposes. Medical Tourism has been a popular concept in countries like Malaysia, Thailand, Singapore, Costa Rica, Hungary, India, Israel, Jordan, and Lithuania. South Africa specializes in medical Safaris-visit the country for a safari, with a stock over for plastic surgery. Due to liberalization of our economy and internalization of health care profession, India has entered the industry in only recent times. India’s corporate hospitals are fully equipped with up market and efficiency. The Indian Systems of Medicine also has become a valid reason for them especially in preventive cure and alternative medicines. Medical Tourism is poised to be the next Indian success story after Information Technology. According to recent study of ASSOCHAM, in 2008 the size of industry was estimated Rs 1500 crore and it would grow into Rs. 9500 crores by 2015 with an annual growth rate of 30 %. The Indian government has predicted that India’s $ 17 billion –a-year health care industry would grow by 13% in next four years. Indian Systems of Medicine (ISM) The Indian Systems of Medicine include Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy together characterized under the department of AYUSH in the union health and family welfare ministry. During the ninth plan, with an expenditure of more than Rs. 1,000 crore, a quantum jump in outlays on schemes for development and promotion of AYUSH system of medicine has been achieved during Tenth and Eleventh Plan. Indians are known for their hospitality and warmth. India has an incomparably rich heritage in ancient systems of medicine that make up a veritable treasure house of knowledge for both preventive and curative health care. Around 1000 BC when Indian Systems of Medicine (ISM) were fully documented in Charaka Samhita and Sushruta Samhita. Thus, ISM is considered to be one of the oldest organized systems of medicine for positive health and cure of human sickness. The most important and massive ancient compilation of the school of medicine is known as Charaka Samhita. It contains several chapters dealing at length with internal medicine. About six hundred drugs of plant, animal and mineral origin are described in it. But traditional medicine was ignored when western medical knowledge and procedures were introduced into the country. Once again the same has regained its limelight. Ayurveda : Ayurveda means the â€Å"science of life† in Sanskrit. It is one of oldest and the best documented among the ancient systems of medicine. From the Charaka Samhita (600 B. C) and the Susruta samhita. Yoga & Naturopathy : Yoga is not really a system of medicine. Its objectives are self- realization and spiritual union with all –pervasive divine cosmic power. But certain intermediary practices and yogic attitudes have proved beneficial for reducing stress, preventing many lifestyle-related diseases, and promoting general health and well being. Naturopathy is based on the fundamental principles of airbed. The basic tenet of Naturopathy is to live according to the laws of nature: disease occurs due to the accumulation of toxins in the body, and to cure the ailment, the body is purified with the use of natural methods, dietary regulations and exercise. Unani : The Unani system originated in the fourth and fifth century BC in Greece under the patronage of Hippocrates (460BC-377)and Galen. The system is based on the humoural theory that good health depends on the balance of the four humours: blood, phlegm, yellow bile and black bile. Siddha : Siddha means a â€Å"master† thus the name denoted the mastery of such practices. The most famous of the siddha was Nagarjuna, whose rasatantra forms the basis of this system. The distinctive features of siddha are its reliance on minerals and metallic compounds, and its emphasis on rejuvenation therapies. Homeopathy : The term homeopathy comes from the Greek word ‘ homios’ means like and ‘pathos’ means suffering. Homeopathy works by looking at the symptoms, will take into account the individual’s mental, physical, emotional,and spiritual health before deciding the treatment. Homeopathy is based on the principles that ‘like cures like’. Current State of Affairs The American Medical Association (AMA) has conducted a cost comparison study of health care in different countries. The surgical procedures and the dental treatment procedures have a cost advantage – approximately 1/6th of the cost in USA. Also the waiting period for even a simple surgery is minimum 6 months and specialty treatments are 9-12 months in USA / UK which is almost instant in India. AMA has proved though there are many countries less expensive than USA, India is the least expensive compared to European and Asian countries. Table 1: Summary of Medical care, Medical Manpower facilities available under Indian Systems of Medicine Facilities |Ayurveda |Unani |Siddha |Yoga |Naturopathy |Homeopathy | | | | | | | | | |Total | |Hospitals |2398 |268 |231 |8 |18 |230 |3203 | |Beds |42963 |4489 |2401 |135 |722 |10851 |61561 | |Dispensaries |13914 |1010 |464 |71 |56 |5836 |21351 | |Registered |453661 |46558 |6381 |0 |888 |217850 |725338 | |Practitioners | | | | | | | | Source: Department of Ayush, —- Health & Family welfare, Government of India. The Indian Systems of Medicine is given more importance in southern India. The state like Kerala, Karnataka, Tamil Nadu and other states in India plays a key role in medical tourism. Kerala-The Pioneer State Kerala has pioneered health tourisim in India. Kerala has strongly focused on Ayurveda and its wide array of treatments and medications, good facilities are also available in other traditional forms of medicine as well as in modern medical treatment. Kerala is Capitalizing on its Rich Cultural Heritage and alternate Medical Therapies. Karnataka’s Foray The government of Karnataka has ambitious plans to make Karnataka the top health tourism destination not only in India but internationally. In fact, the government is setting up a Bangalore International Health City Corporation for provision of a wide variety health care products and treatments. Tamil Nadu Tamil Nadu has multi speciality hospitals that offer the best medical treatment at surprisingly low rates. In the state various other forms of medicine, viz, Siddha, Ayurveda, Unani, Nature Therapy and Yoga are also practiced, which the foreigners are inclined to patronize. The Tourism Department is taking steps to promote the â€Å"illness to wellness† concept by developing tourism with health care. Andhra Pradesh The famous Nizamia General Hospital is the one of its kind probably in the whole world to use Unani system of medicine, since 1938 and treating almost 1500 outpatients every day. The state made rejuvenation theraphy , alternative medicine, yoga and traditional healing systems as its main tourist attraction. Maharastra’s Unlimited Potential This state, as a gateway to India, offers tremendous potential to develop medical tourism. The latest addition in Mumbai is the Asian Heart Institute at Bandra-Kurla complex, which offers state-of-the art facilities for all types of heart complications and even preventive cardiological treatment to avoid heart alignments and keep under control a host of heart problems. This institute in collaborating with the Cleveland Institute, U. S. A offers ‘Five Star’ services at reasonable prices. Medical Infrastructure In India, it is estimated that there are 15,000 hospitals, 8,75,000 hospital beds, 5,00,000 doctors, 7,37,000 Nurses, 170 medical colleges, 3, 50,000 retail chemist outlets. Around 18,000 new doctors are added every year. Almost 80,000 additional beds are still required. Given below is a SWOT Analysis of the Indian Systems of Medicine and Medical Tourism Industry in its current state: |STRENGTHS |WEAKNESS | |Quality Service at Affordable Cost |No strong government support / initiative to promote medical | |Vast supply of qualified doctors |tourism | |International Reputation of ospitals and Doctors |Low Coordination between the various players in the industry– | |Diversity of tourism destinations and Experiences |airline operators, hotels and hospitals | |Traditional and Ancient systems of Medicine |Customer Perception as an unhygienic country | | |No proper accreditation and regulation system for hospitals | | |Lack of uniform pricing policies across Hospitals | |OPPORTUN ITIES |THREATS | |Fast-paced life style increases demand for wellness tourism and |†¢ Strong competition from countries like Thailand, Malaysia and | |alternative cures. |Singapore. |Increased demand and Shortage of supply in National Health |†¢ Lack of international accreditation – a major inhibitor. | |Systems in countries like UK, Canada. |†¢ Overseas medical care not covered by insurance providers. | |Demand from countries with underdeveloped healthcare facilities. |†¢ Under – investment in health infrastructure. | |Demand for retirement homes for elderly people especially |†¢ Identifying a real and ideal practitioner is a major problem in| |Japanese. |India. | |Personal touch by the doctors in India. |†¢ Exploitation of tourists | |Traffic system is well developed and easy to go from one country | | |to another country. | |Medicines and labour cost is low as compared to developed | | |countries. | | Role of Government The role of Indian Government for success in medical tourism in Indian Systems of Medicines are †¢ To Regulate functioning of hospitals to build consumers’ trust. †¢ To encourage private investment and FDI in medical infrastructure and policymaking for improving medical tourism. †¢ To provide conducive fiscal policies – providing low interest rate loans, reducing import/excise duty for medical equipment. To Facilitate hassle free visa process and institute visa-on-arrival for patients. The government should 1. Build the ISM Brand Abroad based on – high quality service, value for money and destination diversity. 2. Promote Inter-Sectoral Coordination like aligning the activities of various players – Tourism Department, Transport Operators, Hotel Associations, Escorts personnel etc. 3. Information Dissemination using Technology about ISMI and enabling online transactions. 4. Standardization of Services like pricing, hygiene and quality standards. Role o f Private Sector 1. Increased participation in building infrastructure 2. Integrate Horizontally by providing end-to-end healthcare solutions to consumers. 3. Joint Ventures / Alliances: Tie ups with foreign institutions MEDICITIES – A self-sustained healthcare hub with super specialty hospitals of international standards, ancillary facilities, research institutions, health resort, rehabilitation centers and residential apartments may be floated through a public-private partnership. Conclusion : India’s growing economy and the world’s high cost medical treatments are the bright opportunities for promoting Medical Tourism. To gain an competitive advantage over other countries the government may use our unique, ancient and traditional Indian Systems of Medicine as a USP and can participate in developing the needed infrastructure facilities, creating network and connectivity with health, tourism and other related industries, tie-ups with other countries. The sky is open for ISM Medical Tourism.

Second-Person Pronouns - Definition and Examples

Seconds Pronouns used when a speaker addresses one or more individuals. In contemporary standard English, these are the second-person pronouns: you (singular and plural personal pronoun)yours (singular and plural possessive pronoun)yourself and yourselves (singular and plural reflexive/intensive pronouns) In addition, your is the second-person possessive determiner. As discussed below, other second-person pronouns (such as thee, thou, and ye) have been used in the past, and some (such as yall and yous[e]) are still used today in certain dialects of English. Examples: You either die a hero or you live long enough to see yourself become the villain.  (Christian Bale as Batman in The Dark Knight, 2008)Do you know whats waiting beyond that beach? Immortality! Take it! Its yours! (Brad Pitt as Achilles in Troy, 2004)The key to faking out the parents is the clammy hands. Its a good non-specific symptom... What you do is, you fake a stomach cramp, and when youre bent over, moaning and wailing, you lick your palms. Its a little childish and stupid, but then, so is high school.  (Matthew Broderick as Ferris in Ferris Buellers Day Off, 1986)Laila came over here to braid yalls hair, but left cause yall wasnt here.  (Jesmyn Ward, Where the Line Bleeds. Agate Bolden, 2008)I hope the good white people round here kill all yall off.  (Ernest J. Gaines, The Autobiography of Miss Jane Pittman, 1971)But I need to ask you guys a big favor.Ask and you shall receive, my son, said Tradd.  (Pat Conroy, The Lords of Discipline, 1980(Be off, Im tellin yous, your selves an your pound on demand! (Sean OCasey, Five Irish Plays, 1935) Drive thy business, or it will drive thee.  (Benjamin Franklin)Ye have not chosen Me, but I have chosen you, and ordained you, that ye should go and bring forth fruit.  (John 15: 16, The King James Bible, 1611)Thou shalt prepare thee a way, and divide the coasts of thy land, which the Lord thy God giveth thee to inherit.  (Deuteronomy, 19:3, The King James Bible, 1611)O world, I cannot hold thee close enough!Thy winds, thy wide grey skies!Thy mists, that roll and rise!Thy woods, this autumn day, that ache and sagAnd all but cry with colour! That gaunt cragTo crush!   To lift the lean of that black bluff!World, World, I cannot get thee close enough!(Edna St. Vincent Millay, Gods World. Renascence and Other Poems, 1917) Observations: [R]esearch has found that the inclusion of second-person pronouns in a message increases peoples motivation to attend to a message (Burnkrant Unnava, 1989).​(David R. Roskos-Ewoldsen, What Is the Role of Rhetorical Questions in Persuasion? Communication and Emotion: Essays in Honor of Dolf Zillmann, ed. by Jennings Bryant et al. Lawrence Erlbaum, 2003) Thou and Ye Forms As early as the late thirteenth century, the second person plural forms (ye, you, your) began to be used with singular meaning in circumstances of politeness or formality, leaving the singular forms (thou, thee, thy/thine) for intimate, familiar use. In imitation of the French use of vous and tu, the English historically plural y-forms were used in addressing a superior, whether by virtue of social status or age and in upper-class circles among equals, though high-born lovers might slip into the th-forms in situations of intimacy. The th-forms were also used by older to younger and by socially superior to socially inferior.  (John Algeo and Thomas Payne, The Origin and Development of the English Language, 5th ed. Thomson Wadsworth, 2005) Ye and You In early Middle English, ye was used in subject position, and it marked plurality, whilst you was used in object position, also marking plurality... Singularity was marked by thee and thou. In the fourteenth century, this system began to change, and you began to be used in subject position, as today. As you usage increased over the fifteenth century, ye and you began to lose their function of marking plurality, and by the end of the period they were used for both singular and plural referents, in both subject and object position.  (Peter Brown, A Companion to Medieval English Literature and Culture C.1350 - C.1500. Blackwell, 2007)    Thou and You Thou ... had in Old English been used when addressing only one person, and you when addressing more. By the sixteenth century, this had changed; the difference was social, with thou expressing intimacy or possibly condescension, while you was chillier or more respectful. The distinction disappeared in the seventeenth century from written English, and from most spoken English also, though one may still hear it in Yorkshireit is memorably frequent in Barry Hiness novel A Kestrel for a Knave, set in 1960s Barnsley. By contrast, other languages in Western Europe continue to draw such a distinction: in some, notably French, it is important, while in others, such as Spanish and Swedish, the formal address is now not much used. Todays yous, widely heard in Ireland, and youse, heard on Merseyside and in Australia, revive and make explicit the difference between the plural you and the singular. So, too, does the American yall.  (Henry Hitchings, The Language Wars. John Murray, 2011) Plurals: Yall, Yalls, All yalls and You Guys Since you was now both singular and plural, how could you make clear that you were speaking to more than one?In the United States, the best the North can do is the casual you guys. But the South has found a comfortable solution: yall...Clear evidence that yall is one word instead of two is the possessive form yalls. For example, Mamos Garlic Sauce of Austin, Texas, posts on its website a collection of Yalls Recipes ...Some Southerners dont accept the explanation that yall is the plural of you. They insist that yall is just another way of saying you, with either singular or plural meaning. They contend that to make a plural, you must say all yall...But for now many Southerners still would reject the notion that yall can be properly applied to only one person.  (Allan A. Metcalf, How We Talk: American Regional English Today. Houghton Mifflin, 2000) A Users Guide to Yall Let me offer a quick user’s guide to y’all, because there’s a lot of bad information floating around on the internet. It’s a contraction of you all, obviously, a phrase with the same structure and purpose as the British you lot. The southern iteration is naturally disposed to being contracted, although people do use the expanded you all. In general, it seems you all is more likely to be the object, while y’all is the subject, although rhythm is probably the most important factor. Another iteration is all y’all, which is used to encompass an entire group in situations where, because the group has natural subsets, ambiguity might otherwise emerge.No matter what you might have heard, y’all should not be used as a singular. (E.G. Austin, Y’all Hear This. The Economist, Sep. 19, 2011)

Free Essays on drama script

Free Essays on drama script

Philosophy Essay Example | Topics and Well Written Essays - 750 words - 7

Philosophy - Essay Example This means that laws of nature work with other events to act as forerunners that necessitate every occurrence. Soft determinism, also known as compatibilism, is the conviction that the ideas of determinism and free will are compatible (Loux 38). Therefore, one can believe in determinism and free will and still be logically consistent. Here, according to American philosopher William James, free will is the liberty to act according to one’s motivation. However, he also points out that an individual can do their will but cannot control what they will to do. On the other hand, hard determinism, also known as metaphysical determinism, agrees that determinism is true but not compatible to free will. Therefore, free will, according to hard determinism, is non-existent. Hard determinism positions itself relative to other determinism forms in which the future is necessitated in its entirety. Question Two Epistemology, also termed as the theory of knowledge, is a subdivision of philosop hy that deals with the scope and nature of knowledge (Nelson 1). Epistemology examines the theory of the limits, nature and origin of knowledge by focusing on its meaning, acquisition and the degree to which an entity can possibly be known. Epistemology discusses three kinds of knowledge, which are â€Å"knowledge by acquaintance†, â€Å"knowledge how† and â€Å"knowledge that†. For example, it is mathematically â€Å"known that† 1+1=2, and people also â€Å"know how† to calculate sums. Then, there is the aspect of knowing an activity, a thing, a place or a person (Boyle 86). The disagreement between empiricism and rationalism is concerned with the extent to which people are dependent on sense experience in their effort to acquire knowledge. While empiricists opine that the definitive source of all knowledge and concepts is sense experience, rationalists hold that significant ways exist in which knowledge and concepts are acquired independently of sense experience (Duncan 611). In rationalism, the most significant knowledge draws from using reason. This, therefore, means that rationalism verifies a priori, or â€Å"prior knowledge† as most significant kind of knowledge. Both Spinoza and Descartes associated using reason with mathematics. They both believed in seeking metaphysical truths whose reliability can be likened to mathematics. There is a metaphysical tendency in rationalists, since they portray notions like essence and substance. Rationalism also agrees with theology, which can be seen in Spinoza’s and Descartes’ thought that the existence of God can rationally be demonstrated (Boyle 114). Empiricism, which is hostile to religion and metaphysics, aligns itself with natural sciences. Empiricism, therefore, believes that knowledge stems from experience, and any notion not based on experience is questionable. Empiricists like Hume, Berkeley and Locke do not believe in innate knowledge. They opine tha t it must be from experience, either from the five senses or reasoning through the brain (Duncan 610). The innate knowledge thesis states that there is knowledge of various truths in certain subject areas, say, S, as part of human rationale nature. However, empiricism about a certain subject does not agree with the analogous version of the innate knowledge thesis. Question Three Ethics is the discipline of moral righteousness of human acts as guided by the

Morality And Business Essay Example | Topics and Well Written Essays - 1000 words

Morality And Business - Essay Example But here, the key fact to be noted is that, the existing laws have authorized these false claims, to a certain extent. Here, the obvious implication is that most of the businesses need to adhere to ethics, only to the extent dictated by the law. Beyond that, most of the entities are in no way willing to tread on the path of morality, lest their commercial motives are compromised. (1) Whether staunch adherents of morality like it or not, but the fact is that businesses cannot afford to lay excess emphasis on ethics, barring the legal stipulations. This is even more relevant in this contemporary era of heightened competition. There is no way in which business houses can survive in the markets if they choose to give tremendous weight to moralistic ideals. In the context of the subject being focused upon in this paper, the only candid response is â€Å"Yes! It is not moral to do business!† Here, it has to be specifically mentioned that this particular response is addressed to only those who believe that, come what may, there should not be even a minute deviation from the ethical principles. (1) Of course, there is no denying of the fact that, even in this day, there are business organizations running the extra mile in sticking to some aspects of morality. In most of these cases, this results from the entities being committed to any particular social cause, or being associated with any non-profit organizations. Whatever may be the driving force behind the moral commitment of a business, the key point is that it is their voluntary decision to address various ethical issues. The law in no way mandates that business houses do stick to all the norms that fall under the purview of morality. (1) A brief focus on another real life example would make one to comprehend as to why morality, after a certain point, has no place in business practices. When the matter of deliberations between management and trade union is taken, the irrefutable fact is that both the parties conceal the truth from each other. It is also a fact that when viewed only from the angle of ethics, lying is highly improper. But in this example, both the parties are aware that the other party is lying, and owing to this, it just cannot be expected that there is a scope for speaking the truth. As a matter of fact, in this example, if either of the party decides that there is nothing greater than being moralistic and that they should speak only the truth, then there would be only one consequence: Its interests would be compromised at the altar of moralistic idealism. (1) It is not that all the arguments are only one side; there are people who strongly argue that businesses can further their commercial objectives, even by laying lot of emphasis on ethical norms. For example, an argument here is that when a company, by adhering to morals, manufactures safe products, the same would drastically minimize the chances of facing suits related to product liability. This in turn makes sure that even the financial resources of the company are safeguarded. For, it is but obvious that severe financial implications are inevitable while facing legal suits.

Pig Growth Rates in Vietnam Article Example | Topics and Well Written Essays - 2000 words

Pig Growth Rates in Vietnam - Article Example The data of litter mortality, birth weight, farm of origin, year of birth, and weight of big after twenty one days concerning a sample of one thousand pigs were collected and recorded. The purpose of the study is to compare growth performance of these two breeds of pigs by analyzing the effect of the different factors monitored in isolation and combined on the growth of pigs represented by their average weight after twenty one days of their birth. To determine the relationship between the Day 21 average piglet weight and the various influences monitored during the experiment such as breed, farm of origin, year of birth, litter mortality and birth weight, the following Ordinary Least Squares (OLS) regression analyses were examined: The non-numerical value of Breed was coded numerically so that Breed equals one for Landrace (L) piglets and equals to zero for Yorkshire (Y). Regression analysis was applied with the numerical representation of breed as the independent variable and the dependent variable Day 21 average weight. Table 1 summarizes the results of the regression analysis. Table 1 shows adjusted R-squared of -0.00078 which means the independent variable breed predicts 0.07% of the dependent variable Day 21 average piglet weight. T-stat for this variable is 0.46674 so it is statistically insignificant. Both values indicate changes in breed do not affect the Day 21 average piglet weight. Regression analysis was applied... 0.000218 Adjust R2 -0.00078 Standard Error 0.793569 Observations 1000 Table 1 shows adjusted R-squared of -0.00078 which means the independent variable breed predicts 0.07% of the dependent variable Day 21 average piglet weight. T-stat for this variable is 0.46674 so it is statistically insignificant. Both values indicate changes in breed do not affect the Day 21 average piglet weight. 4.2 Analysis II: Relationship between Day 21 Average Piglet Weight and Farm of Origin The non-numerical value of the farm-of-origin variable is numerically encoded to allow statistical analysis of the variable using the following code shown in table 2. Table 2: Encoding of Farm of Origin into Number Farm of Origin Numerical Code A 1 B 2 C 3 D 4 E 5 F 6 G 7 Regression analysis was applied with the numerical representation of farm of origin as the independent variable and the dependent variable Day 21 average weight. Table 3 summarizes the results of the regression analysis. Table 3:Regression results for Day 21 Average Piglet Weight as a function of Farm of Origin Independent Variable Enumerated Farm of Origin Dependent variable: Day 21 Average Piglet Weight Constant 5.038045 Coefficient -0.04348 T Stat -2.87992 R2 0.008242 Adjust R2 0.007248 Standard Error 0.790379 Observations 1000 Table 3 shows adjusted R-squared of 0.007248 which means the independent variable farm of origin predicts 0.7% of the dependent variable Day 21 average piglet weight which is still a small influence but with more effect than the breed variable. T-stat for this variable is -2.87992 so it is statistically significant. Both values indicate the limited effect of breed in Day 21 average piglet weight. The Day 21 weight can be predicted to some limited extent using the equation: Day 21 Average Weight

Introduction into Tesco Essay Example for Free

Introduction into Tesco Essay Tescos main headquarters may be based in Hertfordshire but Tescos have hundreds of stores all around the United Kingdom. In the year of 1997 Tescos had 586 stores around the country and had an annual profit of i 760m. 2 years later Tescos had increased its amount of stores around the country to 639 with that move came a greater profit as it rose to i 919m. in 2001 Tescos profit rose once more and so did its stores its annual profit for the year was i 1,100m it store count was now up to 692. Tescos offers many types of stores including Tesco Metro, a put-of-town store, Tesco express, this store has a petrol station combined with a retail site, and most recently Tescos extra, this is a new concept and offers more verity to shopping, Tescos extra offers a wider range of products all this is available over 100,000 square feet of retail space. It sells many things including groceries, all types of foods, cloths and household electrical accessories; Tescos purpose is to provide top quality service through selling its products Newport has two stores, which can be found on Cardiff road and Newport Retail Park, spytty. Type of ownership The type of ownership my first company has is public limited company (PLC). This means that the company is of a large size and employs 1000s of employees, a likely reason behind this running of the company is that it offers the security of limited liability, due to the advantages of having shares on the stock exchange. Any one over the age of 18 can purchase shares on the stock exchange, these shares bring in greater capital to the business. The company is run and owned by its shareholders, the public. The shareholders are able to employ high quality managers and directors meaning the running of the company are of high standard If the company went bankrupt then the owners would not be liable for its debts, this is because the company is PLC, and therefor it is protected by limited liability. This means that the company has its own legal identity and its owners are not responsible for its debts, however they would lose the money that they put in at the beginning. Introduction: Tesco Company History Recant history Tesco is one of Britains leading food retailers and has 586 stores though out Great Britain. From 1992 Tesco has grown greatly and has increased its market share from 10. 4% to 15. 2%. This increse in customers has also given Tesco a large amount of profit. Tesco has 164,500 shareholders. Tescos profit is about 505 million pounds after the tax has been deducted; about 50%of this is then distributed to the shareholders as dividends. The rest roughly 250 million pounds is held back for investment in stores and improving services for the customers. The average shareholder holds between one and one thousand shares, but also banks, pension funds and building sercertys, hold a large amount of shares. Tescos share prices have risen since February 1997 when it was 349p to 586p on the 21st April 1998. The shares have peaked a high price of 603p. With this growth Tescos is now the largest super market chain. How Did Tesco actually start? Tesco was founded in 1924 by Sir Jack Cohen. He used his gratuity for his Army service in the World War to start selling groceries in Londons East End markets in 1919. The brand name Tesco first appeared on packets of tea in the 1920s. The name was based on the initials of T. E Stockwell, a partner in the firm of tea suppliers, and the first two letters of Cohen. The business grew and in 1947 Tesco Stores (Holdings) Ltd was floated on the stock exchange, with a share price of 25p. The price at the start of March 2001 the price raised to around 260p. When did the first Tesco self-service store open? Self-service supermarkets started in the USA in the 1930s during the depression. By selling a wider variety and larger volume of stock and employing fewer staff they cold offer lower prices to the public. Jack Cohen opened the first Tesco store in St Albans in 1948. When did Tesco open its first supermarket? In 1956 the first Tesco self-service supermarket was opened in a converted cinema in Maldon. By the early 1960s Tesco was a household name, as well as selling groceries, the stores sold fresh food, clothing and household goods. The Tesco store which opened in Leicester 1961 had 16,500 square feet of space and went into the Guinness Book of records as the largest store in Europe. By buying bulk and keeping costs down, Tesco should have been able to sell at very competitive prices to its customers. Until 1964 however suppliers were, by law, able to insist that retailers charged at a set price for their products (Retail Price Maintenance). The intention was to protect small shops against the lower prices that big retailers could offer their customers. How did Tesco deal with the law on Resale Price Maintenance? Tesco introduced trading stamps so that it could bring lower prices to customers. Customers collected stamps as they purchased their groceries and other items. When they had collected enough stamps to fill a book, they could exchange the book for cash or other gifts. Other retailers soon copied Tesco. Sir Jack was one of the leaders in pursuing parliament to abolish Resale Price Management in 1964. After this Tesco continued to offer trading stamps until 1977. How did the company grow in the 1960s? Apart from opening its new stores, Tesco bought existing chains of stores. In 1960it took over a chain of 212 stores in the north of England and added another 144 stores in 1964 and 1965. In 1968 the Victor Value chain became part of the company. When was the first superstore opened? Tesco introduced the concept of a superstore in 1967 when it opened a 90,000 square feet store in Westbury, Wiltshire. The term superstore was first actually used when Tesco opened its store in Crawley, West Sussex in 1968. How did Tesco change its image? By 1970 Tesco was a household name. The slogan Pile it high and sell it cheap was the title of Sir Jack Cohens autobiography. But as people were becoming better off, they were looking for more luxurious items as well as everyday household and food products. In the late 1970s the company decided to broaden its customer base and make its stores more attractive to a wider range of customers. Many of the older high street stores were closed and the company concentrated on developing bigger out-of-town superstores. Tesco finally stopped giving out trading stamps in 1977 at the same time as introducing a price cutting campaign under the banner Checkout at Tesco which proved to be a major success. How did Tesco maintain its growth in the 1980s? During the 1980s Tesco continued to build new superstores, opening its 100th in 1985. In 1987 it announced a i 500 million programme to build another 29 stores. By 1991, the popularity of Tesco Petrol filling stations at its superstores had made the company Britains biggest independent petrol retailer. In 1985 Tesco introduced its Healthy Eating initiative. Its own brand products carried nutritional advice and many were branded with the Healthy Eating symbol. By 1990 Tesco was a very different company from what it was 20 years before. The Tesco superstore offered customers free parking as well as cheap groceries and a pleasant shopping environment. In 1992, it opened the first Tesco Metro, a city centre store meeting the needs of workers, high street shoppers and the local community. This was followed by Tesco Express, combining a petrol filling station with a local convenience store to give local communities more choice in their shopping. Tesco broke new ground in food retailing by introducing, in 1995, the first customer loyalty card, which rewarded regular shoppers whilst helping the company discover more about its customers needs.