Sunday, December 29, 2019

Looking at development within the Global Financial Market - Free Essay Example

Sample details Pages: 14 Words: 4258 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Chapter 1 mark the genesis of this dissertation. The journey begins by taken a swift look at recent developments in the global financial market serving as catalyst in highlighting ERM in many organisations. This piece of study will centre on risk management activities in the banking sector and as Lam (2007) rightly said banks cannot function effectively without sound risk management. The banking industry now than ever before operate in more volatile financial market making risk management imperative to this sector. Background The field of Enterprise Risk Management (henceforth ERM) is swiftly changing and evolving (Hoyt et al. 2010). The current debate on this issue has generated mixed opinions among academicians and researchers alike. Risk management has become a global issue with many organisations still finding it difficult to get a grip of the concept. Although risk management has over the years been a priority for many corporations, a series of catastrophic events that has marked the last decade has further raised the significant of risk management in many organisations. Many organisations were caught unprepared and the pitfalls of risk management activities in other organisations were also exposed. For instance the outbreak of Y2K millennium bug in 2000 which resulted in over one billion dollars in loss prevention (Coffin 2009), the collapsed of Northern Rock Bank in the UK, the defrauding of French Bank Societe for a sum of 4.9 billion Euros in 2007 by a rogue trader, the effect of the US subp rime lending crisis, the collapsed of Barings Bank which was ones respected as the UKs oldest merchant bank and had the Queen herself as one of its listing and the ongoing BPs deepwater horizon oil spill to name but a few. Many blame the US mortgage lending crisis as the genesis of the global financial crisis the largest the world has ever witness since the Great Depression. All these development have resulted in increased risk profile and as a result increased in regulatory compliance on risk related issues. The risk environment has become more fragile now than ever before. Uncertainty is on the ascendency in todays economy and as a result every organization is, to some extent, in the business of risk management. BoultonHYPERLINK #bib4ÂÂ  HYPERLINK #bib4et alHYPERLINK #bib4, (2000) argue that it is not possible to create a business that doesnt take risks. A quotation from Stewart suitably summarizes the implication of risk in business: Risk let us get this straight up fron t is good. The point of risk management isnt to eliminate it; that would eliminate reward. The point is to manage it that is, to choose where to place bets, and where to avoid betting altogether (Stewart, 2000). With the increasingly multifaceted and fast-changing global business environment, many have postulated that ERM will alter and reform the way risk is view and managed by organisations. A study by the Harvard Business Review (2004), listed ERM as one of the twenty breakthrough ideas in 2004. Fox (2009) argue that current financial meltdown has highlighted enterprise risk management as a critical component that will determine a companys overall health and long-term viability. However, others also believe that the concept is just a managerial fad and only feasible in theory but difficult putting it into practice (Davenport and Bradley, 2000). Despite the scepticism the concept continues to gain momentum and more and more companies are embarking on ERM initiatives. Ironi cally, the existing studies on ERM have all focused on risk management activities in financial institutions with the neglect of non-financial ones. This piece of research thus dives into the issue of ERM in a retail supermarket chain in the UK in an attempt to examine the relationship between the intended and what is actually implemented. The study will focus on emerging issues in ERM such as perceived benefits and drawbacks of ERM, risk management drivers, corporate governance issues and risk exposures. Don’t waste time! Our writers will create an original "Looking at development within the Global Financial Market" essay for you Create order Research Aim and Objectives The business climate in the retail supermarket chains is a delicate one making risk management imperative to these organisations. This study will focus on the emerging issues in ERM with particular emphasis on the place of ERM in the modern organisations. The study will seek to find answers to the reasons behind managerial increased attention to ERM issues as well as the future of ERM amidst the current global financial crisis. The origin of this study will be based on a retail supermarket chain located in the UK. The researcher aims to focus on the following questions in the context of retail supermarket What is the business case for considering ERM? The aim of this research question is to look at diverse opinions put forward by risk management professionals in an attempt to convince organisations to adopt the risk management function. Further areas such as whether the business case for embarking on ERM justifiable and if so have these perceived values been enough to conv inced organisations to continually advocate for it implementation would be critically assessed. What are the drives that motivate organisations to embark on ERM journey? Over here the focus will be on the increasing external regulatory compliance as well as internal pressures driving corporations to adopt ERM implementation. An in-depth analysis would be conducted as to whether the increased in both internal and external pressures have resulted in an increased complexity and the volume of risk management. Can ERM overcome the conflicting priorities in this current economic crisis and if so how can ERM be move forward? In a business environment characterised by multiple responsibilities and conflicting priorities, the question that easily comes into mind is how are risk managers managing risk? This research question seeks to find answers to the above scenario. The current global financial crisis has resulted in enormous pressure on many organisations especially in the ban king industry. Job losses continue in all sectors forcing organisations to adopt cost cutting mechanisms. This poses the challenge of resource allocation. The researcher intends to find out from this research question how are organisations willing to channel their scare resources into ERM initiatives. The researcher will conclude by looking at areas where potential improvement could be made to safeguard the integrity and the reputation of the ERM function. What are the potential obstacles to a successful ERM implementation? ERM however easy it might seem to be represent a dynamic phenomenon and requires corporations to stay abreast with the changing trends in other to manage risk efficiently. Banks face enormous challenges in trying to manage risk. ERM drawbacks and hindrances would be the focus of this research question. Significant of the proposed Study The financial crisis has exposed the shortcomings of risk management in many organisations. Thus a study of ERM would be vital addition to the existing risk management literature on the topic considering the fact that ERM is still an emerging concept in many organisations. The study will also serve as a source of research reference for risk management professionals, students, policy makers, and researchers and ÂÂ   provide an initial foundation for more advanced research about ERM and support the empirical evidence on ERM. 1.4 Outline of the dissertation A brief introduction is given which summarize the aims and the objectives of the study. The research is divided into six main sections. Chapter 1 will set the tone by briefly introduce what the research intend to achieve. This chapter will also highlight the concept of ERM as risk management function as well as outlining the various research questions. The ensuing chapter deals with a review of the extensive literature on the subject. The chapter will detailed the emergence of ERM and how the trends have change over the years. Specific risk exposures, issues that are considered as best practices in ERM implementation, the business case for embarking on ERM, corporate governance issues, challenges to ERM execution will all form a focal part of this chapter. Chapter three will revolve around research methodology and looks at the choice of research method used. Explanation concerning the uses of quantitative research method in the form of questionnaire and the case study method for the purposes of data collection and analysis is elaborated. Outline of research procedures and issues related to ethics would be dealt with in this section and the processes involved in negotiating assess with the organisation will form the climax of this chapter. Chapter four details the finding of this study. Over here findings related to Companys risk exposures, the perceive value of ERM to the organisation, expected challenges, areas where improvement is needed and the burning issue of corporate governance and it implication to risk management forms the concluding part of this chapter. Finally, chapter five presents discussion and conclusion of this research in accordance with what was established in the existing literature review. Research implications couple with challenges and limitations will form the climax of this chapter 1.5 Summary This chapter has highlighted the increasing need for risk management in organisations. The chapter enumerated some recent corporate scandals helping to elevate ERM on organisations strategic agenda. The chapter argued that as uncertainty continues to abound in todays business environment, the profile of ERM will continue to occupy an important place on corporate strategic table. The chapter listed the research questions and elaborated on what the researcher intend to achieve in relation to each research question. Chapter 2: Review of Literature 2.1 Introduction The important of risk management has vastly increased in the past decade according to Wu and Olson, 2010). Risk will always form part of the way organisations do business. ERM as a tool for managing risk has emerged as the new frontier for managing the portfolio of risk faced by many companies. This chapter will detail the review of extensive literature on the subject of ERM. Various variables will be explored. The survival of the 21st century organisation will mainly depend on how holistic risk is viewed and managed. A review of current trend and status of ERM will mark the beginning of this chapter. The section that follows will take a critical look at the contrasting views and opinions on the extent of ERM adoption by organisations. Thereafter, account of the various risk exposures faced by the financial institutions will be presented together with issues that are considered as best practices in ERM implementation. The chapter will also elaborate on the main driving force beh ind corporate increased adoption of ERM with specific emphasis on corporate governance issues. The researcher then presents an account of the business case for implementing ERM initiatives, and concludes the chapter with the expected drawbacks, and how ERM can be moved forward amidst the current global financial crisis. 2.2 Current state and trends in ERM Since the mid-1990s, enterprise risk management has emerged as a concept and as a management function within corporations (Dickenson, 2001). Early adopters of ERM recognized that changes in technology, globalization, and corporate financing were increasing the complexity and volume of risks. They also began to realize that traditional approaches were no longer effective way to identify, assess, and respond to the growing array of risks across a complex enterprise (Rao, 2007). Dickenson (2001) argue that these could be attributed largely to a number of high-profile company failures and preventable large losses, resulting in the scope of corporate governance been widened to embrace the risks that a company takes. Wu and Olson (2010) added that recent traumatic events such as the 9/11 and other business scandals may have contributed to a change in focus in the way risk is managed by many organisations. For instance recent recall of nearly 5.2 million vehicles by the Toyota Motor Co rporation, and the scandal of Enron and WorldCom go a long way to substantiate why ERM has increased in popularity. The underlying premise of ERM is that every entity exists to provide value for its stakeholders. All entities face uncertainty and the challenges for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty however, presents both risk and opportunity, with the potential to erode or enhance value creation. The concept has gain momentum over the last decades as Stroh (2005) rightly put it ERM is quickly becoming the new minimum standard, and it may be the key to survival for many companies. Research into ERM practices amongst corporations across the globe looks more promising with significant recent research emerging in the academic literatures. For example Walker et al. (2003) accounted for ERM efforts at five large companies. A study on ERM practices by Canadian risk and insurance management companies conducte d by Kleffner et al. (2003). Lynch-Bell (2002) reported results of a survey of 52 companies with respect to risk management practices. Beasley et al. (2005) reported survey results of 123 organisations, with the following variables found positively related to ERM implementation: presence of a chief risk officer, board independence, top management support, presence of a Big Four auditor, entity size, and the industries of banking, education, and insurance and a study by Lam (2010) and his colleagues on ERM practices amongst banks in Asia. Defining Enterprise Risk Management Even though the components that make up the discipline of ERM are well-known, the concept itself is quite new and still evolving. As ERM continues to evolve, appropriate definition can be quite influential. ERM definition should be easy to communicate and remember whilst providing the flexibility to accommodate legitimate differences in approach among institutions, as well as any shifting nuance as the discipline develops in the years ahead. However, despite the increasing hype about ERM in recent times, still enterprise risk management remains a rather elusive and under-specified concept. Negus (2010) argues that establishing a consistent and commonly applied risk nomenclature poses one of the greatest challenges to the success of any ERM initiative. There has been inconsistency in ERM definition or methodologies in the last few decades although organisations have standardized on the definition outlined in COSOs Enterprise Risk Management-Integrated Framework, published in 2004 . The framework defined ERM as a process, affected by an entitys board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives. Although this definition has widely been accepted in the academic and management circles, there are equally alternative definitions offered by different risk management professionals and writers alike. For instance the Casualty Actuarial Society (CAS, 2003) defined ERM as a discipline by which an organization in any industry assesses, controls, exploits, finances, and monitors risks from all sources for the purpose of increasing the organizations short- and long-term value to its stakeholders, while Deloach (2000, p.5) defined ERM as:A structured and disciplined approach: it aligns strategy, processes, people, technolog y and knowledge with the purpose of evaluating and managing the uncertainties the enterprises faces as it creates value. Digging below the surface of the loosely defined ERM practices, there are clear indication of variations existing in the specific theoretical and uses of risk management in individual organizations. There are indications that ERM definition is gradually becoming organization specific. Ai (2006) suggested that creating a clear, firm-tailored explanation is a vital precursor to the firm executing a successful ERM framework. A survey conducted by Towers Perrin in 2006 of US organisations concluded that one of the major obstacles hindering ERM practice in many companies was lack of clear-cut understanding of the concept. Nevertheless, the various definitions outlined above indicate that ERM is strategic and enable firms to manage risk more holistically and in aggregate form. It also offers comprehensive approach of risk management by looking at a portfolio view of risks. 2.3 The Extent of ERM Adoption by Organisations A research by KPMG (2010) argued that the current global financial crisis has hammered home a painful but clear reminder that risk is invasive and its potential consequences can never be fully predicted. The impact of risk is not only felt by organisations but it can also have far-reaching consequences sometimes affecting society at large. According to Stroh (2005) ERM is quickly becoming the new minimum standard, and it may be the key to survival for many companies. The implication of this is that risk management is no longer a good-to-have but a must-have by corporations seeking to survive in this perilous business operating environment. Whilst numerous studies exist on how companies are embracing ERM initiatives across the globe, other studies indicate otherwise. A series of research conducted by the KPMG (2002, 2006, and 2010) found that in 2002 only 4% of survey respondent reported of having implemented ERM in their organisation. This figure rose to 35% in the 2006 survey r epresenting an increase of 31% in adoption rate. The 2010 survey reported of 51% adoption rate by banks in Asia with further 78% implementing ERM or planning to do so. Further studies continue to reveal positive ERM adoption rate. For instance a survey by Tillinghast Towers Perrin (2004) on Insurance Executives Worldwide reveals a positive outcome of ERM adoption by corporations. In some cases too ERM adoption has been fuelled by company specific characteristics such as the presence of risk manager, Chief Risk Officer, Board of Directors, entity size, and board independency (Liebenberg and Hoyt, 2005). Beasley et al (2005) contended that entities in the banking, education, and insurance industries are more likely to embrace ERM initiatives. The Conference Board and Mercer Oliver Wyman (2005) conducted an ERM survey among 271 executives at global companies with over US $1 billion in sales. The survey found that 91% of the respondents were either positively disposed toward or have adopted ERM. In contrast, there are quite a number of researches that tend to refute some of the established facts about organisational adoption of ERM. Global Insurance survey conducted by Tower-Perrin (2008) established that there is significant difficulty amongst companies in embedding ERM. This view was shared by Beasley et al (2005) in their study which concluded that ERM processes are less developed in the US comparative to their international counterparts. Yazid et al (2008) found that ERM practices amongst main Board listed companies in Malaysia Bourse are still at early stage. Ironically, research on ERM adoption has centred on organisations in Europe, the North American, U.S.A., and Asia with little or no evidence about ERM practices in the African continent. Notwithstanding the above arguments, research so far has not been conclusive as to why some organisations embrace ERM whilst others do not 2.4 Risk Faced by the Financial Institutions 2.5 ERM Best Practices 2.6 Enterprise Risk Management Drivers 2.7 The Business Case for ERM 2.7 The Business Case for Enterprise Risk Management The international business climate has sent a clear message that no industry is immune from insufficient risk management. Added to this is the fact that with the recent increase in fraud and crime activities couple with rising inflation and operational coast, ERM has become a nightmare that can determine an organisations fate. This raises one question that all risk management practitioners are trying to find answers to. Why should corporations embark on ERM journey? Risk management professionals have sort to develop a strong business case that urges all businesses to adopt an ERM programme regardless of their level of sophistication in risk management. Additionally, empirical research and industry surveys have indicated that there are clear business benefits for adopting an ERM programme (Lam, 2007). Although ERM is relatively a new concept, it benefits has well been documented in the academic books and journals. Hoyt (2008) argue that ERM enable firms to manage a wide array of risks in an integrated, enterprise-wide fashion. Stroh (2005) contented that ERM provides firms with a significant source of competitive advantage. ERM capabilities can help management achieve the entitys performance and profitability targets and prevent loss of resources. It can help to ensure effective reporting and compliance with laws and regulations, as well as avoiding damage to the entitys reputation and associated consequences. Economic Intelligence Unit Survey (2007) reported that protecting and enhancing corporate reputation was cited by 50% of survey respondents as the most effective risk management outcome. Furthermore, 41 percent say ERM assists them in ensuring regulatory compliance and efficient capital and resources allocation. Survey respondents also highlighted loss avoidance38%, increasing shareholder value 32% and reduced earnings volatility 26% as some of the other benefits. A survey by Cheng and Wu (2005) at Institutional Shareholder Services (ISS) exa mined the correlation between the ISS Corporate Governance Quotient ratings and 16 financial performance metrics for more than 5,200 U.S. companies in the 2002-2004 period. They found that companies with better corporate governance have lower risk, better profitability, and higher valuation. McKinsey and Company (2000) surveyed over 200 institutional investors in 22 different countries with a combined US$3.25 trillion in assets under management. They found that the large majority of investors were willing to pay a premium for companies with effective corporate governance practices. For example, in the U.S. 84% of investors were willing to pay an average premium of 18.3%. A survey by the MetricStream (2008) presented ERM benefits in qualitative and quantitative format in the form of tabulation which can be seen below: Sources MetricStream (2007) Lam (2003) and AON Survey (2007) added that ERM increased organisational effectiveness, better risk reporting, and improved business performance. Organisations that have adopted ERM approach to risk management have also experienced increased in share-holder value and reduction in losses and earning volatility (Lam, 2000). Nacco and Stulz (2006) added that ERM act as a value creation by facilitating organisations to quantify and manage the risk-return trade-off that faces the entire corporation. For example a survey conducted by the Conference Board among 271 risk management executives reported that 86 percent of organisations said ERM has enabled them to make better-informed decisions, 83 percent said it has provided them with greater management consensus whilst 79 percent said it has increased management accountability ( as quoted in Olson and Wu, 2008). Cumming and Hirtle (2001), Hoyt et al (2008) and Lam (2001) in their research concluded that ERM benefits firms by decreas ing earnings and stock-price volatility, reducing external capital costs, increasing capital efficiency and creating synergies between different risk management activities. It also promotes increased risk awareness which facilitate better operational and strategic decision making. Bowling and Rieger (2005) added that ERM can provide a solid foundation upon which companies can enhance corporate governance and deliver greater shareholder value 2.8 Challenges to ERM Implementation 2.9 ERM in the Next Century Chapter 3: Research Methodology 4.1. Research methods and techniques selected Quantitative research method in the form of a cross-sectional survey was employed for the purposes of data collection. This took the form of postal questionnaires. The survey was intended to ascertain the state of ERM implementation in one of the biggest retail supermarket chain in the UK. Since the supermarket chain has branches all over the country, in order the get a fair representation of survey respondents, a non-probability purposive sample was used as stipulated by (Cohen et al. 2000 p.113). The research questionnaire sort to answer the following questions: What is the business case for considering ERM? What are the drives that motivate organisations to embark on ERM journey? Can ERM overcome the conflicting priorities in this current economic crisis and if so how can ERM be move forward? What are the potential obstacles to a successful ERM implementation? ÂÂ   The questionnaire provided the opportunity of haven conversation with risk management per sonnel via telephone, and email correspondence. 4.2. Justification of research methods and techniques Quantitative survey research method was employed as the most effective method for data collection. The HCU (1999) defined a survey as a systematic method of collecting data from a sample of population of interest such that the results are representative of the population within a certain degree of error. This data collection method according to Owens (2002) is unique in that it offers the opportunity to obtain information not available from other sources. It also ensures probability sampling making it possible to obtain data from unbiased representation of population of interest. The method is relatively inexpensive. Cohen et al (2000) in their book detailed that a survey gather information cost-effectively and efficiently from the population permitting generalisations to be made about given factors. Standardization of questions associated with this method makes it possible to collect the same information from every respondent. In terms of data analysis, survey data can be used to complement existing data from secondary sources as argued by Owen (2002). Notwithstanding the above benefits, the limitation of this data collection method must also be acknowledged. Pinsonneault and Kraemer (1993) asserted that survey often focus on single-method designs in instances where multiple methods are needed. The study further noted that the technique is also characterised by unsystematic and often insufficient sampling procedures couple with low response rates, weak linkages between units of analysis and respondents, and overdependence on cross-sectional surveys. A postal questionnaire was used as a mode of survey administration. This was very useful considering the cost involve and the limited resources available for the research. More so, administering the questionnaire was not problematic and made it possible to reach large and busy populations. It must also be admitted that data collection period was slower as obtaining cooperation was difficult. . 3.3. Research Procedures 3.4. Ethical Considerations The concerned of both the well-being of research participants and with the future use of the outcome of this research was given careful considerations. The researcher set strict standard consulted and complied with relevant code of conduct so that data produced is fair and unbiased. Participants were assured of complete anonymity and confidentiality. Respondents privacy was also protected by avoiding using individual names. Informed consent was sort from research participants and enough information provided about the nature, and the benefits of the research and how data gathered would be used. Assurance was made regarding full adherence to data protection act. All sources have been rightly acknowledged unless otherwise stated. Overall, the research was conducted in a manner which upholds the integrity of the research enterprise and does not diminish the potential of conducting research in the future.

Saturday, December 21, 2019

Revenge in Hamlet and Frankenstein Essay - 1714 Words

Dictionary.com states that revenge is â€Å"to exact punishment or expiation for a wrong on behalf of, especially in a resentful or vindictive spirit.† The novel, Frankenstein, and the play, Hamlet, are two works of literature that revolve around the notion of revenge. The main conflicts of the stories are Prince Hamlet attempting to avenge the murder of his father and Frankenstein’s monster hunting down Victor Frankenstein for abandoning him in an empty and lonely existence. The novels use other themes to tie together the underlying theme of revenge, such as death, madness, and learning and â€Å"un-learning.† Death is a source that fuels the yearning for revenge in both stories. Prince Hamlet is obviously pushed to revenge when he figures out†¦show more content†¦Rather than just killing Victor, however, the monster decides to kill his loved ones. The death of a potential companion in the world incites the monster to create even more death. The monster kills William Frankenstein, Justine Moritz, and Henry Clerval before Victor Frankenstein’s darkest emotions are drawn out. With the loss of Henry Clerval, Victor’s closest friend, Victor is finally pushed to the brink of insanity and starts plotting his own revenge. Of course, the monster ends up murdering Elizabeth as well and while that death puts the monster’s quest for revenge at ease, it only intensifies the thirst for revenge that Victor Frankenstein tastes. â€Å"Yet he knew me not at first. ‘ A said I was a fishmonger. ‘ A is far gone, far gone. And truly in my youth I suffered much extremity for love, very near this.† (Act II, Scene 2, p.46) Polonius says this when describing Prince Hamlet’s madness to himself during their exchange in Act 2, Scene 2. Hamlet pretends to be insane in order to throw off Polonius, because he is fully aware that Polonius is acting as a spy for Claudius. Seeking revenge leads to Hamlet becoming an utterly mad person with antic behavior. By mocking him, Hamlet convinced Polonius that he was crazy so that Polonius would report his craziness to the court. With Claudius thinking that Hamlet had succumbed to madness, he would be an easy targetShow MoreRelatedComparing the Results of Victor and Hamlet’s Choices1575 Words   |  7 PagesThough the feeling of revenge is meant to motivate a person to retaliate towards someone who did them wrong, it often harms themself in the process. In the novel Frankenstein, by Mary Shelley and the play Hamlet by William Shakespeare, Victor’s devotion to acting on his revenge leads to his death, while Hamlet’s refusal to do so leads to being killed by a man who does take action. This reveals that a person devoted to revenge causes their own death as well as the deaths of people who take too longRead MoreThe Theme Of Madness In Frankenstein, Hamlet, By William Shakespeare1193 Words   |  5 Pagesworks we have read and discussed. The theme of madness is heavily displayed in the literature pieces of Frankenstein, by Mary Shelley, and Hamlet, by William Shakespeare. Victor Frankenstein, The Creature, Hamlet, and are the characters that most express the course theme of madness in the works. These characters display similarities on their way to that unstable state of mind. In the novel Frankenstein by Mary Shelley we are given the character Victor. He grows up with a great childhood, â€Å"no youth couldRead MoreValues of Hamlet in comparison to Hamlet movie (2000)2312 Words   |  10 PagesShakespeares famous revenge tragedy Hamlet is a story of unrelenting twists and thrills of madness and revenge. I have chosen to compare this play to Michael Almereydas film made in 2000 that is a modern interpretation of the original text and was an attempt to do to Hamlet what Baz Luhrman did to Romeo and Juliet. This a brief synopsis of the play; Hamlet is the son of King Hamlet who died before the play begins. King Hamlets brother, Claudius takes the throne and marries his wife. The storyRead MoreOedipus the King and Alienation2026 Words   |  9 Pagesor physical. As a result, characters in this instance become alienated from the world they live in. Three examples of characters who suffer from alienation are Oedipus from the play Oedipus the King, â€Å"the monster† from the novel Frankenstein, and Hamlet in the play Hamlet. These three characters go through the several stages of alienation to relieve themselves from the feeling of loneliness. The stages of alienation include initiation, journey, suffering, and reconciliation. Initiation is an examinationRead MoreThe Cask of Amontillado by Edgar Allan Poe852 Words   |  4 Pagesdespite the uniqueness of Poe’s works there are some recurring elements in Poe’s short-stories. Generally, if anyone wanted to write a Poesq ue short story, here are the ingredients: a fine case of murder, a big spoonful of madness and a pinch of revenge. Despite Edgar Allan Poe being one of the inventors of detective fiction, the Cask of Amontillado and The Tell-Tale Heart are not about detection but the process of the murder. The former one is about Montresor, who tells how he killed his ’friend’Read MoreEssay on Kenneth Branaghs Adaptation of Frankenstein for the Cinema2495 Words   |  10 PagesKenneth Branaghs Adaptation of Frankenstein for the Cinema The story of Frankenstein has been set in the Georgian period. The story line can be cut briefly to a crazed scientist (Victor Frankenstein) thinking he can play God. He tries to bring a creation to life and once succeeding he realises the terrible mistake he has made and sets about trying to correct it - by murdering it. The Monster sets out for revenge killing family members one by one, ending with themRead MoreHow to Read Lit Like a Prof Notes3608 Words   |  15 Pagesbecomes to us. d. If you don’t recognize the correspondences, it’s ok. If a story is no good, being based on Hamlet won’t save it. 6. When in Doubt, It’s from Shakespeare†¦ a. Writers use what is common in a culture as a kind of shorthand. Shakespeare is pervasive, so he is frequently echoed. b. See plays as a pattern, either in plot or theme or both. Examples: i. Hamlet: heroic character, revenge, indecision, melancholy nature ii. Henry IV—a young man who must grow up to become king, take on his responsibilitiesRead MoreFigurative Language and the Canterbury Tales13472 Words   |  54 Pagesending in a consolation. Originally it included mournful love poems, such as John Donne’s elegies. 27. ellipsis: deliberate omission of a word or of words which are readily implied by the context. †¢ And he to England shall along with you. from Hamlet, Act 3, Scene 3 †¢ Red light means stop; a green light, go. 28. end rhyme: rhymes that occur at the ends of lines 29. end-stopped line: a line that ends with a natural speech pause, usually marked by punctuation. 30. fixed form: a poem in which

Friday, December 13, 2019

Ink Out of Yellowbell Free Essays

In partial Fulfillment of the requirements in Physics Ink out of Yellows flower The world today is suffering for an economic crisis; many people seem to realize the importance of each item that needs to be bought. Ink is an ordinary item but prevalent in everyday use. Ball pens, pent pens, markers and everything that provides ink for its functions are expensive that not all people can afford. We will write a custom essay sample on Ink Out of Yellowbell or any similar topic only for you Order Now That’s why the researcher investigated a project that can help lessen the economic crisis for the production of ink. L. Introduction Statement of the problem In school and office, we usually use pent pens and markers. However, the marker inks which we often used are to expensive to buy for a student like me. In times we need it the most, is also the time when we don’t have the ink. It is very hassle to go out in the school or office Just to buy a marker ink. The marker ink which we usually used has bad odor that’s why it is sometimes bad for our health. Objectives The objective of this project is to create an ink which is easy to produce and to get and also to recycle organic materials. Hypothesis The ink that will be produced will be a little bit pale in color And the product, somehow will have unexpected results. Significance of the study Creating this product will help you create a valuable things out of organic materials that could be found somewhere. Scope and limitations of the study This study covers only mostly about flowers and fruits that could be used to produce ink. However, using other material may not work effectively. Inclusive dates and places of study Gather some yellows flowers and put it in a mortar. Crush it using a pestle then get the extracts. After collecting the extracts, put it in a casserole then put the fire on. Wait until it boils. Add vinegar by the time it boiled. Let it cool for some hour then put it in a clean, empty container. ‘V. Presentation of data and results The ink we produce is a little bit brownish, because it is made from yellows flower. Yellows flower doesn’t seem to be able to produce dark-colored ink, and as what is expected, it turn out brownish in color. V. Analysis of data and results Based on the results of our project, the color of the Ink produced, matches somehow, the color of the material used to produce it. VI. Summary, Conclusions and recommendations Overall, our project seemed to turn out successful. Try to use a flower or a fruit that has a darker extracts such as rose. If you use a flower that has a light color of extract, you should multiply the measurement of the flower by two VI’. Literature Cited petals. HTML VIII. Bibliography How to cite Ink Out of Yellowbell, Papers

Thursday, December 5, 2019

Quality management of the organizational - MyAssignmenthelp.com

Question: Discuss about the Quality management of the organization. Answer: There are certain rules on the managing process of a business or organisation. Management theories help to identify set of goals for the managers and implement certain rules to assist them in accomplishing the goals. It also expresses certain sections of motivation so that the working ability of the workers can be increased and they can be performed in a better way. The main objective of the management theory is to increase the workflow. Scientific management is a part of the management theory and it concentrates on the analysis and synthesis of workflows. The aim of this management part is to improve the standard of economic efficiency and concentrates over the labour productivity. Frederick Winslow Taylor was the founder of this theory (Waring 2016). The theory was developed in the nineteenth century where there was no formal management system in the industries and the relation between the employers and the employees was too much unofficial. There were no uniform rules for hiring o r firing the employees. However, an importance regarding the development of standard of the employees by implementing certain organisational behaviour had cropped up in the last decade of that century. Taylor had approached certain wise steps to make a change in the structural rulings of the organisations and for the betterment of the standard of the employees (Aitken 2014). The term scientific management is metaphorical in nature. He had concentrated over the performance of the workers and brought a new idea in the workplace management system. According to him, the aim of the management theory should be based on the prosperity of both employer and employee. He had stated that every employee needs proper training to increase their workflows (Goetsch and Davis 2014). Training will help them to apply their natural abilities on the projected work and prosperity of an organisation is depending on the prosperity in productivity. Source: It has been observed by Taylor that repetition of works cause slower performance among the workers and they become unmotivated in the workplace. It affects their performances and the prosperity of the workplace become slower. This process has been termed by Taylor as soldering and he had described the term as the greatest enemy of workers. According to him, the rate of remuneration plays an important role in the workflow level of workers and if the workers re paid as per their ability, the work flow will gradually be increased. The manufacturing system of America was influenced by scientific management and the labour displacing technologies of the theory had helped the industries to improve their mechanization power. However, the theory of Taylor is wholly based on man power and he had unable predict about the workforce power and role of machines in the industries. Taylor had always concentrated over the eligible and smart workers and had failed to look at the comparatively weak workers. However, the theory of scientific management had aggravated the grievance in between the workers on the management and helped to transfer the knowledge among employees into tools. Further, Taylors scientific management theory had helped to bring an equal division of works in between the employers and employees (Modaff, Butler and DeWine 2016). This theory was able to bring a change in the productivity of the workplace and the application of the theory was spread all over the world. There are certain reasons laid down behind the change of scientific management theory. Taylor had suggested certain manner or guidelines that can manage the workplace conflicts in a better way. However, there were certain loopholes in his theory. Criticism against the theory had been made in all stages of the industries (Bridgman and Cummings 2014). Employees and employers both have criticised the theory for certain reasons. Taylor had suggested that the best employee has the ability to continue job in the workplaces and the prosperity of a company is depending on them. He had not relied on the comparatively weaker employees. Therefore, those particular classes of workers felt that they can be terminated from their post and they could be replaced by the capable employees for the better prosperity of the industry. According to SP Waring, the weak employees were felt insecurity as they thought that if they cannot give the entire possible workforce, the company will exploit them as in t he theory of Taylor; there is no place for the weaker classes of employees (Waring 2016). If the job criteria for the employees will be predetermined and fixed in nature, the process of union will be hampered and there shall be no existence of the unions. Therefore, the theory of Taylor had weakened the union system. According to Taylor, employees should perform their task hurriedly so that the company can earn more profit. This over speeding of work had created a negative impact on the health of the employees. According to certain classes of employees, the behaviour of the employers are sometimes autocratic in nature and in the absence of any union, the entire industrial system was became undemocratic. Criticism has been made from all the section of the industries and even the employers had raised their voice against the theory. It has been observed that the process of scientific management was expensive and huge investment is required to install all the machines and equipments for the standardisation of the workplace. Therefore, it is quite troublesome for the small scale industries to apply the theory in their industries. Further, Taylor had suggested for applying new system and the old system needed to be changed. The process of changing was quite expensive and time consuming and therefore, there were risk of loss of account. S Park has suggested the same theory and criticised the theory of Taylor by stating it as an expensive theory (Jo et al. 2016). Apart from the employees and the employers, the industrial psychologists are also criticised the theory. According to the psychiatrists, Taylor had wanted to increase the work flow at any cost and therefore, the workers became slave and he also failed to give enough concentration over the weak employees (Derksen 2014). In modern times, the management system has changed and extra focus has been given to the weaker employees so that they can develop their working capacity and invest their diligence for the bett erment of the company. Concurrently, other theories had also introduced that replaced the idea of Taylor. Henry Ford has introduced a theory where interdependence has been made in between every class of workers, whether expert or weak. He concentrated over the mass production. Additionally, Hawthrone had suggested bringing human relations movements by conjoining movement. These are the reasons that Taylors theory has not been followed now. However, the theory was quite popular in nineteenth century and helped to codify industrial rules. 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